Insurers paid out a record £585m for weather-related damage to homes and possessions in Britain last year, after record-breaking rain and storms hit the country.
The data, from the Association of British Insurers (ABI), revealed that claims for damage to homes from windstorms, flooding and frozen pipes in 2024 surpassed the previous record in 2022, for the same types of claim, by £77m. The figure is £127m higher than the weather-related claims payouts for 2023.
The insurers blame “significant and consistent bad weather” for the record payments. The 2023-24 storm season included 12 named storms – the most named storms since 2015-16.
Climate breakdown has made recent storms more frequent and intense, analysis by the Met Office found. Insurance premiums are climbing globally in areas susceptible to increased risk of severe hurricanes, floods, fires and other extreme events. In the UK, the annual average price of combined building and contents home insurance in 2024 went up by £55 (16%) to £395, compared with 2023.
The UK government has recently committed to boosting flood defence spending to £2.65bn over the next two years, but the ABI is calling for more guaranteed spending. Insurers want the government to promise at least £1bn a year in flood defences from 2026 onwards. They argue this saves money as research has found that for every £1 spent on flood defence maintenance, £7 is saved in capital spend.