The UK insurance industry pays out more than ever before, according to new ABI figures.
Over £77m is paid every single day in general and protection insurance claims. The figure for motor insurance claims is £27m per day.
The figures were revealed in the Association of British Insurers’ ‘Key Facts 2015’.
Insurers pay out almost £8.2m in domestic claims daily to repair homes and replace contents, but despite an average combined buildings and contents policy costing just £24 a month, 1 in 5 UK households (24%) do not have contents insurance.
For protection insurance products only 1 in 4 (24%) of UK households have life insurance, yet protection insurers pay out more than £9m every day in financial support to families.
Every day, payments made by insurers included:
- £27m to motorists to repair vehicles and cover injury claims
- £13m in property claims, of which £8.2 million was to homeowners, and £4.7m to business owners in respect of commercial claims
- £9m from protection policies, such as critical illness, income protection and life insurance, to help people cope with financial strains that can arise following a death or serious illness
- £9m to business customers in commercial liability claims, such as employers’ liability
- £9m in accident and health claims
- £7m to help private health insurance customers receive medical treatment
- £1.6m to pay for medical treatment for pets
£1m to travellers under travel insurance who needed medical help away from home