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."
Life insurance is not just for you
While the subject of death is never one which is easy to bring up, those with dependents especially, need to ensure that their finances are in order in the event of any unforeseen accident. Many people in the UK are still averse to taking out life insurance even though this can offer a significant safety net in the event of an untimely death, which can often leave some families without the major b...Read More
FSA to clamp down on journalists involvement in financial sector
The Financial Services Authority (FSA) has today announced plans for an overhaul of the relationship between journalists and the financial sector. Without naming names, the FSA has confirmed that some analyst close to corporate deals have been in contact with journalists just prior to the announcement of corporate transactions in the financial press. While not all of these conversations have invol...Read More
Pension crisis in UK set to worsen
The pension crisis in the UK market is set to worsen substantially in the future with news of a £194.5 billion deficit on the 7800 defined benefit schemes monitored by the Pension Protection Fund. It would appear that 9 out of 10 defined benefit pension schemes (otherwise known as final salary schemes) are currently in deficit and unless the situation is resolved in the short to medium term pensi...Read More
Goldman Sachs bows to public pressure
Wall Street banking giant Goldman Sachs has today bowed to public pressure and announced a reduction in the forecast $16.2 billion bonus pot for 2009. While the 32,500 staff employed by the company will still share a bonus pot of $13.3 billion, with an average annual income of just under $500,000 for each employee, the pot has been reduced from the initial forecast of $16.2 billion. It seems as th...Read More
Have you got private health insurance?
As the long term future of the NHS is called into question, more and more people are now looking towards private health insurance for themselves and their families. This is an area of the insurance market which has grown enormously over the last 20 years as waiting lists continue to grow and the so-called "postcode lottery" of health care in the UK continues unabated.
Even though ma...