The latest Premium Price Index from Pearson Ham has shown that premiums for combined buildings and contents home insurance policies increased by 1.6% in April and are now 40% higher than last year. Motor premiums are 28% higher than last year, but down from a peak of 47%.

Frances Luery, product manager at Pearson Ham Group, said: "Competitive home insurance prices continued to climb by 1.6% in April, reflecting that the hard market in home continues. Year on year prices are now 40% higher and now exceed £400."

Stephen Kennedy, director at Pearson Ham Group, added: “The 12-month price movement for top-5 prices in motor has reduced from its peak at 47% in Q4 2023 and is now averaging 28% higher than last year. Competitive quoted prices for car insurance decreased by -1.5% in April after two continued months of reduction.”