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?
Ping An Drops Out Of Auction For RBS Insurance Division
Ping An, the Chinese insurer, has dropped out of the bidding for the Royal Bank of Scotland insurance arm which is up for sale at £7 billion. The division, which includes Direct Line, Churchill and Privilege has been the centre of much interest but a number of potential buyers have pulled out of late. So will the sale still proceed?
While at this moment in time there are still 5...
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
Investigators looking into collapse of AIG
The collapse of American insurance giant AIG has become the subject of a serious fraud office investigation into the company's London branch. The collapse of the American giant was one of the largest in corporate history and many believe was the one main event which led to the collapse of the worldwide economy.
While the company itself was involved in all areas of the insura...
Now the insurance market is suffering
As we suggested some time ago it looks as though it is the turn of the insurance sector to suffer from the fall in investment markets around the world. While the Association of British Insurers has intervened to try and calm investor nerves in some ways this has only highlighted the issue further.
Even though there does not appear to be any immediate threat to insurers in the UK th...
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