AXA rewards safe motorists
Financial giant AXA has revealed a new car insurance policy which will see those with eight or more years no claims bonus receiving a 90% discount on their premiums. This compares to the average discount of 65% on a maximum five-year no claims bonus and will obviously further benefit the vast majority of drivers in the UK who do not claim on their car insurance.
This comes at a time when the AA has confirmed that UK car insurance premiums will rise by between 10% and 15% in 2010 with the majority of the increase caused by uninsured drivers causing accidents on the road. It would appear that slowly but surely we are seeing a polarisation between safe drivers and dangerous (and uninsured drivers) with many other insurance companies certain to follow the lead set by AXA.
Car insurance premiums have been on an upward spiral for many years now with the cost of covering uninsured drivers taken on by the industry and then spread out amongst insured motorists. Whether or not this is a fair allocation of the added expense associated with uninsured drivers is debatable but it is a trend which began some time ago and has ultimately led to a massive increase in car insurance premiums for "no apparent reason".
New car sales starting to falter
Only three months ago, under the former Labour government, the UK car industry seemed to be going from strength to strength with the introduction of the car scrappage scheme. However, over the last few months it has become apparent that the industry is beginning to struggle and car sales were down 17.5% in August compared to the corresponding period in 2009. In the year to July the fall was 13% wh...Read More
The Vultures Are Circling Bradford And Bingley
After news that US investor Texas Pacific is set to take a stake of about 20% in troubled UK bank Bradford & Bingley, many analysts believe that the company’s days as an independent are numbered. The move by Texas Pacific has come at the perfect time for investor with the recently announced fund raising seemingly in trouble and profits set to fall further than many analysts had first though...Read More
S&P downbeat on UK banking system
Standard & Poor's, the credit rating agency, has today issued a downbeat assessment of the UK banking system. The agency has reiterated its belief that the UK banking system is no longer considered to be one of the world's elite and is in fact in the agency's third tier banking industry risk assessment category along with the likes of Portugal, Chile and Austria. While the assessment was flagged s...Read More
Is the bailout of the banks unwinding?
In a move which could quite literally blow apart the well structured bailout of the UK banking sector it has been revealed that the government is looking to do a U-turn on dividends for Lloyds Bank. Initially all banks which agreed to take capital from the government were informed that they would not be able to pay out dividends to shareholders while the government held preference shares in the g...Read More
Is the technology sector on the verge of a recovery?
Today we saw chip maker Intel announce fourth-quarter profits which indicate that the recession is over in the technology sector and consumers and businesses are flocking back to the arena. Fourth-quarter sales for Intel rose by an impressive 29% to $10.6 billion which was slightly higher than forecasts of around $10.2 billion. It would appear that orders for computers have increased around the wo...Read More