Insurance payouts hit record – but are you covered

October 1, 2015 | 7years | Insurance News

Figures from the Association of British Insurers (ABI) have revealed that insurance payouts have hit a record level, with over £77 million being paid out in general and protection insurance claims every single day. The question is, are you covered?

Where does all the money go?

The £77 million figure can be broken down as follows:

    Motor insurance claims (£27 million)
    Property claims (£13 million)
    Payouts for protection policies (£9 million)
    Claims for business-related insurance (£9 million)
    Accident claims (£9 million)
    Private health insurance (£7 million)
    Pet insurance (£1.6 million)
    Travel insurance (£1 million)

That's a huge amount of cash going to families and businesses during times when they need financial support the most, and it really can be invaluable. However, it seems that not everyone is aware of how important it can be, with a clear protection gap remaining.

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