Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • August 2015
08

Home insurance premiums down 6.6% in the past year

Open-access content Tuesday 11th August 2015 — updated 5.13pm, Wednesday 29th April 2020

The cheapest home insurance premiums fell by 6.6% between June 2014 and 2015.

2

A study carried out by pricing firm Consumer Intelligence showed over a third of this fall (35%) happened in just two months, between April and June 2015, when the average of the lowest five premiums dropped by 2.3%.

The firm explained the figures were calculated by comparing the prices offered to 3,600 people by all major price comparison sites and insurers. The cheapest prices for each person were then averaged out to produce the figures. 

The average of the five most competitive policies in June 2015 was £115, £13 cheaper than that at the same point 12 months previously.

For those aged over 50, the figure fell by 6.8% to £106. Those aged 50 and under also enjoyed a reduction of 6.3% with the average of the five cheapest quotes being £125.

Ian Hughes, chief executive of Consumer Intelligence, said: "This fall in premiums can be explained by a big reduction in burglaries, and far fewer claims for flood and storm damage. In 1995, just under 9% of homes suffered from a burglary compared to a little under 3% last year."

Hughes also said those switching providers this year could see "significant savings". In another study with 11,143 home insurance policyholders, 35% of customers switched insurers in the year to May. 

Last month the firm said an increase in insurance premium tax in November as announced in the summer budget would boost switching. 

This article appeared in our August 2015 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

Lifecycle insurance emerges to help build-to-rent investors

A new type of real estate and construction insurance is designed to help pension funds protect their property investments in the build-to-rent sector, according to a report.
Tuesday 4th August 2015
Open-access content
2

Pet insurer sees six-fold increase in claims for anxiety and behavioural issues

The number of insurance claims for pets suffering conditions including anxiety and excessive grooming is on the rise, according to The Co-operative Insurance.
Thursday 20th August 2015
Open-access content
2

Trade credit insurance turnover increases by 6.6%

Turnover in the trade credit insurance sector in the UK increased by 6.6% to £315bn in 2014, according to the Association of British Insurers (ABI) .
Friday 21st August 2015
Open-access content
2

Hearing loss insurance claims increase after short respite in 2014

Insurance claims for deafness in the UK “have spiked after a short-lived respite in 2014”, according to PwC.
Monday 24th August 2015
Open-access content
2

Largest on-screen car crash in Hollywood movies 'would have cost insurers £5m'

A famous car crash scene in cult film The Blues Brothers would have resulted in the largest insurance claim in movie history, research has found.
Wednesday 26th August 2015
Open-access content
2

More than 27,000 uninsured cars seized this year including Ferraris and Lamborghinis

Police forces across the UK have seized at least 27,688 uninsured cars in 2015 to date, including luxury brands such as Ferraris and Lamborghinis, according to research by Churchill.
Thursday 27th August 2015
Open-access content
Filed in
08
Topics
General Insurance
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Reserving Analyst

London (City of)
Negotiable
Reference
149485

Senior GI Modeler - Capital and Planning

London (Central)
£ excellent
Reference
149436

Risk Oversight Manager

Flexible / hybrid with a minimum of 2 days per week office-based
£ excellent
Reference
149435
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ