UK home, business property insurance payouts hit $6 bln in 2023

Britain’s homes and businesses received 4.86 billion pounds ($6.07 billion) in property insurance payouts in 2023, up 18% from a year earlier, as weather-related home claims hit a record high, the Association of British Insurers said on Monday.
Weather-related home damage claims rose 36% to 573 million pounds, with homes battered by a succession of storms last autumn, the ABI said in a statement. High winds, storm debris, flooding and burst pipes contributed to the losses, it added.
Insurance companies worldwide are facing higher claims from natural catastrophes, industry sources say, which they attribute to the effects of climate change and to a rise in building in areas exposed to extreme weather.
Insurers are facing more storm losses than in the past in Britain and other parts of Europe, they add, with inflation and supply chain issues contributing to an increase in the cost of repairs, and therefore to the size of payouts.