Of this, £74.7 million a day was paid by long-term savings and pension providers, with £56.7 million a day paid out on general insurance policies, such as motor, home, protection and business insurance. Part of the total includes £38m in annuity payments and £36.7m in investment and savings policies each day.

Key Facts highlight that in the first year since the freedom and choice pension reforms were introduced in April 2015, £8.2 billion was withdrawn from pension pots: £4.3bn in lump sums and £3.9bn in payments from income drawdown.

The data is issued on the day that the ABI’s Annual Conference hosts over 300 senior representatives from the industry, regulators, and policymakers to debate the key issues impacting on the UK’s world-leading insurance industry.

Key Facts 2016 highlights the role insurance and long-term savings is playing in helping households and firms cope with unexpected events and plan for the future, as well as contributing to the UK economy.

Of the £131.4 million paid out in 2015, every day insurers paid to customers:

- £28.6 million to motorists for repairing or replacing vehicles and in personal injury claims.
- £15 million in property claims, of which £8.1 million was to homeowners, and £6.9 million to business owners under commercial claims.
- £9.9 million from protection policies, such as critical illness, income protection and life insurance to help people cope with financial strains arising from a serious illness, injury or death.
- £1.8 million to cover the cost of medical treatments to pets.
- £1 million to travellers under travel insurance, including often very expensive medical bills.
- £400,000 under trade credit insurance to help firms cope with the failure of a trading partner to pay money owed.

And on long-term savings and pensions, each day:
- £38 million was paid in annuity payments
- £36.7 million was paid in investment and savings policies.

Key Facts highlights that in the first year since the freedom and choice pension reforms were introduced in April 2015, £8.2 billion was withdrawn from pension pots: £4.3bn in lump sums and £3.9bn in payments from income drawdown.

The ABI says insurers and long-term savings providers also contribute £35 billion to UK Gross Domestic Product (GDP), pay nearly £12bn in taxes to the UK Government, manage assets of £1.6 trillion and employ over 305,500 people.

Huw Evans, ABI’s director general, said: “As the largest insurance market in Europe and fourth largest in the world, the UK industry makes a vital contribution to the economy. As we approach our departure from the EU, we must ensure our world-leading insurance and long-term savings industry is regulated appropriately, with effective trading routes into the EU and wider world, a competitive environment and continued access to the best talent.”

• The ABI has appointed Shân Millie as its first Tech & Innovation Associate, it announced today. Shân Millie, founder, Bright Blue Hare, said: “Bringing an ‘outside-in’ approach to ongoing ABI activities will help develop a more consistent pace and focus. The aim is to create a credible and sustainable leadership position that enhances the whole sector's reputation for creativity, competitiveness and customer focus.”