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?
Abbey Home Insurance burglary warning
Domestic burglaries increase during recessions, meaning homeowners should be on guard, according to research from Abbey Home Insurance.The firm revealed that there was a 33.8 per cent rise in the number of burglaries in England and Wales during the last recession between 1990 and 1992.In addition, statistics from the British Crime Survey recorded a similar trend.It warned that, despite the temptat...Read More
Aviva setback as further legal challenges materialise
Insurance giant Aviva has received a setback in its three-year battle to pay out orphan funds to shareholders, policyholders and the company itself. The original £1 billion offer from a £4.2 billion fund has since been reduced to £500 million after the fund in question fell in value to just over £1 billion. However, last week saw what many believe was the final ruling in this ongoing saga but...Read More
Car insurance fees hit £333m
Britons are paying out huge sums in fees to car insurance providers every year to make amendments to their policies, it has been revealed. The fees are charged by providers when drivers fail to notify them of changes which could invalidate their policies. These include a change of address or name or improvements to vehicles. Price comparison site uSwitch.com calculates that some £333 million was...Read More
What Is An Underwriter? (Part Two)
Following on from part one of our article on underwriters, we hereby enclose details of how insurance underwriters operate.
When you take out any insurance there is always a risk that you will use the insurance to claim for a loss of some kind, whether it is the cost of refurbishing a home after a fire, a car accident, or any other form of financ...
Fat folk pay more premiums
Obese people may find that they are unable to purchase full life insurance policies or could find that their premiums are raised, according to the Association of British Insurers (ABI).Although losing weight could reduce premiums in the long-term, serious obesity, which constituted a massive health risk, if undisclosed at the point of application could lead to refusal when people attempt to make a...Read More