17m of us are now part of the sharing economy – but could be uninsured for it November 2, 2016 Nearly a third of Brits are now part of the so-called sharing economy, renting out their homes, cars, and even their dogs, or using these services themselves. Some 17m people across the country participate in the new and growing sector, while one in 10 offer up their services, according to new research by Lloyds Bank Insurance Of [...]
Small businesses call for help on flood insurance ahead of winter November 2, 2016 The Federation of Small Businesses (FSB) has backed MPs’ calls for more affordable flood insurance for its members. A new Environment, Food and Rural Affairs Committee report out today recommends the government develops a grant scheme by the end of next year to help small firms install flood resilience measures. The FSB said the committee [...]
Whiplash-gate: we’re all paying for the unscrupulous few, say motoring experts October 27, 2016 Car insurance premiums are spiralling out of control due to a "whiplash epidemic" according to data released by motoring organisation the AA. The average cost of annual car cover is now £82 higher than a year ago, a 17 per cent year-on-year increase. Alongside spurious whiplash claims, the AA said that recent increases in insurance premium [...]
Five ways government can cut the soaring cost of car insurance for honest drivers October 18, 2016 The rising cost of insurance understandably concerns many motorists. The average comprehensive motor insurance premium has risen by 10 per cent over the last year. Today we lift the lid on what is driving up the costs of motor insurance, and what is needed to give hard-pressed honest motorists a break. Lifting the Bonnet on [...]
Competition and Markets Authority to investigate price comparison websites September 29, 2016 The UK's competition watchdog is launching a wholesale review into price comparison websites to investigate how they make their money and whether they really do help consumers get the best deals. The Competition and Markets Authority (CMA) announced the review this morning – the latest in a long-line of high-profile probes the body has conducted including [...]
LV= operating profit more than halves after poor general insurance performance September 19, 2016 Mutual insurance, retirement and investment group LV= revealed today that operating profit had dropped to £33m in the six months to 30 June, down from £79m this time last year. The firm's chief executive, Richard Rowney, who replaced previous boss Mike Rogers this year, said the lower group operating profit "reflects lower operating profits in the [...]
The Mayor of London has opted to protect privilege not competition September 14, 2016 Sadiq Khan’s crackdown on London’s private hire industry is a sop to a privileged monopoly that distorts competitive markets and fails to defend consumer interests. As private hire services make inroads into London’s black cab monopoly, the case to protect them from decline and enforce consumer safety may sound reasonable. But Khan’s reforms go beyond safety and are [...]
The Uber vs black cabs row proves one thing – driverless cars are the future September 14, 2016 Having digested Sadiq Khan’s 27-point plan to meddle in the taxi and private hire market, one top Uber official yesterday moaned “so much for being the most pro-business mayor in London’s history”. Uber’s frustration is understandable. Not only is the firm already battling Transport for London over proposed regulatory changes (some of which are just [...]
Uber accuses Sadiq Khan of favouring London’s black cabs September 13, 2016 Uber has accused the Mayor of London Sadiq Khan of discriminating against its drivers and favouring black cabs in the capital with new measures to regulate the industry. In an email sent to customers, Uber claims that thousands of minicab drivers could lose their livelihoods with a knock on effect on waiting times and availability of cars. [...]
Driverless cars could spell disruption for unprepared insurers as motor insurance premiums fall September 11, 2016 INSURERS need to prepare for the potential disruption – and opportunities – arising from driverless cars according to Aon Benfield, the global reinsurance intermediary of insurance giant Aon. “Adoption of autonomous vehicles will of course be affected by many variables such as regulatory challenges, cost to the consumer, safety, vehicle ownership preferences, and the technology [...]