Young drivers could become 'uninsurable'
Young drivers could be priced out of the insurance market if action is not taken to reduce the number of deaths and injuries caused by motorists aged under-25, one insurer has warned.Speaking following the release of a new education pack aimed at teaching school pupils about the impact of dangerous driving, Co-operative Insurance (CIS) warned that such drivers were responsible for causing 35 deaths and serious injuries each day, with premiums for youngsters subsequently rising as a result.According to the insurer, the cost of insuring young motorists has jumped by 22 per cent over the past three years, compared to just two per cent for all other drivers.CIS director of general insurance, David Neave, stressed that if the trend continued, a "whole generation" of drivers could become uninsurable."If this trend continues many young car owners will be unable to afford insurance and that will inevitably lead to a rise in the number of uninsured motorists on the roads and that would have major consequences for us all," he warned."The impact of serious road traffic crashes not only affects people's lives but also has a considerable affect on future premium levels," Mr Neave added, stressing that the industry had a "duty" to take action in order improve safety and to make insurance premiums more affordable for young, inexperienced drivers.CIS, which has teamed up with the road safety charity Brake to launch an education pack based on its earlier DVD, Too Young to Die, said that the new resource would help teachers run lessons for 15 to 21-year-olds, encouraging them to act responsibly on the roads.The initiative follows last month's call by the Association of British Insurers (ABI) for learner drivers to be given a minimum one-year 'learning period' before gaining their license in order to cut the number of road deaths.Giving evidence to parliament's transport select committee, ABI director of general insurance Nick Starling also argued that young, newly-qualified drivers should be subject to limits in regard to the number of passengers they are allowed to carry.
FTSE 100 sees 10th consecutive daily rise
Even though news on the GDP front was disappointing to say the least the UK stock market today racked up its 10th consecutive daily rise although there was a small bout of profit taking towards the end. Having risen above the 4600 level at one point the market ended the day at 4576.6 for a rise of 4.3% over the week. Why is the market so strong, when economic figures suggest the economy is struggl...Read More
Non-executive directors start to feel the heat
While in the olden days many people believed that the non-executive roles across many of the U.K.'s leading companies were "jobs for the boys", this situation has certainly changed over the last six months. The sudden demise of companies such as Royal Bank of Scotland and other banking arrangements in the UK has led to further scrutiny of the whole non-executive director system which should have s...Read More
Can the Conservatives afford not to increase taxes?
Ken Clarke has today opened a debate regarding taxation and the potential increase of both income tax and VAT in the short term. While there has been no official comment from the leader of the Conservative Party, David Cameron, there is no doubt that any party in power after the next general election will need to increase taxes across the board. We will also see a significant reduction in public s...Read More
Hammerson cautious on the UK property market
Property giant Hammerson has today issued a statement in relation to the worldwide, as specifically the UK, property market with a suggestion that we are not yet "out of the woods". The company owns a raft of leading shopping malls and while the retail sector is on the whole still struggling, those companies which have come through the worst of the recession are now beginning to see the light....Read More
British people access their pensions earliest
09/09/2014 British people choose to access their pensions earlier than anywhere else in the EU, but also work later into older age, research by the European Commission has found. At the moment, the average British worker accesses their pension savings at the age of 58, which is one of the earliest in Europe. Britain also had a higher proportion, 20%, of people working past 65. This could su...Read More