Insurers in the UK are paying out more than ever to customers but companies still need to do more to improve client trust in the industry, the Association of British Insurers (ABI) has said.
According to the ABI, insurers paid out £131.4 million to customers every day in 2015, an amount matching the cost of nearly 600 homes.
Of the reported figure, £74.7 million was paid out under long-term savings and pension policies, while £56.7 million was paid out on general insurance policies such as motor, home, protection and business insurance.
“The industry reflects the society it serves, and is constantly innovating to meet changing customer needs,” said ABI director general Huw Evans.
“However, we must do more to improve customer trust in the industry and ensure that customers have confidence that, if the worst happens, then their claim will be paid,” he added.
In 2015, insurers paid out £28.6 million to motorists for repairing or replacing vehicles and in personal injury claims.
About £15 million was spent for property claims while £9.9 million was shelled out by insurers for critical illness cover, income protection and life insurance.
Insurers also paid out £1.8 million to cover the cost of medical treatments to pets. About £1 million was reimbursed to travel insurance policyholders while £400,000 was paid out to companies with trade credit insurance.
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