Statistics About Household Insurance and Cloud Computing

If you are concerned about the stability of UK Insurance providers, there’s no need to be worried. According to a May 2012 report issued by the Association of British Insurers (ABI), the state of UK insurance industry is excellent. The ABI report is an analysis of the average annual household expenditure on numerous Insurance Products during the calendar year 2010.

The ABI report divides the insurance products into two categories; General Insurance and Long-Term Insurance products. The report also identifies the number of households that do not have specific Insurance Products. The ABI used the Office of National Statistics (ONS) who conveyed to the insurance association household expenditure figures for 2010. More than 5,148 households participated in the study which was amended in February 2012.

General Insurance Figures

In general, UK households spent an average of £822 for General Insurance. This represents a decline of 1.7% from year 2009. However, household spending for long-term insurance, including pensions, rose by 5.5% to £ 409 billion in 2010. If personal pension investment was excluded from long-term insurance purchases, long-term insurance purchases would have declined by 7.6% from 2009.
In the area of General Insurance, Purchases for travel, mortgage protection and auto insurance increased sharply. On the other hand, insurance for contents, structure and Medical Insurance declined. “Home contents and auto insurance are far and away the most widely purchased forms of General Insurance. 76% of UK households have home content insurance.

Long-Term Insurance

In the area of long-term insurance, the most popular investment is Whole Life Insurance. Term insurance runs a close second.

Since 1999, household insurance expenditures increased from £ 541 pounds to £822 pounds in 2010. It was not until 2002/2003 that general household insurance purchases surpassed long-term insurance purchases. There is no reason to believe that this trend will change. Apparently, most UK residents believe their pensions serve as the most effective type of long-term investment.

It is difficult to understand why 10% of all UK households have no insurance coverage. This may be caused by the double-dip recession or an unfamiliarity with various types of coverage. Surprisingly, many of the uninsured households are in the middle class and over 60 age bracket.

Online insurance companies have claimed a large portion of the insurance marketplace. The environment is extremely competitive. The competition has caused technological challenges.

A new cloud computing platform is used by both large and small insurance providers. This platform brings new products to market in a seamless and extremely fluid manner. The platform provides the prospective buyer a full range of services including billing, insurance coverage details and various offers. Cloud computing is the future for online insurance providers.

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