UK insurers paid more than £1.4 billion ($2.71 billion) in claims in the second quarter – the highest sum since the Association of British Insurers began tracking data in 2017.

The figure was up 5% compared with the first quarter, with the average payout growing by 16%.

Weather-related losses continued to be a significant driver of claims, with home damage from storms, heavy rain and frozen pipes accounting for £144 million ($278.97 million) in the three months and business damage totalling £81 million ($156.92 million).

The record figure was reflected in rising premiums, with home insurance costs up 6% compared with the previous quarter, while contents and building-only policies also increased.

Across 12 months, average premiums have risen by 19%, although the association notes premium levels are lower than 2017 averages when accounting for inflation.

The ABI says the property insurance market anticipates a fourth straight year of paying more in claims than it receives in premiums.

“Despite rising cost pressures, insurers remain committed to doing everything they can to offer competitively priced cover and help their customers during a claim,” ABI policy adviser Louise Clark said.

“Our latest figures demonstrate the devastating impact that adverse weather can have on people and their homes. That’s why it’s important that the government takes the opportunity to reform the planning system, to focus on prevention and resilience measures to help reduce our nation’s vulnerability to the effects of climate change.”