The Association for British Insurers (ABI) says insurers paid out more than £8.6 million ($16.28 million) per day in home insurance claims for the second quarter of this year.  

The data, counted from April 1 to June 30, saw insurers pay out more than £782 million ($1.48 billion) for home insurance claims, an 11% rise from last year’s numbers.   

The average claim cost was calculated at £4300 ($8142), a 24% rise, with the ABI highlighting a 21% increase in subsidence payouts, which it says is “a legacy of last summer’s heatwave”.  

ABI says the figures mark a continued trend for British insurers, who have recorded three consecutive years of paying out more money in home claims than received in premiums.  

Home premiums went up by 10%, with the organisation noting this is a slower rise than the increasing claims costs, indicating continued market competitiveness. But it says it cannot speculate on future premium costs. 

“Home insurance continues to do what it says on the tin – support customers when the worst happens,” ABI General Insurance Policy Director Mervyn Skeet said.  

“Not only being the roof over their heads and the family home, for most people their house is their most valuable asset which, without the protection of home insurance, could be at risk.”  

“These latest figures show that despite rising claims costs, insurers continue doing all they can to offer competitively priced cover to UK households.”