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The contribution of the insurance and long-terms savings sector

A modern and diverse industry

Location:

Thriving

Insurers help Britain thrive – we add £40bn a year to the UK economy and provide over 300,000 jobs.

Productive

Our industry is highly-skilled and global. Our employees are twice as productive as the national average. 

Successful

We are a national success story – we are the UK’s third biggest exporter and export more insurance than any other country.

Our industry helps sectors and businesses grow. We help domestic firms that want to export abroad but are worried about the risk. We provide the investment and expertise to enable dynamic start-ups to thrive and for cutting edge research to take place.

Our industry powers the economies of our major cities, from Glasgow to Bristol and Cardiff to Norwich.

  • Over 230,000 people are employed in towns and cities beyond the capital in skilled insurance jobs with real career prospects and with some of Britain’s best employers.
  • Nearly nine out of ten of our employees work  full time.
  • The industry employs over 10,000 local people each in and around Glasgow, Birmingham, Leeds, Manchester and Bristol – contributing hundreds of millions of pounds to local economies.

Insurance is an essential safety net that provides peace of mind to businesses and families across  the UK.

  • Our sector protects families, homes and businesses every day.
  • From flood insurance to pet and cyber insurance, the industry has developed new products to respond to household changing needs.
  • Long term savings and protection products enable millions of families to fund life after work and cope with the unexpected.
View the whole story

Our success as the world’s leading insurance exporter allows us to invest in new technologies that will secure Britain’s prosperity.

  • We are the UK’s third largest net exporter – selling £13 billion worth of insurance and pensions to the rest of the world.
  • We sell to every corner of the world – we’re particularly strong in some of Britain’s key markets like the US, China, Japan, Singapore and India.
  • British insurers help domestic firms that want to export abroad but are worried about the risk.
  • Our industry helps sectors and businesses grow. We provide the investment and expertise to enable dynamic start-ups to thrive and for cutting edge research to take place.

Our industry is changing. Financial services firms don’t have a reputation for diversity, but the insurance and long term savings sector is leading the way.

  • The ABI and 24 of its members have signed the Women in Finance Charter – the commitment by the Treasury and financial services firms to increase the number of women in senior roles.
  • Our industry actively recruits people of all ages: many members have school leaver, apprenticeship and graduate recruitment programmes and some actively recruit older workers.
  • The ABI and its members champion inclusive workplaces, with firms leading on LGBT+ inclusion and through partnering with groups 

    such as OUTstanding.

Motor Insurance

Insurers paid out £33.3m a day in motor claims in 2015, of which £23.6m was to domestic customers.

Property Insurance

A total of £12.9m a day was paid out in property claims, £7.4m of which went to domestic consumers.

Travel & Health Insurance

Travel claims amounts to £1m a day in 2015, while the average private health insurance claim came to £1,906.

Long-Term Savings & Protection

20.8 million - the number of individual pension policies in force. 

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