Private medical insurance popularity grows
According to figures from the Association of British Insurers (ABI), the number of people taking out Private Medical Insurance (PMI) has risen year-on-year for the first time in recent years.In 2006, 1,030,000 individuals took out personal PMI policies, up 1.8 per cent from the 1,012,000 personal PMI policies in 2005.The number of businesses taking out corporate PMI has increased even more than this, with 2,345,000 corporate PMI subscribers in 2006 an increase of 4.1 per cent on 2005's total of 2,254,000 corporate subscribers.Collectively, personal and corporate PMI plans now cover 5.9 million people in the UK. Commenting on the statistics, Nick Starling, the ABI's director of general insurance and health, said: "Private Medical Insurance offers people greater choice of treatment and other services for a wide range of medical conditions and injuries. It also takes pressure off the NHS, so by buying PMI, people are effectively reducing the burden on Britain's hard-pressed health service. "It is encouraging that more individuals are choosing to buy PMI for themselves and their families. PMI bought by companies on behalf of their employees has continued to increase in popularity too, helping to ensure that people can get back to work sooner after illness or injury."
Consumer confidence 'on the decline'
Consumer confidence has fallen significantly over the past quarter, Standard Life's Savings & Investment Index has shown.A score of 11 in October 2007 fell to just three in January 2008 - both figures well down on October 2006's high of 23.Poll respondents were asked on whether or not they would like to invest their money in a variety of sectors in order to compile the index.Director at Standard L...Read More
Has George Osborne gone a step too far?
George Osborne's announcement that he wants to limit cash bonus payments in the short term to just £2000, with other arrangements paid in shares or other similar financial instruments, has upset many in the city and is seen by some as a step too far. Even though the suggestions from George Osborne, who is Shadow Chancellor of the Exchequer, appear to be sensible and well thought out, he is puttin...Read More
Have you instigated a pension fund transfer recently?
As the UK pension fund industry gets set for major changes in the future the FSA (Financial Services Authority) has again questioned the quality of advice given to some pension fund members who transferred out of employee pension schemes. If you have recently transferred from an employee pension scheme into a private pension arrangement it may be worthwhile checking the terms of your transfer and...Read More
Worldwide banking sector hit by $4 trillion write-downs
Since the onset of the credit crunch and worldwide recession the International Monetary Fund (IMF) estimates that some $4 trillion has been written off by banks around the world. While the news at this moment in time is one of increased confidence in worldwide economies there is no doubt that a write-down of this magnitude will take time to work through the system and time to rebuild. There may be...Read More
Renters urged to take out home contents insurance
Renters should ensure they have home contents insurance or risk suffering significant financial losses, an insurer has said. According to a poll conducted by Zurich Insurance, 33 per cent of tenants keep goods worth £10,000 in their accommodation. However, 37 per cent of respondents confessed that they have no home contents insurance - thus leaving themselves at risk of serious loss. Reasons give...Read More