KEY FACTS The big picture On behalf of our members, we provide consumers with information on insurance and savings products and services, and promote best practice, transparency and high standards within the industry. Together, we are helping to strengthen financial resilience across the UK. UK insurance and long-term savings industry contributed 30bn to the UK economy in 2021 Source: ONS UK National Accounts, The Blue Book: 2022 17.2bn paid by ABI members in tax in 2022. This was 2.1% of total government receipts ABI members held 1.6tn of invested assets in 2021 1.1bn in fraudulent claims detected in 2021 An estimated 12.5bn was withdrawn from pension pots through drawdown payments and cash withdrawals, as well as pension commencement lump sums, in the period April 2021-March 2022 In 2021, travel insurers paid out 107m in claims to travellers who needed help. 47m of this was to cover the cost of medical expenses and 49m was cancellation costs In 2022, insurers handled claims worth an expected 497m following storms Dudley, Eunice and Franklin 7m people covered by PMI and Healthcare Trusts in 2021 98% of protection claims presented were paid out in 2021 79% of employees pay into a workplace pension Source: ONS Employee workplace pensions in the UK: 2021 provisional and 2020 final results Services exported by UK insurance and long-term savings industry valued at 17.6bn in 2021 Source: ONS The Pink Book The UK is the 4th largest insurance and long-term savings market in the world and the largest in Europe Source: SwissRe Sigma 4/2022 There are 357,000 people employed in the UK insurance industry Source: Industry Business Register and Employment Survey Table 2 Unless stated, data is from the ABI and covers ABI data providers only 46.9m in claims processed each day in motor and property insurance in 2021