The Chronicle

POUND NOTES

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WHO’S BENEFITTIN­G FROM INSURANCE PAYOUTS?

NEWLY published insurance industry figures reveal that £55 billion was paid out to customers in 2017 – with hundreds of millions of pounds being paid out every day, typically to help people get their lives back on track and to support them in their retirement.

The money was paid out by the UK’s general insurance and long-term savings companies, and includes a record £766.5 million to help people with the cost of treating ill or injured pets.

Malcolm Tarling, Associatio­n of British Insurers (ABI) spokesman, says: “Insurers exist to provide peace of mind, stepping in to help should the worst happen, as well as helping provide long-term financial security for you and your family.”

Here are his insurance tips:

■ Shop around for the best deal for your particular needs, as insurance is very competitiv­e.

■ Don’t buy on price alone. The cheapest policy may look best for your needs, but it might not be in reality, so make sure you have the right cover for you.

For example, if you have a pre-existing health condition and are looking for health or travel insurance, then you may need to seek some specialist advice from an insurance broker.

■ Read the policy, so you know what is covered, and excluded.

■ Make sure you know what to do should you need to claim so that any claim can be dealt with as quickly and simply as possible.

■ Keep any emergency contact numbers for your insurer, such as 24-hour helplines so that, if the worst happens, you can get hold of them as quickly as possible.

■ For life insurance, health insurance and pensions, it is often sensible to seek advice from an independen­t financial adviser, especially as life insurance and pensions are long-term contracts, making it important to get the right policy for your long-term security.

VALUE OF BRITAIN’S HOMES ‘GREW BY AROUND £83bn IN 2018’

THE total value of Britain’s homes has grown by an estimated £83bn across 2018 to reach £8.29 trillion, a report has found. The increase has added around £2,860 to the average price of a home, according to property website Zoopla.

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