“Insurance” is a term which fills few with excitement, so why is there a whole day dedicated to its awareness?
Insurance is one of those essentials that many people begrudge arranging but are incredibly grateful for when they need it. That is essentially why it exists. Not to cause you a headache, but to relieve one in the future. It is constantly behind the scenes, supporting businesses, picking up pieces and offering escape routes. It has been around for hundreds of years and still makes up a significant portion of the UK Economy. So in a yearly calendar which dedicates an entire day to donuts, taking the 28th June to recognise the importance of insurance seems acceptable.
On Insurance Awareness Day, McClarrons remind us of why insurance deserves our attention:
There are some things you can’t put a price on
“The safety of fans is always our highest priority” – These were the words Ed Woodward, Manchester United’s executive vice-chariman after a bomb-scare forced the cancellation of a match against Bournemouth at Old Trafford. Police confirmed that a mobile phone with wires attached found in a toilet cubicle was a training device accidentally left behind after an exercise. After refunding fans tickets, the incident cost £3million.
It makes financial sense, even when it doesn’t seem to
Why did Rowan Atkinson’s insurance provider not simply write-off his McLaren F1 car, when the repair bills were over quarter of a million pounds more than the purchase price?
Atkinson’s insurers gave the go-ahead on the £910,000 bill on a car bought for £640,000 in 1997. But as one of just 64 road-going formula one cars built by McLarens, an immaculate model of these much sought-after cars is said to now worth £3.5million.
It goes back a fair way
Fire Insurance was the first form of insurance to receive corporate status, and in 1681, the first fire insurance company, the Fire Office was established in London by Dr Nicholas Barbon. However marine insurance goes back further to 1500. By 1574, there were 30 affirmed insurance brokers in London. There are now over 3000 across the UK.
It ranks highly in UK success
The UK Insurance industry is the largest in Europe and the third largest in the world. In contributed almost £12bn to the country’s economy in 2016 and employs over 300,000 people.
It’s always adapting
Cyber Insurance has recently come into the spotlight but has actually been around for 10 years, and new policies have been emerging to protect the interests of e-cigarette retailers. It’s anticipated that the emergence of driverless cars is going to be one of the insurance markets’ biggest challenges yet.
On Insurance Awareness day and every other day, McClarrons are happy to talk about insurance, address concerns, and give you clarity on the kind of issues that may impact you and your protection. Email enquiries@networkportfolio.co.uk/mcclarroninsurance.com or call us 01653 697055.
