The Association of British Insurers (ABI) has posted a new fact file that shows the UK insurance industry is paying out £187 million every day.
These handouts include £1 million to holidaymakers stuck abroad or with health insurance problems in foreign lands, £1.2 million to ill cats and dogs and £19.1 million to private motorists that get into accidents on the UK’s roads.
It was also revealed that insurers in the UK manage investments of around £1.8 trillion, roughly 26 per cent of the nation’s net worth.
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.”
Mr Thoresen added that his organisation will continue to work with the coalition government in helping people to access flood insurance products.
It was previously very hard or impossible for residents in flood-prone areas to get cover for their homes and possessions but an agreement has now been struck to cap the prices that people pay for the product.