Insurers pay out £452m every day
Association of British Insurers
The insurance industry is "vital" to UK business and families, the industry's trade body said today.
New statistics from the
Association of British Insurers(ABI) show that in 2013 insurers paid on average over £452m every day to customers in the UK.
That includes: £348m in pension and annuity payments; £52m to savers from investment and savings policies; £17m to private motorists under motor insurance and £11m in property claims, of which £8.1m was to homeowners, and £3m to business owners in respect of commercial claims.
£1m was paid on travel insurance claims every day, according to ABI’s UK Insurance Key Facts 2014.
“These remarkable statistics demonstrate the crucial role of the UK insurance industry,” said Otto Thoresen, ABI’s Director General.
“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.”
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. The industry contributed nearly £12bn in taxes last year.
