Home insurance inflation up to 17.9% on average, analysis shows

Home insurance inflation has risen to an average of 17.9% in the UK, in stark contrast to neighbouring European nations, according to analysis commissioned by the SNP.

The research compiled by the House of Commons Library on behalf of the party analysed the increase from January 2022 to May 2023, while inflation rates in France and Germany averaged 2.8% and 2.6% respectively.

During the same time frame, the UK recorded its highest monthly home insurance inflation rate of 29.9% in November 2022, however, no other European country hit a similar monthly high during the two-year period.

Ireland’s highest rate was 25.4% in September 2022, followed by Belgium with 13.4% in May 2023.

However, the UK’s home insurance inflation rate has not reached double figures in any of the five months analysed in 2023, with it at 5.4% in May.

The analysis comes after separate research by the party, published earlier in the week, showed car insurance has “skyrocketed” in the last two years.

Chris Stephens, the SNP housing spokesman at Westminster, said the analysis shows why Scotland should gain independence to re-join the European Union.

He said: “Brexit Britain is being hit far harder by inflation than our nearest European neighbours, and every household is paying the price.

“This latest research highlights the importance of achieving independence for Scotland and re-joining the EU as the only means of escaping broken, Brexit Britain.

“Westminster has failed to support people through the cost-of-living crisis, and that crisis for families is exacerbated by the fact that Brexit Britain is experiencing higher rates of inflation compared to our European neighbours.

“Whether its soaring insurance rates, food prices or energy bills, Brexit Britain comes at a cost that Scotland can no longer afford.

“With independence, Scotland has the opportunity to join other European countries with control over their own affairs and access to the world’s largest market.”