The survey shows that insurers pay out almost £8.2m in domestic claims daily to repair homes and replace contents, but despite an average combined buildings and contents policy costing just £24 a month, 1 in 5 UK households (24%) do not have contents insurance.
For protection insurance products only 1 in 4 (24%) of UK households have life insurance, yet protection insurers pay out more than £9m every day in financial support to families to help them cope with illness, injury or the death of a loved one.
Commenting, Huw Evans, ABI director general, said: “From helping people and businesses after an unexpected event, to saving for their retirement, the insurance and long term savings industry plays a crucial role to help families and businesses through the financial challenges of life.
“However, there is some work to be done to build confidence in products, tackle underinsurance and help more people understand the value of protecting themselves.”
