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.
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Insurance fraud costs the UK consumer
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Confidence is returning but has the economy turned?
Today we see JD Wetherspoon announcing record figures and profits nearly 10% ahead of consensus forecasts, we hear that property prices are yet again on the rise and mortgage liquidity appears to be improving. On top of that there is the assumption that the UK economy may well have left the recessionary period in May this year and looks set to move on to the growth path in the latter part of 2009....Read More
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The Madoff fund appears to have run dry
The $50 billion investment fund fraud which has come to light on Wall Street may well end up costing investors more than many had initially thought. The SEC in America has been investigating the fund and it looks as though the business has been running insolvent for a number of years. It would also appear there is little left of the $50 billion invested into the scheme and while $17 billion was ap...Read More