The Association of British Insurers (ABI) has recently published statistics showing that, last year, general insurance companies paid out £56.7 million a day to policyholders. This included payouts for people that had the likes of protection, home, motor and business insurance policies.
Claims payouts for damage to property amounted to £15 million a day. Of that figure, £6.9 million was paid out daily in respect of commercial claims that were made by owners of businesses. The balance of £8.1 million per day was paid out to owners of residential properties so no doubt included things like damage to properties caused by fire and flood and subsidence.
Payments were made to motorists totaling £28.6 million per day who claimed on their motor insurance policies. This sum will no doubt have been paid to cover the likes of claims for personal injuries such as whiplash and for damage to vehicles that were either repaired or had to be replaced.
Travel insurers paid out £1 million a day to holidaymakers who claimed on their travel insurance policies no doubt for things like medical expenses, flight delays and lost luggage.
Insurance companies providing protection cover including life, terminal illness, income protection and critical illness insurance paid out £9.9 million every day to policyholders and beneficiaries to provide financial support at a time of need.
Trade credit insurance policies paid out £400,000 a day. This sort of cover assisted businesses that were owed monies by another business that was unable to pay the sum outstanding.
We are a nation of pet lovers and many people choose to insure their pets. You may be interested to know that £1.8 million was paid out every day in 2015 towards vet bills.
You may also be interested to note that, according to figures recently issued by the ABI, in 2014 and 2015, 84% of claims on house insurance policies were paid out, 99% of claims on private motor insurance policies were met and 87% of claims on travel insurance policies were paid out.
Here at AIB Insurance, we will gladly endeavor to assist any of our clients who wish to make a claim in respect of a policy that was arranged through ourselves. In this respect, please give us a call on 02380 268 351.
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