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?
Wills 'time-bomb' must be defused, says NCC
Over 27 million people in England and Wales do not have a will, creating a 'time-bomb' that urgently needs to be defused, the National Consumer Council (NCC) warned today. Research conducted by the NCC into will-writing behaviour found that most people who do not have a will blame not having got around to making it, or said that they did not want to think about dying. Steve Brooker from the NCC...Read More
Is it time to revisit your travel insurance arrangements?
The ongoing demise of the UK travel sector has prompted more people than ever before to review their travel insurance arrangements and check with their provider to see if they have sufficient cover. Many people are not only scared of losing their holiday money for those booked for the future, but if they do manage to fly out there is a concern that they may hit trouble trying to return.
Barclays Bank turns down UK government insurance scheme
As expected, after a green light from the Financial Services Authority, Barclays Bank has today refused to join the UK government's toxic asset insurance scheme. Citing the massive charges levied against banks in the scheme, Barclays is more than prepared to go it alone after receiving a clean bill of health from the FSA.
While there is no doubt that Barclays Bank, much like the vas...
Should Aviva have mentioned the RSA approach?
The management of Aviva is this weekend under immense pressure from leading shareholders over the non-disclosure of an approach by RSA and a potential £5 billion offer for the company's general insurance business. Many believe that this highly sensitive piece of information should have been released into the public domain instead of being brought to the attention of the market by the financial pr...Read More
Homeowners in line for £60 million PPI mortgage insurance refund
The Financial Services Authority (FSA) has today announced a new initiative which will see mortgage companies pay back up to £60 million to consumers who are being impacted by changes in mortgage PPI schemes. It was revealed that a number of companies have in fact increased the premiums associated with mortgage PPI arrangements while at the same time reducing the cover available as they became mo...Read More