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Key points on insurance industry in United Kingdom are as follows:
- is the largest in Europe;
- is the third largest in the world;
- employs 339,000 people,almost a third of all financial services jobs;
- controls 17%of investment in the London stock market;and
- pays out almost £156 million per day in pension and life insurance
- benefits and £54 million per day in general insurance claims.
General insurance
General insurance plays a vital role presently. It lets individuals and businesses for minimizing the impact of unexpected and unwelcome future events, and helps them organizing their lives and businesses with greater certainty. The UK insurance industry pays out £74 million per working day in general insurance claims.
Life and Pensions
The UK Life insurance premiums favour non-smokers and and moderate drinkers and are now beginning to recognize the risks of obesity. The insurance industry is also making contributions to the nation's health by supporting the private medical sector.
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Life insurers in UK offer valuable financial protection in the event of early death if members of the family are dependent on earnings, as well as there exists a variety of ways of saving for the future. The UK industry pays out almost £222 million per working day in pension and life insurance claims.
Health and protection
The UK insurance industry offers peace of mind by providing ways of paying for private medical care for curable or short-term illness or injury. It also enables to plan for old age and to protect financial assets but still pay for appropriate levels of care. There is a range of policies designed to provide a monthly income if the person is unable to work due to sickness, accident or injury, until the person is able to re-join the workforce.
Investment
The UK insurance industry has £1,139 billion invested in company shares and other assets on behalf of millions of savers in the UK and elsewhere. It accounts for over 17% of investments in the London stock market.
Employer's liability Compulsory Insurance.
Employer's liability Compulsory Insurance Act 1969 is a guide for the employers. In UK most employers are required by the law to insure against liability for injury or disease to
their employees arising out of their employment.
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