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Blogs from July 2013

Payment Protection Insurance Claims Peak

Payment protection insurance claimsThe amount of Payment Protection Insurance claim requests are seeing a decline compared to their all-time high but the levels still remain quite high. It is estimated that the banks reject around 10,000 PPI claims every week. The banks are still putting aside millions of pounds to deal with these claims of miss-sold insurance, but it has been said that the worst is behind them. The banks have already had to set aside over £14 billion pounds to compensate customers who have been miss-sold PPI. Cl[...]

James Savery, 30 July 2013Read More...

Insurance Fraud in the UK hits £1bn Yearly Cost

Fraudulent insurance claimsThe value of fraudulent insurance claims has been consistently rising and has finally topped a massive £1 billion in 2013. These costs are being felt by the consumers and the industry has said there will be no mercy in the fight against fraudulent insurance claims. The number of phony claims mounted up to 124,292 in 2012 which works out at a huge 2,390 a week. These claims are costing the insurance companies a total of £1.1 billion according to the Association of British Insurers (ABI). It is es[...]

James Savery, 26 July 2013Read More...

22,000 Possible New Jobs for the Insurance Sector

New jobs in the insurance marketBack in June we wrote a blog post on how 2000 jobs are going to be cut due to the competitive UK insurance market. However, according to analysts from PwC, sustainable and well regulated growth in the UK financial services market could generate 22,000 more jobs by the year 2020. PwC’s last report (titled: Where next? Assessing the current and future contributio[...]

James Savery, 22 July 2013Read More...

Is Holiday Insurance Worth the Cost?

Insurance FolderHundreds of thousands of Brits go on holiday every year. Many of us will have booked holidays to destinations such as Egypt and may not want to go any more due to the unrest that has been happening over there. If you decide not to go, your holiday insurance provider may not cover your cancellation costs – insurance providers will usually only pay out if the Foreign Office directly advises against travel to your destination. According to the Association of British Insurers, some policies still wo[...]

James Savery, 16 July 2013Read More...

Insurance 'Add-Ons' Face Review

Insurance Add OnsPurchasing holidays, cars and gadgets is all well and good. However, a lot of these purchases come with compulsory insurance policies attached to them. The city regulator is beginning to review these ‘add-on’ policies in the hopes of giving consumers a better deal. The market for these ‘add-on’ insurance packages comes to a total of £4 billion and regulators have been looking at them since December 2012. The Financial Conduct Authority is setting out to review the lack of choice and competition [...]

James Savery, 10 July 2013Read More...

Insurance Advice for the Self Employed

Office InsuranceA lot of people dream of being self-employed. No boss to answer to, work to your own schedule, take a holiday whenever you want and a chance to work at something you are really passionate about. On the other hand, there are a few downsides to not being employed by somebody else. You have to do your own taxes, you are solely responsible for your profits and you need to deal with getting your own insurance policies. Don’t be fooled into thinking that your home insurance policy will cover you if yo[...]

James Savery, 05 July 2013Read More...

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