Tag: uk insurance

Flood Re plan find difficulty in the UK

Dan
UK Flood homeowners Insurance companies Flood Re Plan

Flood Re aims to replace existing flood insurance subsidy A flood insurance plan in the United Kingdom is in threat of falling through because of the government’s refusal to provide a financial backstop. The plan, called Flood Re, is meant to provide flood insurance coverage to homes and properties in high risk areas in the UK. The plan is meant to replace a subsidy that provides flood insurance coverage to consumers in high risk areas, which is scheduled to expire in July 2012. If the subsidy expires, more than 200,000…

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Life insurance business shut down, cutting 139 jobs

H. Cutner
Closed life insurance business

Scotland’s largest insurer will be eliminating its U.K. unit as it moves away from the sector. Standard Life Plc, the biggest insurer in Scotland, will be leaving the life insurance industry, leaving 139 people from its United Kingdom unit out of a job. The majority of the positions will be lost in Scotland, within several different divisions. Standard Life insurance jobs will be lost in the marketing and advising divisions, as well as in information technology, according to a statement from the company. The insurer has said that it has…

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Insurance news from London has insurers under fire due to riots compensation

Riot Insurance claims News

Many policyholders have faced significant delays in receiving their payments. In August of 2011, businesses throughout London were faced with significant damage due to massive rioting throughout the city, and the latest insurance news has shown that many have not yet been compensated by their insurers. It is estimated that one third of the businesses hadn’t received anything four months after making a claim. One out of every three claims made by businesses following the rioting have made insurance news because they hadn’t received a single penny to help to…

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Homeowners insurance claims rise following Mischief Week in the U.K.

Vandalism Homeowners Insurance Claims

Estimates are saying that over five million houses have already been damaged. The most recent estimates are saying that more than five million houses in the United Kingdom have experienced damage this week, leading to another round of homeowners insurance claims related to “Mischief Week”, which includes Bonfire Night and Halloween. Predictions are suggesting that this will lead to about £1.4 billion in repair costs. This means that each affected property will receive an average of £273. The most common cause behind these damages is thrown eggs. However, 1.5 million…

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Payment protection insurance sparks disputes in the United Kingdom

Nordstrom
Homeowners insurance New Jersey

UK PPI coverage the subject of controversy The United Kingdom’s Financial Ombudsman Service, a mediation organization that works to settle disputes between consumers and UK businesses, has released information concerning the population’s stance on payment protection insurance (PPI). PPI is a type of insurance that is meant to protect loans and ensure repayment. This type of insurance is quite popular in the UK, but not amongst consumers. It is being reported that UK consumers are complaining about this type of insurance coverage, and the companies providing the coverage, in droves. Claims that…

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