99% of motor claims successful
The UK insurance market paid out on 99% of private motor claims made in 2014/15 costing insurers some £15bn.
The figures from the Association of British Insurers also show the average pay-out for private motor claims was up to £2,347 from £2,160 for the 2013/14 period.
Huw Evans, director general for the ABI, said, ‘Insurers know that paying a genuine claim is the acid test for most customers.
‘Being open and transparent about just how many claims get paid is vital to rebuilding trust and ensuring customers understand what their insurance policies cover.’
Meanwhile, the data highlighted that 84% of home insurance claims made across 2014 and 2015 were successful. The figure has increased from 79% in 2013-14 with the average home insurance claim paid out being £2,627. The ABI also found that nine out of 10 customers claiming on their travel insurance received a pay-out.
Overall, more than 9,000 claims were paid every day during 2014 and 2015 which resulted in payments totalling £20 million being made to customers every day.