Statistics

Car Insurance Statistics

Get Car Insurance Information Statistics here. What are the facts figures for the number of people with legal cover to drive, the drink driving numbers, and other similar facts figures.

Insurance Companies in General

The UK insurance industry is a a huge contributor to the economy, a major employer and a significant source of overseas earnings. It helps businesses to protect themselves from risk and provides a wide range of services to ordinary people, from car and house insurance to pensions, life cover and savings.

The UK insurance industry:

• is the largest in Europe;
• is the third largest in the world;
• employs 339,000 people, almost a third of all financial services jobs;
• controls 17% of investment in the London stock market; and
• pays out almost £156 million per day in pension and life insurance benefits and £54 million per day in general insurance claims.

Other areas of contribution by insurance companies

Action by insurers has helped to halve vehicle crime in just 10 years.

The insurance industry helped establish the Retail Forum to bring consumer bodies, industry, Government regulator together to tackle common issues.

The insurance industry spends £2bn a year on healthcare money that would otherwise have to come from the NHS.

The insurance industry works to improve safety in the home, particularly from the danger of fire, by promoting high standards and combating arson.

Pressure from insurers lobby groups has lead to the Government committing £1.7bn over the next three years to improve Britain’s flood defenses.

Average household expenditure.

72 % of the UK household has car insurance. The average household spends £556 on car insurance.

Almost £940 billion is invested in insurance products. This is 31% of UK personal sector wealth.

Where is the money from insurance spent on?

In a nutshell, when it comes to claims every year about 60% of all money paid by the company is to 5% of the claimants.

In general, 70% of everyone s premium goes towards administration fees to lawyers and the employees of insurance companies. The remaining 30% goes to third party damage.

Insurance premium paid out