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?
Insurance fraud hits new highs in the UK
As the recession continues to bite hard at the everyday population of the UK many insurers have been reporting significant increases in insurance fraud. The latest to join the band of insurance companies suffering from "fictitious claims" is Admiral Group which believes that frauds in the region of £20 million have been carried out by its customers over the last year. In truth the real figure wil...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
Home insurance shortfall highlighted by Axa
There is a £255 billion insurance gap for home contents cover in the UK, new figures from Axa suggest.The home insurance provider said that the average policy covers contents worth around £29,000.However, the average valuation of these contents from homeowners comes to £38,000 - leaving a £9,000 gap.This shortfall could potentially cause problems for policyholders who either have their home co...Read More
Protecting your family
As the employment situation in the UK continues to worsen, at least in the short term, many families are now looking at insurance protection aimed at ensuring that at least part of their income is protected in the event of unemployment or illness. Never has it been more vital to ensure that you have at least some form of insurance protection not only for peace of mind, but to ensure that you have...Read More
Young drivers lack basic car know-how
Young drivers fork out £140 million every year in car maintenance due to their lack of basic mechanical know-how, new research suggests.According to the study carried out by Direct Line, half of all drivers under 25 do not know how to jumpstart their car or replace a tyre, compared to 25 per cent of drivers aged 45 or over.Nearly one in three admitted to paying to have their oil changed, while 25...Read More