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Insurance industry 'pays out £300m a day'

By Marianne Straker, Thu 1 Oct 2009 - Published in Life Insurance

The UK's insurance industry is paying out almost £300 million each day to its customers, new figures have revealed.

According to the Association of British Insurers (ABI), the sector pays around £239 million every day in pensions and life insurance benefits, while £57 million is awarded through general insurance products like motor and household claims.

In addition, the group revealed that the industry's net income from general insurance was £34 billion in 2008, showing a three per cent increase on the previous year.

Dr Rebecca Driver, director of research and chief economist at the ABI, commented: "The UK insurance industry continues to show resilience in the recession. But there is no room for complacency.

"These remain difficult times and the UK can only remain a world leader in insurance if it stays competitive."

She also pointed out that sector remains important in providing financial security to millions of people in the country and will help with the UK's economic recovery.

Last month, research from Morningstar.co.uk found that more than two-thirds of people in Britain have not considered seeking professional financial planning help.