Floods and dual pricing warnings push up home premiums: Consumer Intelligence

Jigsaw puzzle of a house

Average home insurance premiums have climbed at a rate higher than inflation over the past six months, Consumer Intelligence research has found.

Storm damage and recent flooding contributed to the rise in premiums, with insurer pricing caution in the wake of the Financial Conduct Authority’s dual pricing warnings also a factor, Consumer Intelligence said.

The average buildings and contents premium now stands at £139, according to Consumer Intelligence.

John Blevins, pricing expert at Consumer Intelligence, said: “There’s evidence insurers are dealing with dual pricing already due to the negative publicity and inevitable requirements coming in the near future.

“One of the impacts is that new business pricing – the key content of our price index – is likely to increase to narrow the difference between new business and renewal costings.”

 

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