Insurance premiums set to rise as Lloyd's of London struggles
The announcement of a 50% reduction in Lloyd's of London profits from £3.9 billion to £1.9 billion seems like a significant drop but in the context of the current economic climate this is a more than credible result. However there are signs that general insurance premiums around the world are set to rise over the next 12 months.
A mixture of slowing economies around the world, weak premiums and lower investment returns will see a substantial increase in investment premiums during 2009 and possibly 2010. This will have a significant impact upon not only the general cost of living but could push many people towards reducing their insurance cover in general to save costs. However, many people are unaware that a variety of comparison insurance websites offer an excellent chance to significantly reduce their insurance costs whether this is for cars, homes or any other items requiring insurance.
There are literally hundreds of pounds to be saved across the board and many people are missing out on these opportunities simply because they cannot be bothered to investigate or they are concerned about transferring their cover. The systems are there, the savings are there to be made it is just a matter of logging on and finding the best deal for you.
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