Latest Insurance News
The latest news from the insurance sector:
July 24, 2008
Moneyfacts.co.uk has revealed that the price of life insurance is half of what is was 10 years ago.
A price war between insurers and other providers such as supermarkets offering cheaper insurance has meant that life insurance is much cheaper than it was a decade ago.
Car insurance and home insurance may have risen over recent years but according to moneyfacts.co.uk, ...
Quit smoking and save on life insurance
by Kay Murchie
July 16, 2008
According to the AA’s quarterly British Insurance Premium Index, car insurance premiums are increasing again despite a brief respite.
The index established that in the three months to the end of June, over £20 has been added to the average premium quote for comprehensive insurance. The average cost of this type of insurance is now £700.
The hardest hit are young motorists who, on ...
AA: Car insurance costs spiralling
by Kay Murchie
July 11, 2008
A deal has been reached between the Government and the Association of British Insurers (ABI) to ensure that homes will continue to receive flood cover.
Last month, the ABI warned the Government to take action against floods as its members will stop insuring people in high risk areas.
The ABI has been urging the Government to pump more funds into ...
Agreement reached to ensure homes will get flood cover
by Kay Murchie
Zurich withdraws from RBS insurance arm bidding
by Kay Murchie
July 3, 2008
According to industry body, Association of British Insurers (ABI), dishonest drivers face a nasty surprise as detection of fraudulent claims has increased by 70% over the last 3 years.
Last year, the ABI uncovered 24,000 fraudulent motor insurance claims worth £260 million, or £5 million every week.
Nick Starling, the ABI’s Director of General Insurance and Health, said honest ...
Fraudulent motor insurance claims worth £5 million every week
by Kay Murchie
Clean driving licence holders benefit when it comes to car insurance
by Kay Murchie
June 23, 2008
Consumers looking to purchase payment protection insurance (PPI) can now get advice from the Financial Services Authority (FSA).
The watchdog’s website now has free, impartial comparison tables which are designed to help consumers compare the policies on offer and their cost.
PPI has been the result of bad press lately after a report revealed that 2 million customers have ...
PPI comparison tables now available on FSA website
by Kay Murchie
Consumers look to save money by trimming back insurance policies
by Kay Murchie
June 22, 2008
One year on from last summer’s devastating floods, the Department for Environment, Food and Rural Affairs (Defra) is proposing to assist homeowners and businesses to better protect their premises from the affects of flooding.
Defra is to commit £125,000 to setting up a website and phone line together with the Environment Agency.
The aim is to provide people with the guidance ...
Defra announce plans for flood relief assistance
by Kay Murchie
June 18, 2008
The Association of British Insurers (ABI) is warning that the Government must take action against floods as its members will stop insuring people in high risk areas.
According to the ABI, there are 517,000 homes at significant risk of being flooded. The floods last summer cost the ABI's members £3 billion in claims.
Furthermore, nearly 5,000 homeowners are still ...
517,000 homes at risk of being flooded warns ABI
by Kay Murchie
June 10, 2008
According to research from moneysupermarket.com, women get the best deal on car insurance while young male motorists are paying the most expensive premiums.
A study by moneysupermarket.com has established that women pay 9% less for their car insurance than their male equivalents, with the average quote for a woman in her 20s being £320 compared to £370 for ...
Women pay 9% less for their car insurance than men
by Kay Murchie
June 9, 2008
Aviva is to cut up to 1,800 jobs at its Norwich Union business, as it looks to streamline its insurance operations.
Britain's biggest insurer is to slash the administration jobs by 2010 as it reduces its customer service and back office centres for general insurance from 22 to 7. The company has pledged to try to find people other jobs ...
1,800 jobs to go at Norwich Union
by Kay Murchie
June 6, 2008
Swiss insurance giant, Zurich Financial Services, has announced a cost-cutting exercise which could result in a reduction of headcount of up to 900.
In a bid to cut costs by 10% by the end of the year, Zurich staff have been informed that between 700 and 900 jobs, in its general insurance arm, are going to be lost.
The insurer said the move was ...
900 job losses at Zurich
by Kay Murchie
June 2, 2008
According to broker, My Mortgage Direct, in an effort to save cash, homeowners are ditching life cover.
The broker warns that just 20% of new borrowers are opting for life cover to protect their mortgage.
The organisation emphasises the importance of life cover and said borrowers are looking for ways to claw back cash on what they regard ...
New homeowners at risk by opting out of life insurance
by Kay Murchie
May 29, 2008
A report, which is due to be published next month, reveals that 2 million customers have been sold potentially worthless payment protection insurance (PPI).
The policies cover monthly payments for goods, services or loans during illness and redundancy.
Over the last 5 years, 6 million have signed up for the deals but the Office of Fair Trading, the Competition Commission and ...
People still being mis-sold payment protection insurance
by Kay Murchie
May 27, 2008
The sale of Royal Bank of Scotland's (RBS) insurance business is pressing ahead with seven bidders interested.
Goldman Sachs and Merrill Lynch, which are advising RBS, are believed to have shortlisted a number of interested parties for its £6 billion insurance business to seven, ahead of the first-round auction deadline tomorrow.
However, the shortlist does not include any bids from private equity ...
Sale of RBS insurance arm progressing
by Kay Murchie
May 22, 2008
A new study by price comparison website, moneysupermarket.com, has revealed that Kwik-Fit and Swiftcover are the most competitive car insurance providers.
The biggest improver was Endsleigh, who went from 47th to the 6th most competitive provider.
Over the last 12 months, moneysupermarket.com analysed 12 million quotes on their car insurance channel and established that Kwik-Fit and Swiftcover consistently provided the cheapest ...
Kwik-fit and Swiftcover most competitive motor insurance providers
by Kay Murchie
May 16, 2008
Nationwide have just announced more competitive pricing for their home insurance, offering a 20% discount on home insurance.
The new discount includes both new policies as well as renewals.
In addition, when Nationwide home insurance is bought online, an additional 10% discount is applied.
The result is that someone buying Nationwide home insurance online could now save up to 30% on ...
Nationwide home insurance offers 30% discount
by Brian Turner
Brits putting travel insurance at risk by booking own holidays
by Kay Murchie
May 13, 2008
1.15 million people confess to having driven a car in the last year without any insurance, according to a survey by Sainsbury's Car Insurance.
The survey revealed that 19% said it was because they couldn't afford it, 19% said they didn't think it was necessary, 13% said they forgot to purchase it, while 13% said they didn't have time to ...
1.15 million confess to having no car insurance
by Kay Murchie