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The Independent
23-05-2025
- Health
- The Independent
Record £1.23bn paid out in pet insurance claims in 2024, says ABI
A record £1.23 billion was paid out in pet insurance claims in 2024, helping households cover the cost of veterinary treatment for unwell and injured animals, the Association of British Insurers (ABI) has said. Dogs led the pack, making up £933 million in claims, followed by cats at £232 million, and £61 million for other pets. The total for 2024 was 4% higher than 2023 and marks the third year in a row that total payouts by ABI members have surpassed £1 billion. The ABI said members received 1.8 million claims last year – equating to around 4,900 claims per day typically. Its data also indicates that a record 4.6 million pet owners took out insurance – a 3% increase since 2023 and a third (33%) higher than before the coronavirus pandemic in 2019. Many people acquired new pets during the coronavirus lockdowns. The average claim cost is £685, the ABI said, but some costs can be much higher. The price of treatment for elbow dysplasia, a common cause of forelimb lameness in young, large and giant breed dogs, can cost over £50,000, the body said. The average cost of care needed when a pet eats something they should not, whether it is food which is poisonous to them or a small household item, is around £4,000, the ABI said. Jonathan Purvis, senior policy adviser, general insurance at the ABI said: 'You can't pull a rabbit out the hat when it comes to paying for veterinary bills, so it's promising to see more people making sensible choices to protect themselves and their pets financially. ' Insurance provides peace of mind that costs will be covered if your pet is ill or injured.'
Daily Mail
09-05-2025
- Business
- Daily Mail
Insurance payouts for storms, floods and bad weather hit record high: How to protect YOUR home
Insurance claims and payouts for weather-related damage to properties and possessions rose sharply to hit a record high this winter, new data shows. Claims for damage caused by the weather topped £200million for the first time ever in the first quarter of 2025, according to the Association of British Insurers. The ABI wants the government to spend £1billion a year on flood defences and ensure new homes are built in 'flood-free' areas and are 'climate-resilient.' The record claims levels followed seven consecutive quarters where claims for weather-related damage were over £100million. Payouts between January and April surpassed the previous quarterly record, set in 2022, by £67million, the ABI added. The bumper payouts followed 'significant and consistent bad weather', including Storm Eowyn, which the Met Office described as one of Britain's most powerful windstorms for more than a decade. Total claims for damage to homes from adverse weather reached £226million in the period, which is £80million, or 55 per cent, more than in the previous quarter. The ABI said its members paid out £109million to businesses for weather-related damage and business interruption in the quarter, representing a 7 per cent increase on the first quarter of 2024. A record £886million was paid out in total for domestic property claims in the period, up £145million, or 20 per cent, on the first quarter of 2024. This sum included other 'perils' such as fire, theft and subsidence. According to the ABI, the average annual price of combined building and contents home insurance in the quarter was £393, which is £1 lower than the previous quarter but £24 more than at the same point a year ago. The total cost of property claims for domestic and commercial buildings in the quarter was £1.5billion, up £170million on a year ago. Amid rising claims and payouts linked to adverse weather, the ABI wants to see more investment in flood defences across Britain. Louise Clark, manager of general insurance policy at the ABI, said: 'Insurance remains a critical safety net when disaster strikes. 'But with climate change driving more frequent and severe weather, there must be a greater focus on prevention measures. 'Adequate and sustained investment in flood defences is crucial, and we urge the Government to commit to an investment of at least £1billion a year as part of its upcoming spending review.' She added: 'We also want to see swift action to combat surface flooding, and a clear strategy to build climate-resilient homes in safe, flood-free areas as part of the Planning and Infrastructure Bill. 'Such forward-thinking measures will not only deliver substantial financial savings in the long-term, but also mitigate the emotional strain that extreme weather events inflict on households.' How to prevent weather-related damage at home Keeping your property well-maintained will help prevent weather-related damage and the need to claim on your insurance. Aviva has four tips to help prevent damage to your property caused by adverse weather. 1. Check your roof Check for loose or missing tiles, crumbling pointing or any other signs of damage. Also check your television aerial and satellite dish are firmly attached. 2. Secure your fence Make sure fence panels are fixed in place and garden gates are in good condition. You don't want panels flying away or gates swinging wildly in the wind as they could cause injury or further damage to property. It is important to note that fences, gates or hedges damaged in a storm are not covered under many home insurance policies. 3. Remove hazardous branches Cut down loose or overhanging branches in your garden, particularly those close to windows or power lines. If a tree is planted in a neighbour's garden but branches overhang your property then you have the right to cut back those branches, though do mention it to them first. 4. Keep gutters clear of moss and leaves You do not have to clean them every day, but if your gutters overflow during a downpour then it is time to give them a good clear out. Once your gutters are clear, make sure they are securely fixed in place and can withstand poor weather. Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
Times
07-05-2025
- Automotive
- Times
Forgive me, for I have sinned: I didn't shop around for car insurance
Thankfully, my 2007 Vauxhall Astra is rather cheaper to insure than this one ALAMY This is blasphemy for a personal finance journalist, but I no longer think shopping around for car insurance is always worth it. After years of rising prices, I was dreading renewing the cover for my 2007 Vauxhall Astra in April. The average fully comprehensive car insurance jumped from £416 a year in the first three months of 2022 to £621 at the end of 2024, according to the Association of British Insurers. But when I opened the renewal email from my insurer Hastings, it didn't contain a nasty shock, but a pleasant surprise. It quoted me an annual cost of £352 — down from £516 last year. The saving was large enough that I wasn't that fussed about shopping around, but nonetheless I did the
