Devastating floods could cost insurance industry over £100 million
The devastating floods in Cumbria and South Scotland could cost the UK insurance industry in excess of £100 million although this figure could rise significantly because the flooding has yet to subside. We have literally seen homes washed away in the flood water, vehicles left battered on the road site and indeed we have seen the unfortunate sight of casualties and fatalities during the floods.
The UK government is now looking to put together an emergency package to ensure that those affected by the torrential rain in Cumbria and the South of Scotland are provided for as soon as possible. These particular rainfall numbers have been described as "biblical proportions" and events which are unlikely to be seen for the next thousand years. However, for those who have seen their livelihoods, their homes and their businesses washed down the river this will be little consolation in these most difficult of times.
No doubt we will also find out how many households in Cumbria and the South of Scotland were under insured which will no doubt result in the emergence of various battles for compensation. This only goes to show that home insurance is a vital element of any household budget and even though it may be tempting to reduce your insurance cover, or indeed suspend it in these difficult economic times, it is in many ways a false economy.
Market awaits confirmation that the recession is over
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Watchdog concerned at insider trading
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Insurance companies set to increase premiums across the board
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Hated hand-me downs worth £50 million
Brits are hoarding hated hand-me-downs and inherited items worth a whopping £50 million, according to home insurance provider Abbey. Some 12 per cent of people admit to living in homes cluttered up by inherited items, with the average person owning 12 such items, worth an estimated £9,466 per person. Over half (53 per cent) hide the heirlooms around the house, while one-in-five (20 per cent) s...Read More
Bank of England to hold biggest ever review of UK markets
28/10/2014 The Bank of England are set to launch the biggest ever review of the financial markets in history. They are looking to restore consumer trust in the financial industry, after several investigations uncovered a number of rate-rigging scandals. Recent rate-rigging scandals included Libor fixing, whilst investigations have also revealed alleged attempts by investors to fix the gol...Read More