UK insurance industry paid out £55bn in 2017
Sector also made a contribution to the UK economy worth £29.5bn and paid close to £12bn in taxes, according to the ABI.
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:
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