The average quoted price of home insurance in Great Britain experienced a significant rise of 27.5% in the 12 months leading up to the end of July, according to the latest Consumer Intelligence Home Insurance Price Index.
However, recent trends have indicated a slight decline, with a 1.1% decrease in quoted premiums for buildings and contents insurance observed over the past three months. Notably, May marked the first month-to-month price drop after 19 consecutive months of increases.
Consumer Intelligence data revealed that 26% of quoted prices ranged between £150 and £199, while only 29% of customers secured quotes below £150 in July, a stark contrast to the 48% who achieved this in the same month last year.
Regionally, all areas saw an increase in quoted premiums over the past year, with London experiencing the highest at 33.7%, while the West Midlands had the lowest at 21.9%.
|
Region |
Price Index |
Price Index |
|---|---|---|
|
London |
+33.7% |
-1.8% |
|
South East |
+30.5% |
-0.2% |
|
Scotland |
+29.9% |
+0.8% |
|
Wales |
+28.9% |
+0.2% |
|
Eastern |
+27.7% |
-0.7% |
|
Yorkshire & The Humber |
+27.5% |
-1.3% |
|
South West |
+27.1% |
-0.1% |
|
East Midlands |
+26.8% |
-0.8% |
|
North East |
+23.4% |
-1.8% |
|
North West |
+23.2% |
-2.4% |
|
West Midlands |
+21.9% |
-3.2% |
“After 19 months of sustained inflation, May 2024 finally saw some respite with prices decreasing slightly against April,” noted Matthew McMaster, senior insight analyst at Consumer Intelligence.
“The second quarter of this year has seen more brands joining price comparison websites compared with the first quarter, and this has helped with the slowing of inflation.”
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