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    • The growing costs of climate change
     
    April 17, 2024

    The growing costs of climate change

    NewsWater

    Storms and heavy rain pushed up weather-related home insurance claims in the UK by more than a third last year to a record £573m, according to industry data.

    The repair bill for storm damage and other extreme weather during 2023 was £150m more than in 2022, the Association of British Insurers said, contributing to an overall 10% rise in residential property claims settled last year.

    The increase was fuelled by a succession of storms including Babet, Ciaran and Debi, according to the ABI. The weather total includes flood damage as well as burst pipes in freezing temperatures, which accounted for £153m, mainly at the beginning of 2023 at the tail end of a cold winter.

    The average weather-related payout was approaching £5,000 in 2023 compared with a little over £3,000 in 2022.

    Reported in The Guardian

    Tagged: climate change, extreme weather, Insurance

    Ocean and Coastal Futures Ltd
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    Morpeth
    Northumberland
    NE65 0JR

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