New analysis published by the ABI shows that UK insurers paid out the equivalent of £153m every day
The Association of British Insurers has today published new analysis which shows that general insurance and long-term savings companies in the UK paid out £153 million every day, or £55bn throughout the year.
To put this into perspective, this is more than the GDP of Croatia.
The £55 billion paid out to customers in 2017 is made up of:
- £10.6 billion paid out for motor claims, such as repair, replacement or personal injury.
- £5.2 billion paid in property claims, of which £2.8 billion was for domestic homeowners and £2.4 billion was for commercial.
- £5.1 billion was paid through protection products, such as critical illness cover, income protection or life insurance.
- £2.7 billion was paid out on liability insurance policies to protect businesses.
- A record £766.5 million was paid out to help people with the cost of treating their ill or injured pets.
- £401.5 million was paid out to help 510,000 travellers to soften the burden of expensive medical treatment abroad and cancellations.
As well as this, the ABI states that UK insurance contributes £29.5bn to the UK’s GDP as well as £12bn in taxes.
Huw Evans, director general of the ABI, 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.”