UK Insurance Key Facts 2013 highlights the vital role the insurance industry plays in people’s lives, and its contribution to the UK economy.
UK insurers are now paying out £187 million every day to customers, according to figures published today by the ABI.
Payments made every day to customers include:
- £57.5 million to savers from investment and savings policies
- £37.1 million in pension annuity payments
- £36.1 million under protection policies, such as critical illness and life insurance
- £19.1 million to private motorists under motor insurance policies, and £6.2 million a day in commercial motor claims
- £9.1 million to householders whose homes have been damaged or contents stolen or destroyed, and £.3.4 million to businesses in respect of damage to their premises
- £9.5 million to cover the cost of medical treatments under private health insurance and accident policies
- £7 million in liability claims, such as employers’ liability
- £1.2 million to cat and dog owners under pet insurance
- £1 million to travellers under travel insurance
In addition, as a major contributor to the UK economy, UK insurers:
- Manage investments of £1.8 trillion, equivalent to 26% of the UK’s total net worth. This equates to £70,000 for every household in the UK.
- In the 2010/11 tax year, contributed £10.4 billion in taxes.
- Employ 320,000 people, accounting for a third of all financial services jobs in the UK.