Motor insurers paid out a record amount in claims last year, according to the Association of British Insurers (ABI). The £9.9 billion paid out in 2023 is the highest annual figure since the ABI started collecting data in 2013. The overall number of claims settled, at 2.3 million, also rose by 10% compared with 2022. Payouts for vehicle theft and thefts from vehicles also jumped, to £669 million. This total, and the average theft of a vehicle claim of £12,600, were both the highest on the ABI’s records. The cost of providing temporary replacement vehicles, at £597 million, increased by 35% compared with 2022.
Motor insurers paid out a record amount in claims last year, according to the Association of British Insurers ( ABI ). The £9.9 billion paid out in 2023 is the highest annual figure since the ABI started collecting data in 2013. The overall number of claims settled, at 2.3 million, also rose by 10% compared with 2022. This reflected continued rising costs , with insurers reporting increases for materials, and labour, the ABI said.
Payouts for vehicle theft and thefts from vehicles also jumped, to £669 million. This total, and the average theft of a vehicle claim of £12,600, were both the highest on the ABI’s records. The cost of providing temporary replacement vehicles, at £597 million, increased by 35% compared with 2022. As part of the overall payout figure, insurers paid out £
Motor Insurers Claims Record Amount Association Of British Insurers ABI Rising Costs Vehicle Theft Thefts From Vehicles Temporary Replacement Vehicles
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