We all love anything that involves numbers, countdowns and top 10s here in the UK. So much so that websites and magazines are literally ram-packed with one after another these days. Whether it’s percentages or decimal points, we have no preference, so long as there’s a selection of digits which etch either a smile or expression of shock across our collective faces on being confronted with the cold, hard figurative-based facts of that particular subject matter.
So in a bid to keep our end up, we’ve compiled our very own list (or rather, numerically-pleasing countdown) of key facts and figures directly relating to the British insurance sector. And moreover, it’s smack, bang up to date too, on account that it reveals the math from 2014 and 2015’s constantly moving and shaking insurance industry factoids.
In scenes which will resonate with fans of Sesame Street’s Count Dracula puppet (who for the uninitiated used to count, as in count, therein educate as opposed to simply frighten children back in kids TV’s heyday), we are making numbers fun again; whilst notably combining it with learning a thing or three.
Researched, compiled and subsequently delivered in no particular semblance of order (numerical or otherwise), this selection of fast and furiously-churned out facts pretty much sum up the state of the British insurance sector during the most recent couple of year of statistic-gathering and study-composing. In terms of giving credit where credit is due, we’d like to thank the Association of British Insurers, where a good percentage of the figures were gleamed from for the sole purposes of this ready reckoner of insurance savvy titbits, along with other general (and widely available) sources. So without further ado, here it is. The facts and figures which have made the insurance world (or at least, the UK’s) tick during the last 24 months or so.
- 3 – The UK is the 3rd largest insurance (and long term savings) industry in the world and largest (number 1) in the EU
- 24 – The percentage the UK insurance (and long term savings) industry generates. Which is effectively almost one quarter that of total EU premium income
- 379 – The number of authorised life insurance companies in the UK, of which 200 are UK authorised and 179 are headquartered in another European country and passport in under the EU Third Life Directive
- 903 – The number of authorised general insurance companies in the UK
- 29 – £Billion that is, representative of what the UK insurance sector has contributed to UK GDP in 2012, which equates to more than one fifth of the total gross value added for the financial services industry
- 11.8 – £Billion for the record, which is the amount that that UK insurance industry contributed (nearly £12bn in total) in taxes to the UK Government in 2014
- 334,000 – The volume of people employed in the UK insurance industry
- 2.5 – Back to £Billions and specifically re: the amount withdrawn from pensions in first 3 months in 2014, following April reforms that year
- 40 – As in £Million pounds of which was paid-out each day in motor and property claims in 2014
- 50 – The percentage of workers here in the UK who pay into a workplace pension
- 1.3 – As in £Billions detected in fraudulent claims; in 2014 £837m detected fraudulent motor claims were acknowledged as the most common (67,000 in the year), and valued in the region of £837m
- 1.9 – £Trillion that is, and in relation to what UK Insurers hold in invested assets apparently
- 370 – Regarding the £Millions of pounds travel insurers paid-out in claims to travellers who needed help
- 4 – 206 – £Millions again, and with which was paid-out to cover the cost of emergency medical treatment (which is equivalent to £4m a week)
- 98 – With direct reference to the actual percentage of protection claims which were paid-out (including 99% of term life insurance claims and 92% of critical illness claims)
- 27 – £Millions for the record, which insurers paid-out (per day) in motor claims during 2014
- 12.9 – Re: the £Millions home insurers paid-out (per day) in property claims
- (Almost) 10,600 – Business insurance policies arranged by firms to protect themselves
- 5.1 – Million people in Britain who have private medical insurance, with £7.4m paid-out in claims every day
- 3 – In terms of policyholders measured in their millions who insure their pets, with around 95% of insurance being for cats and dogs
- 1.6 – £Million that pet insurers paid-out on (more than, as it happened) every day in claims in 2014
- 679 – In Pounds Sterling that is, which is said to be the average UK pet insurance claim pay-out
- 9.4 – As in £9.4 million that insurers pay-out every day in relation to protection policies (including income protection, critical illness and life insurance)
- 3.4 – We’re back to the £Billions for this one, which equates to the financial amount paid to some 128,500 policyholders (or families) as a result of claims on protection insurance policies; or an average of £9.4m each day
- 26.9 – The number (in millions) of individual term, whole of life, income protection and critical illness insurance policies in force, as of 2014