The UK Market – some industry statistics
- The UK insurance industry is the third largest in the world and the largest in Europe
- 7% of all insurance premiums paid in the world are from the UK
- It is an essential part of the UK’s economic strength, managing investments amounting to 26% of the UK’s total net worth and contributing £10.4 billion in taxes to the Government
Claim facts from the Association of British Insurers:
16.6 Million domestic properties have buildings insurance cover
- There were 2.1 Million claims paying out a value of £3.3 billion
- The average fire claim is valued at £10,200
- The average flood claim is valued at £30,000
- 1 in 6 properties in the UK is considered a ‘flood risk’
- There was £1.46 billion of commercial property claim
£12.5 Million paid out by insurers every day in property claims of which £9.1 million were domestic and 3.4 million were commercial.
£1.19 Billion paid out by the insurance industry in domestic and commercial claims in 2012 as a result of flood and storm damage
£242 Million profit made by the insurance industry in 2012 and along with this they have made an underwriting profit in eight of the last ten years to date.
SOURCE: Association of British Insurers
Ultimately this is a BIG market with considerable opportunities for those individuals looking to secure a franchise with a proven track record of successful service delivery and earning substantial rewards.