Auto insurance fraud could lead to a spike in premiums in the UK

auto insurance fraud accident

Insurance premiums may rise due to insurance fraud Auto insurance prices in the United Kingdom may be in danger of spiraling out of control, according to AA Insurance. Over the past few years, insurance premiums have been falling for drivers throughout the country, but this may soon change if action is not taken against the growing problem of insurance fraud. AA Insurance suggests that fraud is becoming a very problematic issue in the auto insurance sector, with insurers facing significant financial losses from fraudulent claims. Fraudulent claims are having an…

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Cyber insurance is lacking in the UK

cyber insurance industry

Large UK firms may not see value in cyber insurance protection Cyber insurance may be lacking among large businesses in the United Kingdom. The British government has released a report that suggests only 2% of large British firms have insurance coverage that will protect against cyber attacks. The report was jointly released with Marsh, a prominent insurance company, and recommends that businesses begin taking the risks that exist in the digital world more seriously. Following several high-profile cyber attacks, businesses and consumers could be at risk of exploitation if they…

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UK homeowners insurance market may see its profitability streak end in 2015

UK Flood homeowners insurance program

Natural disasters are taking a heavy toll on homeowners insurance companies in the United Kingdom The cost of homeowners insurance may be falling in the United Kingdom, and this could be bad news for insurance companies. Insurers in the UK have been profitable since 2007, but increasingly frequent natural disasters, particularly floods, are beginning to place insurance companies under significant financial pressure. In 2007, floods alone cost the insurance industry more than $1.5 billion in losses. By next year, the costs that insurance companies see are expected to surpass the…

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Flood insurance gaining more attention in UK

Flood Insurance

Storms again thrust flood insurance into the limelight British insurance companies continue to clash with the government as floods throughout the United Kingdom continue to draw attention to the need for a comprehensive flood insurance plan. Insurers have been backing the Flood Re program for the some, which aims to provide coverage for some 200,000 consumers that could lose coverage if the insurance agreement currently in place is allowed to expire. Flood Re is meant to replace this agreement, but the government continues to show concern over the financial prospects…

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South Korea to sidestep EU ban on maritime insurance coverage

oil insurance news

South Korea to resume providing coverage next month South Korea plans to sidestep sanctions imposed against Iran by the European Union and will continue to provide the country with maritime insurance coverage beginning next month. South Korea is the latest Asian country that has chosen to ignore the sanctions, which have instituted a ban on providing ships carrying Iranian oil with insurance coverage. The sanctions have been subjected to a great deal of criticism because of their potential to cause economic damage. The maritime insurance that South Korea provides is…

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UK insurance industry may be faced with higher claims due to legal reform

Insurance Industry News

Law Commission proposes changes to 1906 law United Kingdom insurers may be faced with higher claims due to a legal reform coming from Britain’s Law Commission. The commission has announced that a 1906 law which deemed a company’s insurance coverage invalid if they did not voluntarily offer up information when taking out new policies has had unintended side effects in the insurance industry. According to the Law Commission, the law enabled insurance companies to avoid playing claims due to technicalities, a problem that may be changed with upcoming reform. Insurance…

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Total SA natural gas leak births insurance nightmare as the industry tackles yet another man-made environmental disaster

Trouble is brewing in the North Sea where a major natural gas leak is causing problems for Total SA, a multinational oil company. The leak began at one of the companies abandoned platforms, dubbed the “well of hell” by environmentalists. Total is claiming that it will take at least six months to shut off the flow of natural gas due to high pressures within the reservoir beneath the platform. The company now faces serious backlash from the insurance industry for being at the heart of yet another man-made environmental disaster.…

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