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."
UK home holidaymakers 'not taking out insurance'
Many Britons are not taking out travel insurance for their holidays within the UK - despite the risk of being left out of pocket.New analysis from Sainsbury's Finance shows the potential scale of the problem, by finding that 15 per cent of British adults have never gone abroad and that around 50 million domestic holidays are taken each year at a total cost of £10.9 billion.The firm suggested that...Read More
Use protection, urged CIFAS
To coincide with the UK's third annual National Identity Fraud Prevention Week, CIFAS, the UK's fraud prevention service, is urging consumers to use protection to prevent themselves from becoming victims.According to the Home Office, identity fraud is costing a shocking £1.7 billion every year, but many people are ignoring the risks, with recent research showing that as many as 80 per cent of hou...Read More
Do we need a reform of MPs expenses?
As the weekend press brought yet another MP's expenses scandal, which while wholly legal does not appear to be in the spirit of the rules, there are growing calls for a wide-ranging review of MPs expenses. Many people who are suffering across the UK cannot understand how MPs can claim for an array of expenses, employ family members and claim for a second housing allowance even though the tax regul...Read More
'Delay' on PPI recommended
Consumers should not be sold payment protection insurance (PPI) within 14 days of buying a loan, the Competition Commission (CC) has announced.PPI is designed to allow people to still repay loans even if they suffer a loss in income or health.However, the CC said that the "vast majority" of the 13 million PPI policies in the UK are sold to customers at the same time as they take out their loan.Thi...Read More
King not a fan of doing it the American way
After a period of relative inactivity on the media front, the governor of the Bank of England Mervyn King has been very active in his opposition to a tax payer funded scheme, similar to the in the US, to bail out the mortgage market. He believes that there needs to be some pain in the banking sector in order to get the UK financial sector back into shape for the future and constant bail outs are...Read More