The Association of British Insurers (ABI) has calculated that the UK insurance industry paid out £55bn to customers in 2017.
The trade body’s latest Key Facts document set out the role the UK’s insurance and long-term savings sector played in supporting consumers and companies in their financial time of need.
A breakdown of the £55bn figure includes:
- Lamp’s proposed liquidation sparks debate on insurer stability and ratings
- Ardonagh closes 24 Swinton branches
- Martyn Holman joins Banks-owned Eldon Insurance board
- Gibraltar insurer, Lamp, goes into liquidation amid insolvency
- Mactavish names all British Steel insurers
- Brokers warned over admin fees and commission
- Lockton announces key hires in Birmingham and Manchester