The UK Market – some industry statistics

  • The UK insurance industry is the third largest in the world and the largest in Europe
  • 7% of all insurance premiums paid in the world are from the UK
  • It is an essential part of the UK’s economic strength, managing investments amounting to 26% of the UK’s total net worth and contributing £10.4 billion in taxes to the Government

Claim facts from the Association of British Insurers:

16.6 Million domestic properties have buildings insurance cover

  • There were 2.1 Million claims paying out a value of £3.3 billion
  • The average fire claim is valued at £10,200
  • The average flood claim is valued at £30,000
  • 1 in 6 properties in the UK is considered a ‘flood risk’
  • There was £1.46 billion of commercial property claim

Property Insurance:

£12.5 Million paid out by insurers every day in property claims of which £9.1 million were domestic and 3.4 million were commercial.

£1.19 Billion paid out by the insurance industry in domestic and commercial claims in 2012 as a result of flood and storm damage

£242 Million profit made by the insurance industry in 2012 and along with this they have made an underwriting profit in eight of the last ten years to date.

domestic property claims 2012

SOURCE: Association of British Insurers

Ultimately this is a BIG market with considerable opportunities for those individuals looking to secure a franchise with a proven track record of successful service delivery and earning substantial rewards.

 

 

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