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Daily Insurance Industry News
Saturday 21st of July 2018
September 11, 2009

Better weather slashes home insurance claims

by David Masters

Story link: Better weather slashes home insurance claims

The number of home insurance claims dropped 30% in the first six months of 2009 compared to the same period last year, Sainsbury’s Finance revealed this week.

According to Sainsbury’s Home Insurance Claims Index, insurers received 373,000 home insurance claims in the first half of this year, down from 527,000 claims in the year ago period.

Sainsbury’s said the drastic reduction in claims was due to fewer storms. It estimates that there were around 166% more storm related claims in the first half of 2008 compared to the same period this year.

The average value of storm claims also dropped dramatically. In March 2008, the average storm claim was £460. This dropped to £93 in March 2009.

“Our index shows the huge impact adverse weather conditions can have on the number and value of home insurance claims made,” said Lucy Hunter, Sainsbury’s Home Insurance Manager.

“The first quarter of 2008 brought particularly severe conditions, and storm damage in that quarter accounted for 21.8% of all claims made.

“In the first half of 2009 it only accounted for 8.5% of claims.”

The top five reasons for home insurance claims in the first half of 2009 were water escaping, accidental damage, theft, accidental damage to computers and TVs, and storms.

 

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