Home insurers record a jump in subsidence payouts as volume of claims rises

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Subsidence claims were partly behind an annual increase in the volume of home insurance payouts between April and June, according to the Association of British Insurers. These latest figures show that despite rising claims costs, insurers continue doing all they can to offer competitively priced cover to UK households Mervyn Skeet, ABI The total value of subsidence payouts, at £54 million, jumped by 21% on the £45 million paid in the second quarter of 2022. The ABI said that its household insurance premium tracker shows that in the second quarter, the average price paid for a combined buildings/contents policy rose by 10% annually to £329. Mervyn Skeet, the ABI’s director of general insurance policy, said: “These latest figures show that despite rising claims costs, insurers continue doing all they can to offer competitively priced cover to UK households.” Recent figures from data analytics firm Consumer Intelligence indicate the average premium quoted for a buildings and contents policy was £212 in July, marking a 25.7% increase compared with a year earlier.