Devastating floods could cost insurance industry over £100 million
The devastating floods in Cumbria and South Scotland could cost the UK insurance industry in excess of £100 million although this figure could rise significantly because the flooding has yet to subside. We have literally seen homes washed away in the flood water, vehicles left battered on the road site and indeed we have seen the unfortunate sight of casualties and fatalities during the floods.
The UK government is now looking to put together an emergency package to ensure that those affected by the torrential rain in Cumbria and the South of Scotland are provided for as soon as possible. These particular rainfall numbers have been described as "biblical proportions" and events which are unlikely to be seen for the next thousand years. However, for those who have seen their livelihoods, their homes and their businesses washed down the river this will be little consolation in these most difficult of times.
No doubt we will also find out how many households in Cumbria and the South of Scotland were under insured which will no doubt result in the emergence of various battles for compensation. This only goes to show that home insurance is a vital element of any household budget and even though it may be tempting to reduce your insurance cover, or indeed suspend it in these difficult economic times, it is in many ways a false economy.
UK government takes 43% stake in Lloyds TSB HBOS
The UK government has been left with a 43% stake in the merged Lloyds TSB HBOS entity after no shareholders took up the offer of extra shares. While this move was fully expected just a few hours ago there are concerns that the government is slowly taking a stranglehold over the financial sector in the UK although they appear to have very little input into everyday activities. If taxpayers are inve...Read More
PruHealth criticised following 'change in terms'
The "free gym" health insurance offer from PruHealth is to change its terms and conditions, the Guardian reports.Previously, the cover allowed policyholders to build their "Vitality status" through repeated gym visits, which led to discounted and eventually free memberships.However, the firm is now changing to an entirely points-based system, through which customers can only build their vitality t...Read More
Royal Bank of Scotland is set to announce major shakeup next week
The Royal Bank of Scotland is set to announce a major shakeup of the business next week with the expected auction of the company's Asian assets and 20,000 job cuts, which represents about 10% of the workforce. While the job cuts had been largely expected, the auction of the companies Asian assets is something of a surprise, although when you consider the substantial debt which has been taken on by...Read More
Does Insurance Against Accident, Sickness And Redundancy Pay?
The last few weeks have seen a substantial rise in the number of the UK population looking towards some form of personal cover for accidents, sickness and redundancy with many fearing the worst in the weeks and months ahead. But do these policies really pay and are there any catches?
On the surface it seems very sensible for someone to put themselves and their family's financial se...
Faith shoe chain falls into administration
In a bitter blow for the UK retail sector it was announced last night that Faith shoes has collapsed into administration with 1,800 jobs now under threat. It is believed that the administrators were called in after the company's debt was sold on and the future became untenable for the well-known chain. With 78 stores and 120 concessions, mainly in Debenhams, the owner of the business is known to h...Read More