Scottish Widows' £25m payout for critical illness
Scottish Widows has announced that it has paid out over £25 million on 774 critical illness policies for the twelve months up to October 2006, but warns that 16 per cent of claims were turned down. The most common claim is for cancer, which accounts for 61 per cent of claims, followed by heart disease and strokes.However of the claims that failed, 53 per cent were refused because people had not disclosed information when they took the policy out and 43 per cent of people were denied a payout as the claim did not meet the policy definition.Richard Jones, interim protection market director at Scottish Widows, said: "Through its work with the Association of British Insurers and the Critical Illness Working Party, Scottish Widows has been working to address the issue of declined claims."To reduce non-disclosure, application forms have been improved to make them clearer for our customers. To reduce the incidence of a claim not meeting the policy definition, the industry has made real headway in improving the clarity of illness definitions - thus ensuring it is clearer to consumers about what is, and isn't, covered."Although the benefits, ie fewer declined claims, won't be seen for a couple of years, these measures all go towards making each step of the process - from application to claim - clearer for consumers."
Aviva setback as further legal challenges materialise
Insurance giant Aviva has received a setback in its three-year battle to pay out orphan funds to shareholders, policyholders and the company itself. The original £1 billion offer from a £4.2 billion fund has since been reduced to £500 million after the fund in question fell in value to just over £1 billion. However, last week saw what many believe was the final ruling in this ongoing saga but...Read More
Is £20 billion enough to save the UK economy?
The Chancellor Alistair Darling has tonight increased concern that the UK economy is heading for a serious recession after airing his views that the £20 billion fiscal injection of last week may not be enough. This is a serious development as the government had apparently placed their last hope on the £20 billion package as a way to refloat and rebase the UK country.
If after jus...
Quinn Insurance announces 900 job losses
The administrators for Quinn Insurance have today announced 900 job losses and confirmed that the Quinn Insurance is officially now up for sale. This is the next stage in a long-running saga involving parent group Quinn Group, which is owned by one of Ireland's wealthiest businessmen, Sean Quinn. The regulators became involved with regards to Quinn Insurance a few weeks ago and effectively closed...Read More
Foreign car claims driven up
The number of insurance claims made against foreign vehicles by motorists in the UK has risen by 15 per cent over the last two years, according to new research.The Motor Insurers Bureau (MIB) reports that the amount of car insurance claims against cars from abroad now stands at 19,621, while the figure was just 17,032 two years ago.Following this news, uSwitch.com has said that it is increasingly...Read More
Is It Time To Ditch Private Healthcare?
As money becomes ever tighter more and more people are looking at ways to cut their costs and reduce their monthly outgoings. One such area which is catching the attention of many is health insurance, something which is very useful to have, but has no real value until you actually need it. So are people right to consider cancelling their health insurance plans?
In many ways this i...