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?
Land Of Leather Hit With Massive Fine
In a move which is as much as shot across the bows of the sector as a direct hit at Land Of Leather, the company has been hit with a £224,000 fine for potentially mis-selling up to 58,000 cases of Payment Protection Insurance (PPI). Even though the headlines are not as bad as they seem, the underlying message is loud and clear. While the figure of 58,000 was mentioned, this is not the actuall...Read More
Canoe fraudsters agree to pay back £600,000
Anne and John Darwin, the infamous canoe fraudsters, have agreed to pay back £600,000 from their ill gotten gains. However, as John Darwin effectively has no assets to his own name he has agreed to pay back a nominal one pound although he is wife, in whose name the couple's assets are held, will payback £363,700 to the victims of the crime and £228,138 under the terms of the proceeds of crime a...Read More
Over 50s Life Insurance
Six million Brits caught out by ignoring small print
Over half of all UK adults fail to read the small print when purchasing financial or electrical products, a survey has revealed.The research by price comparison website Go Compare shows that six million people have had difficulties after not paying attention to terms and conditions.One of the main products where this problem is particularly notable is when people find that they are not covered ade...Read More
With Profits Policy Holders Vent Their Anger
For many years the with profit insurance policy was seen by many as a means of saving for the future with funds invested in the economy and additional profits added each and every year - profits which could not be reclaimed by the insurance companies. However, a report from Money Management has shown that with profits investments are no where near as lucrative as many people believe.
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