Insurance facts
About £940 billion is invested in insurance products in the UK. Here are some further interesting facts about insurance, from the Association of British Insurers.
The UK insurance industry is the largest in Europe and the third largest in the world. It employs around 339,000 people, which constitutes almost a third of all jobs in the financial services sector. Each day, around £156 million is paid out in life insurance benefits and pensions, and £54 million in general insurance claims.
Home contents insurance is bought by the highest number of households (77%) and income protection by the least (2% of households). However, the highest average annual expenditure on insurance per household buying it is £1,531 on personal pensions, and the lowest is £159 – on home contents again.
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