Car insurers set to face inquiry over charges May 31, 2012 THE car insurance industry is set to be investigated by the competition watchdog after it used the cost of repairs and replacement vehicles to jack up premiums by £225m a year. Insurers compete in a “dysfunctional” manner, said the Office of Fair Trading, as it referred the sector to the Competition Commission. The OFT said [...]
Car insurers in black for first time since 1994 May 28, 2012 HEFTY increases in premiums could cause the UK car insurance business to record an underwriting profit for the first time since 1994, according to a new report by Deloitte. Last year the sector had a combined ratio of 106 per cent – meaning it paid out £106 for every £100 it earned in premiums, equivalent to an [...]
How to get cheaper car insurance May 27, 2012 KNOWLEDGE is power. And the first thing to know about car insurance is that getting it is a negotiation. In any negotiation, access to information is rarely symmetrical. Those with greater knowledge have more power and in this instance it’s impossible to know more than each firm. This is why you need to shop around. [...]
Shareholder spring targets UBM board pay May 14, 2012 THE SHAREHOLDER spring yesterday hit another leading firm as media group UBM announced it had narrowly avoided defeat on its executive pay deal. More than 47 per cent of investors failed to back the directors’ remuneration report, a result that would have been considered extraordinary before a recent spate of shareholder rebellions against pay levels [...]
Ageas reports loss but strong growth in UK May 14, 2012 BELGIAN-based insurer Ageas yesterday recorded a net loss of €84m (£67m) for the first quarter, mainly as a result of outstanding issues stemming from its former identity as part of failed bank Fortis. The loss was less than analysts had expected, and the firm’s insurance division achieved a strong 15 per cent rise in net [...]
A Facebook bank is far more likely than you imagine May 13, 2012 THE internet gives banks innovative ways of providing services to customers. But it also brings new dangers. Online giants like PayPal, Facebook and Amazon are leading the way on customer experience. Could they go further, and take on banks directly? Facebook has already moved into the world of “virtual currency”. Facebook Credits, costing 10 cents [...]
Shareholder Spring claims new casualties May 10, 2012 THE SHAREHOLDER Spring continued to blossom yesterday as investors rejected another executive pay settlement. Pendragon, Britain’s leading car dealer, was forced to back down on plans to increase its directors’ pay packets after 67 per cent of shareholders voted against its remuneration report. Meanwhile almost half of Trinity Mirror investors voted against the proposed pay [...]
RSA moves away from motoring with growth in newer markets May 3, 2012 INSURANCE group RSA said it was off to a good start to the year as newer markets offset a slump at its car insurance business, More Than. Net written premiums rose five per cent to £2.2bn in the first quarter of the year, thanks to a rate hike coupled with a one per cent uptick [...]
Ministers promise to fight against dubious claims of whiplash May 2, 2012 MINISTERS yesterday urged motor insurers to lower the cost of car insurance, while promising to fight against spurious whiplash claims that have pushed up the cost of premiums. Transport secretary Justine Greening chaired a Whitehall meeting that looked at ways of tackling a “compensation culture” that has pushed the number of claims up by 70 [...]
Admiral sales motor ahead but share price is stuck in reverse April 26, 2012 SHARES in motor insurer Admiral fell yesterday despite it posting a nine per cent increase in sales. The Cardiff firm, which owns price comparison website Confused, said first quarter group turnover hit £586m but said there had been “no change in claims trends” compared with the final quarter of 2011, when payouts to customers fell [...]