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Insurers see record property claim payouts

Property insurance claim payouts reached £4.1bn in the first three quarters of the year, according to The Association of British Insurers (ABI) data. This marks a 15% increase on January to September 2023 and is the biggest total for the first nine months of a year since records started in 2017. The ABI data also shows that insurers paid out £1.3bn in domestic and commercial property insurance claims during Q3. The report also shows that the average payout per home insurance claim has hit a record high of £6,002 and is 33% higher than a year ago. The ABI notes that analysis from EY shows that in 2023, for every £1 property insurers received in home insurance premiums, they paid out £1.18 in claims.

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