Why has it taken 10 years to address the Equitable Life collapse?
It is difficult to appreciate how it has taken the UK government 10 years to come anywhere near answering compensation claims for the Equitable Life debacle back in 2000. Equitable Life was literally on the verge of collapse due to a number of retirement guarantees offered to customers which came back to bring the company to its knees. The company lost a high-profile court case which effectively forced the breakup Equitable Life and a nightmare scenario for many customers.
The new coalition government has recently indicated a potential compensation payment of around £500 million although this is only a fraction of that expected by campaigners on behalf of those who lost out. While the current UK government was obviously not involved in the Equitable Life debacle it has been left to carry the can and many experts are deeply disappointed about the potential compensation figure being mentioned. However, this does not answer the question as to why it has taken nearly 10 years for the issue to be addressed - although the final ruling will not come into play until late in 2010/early 2011.
Aside from problems relating to the Equitable Life collapse we must ensure we do not see a repeat of the situation in the future.
Folks with more green go for eco-insurance
While previously environmentally-friendly products have been seen as the preserve of hippies and bohemians, companies have found that people with a few more notes in the bank are now investing in more eco-friendly products. According to the Environmental Transport Association (ETA), the demand for products such as 'green' car insurance has risen recently as environmental matters come under the pol...Read More
Retailers attack Alistair Darling's plans for credit insurance
As the UK retail sector continues to struggle against a background of falling consumer spending, increasing costs and low business levels it looks as Alistair Darling's plans for Wednesday, with regards to the sector, have not gone far enough. It has been widely leaked in the press that the UK government is keen to address the situation whereby a number of retailers in the UK have had their credit...Read More
Insurance companies set to increase premiums across the board
As we have covered on a number of occasions, many insurance companies have "sneaked in" premium increases over the last few weeks when their sector has been overshadowed by that of the banking and mortgage industry. This constant increase in premiums has gone largely unnoticed but over the next six months, as UK consumers look to renew their policies, they will become all too evident.
Is your garden insured for the increased risk of theft?
As crazy as it may sound there has been a significant increase in garden thefts since the recession hit home and many homeowners are finding they are severely under-insured. We are talking about thieves breaking into sheds and stealing expensive equipment as well as thieves stealing expensive shrubs, plants and even freshly laid lawns. So are you fully covered?
The vast majority of...
Does the insurance sector need a cash injection?
As the headlines point to a massive bailout of the UK banking sector there are some in the market who believe that a similar solution may be required for the insurance sector. Unknown to many consumers in the UK, insurance companies invest their premium income across a massive range of investment groups and are sure to have taken large hits to their asset bases like all other UK financial compani...Read More