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?
What Is An Underwriter? (Part One)
Underwriters are very common in investment markets especially stock markets and insurance markets although the specific role of the two does differ. In affect an underwriter will take some of the risk from a share issue or other financial transaction in return for a commission (payment).
Stock Market Underwriter
When a company is looking to raise funds for expansio...
Equitable Life competition scheme condemned
The Parliamentary Ombudsman has today issued a damning indictment of the U.K.'s proposed £400 million payout to Equitable Life suffers, many of whom lost their life savings during the company's near collapse back in 2000. The £400 million compensation scheme, yet to be rubberstamped by the government, equates to just £266 per policyholder despite the fact that a recent report suggested losses f...Read More
Insurance cheats are putting lives at risk
While figures from the Insurance Fraud Bureau confirmed there has been an 11% reduction in so-called "crash for cash" crimes on the roads of the UK there are concerns that fraudsters and crooks are targeting specific areas of the UK. The so-called "crash for cash" scam involves fraudsters and crooks staging a variety of traffic accidents often involving innocent drivers, which have resulted in sig...Read More
Are Insurers Pricing New Drivers Off The Road?
For those who have been driving for 20 years or more, the car insurance market of today bears very little resemblance to the one of two decades ago. Prices are much higher, cover seems to be less comprehensive and the cost of cover seems to rise substantially each year. However, cast your mind back to the days when you were learning to drive - did your parents add you onto their insurance to lea...Read More
Is wedding day insurance worth considering for your big day?
When you consider that the average wedding now costs in excess of £18,000 it will come as no surprise to learn that wedding insurance has literally taken on a life of its own. You can now insure against every possible eventuality on your wedding day and at least cover yourself if something was to go wrong, There is no worse feeling on your big day than worrying about what could go wrong.