New research shows that home insurance costs have significantly increased in the UK post-Brexit and have remained higher than our European Union neighbours ever since.

Research commissioned by the SNP from the House of Commons library shows home insurance prices have risen faster in the UK than the EU average since 2015. Since 2015 EU home insurance prices have risen by less than a fifth, but in the same period UK home insurance prices have risen by nearly a third.

Previous analysis from the SNP found that between January 2022 and May 2023, UK home insurance inflation has risen sharply to an average of 17.9%.

In contrast, the inflation rate during the exact same period in neighbouring EU countries remained far lower - in France it averaged only 2.8%, and in Germany inflation on home insurance actually fell by an average of 2.6%.

EY UK reported that the UK home insurance market experienced its worst performing year on record in 2022, with further losses expected across 2023 and 2024 - as a result consumer premium prices are set to rise 17% this year (on average £43 per policy), and a further 16% in 2024 (£44 per policy).

Commenting, SNP MSP for Renfrewshire North and West, Natalie Don, said:

“As a result of broken Brexit Britain, the UK is being hit harder by inflation than our nearest European neighbours and it is ordinary working households in Renfrewshire and beyond that are paying the price.

“The UK Tory government have crashed the economy, dragged Scotland out of the EU and exacerbated the cost of living crisis. The blame for rising home insurance costs lies squarely at the door of number 10 and the slew of Tory Prime Ministers we’ve had since 2010, none of which Scotland voted for.

“Only by voting for the SNP at the next General Election can we guarantee a Tory free Scotland, alongside enabling us to build a fairer, more successful and equal economy that works for all.”