The Association of British Insurers (ABI) said that insurance companies paid out £6.7 million pounds every day on life, income protection and critical illness policies in 2011.
97% of life insurance claims were paid out to claimants, with the average sum paid out being £46,000. This is around 2.5 times the average annual salary.
In 2011, the average income protection claim paid out for five years and the average sum paid our for this type of policy was £14,000 per annum.
For critical illness policies, 92% of claims were validated; the average pay-out was £59,000.