AXA UK releases homeowner resilience report

Research shows over half of homeowners are worried about the cost of climate change

AXA UK releases homeowner resilience report


By Terry Gangcuangco

More than half of adults in Britain are concerned about the impact of climate change on their homes, according to AXA UK’s newly released homeowner resilience report.

The insurer’s research findings include 68% saying long-term cost savings were the biggest motivation for making green improvements, such as installing solar panels in their homes. Less than half (47%) picked environmental sustainability as their reason.   

According to AXA UK, 35% of those surveyed said they had not undertaken any home upgrades, with cost being a barrier for 58% of respondents while 28% conceded they wouldn’t know where to get reliable home maintenance or upgrading works advice.

Meanwhile, around three-fifths of the polled homeowners are interested in undertaking home upgrades in the next 10 years.

“It’s clear that although there is appetite for people to future-proof their homes against climate change, there are a number of barriers stopping them from doing so,” AXA Retail UK chief executive Tara Foley said in an emailed release. “High upfront costs and a lack of knowledge are some of the key reasons preventing people from acting.

“Not only do we want to provide support to our customers by protecting them when the worst happens, we also want to help them prevent these situations from happening in the first place by providing advice on how to improve the safety, sustainability, and efficiency of their homes.

“As an insurer we have a responsibility to look beyond the ‘here and now’ and identify the risks, opportunities, and challenges that could affect us longer term. We offer support to people in times of need, helping keep their families and belongings safe.”

AXA UK’s recommendations include the government’s introduction of a forward-looking national retrofitting strategy with financial support measures.

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