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£200 million a day paid out in claims by British insurers


£200 million a day paid out in claims by British insurers British insurers are paying out £200 million a day in claims, according to industry figures, revealed in the ABI's (Association of British Insurers) annual review. 

The figures highlight the key role the insurance profession industry plays in people's lives, its important contribution to the UK economy and the key challenges facing insurers.

Payments made every day to customers include:

. £19 million to private motorists under motor insurance policies
. £9 million to householders whose homes have been damaged or contents stolen or destroyed
. £4 million to businesses in respect of damage to their premises
. £1 million to travellers under travel insurance
. £7 million to cover the cost of medical treatments under private health insurance
. £33 million in pension annuity payments
. £54 million to investors from endowment policies and investment bonds
. £37 million to help dependents cope with the death of loved ones.

As a major contributor to the UK economy, UK insurers:

. Manage investments of a massive £1.8 trillion, equivalent to 26% of the UK's total net worth.  This equates to £70,000 for every household in the UK
. In the 2010/11 tax year contributed £10.4 billion in taxes.

Fraud remains a major issue, with an estimated £983 million in illegal general insurance claims during 2011.  You can read more about insurance fraud here.

Professionals from all over the world deal with claims from single to six figure sums on a daily basis.  Take a look at some case studies to find out more;

Jeremy Maynard-Claims Handler, Navigators and General

Luke Harkin-Claims Hander, Ecclesiastical 

Albert Chua-Claims Assistant Manager, DirectAsia.com

Carol A Smith-Manager of Claims Team, Pro Insurance

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