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 issues tips for flood-risk homeowners
Homeowners who fear they are risk of flooding in the event of a repeat of this week's storms can ensure their safety by following a series of simple tips, it has been claimed. Abbey Insurance this week confirmed that as a result of the deluges it has received the highest number of calls regarding home insurance since the summer. In response, the home insurance provider has issued a set of practica...Read More
Women better behind the wheel
Nearly a third of men think that they are better drivers than women, despite both insurance statistics and scientific studies proving the opposite.In a survey of 4,000 British drivers, yesinsurance.co.uk reveals that 31 per cent of men believe they are better behind the wheel than women, with only five per cent of women believing this fallacy.Twenty-three per cent of men acknowledged that women we...Read More
Over 50s life insurance explained
Here at Financialadvice.co.uk, we understand how daunting it can be choosing how to save for your future, or the future of your loved ones. Our fully qualified, in house financial adviser, Andrew Gurton, has been talking to us about everything we wanted to know about over 50’s life insurance, from how it works to how it differs from saving plans.
What is over 50’s life insurance?
Car insurance premiums increase by 40%
A report by the AA has confirmed a massive increase in car insurance premiums in the UK over the last 12 months. The report shows that comprehensive car cover has increased in cost by 11.5% over the last 12 months although there has been a massive 57% increase in the cost of premiums for third party, fire and theft arrangements. Younger drivers are bearing the brunt as you might expect although th...Read More
Insurance warning from esure
In-store insurance policies should be avoided if consumers want to save money, esure has warned.The insurance company has conduced research which found that nearly a quarter (23 per cent) of Britons buy extra insurance for products bought from a retailer.However, of this group, 3.3 million already have home contents insurance, meaning the extra cover is useless.The company warned that buying unnee...Read More