New research has suggested that motorists are experiencing car insurance renewal prices that are 11pc lower than this time last year, as the insurance industry succumbs to increased competition between insurers. Many companies throughout 2012 have adopted the strategy of offering new customers reduced rates in the hope to secure their money, while hiking the renewal prices of their current customers in order to make up the difference.
From 21 December 2012 insurers will no longer be able to use gender as a contributing factor when calculating insurance premiums. Typically, women have had access to cheaper premiums for policies such as life and car insurance, because they are considered to be lower risk.
However a ruling from the European Union recently has banned insurers from using gender as a factor when calculating premiums from the end of the year, and this will mean that women will end up paying more than they currently do.
Research from Beagle Street has found that Brits are shunning life insurance policies in large numbers, because they believe it is â??too expensiveâ??
39pc of people who took part in the research claimed they felt that life insurance policies cost too much, despite the fact that prices start from just £3 per month. This means that more than half of British adults are at risk of leaving their familiesâ?? in a potential state of financial ruin in the event of their death.
The first site dedicated purely to the comparison of income protection insurance policies has been founded, giving consumers a specific and informative insight into the products available and why they are most suited to them.
Incomeprotectinsurance.co.uk focuses on being professional and giving consumers all the information, and the wide range of income protection products they need, in order to make the right decision on which policy is most suited to them and their individual needs.
Studies throughout 2012 have revealed an increasing need for Britons to take out some kind of income protection insurance, in order to provide them with a financial safety net should they be unable to work due to illness or injury.
The office of Fair Trading has moved to call the motor insurance industry dysfunctional, and has requested the Competition Commission investigate why people end up paying so much for insurance.
Yesterday's news that the UK government is on the verge of announcing a £1.5 billion compensation package for those who lost money in the Equitable Life collapse has taken 13 years to come through. It is believed that £1 billion will be made available immediately with a further £500 million put aside to cover those who lost money on with-profits investment. But why has it taken 13 years for this compensation package to be confirmed?
A report by the AA has confirmed a massive increase in car insurance premiums in the UK over the last 12 months. The report shows that comprehensive car cover has increased in cost by 11.5% over the last 12 months although there has been a massive 57% increase in the cost of premiums for third party, fire and theft arrangements. Younger drivers are bearing the brunt as you might expect although the increase in general car insurance premiums is very confusing to say the least.
The UK banking community, backed by the British Bankers Association, has applied to the High Court for a judicial review of the PPI rules, which were set to come in on 1 December. These are rules produced by the FSA (Financial Services Authority) in relation to payment protection insurance and more importantly an industry wide review of past arrangements even if there has been no complaint from the underlying customer.
Lloyd's of London, the largest insurance market in the world, has today reported a slump in first-half profits from £1.3 billion in the same period last year to £628 million. It seems a number of catastrophes have come together to create another nightmare scenario with the Chilean earthquake, BP oil disaster and a number of other issues coming to the fore.
