Bad weather leads to record insurance claims

Weather-related damage to homes and possessions resulted in UK insurers paying out a record £585m in 2024, according to the Association of British Insurers (ABI).

This record-breaking payout came in what was an unusually severe year for the UK, with 12 named storms, the highest since the winter of 2015/16. Claims from flooding, storms, wind and frozen pipes soared, overtaking the previous record set in 2022 by £77m and rising £127m higher than in 2023.

Overall property claims also hit new highs, totalling £5.7bn for the year, the largest amount insurers have ever paid out. The last three months of 2024 alone saw home claims due to bad weather reach £146m, the seventh consecutive quarter above £100m. Businesses were also badly hit, with £102m in claims for storm damage and interruptions, up significantly from previous periods. With extreme weather becoming more common, these figures underline the importance of homeowners and businesses having appropriate insurance cover in place.

The ABI warns ‘prevention is better than cure’ and says that more action is needed to ensure UK properties are ‘fit for the future and that they are not built in areas prone to climate risk.’

As with all insurance policies, conditions and exclusions will apply