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The Latest Breaking News from ABI

Home insurers record a jump in subsidence payouts as volume of claims rises

The total value of subsidence payouts, at £54 million, jumped by 21% compared with the second quarter of 2022, the ABI said.

The Independent UK

Motor and buildings insurance complaints to ombudsman hit five-year high

From April to June, the Financial Ombudsman Service received 3,869 complaints about car and motorcycle insurance and 1,776 buildings cover cases.

The Independent UK

Insurers urge ‘extreme caution’ by Government over potential pension changes

The central purpose of DB pension schemes to pay the benefits promised to members should not be undermined, the Association of British Insurers said.

The Independent UK

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Record £2.5bn in motor claims was paid out between April and June, says ABI

Energy inflation, labour rates, more costly repairs, longer repair times and increased second-hand car prices have fed into motor insurers’ costs.

The Independent UK

Feeling the heat: how extreme weather is pushing up UK home insurance costs

Subsidence claims rise as climate crisis causes heatwaves, storms and flooding

The Guardian - UK

Insurance scams drop by nearly a fifth, but value jumps as fraudsters ‘aim big’

The Association of British Insurers said the number of fraudulent claims dropped by 19% to 72,600 last year, marking the lowest figure since 2005.

The Independent UK

Average price paid for motor insurance has reached record high, says ABI

The average premium paid for private comprehensive motor insurance in the second quarter of 2023 was £511, the highest since records started in 2012.

The Independent UK

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Travel insurers ‘dealt with one new claim every two minutes typically in 2022’

Travel insurers dealt with 362,000 claims in 2022, surging by 148% compared with 2021, according to the Association of British Insurers.

The Independent UK

Europe heatwave: what should you do about travel plans across the continent?

Sweltering temperatures and wildfires are leaving holidaymakers on edge – and insurers won’t pay out for every scenario

The Guardian - UK

How to find the right home insurance

Home insurance premiums are rising, but this type of cover may be too important to skip.

The Week

UK drivers complain as car insurance renewal costs rise up to 70%

Latest financial pain in cost of living crisis comes from steep price increases for motor cover

The Guardian - UK

Pet insurance payouts top £1bn in 2022 as owners face costly vet treatment

Claims reached a record high in 2022 as pet owners faced expensive vet bills, the Association of British Insurers said.

The Independent UK

Why has car insurance gone up? Londoners now pay more than £1,600

The average car insurance cost in the UK is at its highest ever recorded

Evening Standard

Record £2.4bn in motor claims paid in first quarter of 2023, say insurers

The total value of motor claims payments recorded by the Association of British Insurers was up by 14%, compared with the first quarter of 2022.

The Independent UK

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Daily Record

Average price of home insurance rises to more than £310 during first part of this year

Home insurers paid out £2.5 billion to help customers cope with unexpected events in 2022.

The Independent UK

6% annual increase in average price paid for home insurance

The average price of combined home buildings and contents insurance has increased at a below-inflation rate over the past year, the ABI said.

Wales Online

Average price of car insurance up 16% in first quarter of this year

Energy charges, paint prices and courtesy car costs are among the outgoings which are pushing up the cost of repairs

The Independent UK

Average price paid for motor insurance has jumped by 16% in a year – ABI

Rising costs are becoming increasingly challenging for insurers to absorb, the Association of British Insurers said.

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Newsroom.co.nz

How 'digital twins' will revolutionise health

The concept for engineering systems has been around for years, and the same principles can be applied to human health, explains Distinguished Prof Peter Hunter

The Week

Why your car insurance may be more expensive

Motorists are being hit by rising car insurance renewals, but there are ways to swerve the price hikes.

Wales Online

Wetherspoons legal action aims to stop brewery pulling Stella and Budweiser from its pubs

Pints of Budweiser and Stella could be pulled from more than 800 pubs if the brewery behind them decides to end its contract over a dispute with Wetherspoons

Wales Online

Long call waiting times 'are top frustration' when dealing with organisations

Automated phone systems and unhelpful staff are the next biggest irritations

The Independent UK

Hanging on the telephone: Long call waiting times ‘are top frustration’

Automated phone options, unhelpful staff and hard-to-understand terms and conditions are also among people’s biggest gripes, according to a survey.

The Independent UK

Average price paid for home insurance ‘at lowest levels in at least a decade’

A rise in subsidence and frozen pipe claims and the growing costs of building materials and labour costs could put pressure on premiums in 2023.

The Independent UK

Average price paid for motor insurance rose by 8% in final months of 2022

Rising costs, including for repairs, courtesy cars and second hand cars, have added to upward pressures on insurance policies, the ABI said.

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