UK insurers paid out the equivalent of £131m every day last year under general insurance, long-term savings and pension policies according to statistics published by the Association of British Insurers today.
Of this, £74.7m a day was paid by long-term savings and pension providers, with £56.7m a day paid out on general insurance policies.
Huw Evans, the ABI’s director general, said: “From helping people and businesses cope with unexpected events, to encouraging people to save for retirement, the insurance and long-term savings industry provides financial security for millions of families and businesses.
“The industry reflects the society it serves, and is constantly innovating to meet changing customer needs.
“However, we must do more to improve customer trust in the industry and ensure that customers have confidence that, if the worst happens, then their claim will be paid.”
During 2015 every day £38m was paid in annuity payments, £36.7m was paid in investment and savings policies, and £9.9m was paid from protection policies such as critical illness.
The ABI has said insurers and long-term savings providers contribute £35bn to UK GDP and pays nearly £12bn in taxes to the British government.
Mr Evans said the industry, which employs more than 305,000 people, will need a favourable outcome from the Brexit negotiations.
He said: “As the largest insurance market in Europe and fourth largest in the world, the UK industry makes a vital contribution to the economy.
“As we approach our departure from the EU, we must ensure our world-leading insurance and long-term savings industry is regulated appropriately, with effective trading routes into the EU and wider world, a competitive environment and continued access to the best talent.”