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?
Simple ways to reduce your car insurance
As UK car insurance policies are renewed up-and-down country each and every year the trend for policy premiums seems to be going higher and higher each year. However, while much of the increase in policy payments is down to uninsured drivers causing damage on the roads it is the humble and honest car driver who is suffering. So what can you do to reduce your future car insurance premiums?
UK motor insurance premiums rise by 14%
The average motor insurance premium in the UK has increased by 14% over last year with young drivers apparently bearing the brunt of this new push by the car insurance industry to lock in profits for the future. This comes at a time when more and more people in the UK are struggling to cover their everyday living expenses and a 14% increase in motor insurance premiums is a disaster for many people...Read More
George Osborne rejects EU bank insurance tax
Chancellor of the Exchequer George Osborne is today set to fight EU plans to introduce a bank insurance tax which would be charged against all banks operating in Europe and used to set up a fund to cover EU bank failures in the future. There is concern from within the UK government that the creation of a bank insurance tax administered by the European Union could encourage excessive risk-taking in...Read More
Car insurance premiums set to rise
A growing number of "crash for cash" scams in the UK and car insurance fraud have directly influenced the ever-growing rise in UK car insurance premiums which increased by 12% between January and June of 2010. This is the unseen cost of car insurance fraud and unfortunately it is something which law-abiding customers are being forced to cover. At a time when UK finances are literally being stretch...Read More
Midlands revealed as "caravan Bermuda Triangle"
More caravans disappear in the Midlands than in any other part of the UK, according to new data.Research by AA Caravan Insurance indicates that owners in the "caravan Bermuda Triangle", a region bordered by Leicester, Coventry, Birmingham and Nottingham, face a ten per cent higher risk of theft.Simon Douglas, head of AA Caravan Insurance, said: "These disappearances are well thought out criminal p...Read More