The role insurance plays in helping UK households and businesses cope with the unexpected is highlighted today with the publication of ABI’s ‘UK Insurance Key Facts 2014’.
Revealing a range of data on claims payments and funds under management, the ABI’s latest key facts are led by the figure of £452 million which it says is paid every day to customers in the UK.
UK payments made every day covered:
- £348 million in pension and annuity payments.
- £52 million to savers from investment and savings policies.
- £17 million to private motorists under motor insurance.
- £11 million in property claims, of which £8.1 million was to homeowners. and £3 million to business owners in respect of commercial claims.
- £8 million from protection policies, such as critical illness, to help people cope with a serious illness and life insurance policies to help dependents.
- £7 million to help private health insurance customers receive medical treatment.
- £7 million to business customers in commercial liability claims, such as employers’ liability.
- £1 million to travellers under travel insurance.
As a key contributor to the UK economy, insurers:
- Manage investments of £1.8 trillion, equivalent to 25% of the UK’s total net worth, and equating to £70,000 for every UK household.
- Contribute nearly £12 billion in taxes to the UK Government
Otto Thoresen, ABI’s Director General, said:
“These remarkable statistics demonstrate the crucial role of the UK insurance industry. Millions of families and businesses rely on insurance products to help them cope with life’s uncertainties and plan for the future. The severe floods earlier this year, when insurers handled over 18,500 claims and paid £450 million to flood victims, further highlighted how vital our industry is in everyday life.”