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.
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
One size travel insurance policies not a good fit for cancer sufferers
Travel insurance policies are designed on a "one-size fits all" basis, but this is not always the case, particularly for those with health problems.Travellers who have a pre-existing medical condition, or those who have been diagnosed with cancer often find it difficult to get travel insurance - research carried out by the charity Cancerbackup found that as many as 70 per cent of sufferers who tri...Read More
Home insurance warning for cold snap
Home insurance policies will need to be checked over the coming few weeks, it has been claimed, as cold weather is on the way.Home insurer More Than has warned that properties could be at risk of damage as weather forecasters are predicting a sharp deterioration in the weather, with temperatures plummeting.Taking precautions such as checking lagging is in place on pipes and keeping the heating on...Read More
Halifax issues warning after Met Office predicts storms
Britain is bracing itself for storms over the next 24 hours, in which an estimated 50mm of rain will fall.The south west and north east of England, along with Wales, are expected to be worst-affected by the extreme weather, according to Met Office forecasts.So bad is the forecast that Halifax Home Insurance issued a warning today, recommending that homeowners take steps to protect their properties...Read More
Land Of Leather Hit With Massive Fine
In a move which is as much as shot across the bows of the sector as a direct hit at Land Of Leather, the company has been hit with a £224,000 fine for potentially mis-selling up to 58,000 cases of Payment Protection Insurance (PPI). Even though the headlines are not as bad as they seem, the underlying message is loud and clear. While the figure of 58,000 was mentioned, this is not the actuall...Read More