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.

Information and guidance from the Financial Services Authority
Deciding what sort of insurance and how much cover you need can be a confusing business. This site gives you the low-down and helps you decide whether you need insurance in the first place, and if so, what sort. It explains how to compare different packages, and your rights once you have taken out your insurance policy.

Financial Services Authority >

Building insurance questions
Buildings insurance protects you against damage to the structure of your home, together with its fixtures and fittings. The ABI gives further information on the cover provided by a buildings insurance policy, including how to assess the cost of rebuilding your house for insurance purposes.
Association of British Insurers >

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