The Association of British Insurers has said the industry paid out £1.3bn in property claims in Q3 2024. It said this took the total for the first nine months of the year to £4.1bn. It said this was up by more than 15% on the same period last year. The ABI urged the government to increase its commitment to flood prevention.

Louise Clark(pictured), policy adviser at the ABI said: “Insurers continue to be at the forefront of climate change, supporting communities impacted by extreme weather to recover as quickly as possible. We know premiums are putting pressure on household budgets and, as an industry we’re determined to play our part in tackling the cost pressures behind them.

“However, the industry cannot do this alone. The government must take action too, and more investment in flood defence and maintenance is urgently needed. We also need to see swift action on surface water flooding, and an immediate end to building on land that is at a high risk of flooding. Flood prevention and resilience measures must be considered in all planning decisions and building standards – to make sure all new buildings are climate resilient.”