Hello Susannah,
Thank you so much for taking the time to leave this review.
I'm really sorry to hear you're unhappy with your renewal price & I've recorded your feedback on file.
Prices are going up everywhere at the moment & insurance is no different. We've seen a big increase in the cost of customer claims which are impacted by inflation, the cost of labour & world events (like the energy crisis). We're doing as much as we can to manage these increases, although we need to balance this with still offering a great service for our customers.
What you pay for your insurance is combined with what other customers pay for their insurance into a pot & claim costs come out of this pot. As the cost & number of claims have risen quite sharply, the money in the pot needs to go further, meaning prices go up.
For example, a house fire can lead to a high cost claim if many possessions are destroyed & there's lots of damage to the building. What you pay for your insurance wouldn't cover the cost, so it would come out of the pot. We need to make sure that there's enough money in the pot for future claims, so that we can give a great service when you need us the most. The majority of what customers pay for their insurance is paid out in claim costs.
There's a link here with more information about our pricing - https://www.axa.co.uk/home-insurance/premiums/
I'm really grateful that you've chosen to renew with AXA this year & it's a pleasure taking care of your home.
Best wishes,
Rachel
AXA Customer Service Team
