We have all had those phone calls with automated messages saying we are due money. We have all been approached by people on the street or even leaflets shoved through the post by companies offering to fight our case to get compensation.

The insurance industry is getting bigger and bigger and I was astounded by some of the facts I found while researching for today’s topic. For example I had no idea that, the UK has the largest insurance industry in Europe and the third largest in the world. The UK insurance industry generates almost a quarter of total EU premium income. The number of people employed by the insurance industry in the UK is as follows – 118,100 directly employed by insurance companies and 196,300 employed in auxiliary services.

The UK motor insurance market made a £53m underwriting loss in 2013. The motor insurance industry last made an underwriting profit in 1993. Motor insurers paid out £17.1m per day in private car claims, for a total of almost 3 million claims. The average claim for bodily injury is £11,292.

The UK property insurance market made an underwriting profit of £930m. Insurers paid out £11.1m per day in property claims, of which £8.1m was domestic and £3m was commercial.

Accident insurance made an underwriting profit of £16m in the UK. Accident and travel insurers paid out £1.3m in claims per day in 2013. Every day, travel insurers paid out more than £1 million in claims, of which 56% were for medical expenses.

In 2013, 5.1m people in the UK were covered for private healthcare, with £7.3m paid out in claims every day. In 2013, health insurance made an underwriting profit of £271m in the UK.

These are just some simple facts about the insurance industry and today I was joined by expert Yogesh Nagpal who talked about these industries and some of the pros and cons.

Yogesh said that it was important to shop around for policies and weigh up the pros and cons of insurances linked to one’s Bank account. It would only be worth it, if you made full use of them.

He stated that people who have high value jewellery in their homes MUST make their insurance company aware of it, otherwise they may not be covered and it was worthwhile keeping receipts of high value good purchased as evidence.

Yogesh also spoke to a lot of viewers about their life cover. Many have mortgages and many own high value assets, so they are concerned about their children being hit with a huge IHT bill. Yogesh spoke of a case he handled where an 81 year old client was given end of life cover. Upon their passing their family would receive a lump sum to ensure their debts or IHT costs were covered. It was a very useful show and it certainly made a lot more people (including me) a lot more aware of protecting ourselves and our assets.