The United Kingdom (UK) motor insurance sector accounts for a considerable share of the European market. Furthermore, it also is a large part of the property and casualty insurance business in the country.
Motor insurance claims in the UK
In 2018, there was a total of over seven billion British pounds of motor insurance claims incurred in the UK, with the largest number of claims recorded in 2010 at more than 10.4 billion British pounds. For comparison, in 2018, insurance companies recorded over 20.7 billion euros in gross written motor insurance premiums on the domestic market.
Fraudulent claims
How high the pay out of a claim is depends on the severity of the damage or injury. In 2018, the average claim for bodily injury was 10.5 thousand British pounds. Not all claims are legitimate and paid out. In 2018, approximately 54 thousand claimsworth 628 million British pounds were detected as fraudulent.
Total motor insurance claims incurred in the United Kingdom (UK) from 2007 to 2018
(in million GBP)
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Association of British Insurers. (October 2, 2019). Total motor insurance claims incurred in the United Kingdom (UK) from 2007 to 2018 (in million GBP) [Graph]. In Statista. Retrieved October 05, 2024, from https://www.statista.com/statistics/297435/uk-insurance-market-total-motor-insurance-claims-incurred/
Association of British Insurers. "Total motor insurance claims incurred in the United Kingdom (UK) from 2007 to 2018 (in million GBP)." Chart. October 2, 2019. Statista. Accessed October 05, 2024. https://www.statista.com/statistics/297435/uk-insurance-market-total-motor-insurance-claims-incurred/
Association of British Insurers. (2019). Total motor insurance claims incurred in the United Kingdom (UK) from 2007 to 2018 (in million GBP). Statista. Statista Inc.. Accessed: October 05, 2024. https://www.statista.com/statistics/297435/uk-insurance-market-total-motor-insurance-claims-incurred/
Association of British Insurers. "Total Motor Insurance Claims Incurred in The United Kingdom (Uk) from 2007 to 2018 (in Million Gbp)." Statista, Statista Inc., 2 Oct 2019, https://www.statista.com/statistics/297435/uk-insurance-market-total-motor-insurance-claims-incurred/
Association of British Insurers, Total motor insurance claims incurred in the United Kingdom (UK) from 2007 to 2018 (in million GBP) Statista, https://www.statista.com/statistics/297435/uk-insurance-market-total-motor-insurance-claims-incurred/ (last visited October 05, 2024)
Total motor insurance claims incurred in the United Kingdom (UK) from 2007 to 2018 (in million GBP) [Graph], Association of British Insurers, October 2, 2019. [Online]. Available: https://www.statista.com/statistics/297435/uk-insurance-market-total-motor-insurance-claims-incurred/