Industry News from Yes Insurance

The Association of British Insurers (ABI) has confirmed that the recent spate of bad weather will not cause a surge in the prices for house insurance, following speculation that the claims issued by those affected by recent storms could spark a hike in costs.

Yesterday marked the end of the official Hurricane Season, the name given to the period where extreme winds and storms from America cross over the Atlantic and hit the UK's shores, often with devastating results as was witnessed with the storms last week.

"Hurricanes have not impacted your ordinary household in the UK this time," Malcolm Tarling, a spokesman for the ABI, told the Herald.

Charley Cantalay from reinsurer broker Aon Re UK echoed Nr Tarling's sentiments, saying that prices had stayed the same outside of the US and in some areas, house insurance premiums had even started to fall.

It wasn't all good news however, as Mr Tarling did issue a warning suggesting that climate change made flooding more likely and had pushed up the cost of home insurance in flood-prone areas.

Coastal areas like Hull, Folkestone, Ramsgate, and throughout Norfolk were most likely to be affected by flooding, along with towns and cities including Slough, Windsor and parts of London situated alongside major rivers like the Thames.

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