The Association of British Insurers (ABI) has released a statistical review of the last decade in it...
The Association of British Insurers (ABI) has released a statistical review of the last decade in its latest 'Insurance Statistics Yearbook'.
The publication charts the rise of the insurance industry in the 1990s to the present where it adds nearly 2% in terms of 'value added' to the British economy.
On average, UK insurers collected almost £150m in life and pensions premiums every day in the 90s. Payouts from life and pensions policies have also proved increasingly sizeable, and last year UK policyholders received an average of £166m each day. This has increased by almost 200% since 1990. Over the decade insurers collected a total of £543.6bn and paid out £373bn on UK life, pensions and savings policies.
Alistair Tarling, spokesman for the ABI, said: "There is still room for further growth, and it is quite disturbing to see how little people are providing for themselves."
The report also notes how successive governments have placed emphasis on self-provision.
