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".
Building societies look to fill compensation gap
It has been revealed that 6 out of 10 building societies in the UK feel they will need to increase their mortgage rates and reduce savings rates to fill the gap left by their contribution to the financial services compensation scheme. This is a scheme set up by the financial regulators to ensure there is sufficient capital to compensate customers of failed UK banks although one which many feel has...Read More
EU chief enters North Sea oil row
Gunther Oettinger, the European Union's energy commissioner, has today entered a discussion regarding North Sea oil exploration. He has suggested that there should be "a blanket ban" on drilling in the North Sea until the issues regarding the Gulf of Mexico disaster have been clarified. This comes after a significant increase in activity by oil companies in the North Sea with the potential for fur...Read More
Alistair Darling comes in from the wilderness
Chancellor of the Exchequer Alastair Darling has today stepped in from the wilderness with a suggestion that today's disappointing GDP growth in the UK, for the first quarter of 2010, does not derail his expectations for the full year. He believes that the UK economy will grow by between 1% and 1.5% during 2010 and the disappointing 0.2% growth in the first quarter is wholly expected. However,...Read More
Marks & Spencer and the £15 million man
Marc Bolland, the former chief executive of Morrisons, the new chief executive of Marks & Spencer has announced a deal which could peak at £15 million in his first year in office! On top of a basic salary of £975,000 a year the new chief executive will be line for bonuses which could hit £6.3 million as well as a £7.5 million cash compensation payment covering performance related pay he gav...Read More
If consumers are struggling who will bail out the UK?
As the UK economy continues to struggle many analysts are now reviewing their figures after a suggestion that UK consumers are not willing to spend their way out of the ongoing troubles. Not only did we see some difficult GDP (Gross Domestic Product) figures this week but we also saw that UK consumers are not flocking to the high street despite massive discounts and promotional offers ahead of the...Read More