A recent report shows that October 2024 saw a rare dip in personal insurance premiums, including motor and home insurance.
The latest General Insurance Pricing Index from specialist pricing agency Pearson Ham Group shows a dip in personal insurance premiums for October 2024, marking a rare concurrent drop in both motor and home insurance prices.
This decrease comes as insurers adjust to a challenging economic landscape, bringing some relief to consumers amidst prolonged inflation.
Home insurance: regional and property type variations
Home insurance premiums saw a modest decline of -0.7% in October, although the median average top-five price remains high at £224, up 19% year-on-year due to market adjustments.
There were differences from region to region. London and Northern Ireland experienced slight increases of +0.2% and +0.5%, respectively, while the rest of the country saw their premiums drop. Wales saw the most significant drop, with premiums down by -1.8%.
The trends also differ depending on property type: detached homes saw the most considerable decline at -0.9%, while smaller properties like one-bedroom homes or studios recorded a slight increase of +0.6%.