CALLS have been made to pass large savings made by insurance companies during the coronavirus lockdowns onto consumers in Wales.
Research estimates that more than £17 million was saved on home insurance payouts over 2020, with an 18 per cent drop in claims in Wales during the first lockdown period.
Across the UK, that figure jumps to an estimated £368 million.
An insurance expert is calling on companies to pass that saving on to customers, either through refunds or a decline in premiums.
Antoine Fruchard, chief executive at Hello-Safe, who carried out the study, said: "It is not a surprise to see that home insurance claims have decreased in a significant way over 2020, with many Brits stuck at home during a year where very restrictive measures were taken to stop the coronavirus pandemic.
READ MORE:
- 'Worrying increase' in coronavirus cases across Gwent
- Newport man and woman facing jail over drug trafficking offences
- Fancy living in a former church overlooking a stream and ducks for £40,000? Check this out
"However, up to now, the industry has taken no decision to give back some of the savings made to the policyholders.
"This is a questionable position, when the impact of the economic crisis is just starting to strike most British households and could last for years.
"Many workers will now make the decision to work from home fully or partially. For those remote workers, the insurers will surely have to adapt and propose new solutions."
With many people staying at home during the lockdown, the number of incidents dropped dramatically, according to the study.
It shows a drop in water damage claims of 13 per cent, and similar falls in fire damage, theft and burglary, accidental damage, and other domestic claims.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here