Blogs from August 2013
Insurance Price recently covered the latest ‘flash for cash’ car insurance scam, but fraudulent road users are not the only ones abusing the system. A veterinary surgeon, Francisco Cruz, has been caught in the act. He was running an elaborate insurance scam, creating fake animals and claiming to have operated on them. None of these animals ever existed and none of his claims were legitimate. Cruz, formerly of Field View Close, Exhall, conned insurers, saying he had saved the lives of a multitude[...]
James Savery, 28 August 2013Read More...
In recent years, cyber security has been a hot topic, with more and more businesses feeling the need to insure their electronic assets in case of a hacker attack. A new study has been released, called ‘Managing Cyber Security as a Business Risk: Cyber Insurance in the Digital Age’. The cyber security study was conducted by the independent firm Ponemon Institute, and received sponsorship from the Experian Data Breach Resolution. The study revealed that more and more businesses are viewing the ris[...]
James Savery, 27 August 2013Read More...
The British Medical Association (BMA) has been accused of shady practices and hypocrisy after offering private medical insurance policies to all of its staff members. This is all despite having opposed government reforms to create a more competitive insurance market for healthcare. Doctors have a trade union – they have introduced a policy which allows almost 900 employees to exchange a cut of their wages for private health insurance. These policies have been criticised for offering free health [...]
James Savery, 23 August 2013Read More...
Similar to the PPI scam of recent years, Insurer CPP alongside 13 banks and credit card issuers have had to put £1.3 billion aside in order to repay millions of consumers who have been miss-sold CPP credit card insurance policies. The Financial Conduct Authority made an announcement, further piling on the embarrassment for the banks following a long list of past insurance-selling scams and scandals, causing the banks to have to set aside billions in order to pay back the customers that were misl[...]
James Savery, 22 August 2013Read More...
The UK’s insurance contract law is being changed for the first time in a century, which is providing a positive outlook for policy holders and potential claimants. It will be made harder for insurance companies to turn down a client’s claim on the grounds of the non-disclosure of relevant information. The new consumer insurance act came into effect earlier this year in April. This is the first major legal change that the industrial industry has seen in over 100 years, with the last change being [...]
James Savery, 21 August 2013Read More...
The future of the UK’s life insurance market is looking like a slow one according to reports that have recently been released. Life insurance had a small recovery in 2012, regaining a little momentum. However, its growth is likely to be thwarted by lingering issues within the economy, especially over the next 5 years. Timetric, a data provider, released a report titled ‘Life Insurance in the UK – Key trends and opportunities to 2017’ warned that the continued economic uncertainty is likely to af[...]
James Savery, 20 August 2013Read More...
Car insurance scams are nothing new to the UK or the insurance industry. A new type of car insurance scam is sweeping the UK right now, being dubbed as ‘flash-for-cash’. Put simply, this new scam involves the criminal flashing their headlights at a junction to signal the innocent party to drive on. However, when the victim sets off, the fraudster crashes into the other person on purpose. This scam is mainly targeted at vulnerable drivers, such as the elderly and women with children present in th[...]
James Savery, 19 August 2013Read More...
When a landlord invests in a property, a suitable insurance policy is usually swept under the rug when it comes to priorities. A standard home insurance policy will not cover all the landlord’s needs. This is because there are too many variables when it comes to renting out, such as third party damage. One of the main areas of concern is ‘what happens when my tenant fails to pay rent?’ Most landlord insurance policies will cover damage from tenants to the building, but the policy won’t stretch a[...]
James Savery, 14 August 2013Read More...
The Institute of Directors (IoD) has stated that becoming a company director is becoming ‘impossibly risky’ unless reforms are introduced. The IoD has warned that company directors are being placed under too much pressure under the event of legal action. It has been suggested that reforms should be brought in to make sure that the insurance companies are covering all applicable legal fees. These suggestions have arisen after the Financial Times wrote about the case involving the software company[...]
James Savery, 13 August 2013Read More...
Holiday season is here and many of us will be going away soon, abroad or staying in the UK. Before you go, it’s important to get yourself a solid holiday insurance policy. You also need to make sure that you know what you’re getting for your money and what you aren’t going to be able to claim for in the event of an accident, illness, and theft or flight cancellation. Finding a cheap policy is ideal, but it’s also important to shop for quality. First and foremost, you should remember that the Eur[...]
James Savery, 09 August 2013Read More...
A lot of workers are taking advantage of their employer’s health insurance plans. Costs usually increase steadily over the years and people are accustomed to this. However, premiums are rising – add in growing deductibles and medical costs are becoming a major problem, even for customers with high quality coverage. An increasing number of employers are choosing to offer a new product called ‘critical illness insurance’. This type of health insurance is designed to fill some insurance gaps caused[...]
James Savery, 08 August 2013Read More...
Shares for insurance company Esure have plummeted by 11% following the new rules to be imposed which will ban the sale of cheaper car insurance for women. The difference in insurance premiums started a row on gender equality, with people feeling that it’s unfair to charge a different price for a different gender. The ban has initiated more competition from rivals in the insurance market for female car insurance, causing Esure’s share price to drop. Esure’s ‘Sheila’s Wheels’ female-friendly brand[...]
James Savery, 07 August 2013Read More...