ZÃ¼rich Insurance hit by record £2.28 million fine
ZÃ¼rich Insurance, one of the more popular insurance companies in the UK, has today been hit by a £2.28 million fine from the FSA after admitting losing confidential details relating to 46,000 UK customers. This is the largest fine handed it a UK based insurance company and perfectly illustrates the seriousness of the charges which the company has admitted.
It was found that confidential information regarding UK insurance customers was being processed by the company's ZÃ¼rich South Africa arm and an unencrypted backup tape was lost during transit to the UK. This event happened in August 2008 and due to a lack of acceptable procedures within ZÃ¼rich Insurance the UK arm did not become aware of the data loss for 12 months. Information held upon the backup tape included customer's full names, full addresses, bank account details and credit card information.
Even though the company has been quick to confirm there have been no instances of criminal activity in relation to the data loss it is a worrying development at a time when UK consumers are more than ever concerned about that their privacy. The company has now taken action to tighten internal systems and ensure security is very much tougher in the future.
Only a third of motorists play the switching game
Brits are not switching as much in the car insurance sector as they are when it comes to their electricity and gas suppliers, research by TescoCompare.com reveals.Only a third (32 per cent) of car owners have switched their car insurance within the last year and as many as one in ten motorists have never switched or have been with the same insurer for over ten years.Despite the annual renewals on...Read More
Mortgage protection, otherwise known as mortgage payment protection insurance (MPPI), is a product designed to pay your mortgage repayments in the event that you lose your regular income. There are a variety of different types of mortgage protection insurance on the market, and they will all have different conditions within them. This type of insurance is not compulsory, although some loan prov...Read More
George Osborne rejects EU bank insurance tax
Chancellor of the Exchequer George Osborne is today set to fight EU plans to introduce a bank insurance tax which would be charged against all banks operating in Europe and used to set up a fund to cover EU bank failures in the future. There is concern from within the UK government that the creation of a bank insurance tax administered by the European Union could encourage excessive risk-taking in...Read More
What insurances can you reduce to save money?
The problem about the insurance market is the fact that each type of insurance is there for a reason even if it is not compulsory. However, when people are short of money, as many are in this current financial crisis, it can be very easy to either cancel or reduce all kinds of insurance cover from the car to your home, from the pet to your healthcare. But there are risks involved and sometimes i...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