40.6% annual jump in quoted home insurance premiums recorded in January

The average quoted price of home insurance jumped by 40.6% in the 12 months to January, according to an index. It was the highest annual increase since financial services insights firm Consumer Intelligence started tracking prices in 2014. Premiums were most commonly quoted in the £150 to £199 bracket. But it added there are signs that price rises could be slowing. In the three months to January 2024, quoted premiums rose by 7.6%, which was lower than the rises of 8.5% and 9.9% recorded in the previous two quarters. Part of the reason for the slowdown is the launch of new, more competitive policies – although customers who have made claims could see additional increases in the coming months following the recent storm damage, Consumer Intelligence cautioned. Matthew McMaster, senior insight analyst at Consumer Intelligence said: “Over the last 12 months, new business quoted premiums for buildings and contents insurance have increased by 40.6%. “This is the largest yearly increase we have seen since our tracking began in 2014.” Looking at householder age groups, quoted premiums for households containing the under-50s rose slightly faster than for over-50s households, at 41.2% compared with 39.7%. And looking at the age of properties being...

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