ABI data reveals surge in motor claims
- Posted by: Alan Feldberg
- Category: News
Data from the Association of British Insurers have revealed that payouts for motor claims have risen by 14% in the last year to £2.4bn.
This is 11% up on the final quarter of 2022 and the highest amount recorded by the ABI since it started keeping records in 2013.
Insurers settled 599,000 claims in the first three months of 2022, a 14% increase on 2022, while the total cost of repairs rose by 33% to £1.5bn and the price of replacement cars was up 29% in 12 months.
The data also found that insurers paid out £642m in personal injury claims in the first quarter of this year, up two per cent on the previous quarter.
Laura Hughes, ABI’s Manager, General Insurance, said: “Like most other business sectors, motor insurers face sustained cost pressures which they are finding increasingly challenging to absorb. Despite this they are doing all they can to ensure competitively priced motor insurance, as well as offering the best possible claims service.”