AXA rewards safe motorists
Financial giant AXA has revealed a new car insurance policy which will see those with eight or more years no claims bonus receiving a 90% discount on their premiums. This compares to the average discount of 65% on a maximum five-year no claims bonus and will obviously further benefit the vast majority of drivers in the UK who do not claim on their car insurance.
This comes at a time when the AA has confirmed that UK car insurance premiums will rise by between 10% and 15% in 2010 with the majority of the increase caused by uninsured drivers causing accidents on the road. It would appear that slowly but surely we are seeing a polarisation between safe drivers and dangerous (and uninsured drivers) with many other insurance companies certain to follow the lead set by AXA.
Car insurance premiums have been on an upward spiral for many years now with the cost of covering uninsured drivers taken on by the industry and then spread out amongst insured motorists. Whether or not this is a fair allocation of the added expense associated with uninsured drivers is debatable but it is a trend which began some time ago and has ultimately led to a massive increase in car insurance premiums for "no apparent reason".
So did quantitative easing work?
Yesterday's news that the Bank of England will be suspending the quantitative easing program was very much expected by analysts but now a review of the quantitative easing program can begin in earnest. In simple terms, the quantitative easing program allowed financial institutions to use various assets to "borrow" liquidity from the Bank of England. This allowed financial institutions to use asset...Read More
Winter 2008 Gas Price Increase On Wholesale Market
As thoughts in the gas market now turn to the winter period and the expected increase in demand we saw a major surge in prices yesterday before they fell off their peak. Traders are now in a panic as a major Norwegian gas pipeline is currently closed and may remain so for the duration of the winter period. In the energy market at the moment it is just bad news after bad news!
Scotland announces no tax on properties below £130,000
Home buyers in Scotland will no longer have to pay tax on properties valued under £130,000, Scottish finance Secretary John Swinney has announced. This was proposed in the budget proposal for the year ahead. The finance secretary has also promised that tax would be reduced for a further 44,000 house sales up to the value of £325,000, but advised the 12% top rate would still apply to houses co...Read More
Labour government ministers attack banking bosses
In one of the most obvious cases of "locking the stable gate after the horse has bolted" the UK government has turned on the banking sector accusing directors of excessive bonuses and over rewarding themselves. However, if you take a step back 24 months you will see that the Labour government was very happy to cosy up to the UK banking sector when requiring funds to cover PFI projects and other go...Read More
Irish debt rating on review
Moody's, one of the more prominent debt rating agencies in the world, has today confirmed that Irish sovereign debt is on review with a possible downgrade under consideration. If a downgrading was to proceed it is likely it would be a one step downgrade to an Aa3 rating. However, this is just the latest in a long line of bitter blows to the Irish economy, the Irish government and the Irish budget....Read More