ABI: UK insurers paying put £300 million everyday as the sector weathers the recession

ABI: UK insurers paying put £300 million everyday as the sector weathers the recession

ABI: UK insurers paying put £300 million everyday as the sector weathers the recession

Despite the recession, figures released today (30 September) by the ABI (Association of British Insurers) show that the UK insurance industry remains strong overall. UK Insurance – Key Facts highlights that:

.The number of people employed in the sector in 2008, at 313,000, rose slightly (by 1.3%) over 2007, and accounted for nearly a third of all financial services jobs.
.Net premium income from general insurance in 2008 was £34 billion, up 3% on 2007.
.Premium income for overseas business during 2008 was £54 billion, up 13% on 2007.
.Every day, UK insurers pay out nearly £300 million to customers. Of this, £239 million is in pensions and life insurance benefits, and £57 million in general insurance, such as motor and household, claims.
.Despite a fall in life and pensions new business, long-term premium income in 2008 was the third highest in the last decade.

Dr Rebecca Driver, the ABI’s Director of Research and Chief Economist, said:

“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. The role of insurers, as major investors and providers of financial security to millions of customers, is vital in building a sustainable economic recovery. Insurers must not be forced to move overseas, and the UK must be able to attract new capital.

“Future regulation must therefore strike the right balance between proportionate consumer protection, and ensuring the sector is strong and competitive. This will enable the industry to continue to innovate, and provide products that are relied upon by millions of families and businesses.”

1.Enquiries to:
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)

2.UK Insurance – Key Facts can be downloaded from the ABI web site, www.abi.org.uk. It provides key information about UK insurance and its contribution to society and the economy.

3.The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK’s capital. They are the risk managers of the UK’s economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.

4.An ISDN line is available for broadcasts.

5.More news and information from the ABI is available on our web site, www.abi.org.uk.