UK insurance companies take a hit
Lloyd's of London has today confirmed that a number of natural disasters as well as the BP oil rig debacle in the Gulf of Mexico have resulted in significant losses for insurers around the world. UK insurance companies have taken their fair share of multimillion pound hits over the last 12 months although many believe that ultimately an increase in regulations and the need to tighten current insurance policies could result in more business for the UK insurance sector in due course.
When you take into account the economic downturn over the last three or four years, what seems to be natural disaster after natural disaster and a number of man-made disasters, there is no doubt that the insurance sector has been under pressure. However, ultimately it is always the customer which bails out the insurance sector and this time will be no different with corporate premiums likely to increase significantly in the short to medium term.
Insurance premiums for UK consumers are also set to increase in the short to medium term, as the long-term trend continues, with car insurance one of the major issues amongst the UK public. It seems that legitimate and fully insured car drivers are paying the costs associated with uninsured drivers but is this really fair?
Annual undetected fraudulent insurance claims said to top £1.9 billion
The Association of British Insurers (ABI) has today confirmed that in its opinion undetected fraudulent insurance claims are topping £1.9 billion year. As a consequence of the increase in fraudulent insurance claims the average policy in the UK is now £44 more expensive purely and simply to pay for these illegal activities. So how are detection rates faring in the UK insurance sector?
Women better behind the wheel
Nearly a third of men think that they are better drivers than women, despite both insurance statistics and scientific studies proving the opposite.In a survey of 4,000 British drivers, yesinsurance.co.uk reveals that 31 per cent of men believe they are better behind the wheel than women, with only five per cent of women believing this fallacy.Twenty-three per cent of men acknowledged that women we...Read More
Car insurance premiums show record rise
Despite the fact that the UK is suffering from a full-blown recession with money tighter than ever before, it seems as though UK car insurance companies are pushing premiums higher and higher. A report by the AA confirms that UK car insurance premiums rose by 3.5% over the last three months and a massive 11% over last year. When you consider that inflation has fallen towards zero over the last few...Read More
ABI Talks Tough Over Flood Insurance
As more and more UK home owners become acutely aware of the constant risk of flooding, it seem as though last years £3 billion clean up bill was too much for the insurance companies to stomach. The Association of British Insurers (ABI) has come out fighting for its members with claims that more than half a million homes in the UK are at risk of flooding. The ABI is refusing to advise members to...Read More
Upwards of 200,000 young drivers are driving without insurance
A report by the Motor Insurers Bureau (MIB) has revealed that upwards of 240,000 young drivers aged between 17 and 20 are driving on UK roads without insurance. At a time when UK motor premiums continue to rise there is no doubt that there has been a significant increase in the number of uninsured drivers on UK roads and this figure is set to rise as the recession grabs hold.