But claims ratio improved after £3.4m growth in gross written premium, according to new ABI statistics
UK general insurers paid out £32.1bn in claims in 2013, up 1.5bn on the £30.6bn they paid the previous year, according to new statistics from the ABI.
But the industry’s claims ratio improved as gross written premiums (GWP) grew at a faster rate than claims.
The ABI figure show that the UK general insurance industry brought in £50.2bn of GWP in 2013, a £3.4bn increase on the £46.8bn it generated in 2012.
As a result, the ratio of claims to GWP improved to 63.9% in 2013 from 65.4% in 2012.
The ABI stats also show that motor insurance was the biggest source of claims for the industry, judging by average daily claims.
Insurers paid out £17.1m in claims a day in 2013 from a total of almost 3 million claims.
They paid £11.1m a day in property claims, of which £8.1m was for domestic properties and £3m for commercial.
And they paid £6.8m in liability claims a day, of which £2.3m was for employers’ liability.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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