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.
Otto Thoresen, ABI’s Director General, said:
"Insurance is woven into the fabric of our society, with nine in ten of all UK households having at least one insurance product. The UK is the largest insurance market in Europe and third largest in the world.
"From working with the Government to safeguard affordable flood insurance, to helping people make the right pension choice at retirement, the industry is playing a crucial role in helping to find solutions to many of the challenges facing the UK.
"UK Insurance-Key Facts’ is the indispensable pocket guide to the UK insurance industry. It contains a wealth of statistics on the size and scope of the industry and the role it plays in society and the economy.”