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?
Brit Insurance goes Dutch
Lloyd's of London insurance group Brit Insurance has moved its head office to Holland in another bitter blow for the UK business sector. This is the latest in a long line of UK companies which have relocated overseas as the tax regime in the UK becomes heavier and heavier. Just yesterday we wrote about the retail sector and the significant tax increases expected in the short term although this is...Read More
Alastair Darling defends his national insurance increase
Chancellor of the Exchequer Alastair Darling has today again defended his move to increase national insurance in 2011. This comes after the Conservative party announced a partial U-turn on the proposed increase by the Labour Party with those earning less than £45,400 a year to be protected from an increase in national insurance tax. The Labour Party has hit back with suggestions that the Conserva...Read More
UK motor insurance premiums increase yet again
The AA insurance has today commented upon the state of the UK motor insurance market with a suggestion that the average comprehensive motor insurance policy is now costing in excess of £1000 a year. This is an increase of around 20% on the 2008 figure and is predominantly because of fraudulent claims and the damage caused by uninsured drivers in the UK. All in all it is believed that UK motori...Read More
Swinton insurance hit by regulator censorship
Insurance broker Swinton has today revealed a £770,000 fine from the Financial Services Authority (FSA) in relation to techniques used to sell Payment Protection Insurance (PPI), one of the more controversial insurance policies of late. It has also been revealed that Swinton will be repaying PPI premiums to 350,000 customers who automatically had PPI added to the cost of their insurance during a...Read More
Over a million Brits drove uninsured last year
A significant number of Britons are driving without car insurance, despite the huge risks involved. In a poll conducted by Sainsbury's Car Insurance, around 1.15 million people confessed to having got behind the wheel of a car in the last 12 months without an insurance policy. The largest proportion of these were young drivers, with those in the 17-24 age range accounting for two-fifths of the tot...Read More