Insurers paid out £585m for weather-related damage to people’s homes and possessions in 2024, according to the latest claims data from the ABI.

The record claims – the highest since the ABI began collecting the figures in 2017 – come following significant bad weather, including 12 named storms in the 2023/2024 storm season, the most named storms since 2015/2016. Claims for damage to homes from windstorms, flooding and frozen pipes in 2024 surpassed the previous 2022 record for the same claim types by £77m. The figure is also £127m (28%) higher than the weather-related claims payouts for 2023. 

Total property claims in the fourth quarter of 2024 were £1.6bn and took the annual claims total to £5.7bn – the largest amount paid out in any year on record.

Mark Shepherd, head of general insurance policy at the ABI, said: “Our latest data serves as a blunt reminder of the devastating damage that adverse weather can cause to people’s homes and businesses. Insurers are braced for these sorts of events at any time – but prevention is always better than cure. That’s why we continue to advocate for climate resilience measures to be carefully considered in all planning decisions and building standards, to ensure properties are fit for the future and that they are not built in areas prone to climate risk.

“We’ve also long stressed the need for Government to further invest in flood defence and maintenance, and to take swift action on mitigating surface water flooding.”

Within the ABI’s submission to the Spending Review, the trade body has urged the Government to ensure that adequate annual investment is allocated to flood defence maintenance projects as part of the new funding formula. Chris Rumsey, head of public affairs at the ABI, said: “While we welcome the Government’s recent uplifted investment in flood defences, we want it to commit to an annual investment of at least £1bn a year from 2026 onwards.

“We also urge the Government to set out a longer-term funding plan within the Spending Review. This crucial investment is needed to help protect people’s homes and businesses, and to ensure that the UK keeps pace with adapting to our changing climate.”