Insurance Stats

It’s easy to wonder about the point of buying insurance as car and home insurers seem to spend more time  trying to weasel their way out of paying up for claims than they actually give out.
The headlines are full of moans and groans from insurance companies about fraudulent claims, especially crash for cash accidents, personal injury claims and kerfuffle with the government over protecting flood risk homes.

Of course, the ABI is keen to tell everyone just how many claims are dealt with. The figures are for 2011 and are the latest available:

• Buildings insurance: 2.1 million claims worth £3.3 billion or £9 million a day. By average claim, this is £10,200 for fire, £1,500 for theft and £30,000 for flooding

• Car insurance: 3.2 million claims worth £7.1 billion or £19.4 million every day

• Damage to property: £1.4 billion was paid at, averaging £3.7 million a business day

• Work-related: Claims of £2.2 billion or £5.9 million a day for both workplace injuries involving staff and customers and professional indemnity cover