What was the approximate levy funded by insurers to the Motor Insurers' Bureau in 2020?

In 2020, insurers contributed approximately 400 million to the Motor Insurers' Bureau (MIB). This levy is essential as it supports the MIB's roles, particularly in compensating victims of uninsured and hit-and-run accidents. The contribution reflects the collective commitment of the insurance industry to ensure that there are resources available for these situations, which can severely impact individuals and road safety.

The amount represents the scale of the challenges posed by uninsured drivers in the UK, emphasizing the necessity of the MIB's work. This levy is adjusted yearly based on the number of uninsured drivers and the claims made to ensure adequate funding is available. Understanding the scale of this funding is crucial for recognizing the significance of the MIB's role in the overall motor insurance landscape.