The trade body of the UK Insurance industry (the Association of British Insurers) released a report
showing the UK Insurance Industry is paying out more in claims than ever before. According to statistics taken from the ABI’s “Key Facts 2015” report, the UK insurance industry as a whole paid out the equivalent of £77m per day in the past 12 months.
The report stated that the industry was a key contributor to the UK economy – UK insurers contribute £29bn to UK GDP and pay nearly £12bn in taxes to the UK government.
The report also showed that the health cover industry is paying out more than ever in claims – £7m per day. This is the highest figure since records began.
This number contradicts the fears that some have about PMI, the same fear that some have out about all insurance, that if they do take out a policy and have to claim, that the insurer may not pay out in certain circumstances.
Whilst in way it is true that PMI insurers will not pay out in the event of a claim for certain things (for example chronic, incurable conditions), these exclusions will be fully laid out by the insurer or adviser before the policy is taken out.
If you choose to buy from us here at Usay Compare, your adviser will inform you of any exclusions on your policy, and will happily answer any questions you may have about what is and what isn’t covered. Our service is second to none, and our advisers are highly trained to meet your needs for great service.