Young drivers could become 'uninsurable'
Young drivers could be priced out of the insurance market if action is not taken to reduce the number of deaths and injuries caused by motorists aged under-25, one insurer has warned.Speaking following the release of a new education pack aimed at teaching school pupils about the impact of dangerous driving, Co-operative Insurance (CIS) warned that such drivers were responsible for causing 35 deaths and serious injuries each day, with premiums for youngsters subsequently rising as a result.According to the insurer, the cost of insuring young motorists has jumped by 22 per cent over the past three years, compared to just two per cent for all other drivers.CIS director of general insurance, David Neave, stressed that if the trend continued, a "whole generation" of drivers could become uninsurable."If this trend continues many young car owners will be unable to afford insurance and that will inevitably lead to a rise in the number of uninsured motorists on the roads and that would have major consequences for us all," he warned."The impact of serious road traffic crashes not only affects people's lives but also has a considerable affect on future premium levels," Mr Neave added, stressing that the industry had a "duty" to take action in order improve safety and to make insurance premiums more affordable for young, inexperienced drivers.CIS, which has teamed up with the road safety charity Brake to launch an education pack based on its earlier DVD, Too Young to Die, said that the new resource would help teachers run lessons for 15 to 21-year-olds, encouraging them to act responsibly on the roads.The initiative follows last month's call by the Association of British Insurers (ABI) for learner drivers to be given a minimum one-year 'learning period' before gaining their license in order to cut the number of road deaths.Giving evidence to parliament's transport select committee, ABI director of general insurance Nick Starling also argued that young, newly-qualified drivers should be subject to limits in regard to the number of passengers they are allowed to carry.
Ryanair pulls out of deal with Boeing
Budget airline Ryanair has today revealed it has pulled out of talks with aircraft giant Boeing after the pair were in discussions about a potential 200 aircraft order. While the company has suggested talks ended because the pricing or contractual terms conditions were not to its liking, it is common knowledge that the UK industry is struggling and literally every penny will count in the weeks and...Read More
Equitable Life chief executive urges policyholders to accept compensation
Chris Wiscarson, the chief executive of Equitable Life, has today stepped into the mix with regards to the ongoing compensation claim being handled by the UK government. It is believed that customers lost in the region of £4 billion - £4.8 billion when Equitable Life was forced to renege on a number of promises on some of its investments. However, the chief executive of the Equitable Life believ...Read More
Council tax hike 'in pipeline' for £1m homes
Council tax on houses worth over £1 million could be nearly doubled if speculation over the contents of a forthcoming independent review proves correct.Sir Michael Lyons' report on local government finances, due to be published on Wednesday as part of the Budget package, could recommend the establishment of a new band of council tax.Currently the top band is levied on houses worth over £750,000...Read More
Rail travellers face 5.8% ticket hike
Rail travellers in the UK are now staring at a potential 5.8% ticket increase in January 2011 due to the current formula in place. Despite the fact that most focus over the last few days has been on the consumer price index, rail companies are indeed allowed to use the retail price index as the basis for any ticket increases and top this up with a one percentage point increase over and beyond the...Read More
EU leaders agree deal on banking bonuses
European Union leaders have today agreed the outlines of a new initiative which will see the EU look to agree deals with various European banks that would see bonuses clawed back if banks fail to hit their profit forecasts. This new initiative, ahead of the G20 summit, is an interesting alternative to the ones put forward so far by the UK and US administration. Whether or not it will be accepted b...Read More