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?
Irish authorities place Quinn Insurance into administration
The Irish financial regulatory authorities have today placed Quinn Insurance Ltd, one of Ireland's largest insurance companies, into administration amid unclear matters which have come to light after an investigation of the company. However, the company, founded by one of Ireland's richest investors Sean Quinn, believes it could have corrected the mystery issues without being placed into administr...Read More
Prudential shares soar as financial position is strengthened
The Prudential has today announced a £1.1 billion cash injection to the company reserves via an asset sale in Taiwan and the receipt of future income from it's with profits fund. There had been severe fears in the market that companies such as Prudential would struggle to cope with any further downturns in the UK and worldwide stock markets but these fears seem to have been allayed, at least in t...Read More
Is insurance a necessity or an option?
As the UK consumer continues to be squeezed from all sides many people are looking at their insurance policies and investigating if any money can be saved in this area. However, insurance is something which offers a very valuable backdrop in the event of unforeseen circumstances and savings in this area can actually be counter-productive in the longer term. While car insurance is legally required...Read More
Santander announces agreement with Aviva
Spanish financial giant Santander, the owner of UK assets such as Abbey, Alliance and Leicester and parts of Bradford and Bingley, has today announced an exclusive five-year deal with UK insurance giant Aviva. The agreement sees Santander enter into an exclusive deal which will see the company sell Aviva life insurance through its 1300 UK branches. This is not the first deal between Santander a...Read More
Equitable Life saga goes on
The Equitable Life nightmare goes on for the UK government with news that the Equitable Members Action Group (EMAG) has obtained permission to take the UK government to court amid demands for significant compensation. The near collapse of Equitable Life saw many policyholders lose a significant chunk of their retirement savings and even though this happened nearly a decade ago the UK government ha...Read More