LV boss expects car insurance premiums to rise in year ahead February 3, 2014 THE BOSS of insurer LV has said he expects car insurance premiums will rise in the next year, after the industry overestimated the impact of regulatory changes. LV has released a trading statement for 2013 showing overall losses for the business in both its general and life insurance arms. The insurer made an £89,000 loss [...]
Crime’s downward path: A promising trend with no room for complacency January 23, 2014 IT’S BEEN called the riddle of peacefulness. Many think crime is a growing problem: a 2013 Ipsos Mori study found that 58 per cent didn’t believe it was falling, while 51 per cent thought violent crime was getting worse. Yet Britain, in common with much of the developed world, has enjoyed nearly 20 years of [...]
Car and home insurance costs hit record low January 22, 2014 CAR AND home insurance premiums have fallen dramatically since 2012, a major survey has revealed. Research conducted by the AA shows record falls in the cost to consumers, including £100 sliced off motoring premiums in the last two years alone. But Simon Douglas, director of AA Insurance, warned that prices would not continue to fall in [...]
How telematics is changing the car insurance world forever January 21, 2014 I have two siblings, a younger sister and an even younger brother. My sister is a self-confessed terrible driver who once managed to write off a car in a 20mph collision outside the Post Office in our local market town. My brother, an engineer, works at Jaguar Landrover. So whose insurance quote is higher? You [...]
What the other papers say this morning – 17 January 2014 January 16, 2014 FINANCIAL TIMES EE float put on hold by owners The flotation of EE, Britain’s largest mobile operator, has been put on hold by Orange and Deutsche Telekom, after the joint owners concluded they would secure a higher valuation for the business when its 4G telephone services take off. Orange and Deutsche Telekom – which has [...]
Moneysupermarket energy switching revenues jump 200pc January 14, 2014 A sharp increase in people changing energy providers has provided a staggering revenue boost to price comparison site Moneysupermarket's energy switching service. In a statement this morning, the web-based business said that revenues from switching were up almost 200 per cent in the fourth quarter, in the wake of the price hike announcements from energy firms [...]
Carney hunting risky investors and brokerages January 8, 2014 INVESTMENT funds and broker-dealers are next in line for tougher regulations, a global group of watchdogs said yesterday. The Financial Stability Board (FSB), headed by Bank of England governor Mark Carney, has already sought out global systemically important financial institutions (G-SIFIs) in the banking and insurance sectors. Now it wants to find the riskiest firms [...]
Insurer says disasters caused less death and damage during 2013 January 7, 2014 NATURAL catastrophes like floods and storms claimed more than 20,000 lives and caused around $125bn (£76bn) in damage worldwide in 2013, well below the average of the last decade, reinsurer Munich Re said yesterday. The world’s largest reinsurer said Supertyphoon Haiyan, which struck the Philippines, China and Vietnam in November, was probably the strongest tropical [...]
Drivers foot bill as car insurers pass on £200m in extra costs December 17, 2013 THE PRIVATE motor insurance industry is passing between £150m and £200m in extra costs on to consumers every year, a report from the Competition Commission has found. Gaps in the settlement process for non-fault claims, overcharging for hire cars and inadequate repairs are behind the rising premiums, according to the report. It also concludes that a [...]
Our at-a-glance guide to Osborne’s mini-budget December 5, 2013 Growth up, borrowing down, yet the debt is still rising. Another raid on the banks, but shops to gain from reduced business rates THE UK ECONOMIC OUTLOOK● The Office for Budget Responsibility (OBR) has revised up its forecast for economic growth and revised down its prediction for inflation. It expects unemployment to drop quickly next [...]