Industry body warns of home insurance price rise
16 March 2010 09:24:22
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| Insurers may soon raise home insurance premiums. |
Figures from the Association of British Insurers show that insurers paid out £650m following the extreme weather conditions in December and January.
Of this, £255m went to homes and businesses which had been damaged during the cold spell.
Commenting on the likely knock-on effect, Steve Foulsham, technical services manager for the British Insurance Brokers' Association, said: "Insurers will be looking at their bottom line in terms of underwriting performance and, with the sheer number and cost of these claims, we could well see rates rising in those areas."
Mr Foulsham revealed that insurers have been particularly concerned by the number of water damage claims resulting from burst pipes and the growing value of individual claims.
"The cost of those types of claims is increasing and that can only ever mean one thing, which is that insurers will be looking to seek some rate increases," he warned.
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