Private medical insurance popularity grows
According to figures from the Association of British Insurers (ABI), the number of people taking out Private Medical Insurance (PMI) has risen year-on-year for the first time in recent years.In 2006, 1,030,000 individuals took out personal PMI policies, up 1.8 per cent from the 1,012,000 personal PMI policies in 2005.The number of businesses taking out corporate PMI has increased even more than this, with 2,345,000 corporate PMI subscribers in 2006 an increase of 4.1 per cent on 2005's total of 2,254,000 corporate subscribers.Collectively, personal and corporate PMI plans now cover 5.9 million people in the UK. Commenting on the statistics, Nick Starling, the ABI's director of general insurance and health, said: "Private Medical Insurance offers people greater choice of treatment and other services for a wide range of medical conditions and injuries. It also takes pressure off the NHS, so by buying PMI, people are effectively reducing the burden on Britain's hard-pressed health service. "It is encouraging that more individuals are choosing to buy PMI for themselves and their families. PMI bought by companies on behalf of their employees has continued to increase in popularity too, helping to ensure that people can get back to work sooner after illness or injury."
Begbies Traynor forecast surge in UK business failures
Insolvency experts Begbies Traynor have today issued a statement suggesting that the UK business arena will suffer an enormous number of failures in 2010. The company believes that around 130,000 businesses in the UK are currently showing "material signs of distress" and we will see a surge in business failures even though many people believe the recession is at an end. So what is happening?
UK could be pulled into £290 billion Euro bailout
There is a stark warning for UK taxpayers this morning with a suggestion that problems within the euro zone could impact upon EU members to the tune of £290 billion. Aside from the immediate problems regarding Greece and the ever growing budget deficit, it is believed that the likes of Portugal, Ireland and Spain are nearing situations which will require bailout funding from their EU counterparts...Read More
FSA issues plans for future banking liquidity
The Financial Services Authority (FSA) has today confirmed plans to change the way in which banking liquidity is considered by the UK regulator. Historically banks have been able to hold a large range of assets as liquidity against guarantees and money market transactions, although as we saw during the ongoing recession, many of these assets turned out to be significantly overvalued and many were...Read More
David Cameron chairs his first Cabinet meeting
David Cameron today chaired his first Cabinet meeting amid signs that harmony has broken out within the new coalition government and we may be in for a stable period in UK politics. Despite the fact that the Conservative party and the Liberal Democrat party are from opposite ends of the political spectrum there appears to be a chemistry between David Cameron and his deputy prime minister Nick Cleg...Read More
Insurance fraud peaks at 2300 claims a week
The Association of British Insurers has issued a damning report on the UK insurance arena with confirmation that over 2300 fraudulent insurance claims are being discovered each and every week. It is estimated that these claims account for over £800 million a year which is then passed on to UK consumers who are left yet again to foot the bill. So why are insurance fraud claims rising? While the...Read More