The Association of British Insurers (ABI) is expecting the insurance bill for last year’s subsidence claims to be the highest in more than one and a half decades.
“While the final insurance bill has not been fully settled due to ongoing monitoring of some homes to assess the extent of any subsidence damage, ABI members expect to pay out £219 million in subsidence claims,” said the trade body in a release.
“This will be the highest annual subsidence payout in 16 years since 2006.”
According to the ABI, the average subsidence claim incurred stood at £9,600. The majority (18,000 out of 23,000) of the subsidence claims made in 2022 were in the second half of the year.
“Thousands of homeowners felt the impact of last summer’s record-breaking heatwave long after temperatures returned to normal,” noted ABI general insurance manager Laura Hughes.
“Insurers understand that suffering subsidence is worrying and stressful. They have, and will continue to, support their customers during any monitoring period to ascertain the extent of the damage, and what repairs or work will be needed for a long-term solution.”
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