UK Insurers Paying Out More Than Ever Before to Customers
The data is issued on the day that the ABI's Annual Conference hosts over 300 senior representatives from the industry, regulators, and policymakers to debate the key issues impacting on the
Key Facts 2016 highlights the vital role insurance and long-term savings is playing in helping households and firms cope with unexpected events and plan for the future, as well as contributing to the
Payments made to customers.
Of the
*
*
*
*
*
*
And on long-term savings and pensions, each day:
*
Key Facts highlights that in the first year since the freedom and choice pension reforms were introduced in
As a key contributor to the
* Contribute
* Pay nearly
* Manage assets of
* Employs over 305,500 people.
How people buy their insurance:
* Motor and home insurances are more likely to be purchased directly than long-term savings products. Over half (56per cent) of motor insurance and a fifth (27per cent) of property insurance is purchased by customers directly.
* Long-term savings products tend to be taken with advice. Three-quarters of customers had some form of advice when buying a pension, protection or other long-term insurance product.
"If insurance did not exist the world would be a much more perilous place. From helping people and businesses cope with unexpected events, to encouraging people to save for retirement, the insurance and long-term savings industry provides financial security for millions of families and businesses. The industry reflects the society it serves, and is constantly innovating to meet changing customer needs. However, we must do more to improve customer trust in the industry and ensure that customers have confidence that, if the worst happens, then their claim will be paid.
"As the largest insurance market in
Notes for Editors
1. Key Facts can be downloaded here: https://www.abi.org.uk/~/media/Files/Documents/Publications/Public/2016/KeyFacts/KeyFacts2016
2.
3. An ISDN line is available for broadcast
4. More news and information from the ABI is available on our web site, www.abi.org.uk.
[Category: Insurance]
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