Should there be more regulation of the UK insurance market?
If there is one area of household expenses which attract controversy and complaints it has to be insurance, with car insurance one which is always to the forefront. More and more people in the UK are now claiming that despite having a clean driving licence and a no-claims bonus they continue to see significations and ongoing increases in their premiums. Should there be more regulation of the UK car insurance market especially?
It can sometimes be very difficult to understand how the insurance market works and indeed how the car insurance sector in particular operates. We hear news that legal drivers are made to pay the cost of illegal drivers in the UK with many of those even convicted escaping with relatively small fines. The insurance sector is in something of a no-win situation because the ever-growing increase in legal fees, to prosecute illegal drivers, is often borne by motorists who are fully covered by their insurance but if the insurance companies refuse to prosecute uninsured drivers what example does this give for the future?
Many in the UK believe that the courts should be tougher on uninsured drivers which would ultimately reduce the numbers and reduce the cost of prosecutions for the insurance industry as a whole.
Swinton insurance hit by regulator censorship
Insurance broker Swinton has today revealed a £770,000 fine from the Financial Services Authority (FSA) in relation to techniques used to sell Payment Protection Insurance (PPI), one of the more controversial insurance policies of late. It has also been revealed that Swinton will be repaying PPI premiums to 350,000 customers who automatically had PPI added to the cost of their insurance during a...Read More
Is the NHS under threat?
The NHS is the hot topic of the moment after two Tory MPs criticised the setup of the UK NHS system compared to the US health care regime. This has caused great embarrassment for David Cameron, leader of the Conservative party, and opened a debate which could play a significant role in the forthcoming general election. It is a debate which the Labour Party will use to try and overshadow everything...Read More
UK home holidaymakers 'not taking out insurance'
Many Britons are not taking out travel insurance for their holidays within the UK - despite the risk of being left out of pocket.New analysis from Sainsbury's Finance shows the potential scale of the problem, by finding that 15 per cent of British adults have never gone abroad and that around 50 million domestic holidays are taken each year at a total cost of £10.9 billion.The firm suggested that...Read More
It is time to look at cut price health insurance?
As more and more health insurance policyholders learn of increasing premiums this year there is a feeling that the sector could go quiet in the short to medium term. However, while many in the UK are struggling to survive on a day-to-day basis there are significant concerns that health insurance could be a short-term victim of ever tighter budgets. But is there an alternative?
Home insurance warning for DIY enthusiasts
DIY enthusiasts have been urged not to let their enthusiasm get the better of them this weekend or risk invalidating their home insurance policy. According to price comparison site Confused.com, Bank Holidays are seen by many as the perfect time to carry out home improvements, despite the fact that "half of the jobs" carry a risk of invalidating a claim. However, by following certain simple guidel...Read More