Interesting Insurance Facts
Insurance isn’t always exciting but it can be interesting. Well, we think it can be. That’s why we’ve gathered some of our most interesting insurance facts.
The word ‘insurance’ dates back to the middle of the 15th century and is thought to derive from the Anglo-Norman word ‘enseurer’ (literally ‘en’ make + ‘seur’ sure). By the 16th century ‘insurance’ was widely understood to have its current meaning, replacing the archaic word assurance.
The UK insurance industry is the third largest in the world, and employs approximately 320,000 people. The insurance industry is responsible for a around £1.8 trillion worth of investment, equivalent of 25% of the country’s total net worth.
Almost a third of all financial service jobs are in the insurance industry. Nearly twice as many people are employed in the insurance industry as in the combined electricity, gas and water supply sectors.
The number of authorised companies that can sell general insurance in the UK is around 976 with 548 passporting in under the 3rd Non-life directive.
Of the 26.49 million households in the UK, it is estimated that 90% have at least one insurance product.
More than half of all personal and commercial general insurance business comes from the broker channel.
One of the most famous people who took an unusual insurance policy was the film star and 1940’s pin up Betty Grable. Her film studio insured her legs for £1 million each in a policy arranged with Lloyds of London which gave her the name ‘the girl with the million dollar legs’ – if the policy was taken out today it would cost around £25 million more!
Model Heidi Klum insured her legs for around £1.2 million but an inspection of her legs insurers found a small scar on her left leg which made her left leg worth £100,000 less than her right leg.
Rolling Stones guitarist Keith Richards who has reportedly insured his hands for around £2 million.
Dancer Michael Flatley reportedly took out the world’s highest ever insurance policy for his legs worth an apparent £31 million.