UK insurance companies take a hit
Lloyd's of London has today confirmed that a number of natural disasters as well as the BP oil rig debacle in the Gulf of Mexico have resulted in significant losses for insurers around the world. UK insurance companies have taken their fair share of multimillion pound hits over the last 12 months although many believe that ultimately an increase in regulations and the need to tighten current insurance policies could result in more business for the UK insurance sector in due course.
When you take into account the economic downturn over the last three or four years, what seems to be natural disaster after natural disaster and a number of man-made disasters, there is no doubt that the insurance sector has been under pressure. However, ultimately it is always the customer which bails out the insurance sector and this time will be no different with corporate premiums likely to increase significantly in the short to medium term.
Insurance premiums for UK consumers are also set to increase in the short to medium term, as the long-term trend continues, with car insurance one of the major issues amongst the UK public. It seems that legitimate and fully insured car drivers are paying the costs associated with uninsured drivers but is this really fair?
HM Revenue and Customs announces national insurance holiday
HM Revenue and Customs have today announced a surprise national insurance holiday for new companies in the UK in areas of the country likely to be hardest hit by the reduction in public-sector investment. Those who are eligible for the national insurance holiday will be able to claim relief for the first 10 employees they hire in their first year of operation. HM Revenue and Customs believes that...Read More
Disabled holidaymakers advised to check travel insurance
Disabled holidaymakers have been advised to check their travel insurance to make sure it covers key areas. Brian Seaman, head of consultancy at Tourism for All, said individuals with a disability should ensure they have enough medication with them to last the trip and to check any accommodation they plan to stay in has sufficient facilities to cover their needs. He noted: "You may need to ask a fe...Read More
Hastings Insurance Hit With £735,000 Fine
28/07/2008 Well known car insurance company Hastings Insurance has been hit with a £735,000 fine after it cancelled a number of motor insurance policies at short notice after finding a pricing error in their system. In total the group cancelled 4,550 motor policies after checks revealed that quotes were on average £539 cheaper than they should have been. However, the group has been strongly...Read More
Quinn Insurance announces 900 job losses
The administrators for Quinn Insurance have today announced 900 job losses and confirmed that the Quinn Insurance is officially now up for sale. This is the next stage in a long-running saga involving parent group Quinn Group, which is owned by one of Ireland's wealthiest businessmen, Sean Quinn. The regulators became involved with regards to Quinn Insurance a few weeks ago and effectively closed...Read More
ABI Talks Tough Over Flood Insurance
As more and more UK home owners become acutely aware of the constant risk of flooding, it seem as though last years £3 billion clean up bill was too much for the insurance companies to stomach. The Association of British Insurers (ABI) has come out fighting for its members with claims that more than half a million homes in the UK are at risk of flooding. The ABI is refusing to advise members to...Read More