Insurance fraud hits low-income consumers
The Financial Services Authority (FSA) has recently issued a number of fines in relation to insurance fraud which has left many people underinsured or in some cases uninsured despite paying their premiums. However, despite the fact that many consumers have forwarded this their premiums in good faith and assumed that the relevant cover has been taken out many will find the shocking reality when they try to claim in the future. So what can consumers do to protect themselves?
If you take out an insurance policy with any third party you should demand to see the relevant paperwork which should confirm the date when the cover began, the premiums and details of the cover offered by the insurance company. Alarm bells should start ringing if you pay your premiums but do not see sight of the correct paperwork within an "appropriate" space of time.
Even though the FSA has undergone a number of investigations into the insurance industry and uncovered a number of frauds there are many more going on under the surface. Consumers, the authorities and the insurance industry as a whole need to be more alert and more aware of the potential problems and take the relevant action as soon as possible.
Quinn Insurance still under pressure
Despite the fact that the regulator has performed something of a partial U-turn and will now allow Quinn Insurance, the troubled Irish insurance company, to partially re-enter the UK insurance market there are fears regarding those employed by the company. It seems inevitable there will be job cuts and this figure could be as high as 1,000 jobs if as expected the company is banned from further inv...Read More
Most competitive car insurance providers named by site
A price comparison site has named the UK's most consistently competitive car insurance providers. According to research conducted by moneysupermarket.com's car insurance channel, the cheapest car insurers are Kwik Fit and Swiftcover with an average premium of £276.74. Meanwhile, Quinn-Direct and the RAC were named third and fourth best with average premiums of £282.80 and £289.59 respectively.H...Read More
Prudential shares soar as financial position is strengthened
The Prudential has today announced a £1.1 billion cash injection to the company reserves via an asset sale in Taiwan and the receipt of future income from it's with profits fund. There had been severe fears in the market that companies such as Prudential would struggle to cope with any further downturns in the UK and worldwide stock markets but these fears seem to have been allayed, at least in t...Read More
Under-25s' 'car insurance gender gap' grows
Young men continue to pay much more for their car insurance than young women.According to figures from the AA, released today, this "gender gap" has increased markedly over recent years - swelling by 60 per cent since 2003.The car insurance provider also said that premiums for young women have been falling over the past five years.Government figures show that under-25s cause 29 per cent of deaths...Read More
'DIY' holidaymakers risk travel cover
Around eight million UK tourists risk being stranded during the summer because they are not covered by Air Travel Organisers' Licensing (Atol) travel protection.Most traditional travel agents automatically cover holidaymakers with Atol protection, which should ensure that tourists are escorted home and reimbursed should their agent cease trading.'DIY' tailored holidays from independent agents do n...Read More