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Consumers receive £187 million a day in insurance payouts - Questor Insurance comments

Vehicle hire and travel insurance specialist Questor Insurance highlights figures which show that insurers have paid out a staggering £187 million a day to their customers*.

The figures from the Association of British Insurer’s (ABI) UK Insurance Key Facts 2013 demonstrate the pivotal role that insurers play in consumers’ lives, and the contribution they make to the UK economy as a whole.

According to the data from the ABI, investment and savings policies made up the biggest share of the insurance payout pot at £57.5 million a day. This was followed by pension annuity payments (£37.1 million), protection policies such as critical illness and life insurance (£36.1 million a day) and motor insurance policies (£19.1 million).

Otto Thoresen, ABI’s Director General, argued that the above figures demonstrate that “Insurance is woven into the fabric of our society”, with nine out of ten households having at least one insurance policy in place.

Travellers also received £1 million a day under their insurance policies, revealing that benefit of taking travel insurance out before your holiday, and the crucial part it can play in providing cover should things go wrong on your break abroad.

According to official figures from the Foreign and Commonwealth Office (FCO) here are just some of the costs that those heading to foreign climes could face, if they haven’t secured a travel insurance policy for their trip.

  • £35-45,000 - air ambulance from USA’s East coast
  • £12-16,000 - air ambulance from the Canary Islands
  • £15-20,000 - scheduled flight, stretcher and doctor escort from Australia (figures supplied by FirstAssist Services Ltd)**

Commenting, Questor Insurance CEO Andrew Lawrence, said: “While consumers may be making cut backs in an effort to make ends meet, travel insurance is a worthwhile investment.

“While travel insurance can cost from just a few pounds a day, emergency medical expenses and more can run into the thousands.”

Buy your travel insurance from Questor Insurance today.

Sources

*https://www.abi.org.uk/News/News-releases/2013/09/Key-Facts-2013

** https://www.gov.uk/foreign-travel-insurance

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