It’s Insurance Awareness day on 28th June. While you might think all these awareness days are just PR, let’s not forget that few of us have a choice about whether or not we buy insurance. It’s who we choose to buy from to get the right cover, competitive price and good service that matters.
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.
For this reason, we thought we’d use this day to take a look at how the industry has changed.
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 pays nearly £12bn in taxes to the Government. It employs around 300,000 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 Insurers.
Deacon is a trading name of Arthur J. Gallagher Insurance Brokers Limited, which is authorised and regulated by the Financial Conduct Authority. Registered Office: Spectrum Building, 7th Floor, 55 Blythswood Street, Glasgow, G2 7AT. Registered in Scotland. Company Number: SC108909.