Insurance fraud hits low-income consumers
The Financial Services Authority (FSA) has recently issued a number of fines in relation to insurance fraud which has left many people underinsured or in some cases uninsured despite paying their premiums. However, despite the fact that many consumers have forwarded this their premiums in good faith and assumed that the relevant cover has been taken out many will find the shocking reality when they try to claim in the future. So what can consumers do to protect themselves?
If you take out an insurance policy with any third party you should demand to see the relevant paperwork which should confirm the date when the cover began, the premiums and details of the cover offered by the insurance company. Alarm bells should start ringing if you pay your premiums but do not see sight of the correct paperwork within an "appropriate" space of time.
Even though the FSA has undergone a number of investigations into the insurance industry and uncovered a number of frauds there are many more going on under the surface. Consumers, the authorities and the insurance industry as a whole need to be more alert and more aware of the potential problems and take the relevant action as soon as possible.
Insurance cancellations rise due to recession
The Association of British Insurers has revealed startling figures which show that many people in the UK are looking towards their insurance policies as a means of saving money. It was revealed that 22% have either cancelled or not renewed their home contents insurance over the last 12 months purely as a means of reducing their outgoings. A further 17% no longer have building insurance which is an...Read More
Lloyds bank set to disinvest stake in esure
Lloyds bank has today revealed plans to sell off its 70% stake in esure at a price which is believed to be in excess of the current book value of £185 million. It is believed that Peter Woods, co-founder and chairman of esure, is to acquire the stake via a new holding company. Those who follow the insurance market may be aware that Peter Woods, originally famed because of his Direct Line insuranc...Read More
FCO launches new travel insurance campaign
14/08/2015 The Foreign & Commonwealth Office (FCO) has warned holidaymakers against travelling without purchasing the correct travel insurance first. Going away on holiday without insurance, or a “Getaway Gamble”, can end up costing the traveller thousands of pounds if something goes wrong. Recent data from The Association of British Insurers revealed the average travel insurance medica...Read More
Have you considered taking out private health insurance?
As the UK NHS continues to become more and more overstretched there are serious concerns about the medium to long term future of this well respected institution. The UK NHS system is unrivalled around the world although unfortunately this has attracted many overseas "health tourist" who in the past have been known to leave without paying for their treatment. As funding because more and more diffic...Read More
Prudential chief executive under pressure
Tidjane Thiam is under growing pressure today as more and more institutional shareholders in Prudential join the call for management changes. The unrest among shareholders is related to the collapse of the USD35.5 billion bid for the Asian assets of AIG which the Prudential management committed to a few weeks ago. However, the bid collapsed earlier this month and the company has taken a £450 mill...Read More