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?
Brits urged to reassess insurance cover amid economic concerns
Britons have been urged to assess their insurance cover in the light of signs that an economic downturn is setting in. In a study conducted by PruProtection, it was discovered that nine per cent of the population have no insurance cover at all. Meanwhile, just 13 per cent of those polled have mortgage payment protection insurance, payment protection insurance or accident, sickness and unemployment...Read More
One in four go without home contents insurance
As many as one in four people go without home contents insurance, according to the Association of British Insurers (ABI).But with 300,555 recorded cases of burglary and 299,384 cases of criminal damage against a property in England and Wales in 2005 to 2006, these people could be taking a big risk with their possessions.Kelly Ostler, a spokeswoman for the ABI, said that while bricks and mortar ins...Read More
UK insurer bonus rates slashed
Friends Provident has today announced a 20% reduction in with-profits payments as the insurance sector continues to feel the pain of the economic downturn around the world. While this move is no surprise and reflects the general conditions of the market it could severely handicap many who depend upon their insurance investments for their long-term financial well-being.
As an example...
Royal Bank of Scotland caught between a rock and a hard place
The Royal Bank of Scotland is this evening looking at the possible sale of its prized insurance unit which has been one of the best performers over the last few years. While the timing of a possible sale could not be worse there are concerns that the group needs to increase its capital base for its traditional banking operations with 2009 expected to be as tough if not tougher than 2008.
3.8m families 'a single pay check from losing their home'
15/04/2014 Almost 4 million families only have enough savings to pay a single month of mortgage repayments or rent, meaning they would be likely to lose their home if they found themselves out of work. Homeless charity Shelter surveyed 7,500 people and found that many people were living with the prospect of losing their home if they found themselves out of work.