The UK life insurance industry paid out $32 million in benefits each day in 2010, according to the Association of British insurers.
The payments were made across 30 million protection policies and included £6.2 billion paid out to policyholders claiming for disability and death, translating at £17 million per day.
Insures were not happy to report that their income dropped last year, with life premiums falling by 1 per cent and pension premiums dropping by 8 per. This fall in premiums is a continuation of a trend that has lasted some ten years, in which time they have fallen from £40 billion to £20 billion.
The survey also found that 76 per cent of all pensions and life insurance policies are sold through IFAs, while 11 per cent are still sold without advice and 13 per cent are made by advisors who do not represent the entire market.
The ABI took the opportunity of publishing its Key Facts 2011 document to reveal its top priorities at the moment. It said it is busy promoting the sharing of state protection risks with the private sector. It also said it was involved in supporting reform of long-term care.
