£6bn lost on cancelled holidays
With a recent study revealing that over £6 billion was lost last year through people cancelling holidays they have already booked, Britons have been reminded of the importance of taking out a comprehensive travel insurance policy.According to the insurer More Than, who released the findings, while many people book their holidays well in advance, many fail to take out insurance and therefore leave themselves vulnerable to losing money spent on booked travel and accommodation should their plans change.Of all the claims made through More Than's travel insurance service last year, 26 per cent were for the cancellation of holidays, with an average cost of £856.Commenting on the findings, the company's head of travel insurance, Keira Clark, said: "It's encouraging that holidaymakers are catching on to the importance of travel insurance, but many still don't realise that by purchasing their policies late, they miss out on valuable cancellation cover."The comments come soon after British holidaymakers were advised to make sure their building insurance is up-to-date before going away, in the event of leaking pipes and water damage.
Insurance claims flood in
Up to 8,600 insurance claims are estimated to have flooded in from anxious policyholders following yesterday's wet weather.After torrential rain and flooding plagued a number of areas across the UK, Abbey Home Insurance warned that the damage wrought by the freak conditions had come as a "shock" to many people.The insurer estimates that some 3,200 claims for flood damage were made yesterday alone....Read More
Travel insurance claims rise following baggage crisis
Travel insurers are reeling the face of a massive rise in claims in the wake of the British Airways baggage crisis. Norwich Union has reported a 40 per cent increase in the number of claims for missing baggage in the first half of the year and InsureandGo saw an enormous 85 per cent rise in the same period. Airlines and airport operators have come under increasing criticism over lost and delayed b...Read More
When will the UK government chance increasing taxes?
As UK national debt continues to creep higher and is expected to reach £1 trillion over the next two years there is an acknowledgement that UK taxes will need to rise substantially in years to come. While we have seen the introduction of a number of indirect taxes it will be changes to income tax and VAT which will dictate the way ahead and the timing of tax increases in the UK. So when will Gord...Read More
Treasury considers adjustment to lending targets
The revelation that 2009 saw the first drop ever in banking to business lending has created something of a quandary for the UK government and in particular the Treasury. It is well-known that the Royal Bank of Scotland and Lloyds Bank were issued with legally binding lending targets as part of the taxpayer funded bailout which occurred last year. However, these targets will be missed even though t...Read More
Flood Insurance Is Now Secure For Many
Despite comments earlier in the year suggesting that the insurance industry would take away flood insurance from many UK homes in high risk areas, it seems that the powerful Association of British Insurers (ABI) has agreed a compromise deal with the government. In return for speeding up investment in the flood defence systems across the UK, the ABI has given the authorities a guarantee that affor...Read More