Household insurers’ losses exceed £300m for 2007

Household insurers’ take big hit

The household insurance market incurred losses in excess of £300m in 2007 according to estimates made by Datamonitor. The June and July floods are estimated to have cost insurers around £3bn and when added to the other claims made throughout the year for theft, fire and subsidence, Datamonitor estimates that gross household insurance claims costs were in excess of £4bn.

While a proportion of this cost will be passed to the reinsurance industry, the bill for p