Securing households and businesses throughout UK - ABI 2022 Key Facts

INSIDE ABI 2022 Key Facts

Securing households and businesses throughout UK MOTOR In 2020, motor insurers had an underwriting profit of 543m a significant increase from the m under riting loss in Motor insurers wrote 15.5bn worth of domestic and commercial motor premiums in ross of reinsurance 99% of total private motor claims made were accepted in the eriod a slight increase from the revious year The average bodily injury claim paid was 13,698, hich as su stantially higher than last year s average his as high com ared to the overall average for rivate car claims in at he average remium for rivate motor insurance has fallen once again reaching 433 in from in TRAVEL In 2020, travel insurers paid 479,000 claims, orth a total of 250m to travellers ho needed hel hilst they ere a road f this m as to cover the cost of emergency medical treatment hile m as for cancellations In insurers aid out an average of 404,000 per day to hel travellers ho had to cancel arts of their tri s PRIVATE MEDICAL rivate medical insurers rocessed the e uivalent of 7m per day of medical insurance claims in ased on gross claims incurred ABI em ers rote 4.4bn of medical expense insurance premiums in PET INSURANCE et insurers rocessed the e uivalent of 2.4m worth of pet insurance claims each day in ased on gross claims incurred The average pet insurance claim was worth 1.1bn in ased on gross claims incurred Around 97% of animals covered y et insurance in ere cats or dogs TRADE CREDIT There were 13,950 trade credit insurance policies ritten in rade credit insurers rocessed on average 428k per day in claims in GENERAL INSURANCE FRAUD ver 1.1bn of general insurance claims fraud as detected sus ected in ver 95,500 cases of confirmed sus ected claims fraud in a decrease in volume com ared ith raudulent motor claims ere the most common over 55,000 in 2020 valued at 602m ith olume of fraudulent lia ility claims decreased y from ith over 14,000 claims detected, valued at 411m LIABILITY Insurers rocessed 7.6m claims per day on average in of hich m er day as for em loyer s lia ility he lia ility mar et made an underwriting profit of 38m in a decline from the m rofit made in