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ABI records 3% home premiums rise in Q1

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Average home insurance premiums for buildings and contents cover rose by 3% to £375 in the first quarter of this year, pushing the year-on-year rise up to 19%, according to the Association of British Insurers.

The quarterly increase was slightly less than the 4% recorded in the final three months of 2023.

The trade body, which measures prices paid rather than quotes, calculated buildings-only cover rose 5% to £298 in the period while contents-only insurance remained static at £132.

Storms

The trade body flagged the impact of severe weather winter damage arguing 2023 had the worst weather-related home insurance claims on record at £573m.

Most of this, the ABI detailed, was caused by the succession of

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