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?
LGA warns of significant risk of flooding for UK homes
The Local Government Association (LGA) has issued a warning to the UK government with regards to the risk of potential flooding for up to 50,000 homes across the UK. The LGA is deeply concerned that the situation which arose in 2007 could arise again as no progress has been made on promised changes. The problem back in 2007 related to surface water as much as direct rainfall with a number of drain...Read More
Everyone can be protected against gazumping
Internet service OneMove has announced that it is now to widely offer an insurance policy to protect homebuyers against gazumping across England and Wales.The Home Buyers Expense Insurance (HBEI), which costs £69.99, provides cover against common problems that befall people when purchasing property. Customers can expect up to £1,500 of cover for expenses should the worst occur and a seller accep...Read More
FCA: PPI compensation can only be claimed up to 2018
27/11/2015 People in the UK who were mis-sold payment protection insurance (PPI) will now have until 2018 to claim compensation under new regulations introduced intending to draw a line under the issue. The PPI mis-selling scandal was one of the biggest the country has ever seen, and so far Britain’s banks have set aside £28 billion to cover refunds and compensation. The Financial Co...Read More
Car insurance is cheaper online!
Hands up how many of us have never changed our car insurance company for years, or never even reviewed the potential premiums charged by other insurance companies.
If you're one of a growing band of people in the UK who are more than happy to stay with their current car insurance company without checking the competition then you could literally be losing out on hundreds of pounds of...
Annual undetected fraudulent insurance claims said to top £1.9 billion
The Association of British Insurers (ABI) has today confirmed that in its opinion undetected fraudulent insurance claims are topping £1.9 billion year. As a consequence of the increase in fraudulent insurance claims the average policy in the UK is now £44 more expensive purely and simply to pay for these illegal activities. So how are detection rates faring in the UK insurance sector?