Members of the Affiliation of Monetary Mutuals (AFM)
paid out £687m in claims and different policyholder advantages in 2018 – equal
to just about £2m a day.
Their revenue elevated by 7.5% to achieve £1,075m, in
distinction to the UK insurance coverage sector which noticed total progress of lower than 1%
final 12 months, based on Swiss Re’s sigma report.
The AFM stated most UK mutuals are likely to function solely within the
UK market, so the expansion could be contrasted to UK family spending on
insurance coverage, which fell 9% in 2018 based on authorities information.
Basic insurance coverage premiums grew most quickly for AFM
members, up 17% to £261m. Well being and pensions suppliers noticed a rise in
revenue of seven% to £575m, whereas life and financial savings revenue fell £1m to £238m.
AFM members between them now have round eight.three million
Martin Shaw, chief government of the AFM, stated regardless of
falling fairness markets, Brexit uncertainty and lack of client confidence, AFM
members continued to develop and to take market share from larger,
“It’s a development we’ve seen because the starting of the
monetary disaster and it’s clear proof that buyers proceed to have extra
belief in mutuals and recognise they provide higher worth for cash,” he acknowledged.