Insurance Awareness Day1 falls on 28 June. While you might think all these awareness days are ‘just PR’, they can focus our minds on how we can be sure of getting the right cover, a competitive price and good service.

At Deacon, we’re proud to be part of an industry that achieves its goal of protecting people against financial losses that could otherwise be devastating to them.

So we thought we’d take a look at how the industry has evolved.

The earliest forms of insurance cover go back to around 3000-2000 BC. Insurance has been around so long, it’s even found inscribed on the Babylonian Code of Hammurabi, the first written laws.

Insurance, as we think of it now, came into existence around the time of the Great Fire of London, where the devastation that had taken place seeded the idea of property insurance.

The UK insurance and long term savings industry is the largest in Europe and the fourth largest in the world. It plays an essential part in the UK’s economic strength and, according to the Association of British Insurers, it manages investments of £1.6 trillion and processes nearly £46 million a day in property and motor claims. It employs around 310,000 individuals, of which around a third are employed directly by providers, with the remainder in auxiliary services such as broking, which is where Deacon fits in.

You can find out more about the industry from the Association of British Insurers2

  1. https://www.daysoftheyear.com/days/insurance-awareness-day/
  2. https://www.abi.org.uk/data-and-resources/industry-data/uk-insurance-and-long-term-savings-key-facts/

 

 Reviewed 28 February 2022

FP522-2017 (NR)

The sole purpose of this article is to provide guidance on the issues covered. This article is not intended to give legal advice, and, accordingly, it should not be relied upon. It should not be regarded as a comprehensive statement of the law and/or market practice in this area. We make no claims as to the completeness or accuracy of the information contained herein or in the links which were live at the date of publication. You should not act upon (or should refrain from acting upon) information in this publication without first seeking specific legal and/or specialist advice. Arthur J. Gallagher Insurance Brokers Limited trading as Deacon accepts no liability for any inaccuracy, omission or mistake in this publication, nor will we be responsible for any loss which may be suffered as a result of any person relying on the information contained herein.