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?
Don't soup up your sierra, kids
Younger drivers are always going to pay higher car insurance costs than older, more experienced drivers, but the British Insurers Brokers' Association (BIBA) says that souping up your car will just pump up your premium further.BIBA says it is advisable to buy a smaller, cheaper car, which is less likely to do major damage to other vehicles on the road should an accident occur, but although the tem...Read More
Disabled holidaymakers advised to check travel insurance
Disabled holidaymakers have been advised to check their travel insurance to make sure it covers key areas. Brian Seaman, head of consultancy at Tourism for All, said individuals with a disability should ensure they have enough medication with them to last the trip and to check any accommodation they plan to stay in has sufficient facilities to cover their needs. He noted: "You may need to ask a fe...Read More
Conservative Party's national insurance claims thrown into doubt
A report by economists working for the shadow Chancellor George Osborne in 2007 has cast doubt on Conservative Party accusations regarding an increase in national insurance and the impact this would have on the employment market. The Conservatives are claiming that a 1% increase in national insurance would lead to 57,000 job losses in the UK although using the formula from the 2007 report this cou...Read More
Is It Time To Ditch Private Healthcare?
As money becomes ever tighter more and more people are looking at ways to cut their costs and reduce their monthly outgoings. One such area which is catching the attention of many is health insurance, something which is very useful to have, but has no real value until you actually need it. So are people right to consider cancelling their health insurance plans?
In many ways this i...
Don't forget to pack the insurance, holiday makers urged
As many as 20 per cent of travelers go on holiday without travel insurance, according to insurance provide Churchill.Trying to save money by traveling uninsured could cost holidaymakers a fortune in the long-run - the Foreign and Commonwealth Office (FCO) reports that an air ambulance in the Canaries could cost as much as £12,000 to16,000 or a scheduled flight, stretcher and medical escort home f...Read More