05/03/12 - Cost of a burglary up by a fifth in two years
- Home theft claims cost £225 more than two years ago
- Number of iPods, plasma televisions, smart phones and laptops to blame for rise in cost
An analysis of 20,000 home theft cases by The Co-operative Insurance shows that the cost of claims has risen dramatically over the past two years.
The data shows that the cost of theft claims leapt by 8 per cent in 2010 and then by a further 9% just last year (2011) – its sharpest rise in the past decade. However, in the three years before (2007, 2008 and 2009) the cost of theft claims remained flat.
This means that the average burglary claim now costs £225 more than it did just two years ago.
However, despite the rising cost of claims, the number of burglaries reported to the insurance company by customers has remained steady over the past five years.
Lee Mooney, Head of Home Insurance at The Co-operative, said: “We’ve seen the average cost of a burglary rise dramatically over the past two years, which we believe is due to burglars stealing higher value items than they used to several years ago.
“Ten or so years ago most of us owned bulky, heavy electrical items such as desk-top computers and CD players, which were much harder to steal. The average home is now cluttered with high-tech electronic gadgets like smart phones, games consoles and laptops which are expensive and easy to steal because of their size.
“Because most people do own many portable, high value items, it’s important to make sure you have adequate home contents insurance in case of a burglary. Keeping a note of the model and serial number of any electronic equipment will make it easier in the event that you do have to claim. It’s also a good idea to mark your valuables in ultra violet ink so they can be returned to you easily if found.”
* Data collated from home contents insurance customers of The Co-operative Insurance, January 2012
About The Co-operative Banking Group
The Co-operative Banking Group, formerly known as The Co-operative Financial Services, is the banking and insurance arm of The Co-operative Group, which is the world’s largest consumer co-operative with around six million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care. The Co-operative Group has over 5,000 retail trading outlets.
Following the merger with Britannia on 1 August 2009, the organisation is one of the largest and most highly diversified mutual businesses operating in both retail and corporate markets.
As part of The Co-operative Group, the business is characterised by its unique ethical and member reward policies and very high levels of customer advocacy.
The Co-operative Banking Group has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and major presences in Manchester, Leek, London, Plymouth, Skelmersdale and Stockport.
It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is run.