Insurance delivers major advantages to the UK economy, and its impact is felt around the world The UK insurance and long-term savings industry is the largest in Europe and the fourth largest in the world. It plays an essential part in the UKs economic strength, managing investments of more than 1.6tn and paying nearly 16.1bn in taxes to the government. It employs around 310,000 people, a third of whom are employed directly by providers, with the remainder in auxiliary services, such as broking.* *Unless stated, facts and figures listed here relate to 2019 and UK insurance only, are sourced using ABI data, and cover ABI data providers only. 333 UK insurers contributed 32bn to the UK economy in 2018 Source: UK trade in services: service type by partner country, non-seasonally adjusted, November 2020 4th authorised life insurance companies in the UK, of which 145 are UK authorised; 188 are headquartered in another European country The UK is the largest insurance and long-term savings provider in the world, and the largest in Europe Source: Bank of England List of UK / EEA authorised insurers October 2020 Source: Swiss Re, Sigma No 4/2020 920 authorised general insurance companies in the UK, of which 243 are UK authorised; 677 are headquartered in another European country 77% of UK employees pay into a workplace pension Source: Bank of England List of UK / EEA authorised insurers October 2020 16.1bn 19.9bn The amount of tax paid by the sector to the UK government The value of services exported by the UK insurance and long-term savings industry in 2018 Source: ONS UK trade in services: service type by partner country, non-seasonally adjusted, November 2020 377m The amount travel insurers paid out in claims to travellers who needed help while abroad 45.6m in claims incurred each day for motor and property insurance 310,000 people employed in the UK insurance industry, 113,700 directly by insurance companies and 196,300 in auxiliary services, such as broking and third-party services Source: ONS Business Register & Employment Survey November 2020 98% The proportion of protection claims presented that were paid out 1.6tn The value of invested assets held by ABI members 1.2bn The value of fraudulent claims detected in 2019 6.9bn The amount withdrawn from pensions