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."
Are you prepared for the Mortgage Market Review?
09/04/2014 As of 26th April, the Mortgage Market Review (MMR) will come into effect. This will affect everybody hoping to apply for a mortgage, including those re-mortgaging their homes. This is because applying for a mortgage will become a more rigorous process. Mortgage lenders will soon be obliged to check each mortgage applicant’s finances and ability, in order to decide how much a mor...Read More
Energy bills have increased by 75% in last decade
10/12/2014 A government report has shown that household bills have increase by 75% from 2004 to 2014, much higher than the rate of general inflation, 23%. Government advisers have now warned that poor families in the UK will need more help to pay for heating their homes as energy bills rise this winter. A report from the Committee on Climate Change (CCC) has revealed that subsidies for...Read More
Top companies warned over pay
23/04/2014 Business Secretary Vince Cable has written to all FTSE 100 companies, warning them to keep up pressure on executive pay bonuses in order to alleviate public anger. He singled out the banking industry in particular as being “ridiculous”, with Barclays one of the main offenders for allocating around £2.5bn in bonus payments earlier this year, despite posting a dip in profits....Read More
Government cracks down on sickness benefit
The UK government has recently introduced a new test for sickness benefit claims which has led to an average 66% of new claims being ejected. The rejection figure is as high as 90% in some areas of the country and prompts the question, why is the new system so different from the old system which has seen 2.6 million people in receipt of long-term sickness benefit?
The benefit system...
Legal and General shares hit by funding concerns
A report in today's Financial Times has upset investors in Legal and General with the shares falling to a ten-year low before recovering to close nearly 9% lower. The report in the Financial Times indicated the group was in talks with the FSA regarding an additional allocation of funds required to cover potential defaults on its bond portfolio.
The company has responded to the specu...