Blogs from September 2013
Across the middle of Georgia in the USA, approximately 1 in 5 people (not including OAPs) are living without a valid health insurance policy, analysis has shown. The report revealed that 83,625 people are lacking health insurance, which is a huge amount considering how important health insurance is. The program dubbed ‘Obamacare’ is launching in the region tomorrow, which will force residents to either purchase a health insurance policy or pay a fine to the government.
The US[...]
James Savery, 30 September 2013Read More...
The BBC have been putting UK recruitment agencies under fire recently, accusing them of selling personal accident insurance policies to their temporary workers. Here in the UK we are no strangers to insurance miss-selling, with miss-sold PPI and credit card insurance being all over the news in recent times. An investigation has revealed that recruitment agencies have been convincing many temporary workers to purchase these personal insurance policies even though they are unnecessary because empl[...]
James Savery, 27 September 2013Read More...
Thousands of businesses in the UK are risking substantial legal fines or bankruptcy because they do not possess a liability insurance policy, according to a leading insurer’s research. The insurance research revealed that a staggering 350,000 small businesses are lacking an employers’ liability insurance policy. It is a legal requirement for most businesses to have employers’ liability cover, risking a fine of £2,500 a day if they are caught. The Health & Safety Executive deals with these fines,[...]
James Savery, 24 September 2013Read More...
A taxi company based in the north east of England has suffered an insurance premium hike in the past 3 years, seeing an increase of 200%. The firm has decided to install state of the art CCTV equipment in its taxi fleet in an attempt to dramatically cut the cost of their insurance premiums. The firm in question, C&D Taxis, which is based across Tyne & Wear, has appointed security experts Hadrian Technology to install the cameras to their vehicles. The CCTV will record footage from inside and out[...]
James Savery, 18 September 2013Read More...
Health insurance policies are becoming more and more important these days, with healthcare costs increasing on a yearly basis. Despite all this, many consumers decide to go without a health insurance policy, seeing it as a luxury cost that they cannot afford. This may be true under some circumstances, but there are always ways to lower your insurance cost by opting out of additional cover that you don’t want or need. If you are looking to purchase a health insurance policy but are worried about [...]
James Savery, 17 September 2013Read More...
The International Financial Reporting Standards (IFRS) have proposed a change to the way that insurance contracts are accounted for under their systems, which is threatening to make insurance companies’ financial statements more and more complex and less understandable. The International Accounting Standards Board received a letter from the Financial Reporting Council, warning that measuring and presenting insurance liabilities under ‘other comprehensive income’ (OCI) is going to create a number[...]
James Savery, 13 September 2013Read More...
To put it simply, public liability insurance is purchased to protect your business in case a member of the public is injured, suffers damage to their property or is involved in a fatal accident while on your premises or in relation to your business activities. For example, if you run a retail business, a customer could slip on a spillage on your floor. On the other hand, you may damage a client’s property if you are a tradesman who is out on a job. Public liability insurance will protect you aga[...]
James Savery, 12 September 2013Read More...
One of the UK’s worst ever car pile-up cases took place in Kent yesterday, involving over 130 motorists on the Sheppey Crossing at around 7:15 am. The insurance bill for the vehicles damaged in the accident is expected to top £600,000. Motorists are starting to collect their vehicles today, which were stored in a secure location overnight. The crash left 8 people with serious injuries and 60 others with minor injuries, 35 of which had to be taken to hospital. As many as 120 are thought to have b[...]
James Savery, 06 September 2013Read More...
Buying and retaining an insurance policy for your pet is becoming more and more expensive over the years, with many consumers considering dropping their policies and paying for the treatments themselves. In theory, pet insurance is a great idea for any animal lover. You pay a monthly premium and any medication or surgery for your pet is paid for – everybody wins. However, veterinary costs are on the rise and more complicated and expensive medical treatments are being developed, which is having a[...]
James Savery, 05 September 2013Read More...
Honk Kong’s Insurance market has revealed very positive figures for the first half of 2013, with the industry growing by 14.5% in just 6 months. Total gross premiums stood at HK$143.7 billion (£11,849,860,500) at the end of June. Large quantities of these insurance premiums were in long term in-force business, which increased by 14.9% across the same period in 2012. According to the Office of Commissioner of Insurance, new long-term business premiums increased by 21.1% for the first half of 2013[...]
James Savery, 04 September 2013Read More...
Three insurance fraudsters have been caught trying to deliberately cause a crash between a coach and their car on the M57 motorway – the goal being to claim £150,000 in injury compensation from their insurance company. The 3 men involved have all pleaded guilty to the judge at Southwark Crown Court on the 20th of August, admitting involvement in this elaborate ‘crash-for cash’ scam, similar to the car insurance scam that we covered in our blog on the 19th of August. The scammers were covered by [...]
James Savery, 03 September 2013Read More...
It’s that time of year where thousands of students across the UK are preparing to move to, or return to University after the end of the previous year. One of the main things for students to overlook is their insurance policy. Some students assume that they are covered by their parents’ policy, some won’t even think about buying insurance and some will get confused and purchase a policy that is inadequate for their belongings. It is very easy to rack up a large contents bill when travelling to un[...]
James Savery, 02 September 2013Read More...