Insurance premiums have proved worth their weight in gold for British policyholders, with the industry paying out £55bn in a year - more than the entire GDP of Croatia!
New figures just released by the Association of British Insurers show that £153m was paid out every day by general insurance and long-term savings companies in the UK in 2017. The ABI’s annual Key Facts document also reveals that 98% of protection insurance claims were met - with £13.9m being paid out every day in this category alone!
The £55bn paid out to customers last year consisted of:
- £10.6bn paid out for motor claims
- £5.2bn paid in property claims, both domestic and commercial
- £5.1bn paid through protection products, such as critical illness cover, income protection and life insurance
- A record £766.5m to help people with the cost of treating their ill or injured pets
- More than £400m to help 510,000 travellers with the cost of expensive medical treatment abroad and cancellations
ABI director general Huw Evans said: “Millions of people and businesses turn to insurers in their time of need to deal with unexpected financial shocks. Our country’s SME sector can thrive because of the safety net provided by our world-leading insurance sector.
“This data reminds us that insurers and long-term savings providers pay hundreds of millions of pounds every day to get things back on track and to support people in their retirement. Our sector is helping Britain thrive and remains a key part of a prosperous and financially resilient economy.”
The Key Facts documents also reveals the contribution the insurance industry makes to the UK economy - £29.5bn - as well as paying nearly £12bn in taxes. £1.8 trillion is held in invested assets, while more than 300,000 people are employed by the industry, both directly and through auxiliary services.
Protection insurances such as redundancy cover and accident and sickness insurance can help keep your bank balance in order and even enable you to remain in your home following an unexpected financial shock. Compare insurance quotes online or call our team on 0800 862 0373 to find out more.