Motor claims reach £33.3m per day

The ABI has revealed that £33.3m was paid out to motorists every day last year for repairing or replacing vehicles and in personal injury claims.

It says that was part of the £160m insurers paid out across all claims each day. This was revealed in its Key Facts 2017, which examines the role insurance plays in the UK economy.

Huw Evans, ABI’s Director General, said, ‘If insurance did not exist society would not function properly. Without it millions of families and businesses would struggle to cope with unexpected events, and savers would risk retirement poverty. The industry is constantly innovating to meet changing customer needs and focusing on improving trust levels so that customers have confidence that, if the worst happens, then their claim will be paid.

‘The industry makes a vital contribution to the UK economy as a world-leading sector. This is why the cross-party Treasury Select Committee recently called for it to be treated as a ‘priority sector’ in Brexit negotiations so UK firms can continue to serve our wide customer base in the EU. The sooner businesses have certainty on a constructive future relationship, the better.’