News

The world without insurance

Insurance is often thought of as a something that gives you peace of mind; a safety net should the unthinkable happen.  Another way to look at it though is to consider how beneficial to our society its existence has been!

In a recent paper by the Chartered Institute for Insurance, the CII, it draws your attention to the social benefits of having insurance and asks you what the world would be like without insurance.

It’s actually harder than you think to consider what life would look like as we take a lot of things for granted.  For example, home ownership or car ownership would be an option for only the rich, people would be reluctant to take risks in terms of innovation and advancing business ideas and travel of any kind would be risky at best.   To read the full paper please visit:

http://www.cii.co.uk/media/5953343/svi-1_the_world_without_insurance_23feb2015.pdf

Rather than just thinking that insurance is an expensive necessity of modern day living, you should maybe remember just how the insurance industry has helped shape our society into being safer and more progressive.  The social value of insurance courtesy of ABI:
•    Investments managed by UK insurers: £1.8 trillion – a quarter of the UK’s total net worth
•    Annual tax contribution: £12 billion
•    Every day, the UK insurance sector pays out:
•    Pensions/annuity payments: £348 million
•    Savings: £52 million
•    Motor claims: £17 million
•    Property claims: £11 million
•    Liability claims: £7 million
•    Travel/accident claims: £1.5 million
•    Protection insurance claims: £8.5 million  (97% of claims)

To discuss your insurance needs please contact us at OnClaims on 0843 077 0100.  We believe in providing customers with long term solutions and pride ourselves on an efficient and effective service.

March 13, 2015 in: News
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