Abstract
Overview
Introduction
This brief examines data supplied by the Association of British Insurers (ABI)
on claims costs in the commercial and domestic property insurance markets.
Scope
- An analysis of property insurance claims costs based on ABI statistics
- A discussion of claims costs arising from the four main perils: weather,
fire, subsidence and theft
Report Highlights
Weather claims costs decreased considerably in 2006, by 35.1 per cent to £163
million. Commercial property insurers experienced favorable conditions, with
few severe weather events. However, while weather costs fell, insurers'
expenditure on such claims was higher in 2006 than in 2003 and 2004.
The total costs of household insurance claims fell by 1.8 per cent in 2006 to
£1.4 billion. This fall was driven by an improvement in weather claims, the
costs of which fell by 35.5 per cent. However, this improvement was offset by
an increase in the cost of fire, subsidence and theft claims.
Reasons to Purchase
- Gain knowledge of the cost of property insurance claims in 2006
- Gain insight into factors driving changes in the cost of commercial and
domestic property insurance claims
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