The Association of British Insurers (ABI) released its most recent tracker, which indicated a 1% increase to £635 over the preceding three months.
That was even though, according to the news, the average claim paid increased by 8% to a record-breaking £4,800.
According to the news, the discrepancy demonstrated that its members were “absorbing” higher expenses rather than passing them along.
However, when compared to the same period last year, the average policy was still 33%, or £157, more between January and March.
In 2023, premiums reached all-time highs due to an increase in supplemental expenses and claims.
