The UK insurance industry paid £187 million ($317 million) a day to customers last year, according to the Association of British Insurers (ABI).

The industry is the largest in Europe and the third-largest in the world behind the US and Japan, with total premium income last year of £311 billion ($528 billion).

It employed about 320,000 people, with 976 companies licensed to sell general insurance and 285 to write long-term savings, pension and protection products.

It is estimated 90% of the UK’s 26.4 million households have at least one insurance product: about 20.2 million have contents, 19.6 million motor, 17 million buildings cover, 3.6 million mortgage protection and 1.7 million medical.

The motor insurance industry, which has not made a profit since 1994, recorded an underwriting loss of £286 million ($485 million) last year, while property insurance made a £242 million ($410 million) profit.

Insurers detected more than 124,000 cases of fraud, saving a record £1.1 billion ($1.87 billion).

More than one-third of consumers bought general insurance products directly last year, but 81% of businesses used a broker.

The British insurance industry is responsible for investments worth £1.8 trillion ($3 trillion) – 25% of the UK’s total net worth.

ABI Director-General Otto Thoresen says insurance is “woven into the fabric” of UK society.

“From working with the Government to safeguard affordable flood insurance to helping people make the right pension choice at retirement, the industry is playing a crucial role in helping to find solutions to many of the challenges facing the UK.”