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Member, Beacon International Group, Ltd.
The Association of British Insurers said weather related insurance claims in the U.K. reached an all-time high in 2023, with property insurers paying out around £13 million ($16.2 million) each day to business properties and homeowners, Meteored reported. The number of claims made was relatively the same as 2022, however, the cost was much higher, fueled further by inflation. The value of weather-related damage claims in 2023 increased to a record high of £573 million, up 36% compared to 2022.