The UK insurance industry is the third largest in the world and the largest in Europe. It manages investments amounting to 26% of the UK's total net worth and contributing £10.4bn in taxes .
It employs some 290,000 people. This is more than a quarter of all financial service jobs, and twice as many as are employed in the combined electricity, gas and water supply sectors.
There are over 1000 companies authorised to write general insurance business in UK, and a further 300 are authorised to write long term savings, pensions and protection products.
The insurance sector is responsible for investments totalling £1.8 trillion, equivalent to 26% of UK's total net worth.
It is also a major exporter - about 30% of its net premium income comes from overseas business, most of which is long term business.
Of the 26.3 million households in the UK in 2011, an estimated 19.7 million households have contents insurance, and 16.6 million have buildings insurance from which 2.1 million claims were made with a total value of £3.3 billion, or the equivalent of £9.0 million per day.
23.8 million private vehicles were insured. 3.2 million claims were notified in 2011 resulting in payments to customers of £19.4 million each day totalling £7.1 billion.
£8.8 million was paid to customers each day for accident and health claims.
26.2 million travel insurance policies were bought by consumers in 2011. 0.7 million claims were made in 2011, resulting in £1.1 million paid to customers each day
Source: Association of British Insurers report
It employs some 290,000 people. This is more than a quarter of all financial service jobs, and twice as many as are employed in the combined electricity, gas and water supply sectors.
There are over 1000 companies authorised to write general insurance business in UK, and a further 300 are authorised to write long term savings, pensions and protection products.
The insurance sector is responsible for investments totalling £1.8 trillion, equivalent to 26% of UK's total net worth.
It is also a major exporter - about 30% of its net premium income comes from overseas business, most of which is long term business.
Of the 26.3 million households in the UK in 2011, an estimated 19.7 million households have contents insurance, and 16.6 million have buildings insurance from which 2.1 million claims were made with a total value of £3.3 billion, or the equivalent of £9.0 million per day.
23.8 million private vehicles were insured. 3.2 million claims were notified in 2011 resulting in payments to customers of £19.4 million each day totalling £7.1 billion.
£8.8 million was paid to customers each day for accident and health claims.
26.2 million travel insurance policies were bought by consumers in 2011. 0.7 million claims were made in 2011, resulting in £1.1 million paid to customers each day
Source: Association of British Insurers report
