Weather damage insurance claims up by a third in 2023
22 April 2024
Home insurance claims for weather-related damage hit a record high in 2023 as climate change continues to impact the frequency and severity of severe weather events. Specifically, claims for weather-related damage reached £573 million last year, more than a third higher than 2022’s total of £421 million and the highest ever recorded, according to the Association of British Insurers (ABI). Homeowners’ storm damage claims included:
• £133 million from high winds
• £286 million from flooding
• £153 million from burst pipes (most of which occurred during winter).
Businesses witnessed a similar trend, incurring £443 million in weather claims in 2023. Moreover, the average weather-related business payout increased from £12,612 in 2022 to £18,542 in 2023.
The Impact of Climate Change
Several notable storms hit the UK in 2023, including Babet, Ciaran and Debi, which likely contributed to increased weather-related claims. Policy Adviser at ABI, Louise Clark, said, “[insurance payouts hit] record levels after a particularly difficult autumn and winter with seemingly countless storms, from Agnes onwards, leading to significant flooding.” Making matters worse, the inflated temperatures associated with climate change can cause the air’s moisture to climb, increasing the likelihood of severe storms and flooding. “Extreme weather events may not feel so rare as they used to as we grapple with a changing climate,” said Clark.
Next Steps
In light of ABI’s stark weather-related claims data, it’s important for property owners—both home and commercial—to carefully consider risk-mitigation strategies to reduce weather-related damage to their own properties. Additionally, they should review their insurance cover to make sure they’re protected from weather perils.
Contact us today for guidance on protecting your property and for robust insurance solutions. Our approach to handling claims is second to none… we employ a dedicated team whose sole purpose is to ensure the hassle-free, prompt and attentive handling of your claim. Find out more here.
