Scottish Widows' £25m payout for critical illness
Scottish Widows has announced that it has paid out over £25 million on 774 critical illness policies for the twelve months up to October 2006, but warns that 16 per cent of claims were turned down. The most common claim is for cancer, which accounts for 61 per cent of claims, followed by heart disease and strokes.However of the claims that failed, 53 per cent were refused because people had not disclosed information when they took the policy out and 43 per cent of people were denied a payout as the claim did not meet the policy definition.Richard Jones, interim protection market director at Scottish Widows, said: "Through its work with the Association of British Insurers and the Critical Illness Working Party, Scottish Widows has been working to address the issue of declined claims."To reduce non-disclosure, application forms have been improved to make them clearer for our customers. To reduce the incidence of a claim not meeting the policy definition, the industry has made real headway in improving the clarity of illness definitions - thus ensuring it is clearer to consumers about what is, and isn't, covered."Although the benefits, ie fewer declined claims, won't be seen for a couple of years, these measures all go towards making each step of the process - from application to claim - clearer for consumers."
Small business insurance costs set to rise
Just when those in the small-business market thought it could not get any worse the indications from the insurance market are for a sharp increase in premiums this year and next year. At a time when business has never been as bad, income for many has disintegrated and the financial woes of trading in a recession are catching up, an increase in insurance premiums will be the final straw.
Tesco to close 43 stores
08/01/2015 Supermarket giant Tesco have announced plans to close 43 stores across the UK after its sales fell by 2.9%. They will also be moving their staff headquarters from Cheshunt in Hertfordshire to Welwyn Garden City. The closures will mainly effect local convenience shops, but the supermarket also announced that it would be shelving plans to open a further 49 new, very large stores....Read More
Insolvencies fall to lowest level in 10 years
29/04/2015 The numbers of insolvencies in England and Wales have fallen to their lowest rate in almost a decade. Figures from the Insolvency Service have shown that 20,826 people became insolvent in the first three months of the year, which is the lowest figure since autumn 2005. It works out as a fall of 18.6% compared to the first three months of 2014, which is one of the steepest declin...Read More
Pound's strong run continues
Widespread expectations of more interest rate hikes helped push the pound to a 26-year high against the dollar this morning.The pound rose to 2.0196 against the dollar in early morning trading, continuing a six-day run of advances.Sterling's strength will be welcomed by British tourists heading across the Atlantic, but is not so good news for the manufacturing sector whose important export markets...Read More
How Does It Now Pay To Borrow More?
As the rate of interest charged on personal loans continues to rise in line with the mortgage market, we have arrived at the crazy situation where banks and loan companies are quoting reduced interest charges for higher value loans. In the past this has been the standard practice with more margin available in the longer term, but surely the financial institutions should be discouraging larger loa...Read More