UK auto and homeowners insurance rates to rise due to increased tax

insurance rates rise

20 million consumers to be affected by increase insurance rates As many as 20 million drivers and homeowners in the United Kingdom are expected to see their insurance premiums rise by as much as 10% due to a new tax levied on insurance providers. The tax is part of an overall budget plan introduced by George Osborne. The budget plan introduces a 50% increase on the country’s insurance premium tax, which is applied to all auto insurance policies, as well as property and pet insurance coverage. Budget plan raises the…

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

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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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Auto insurance rates are on the rise in the UK

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Insurance rates are growing in the United Kingdom, and there may be no end in sight Auto insurance rates in the United Kingdom has grown for the first time in two years, and they may continue to rise in the coming years. According to AA Insurance, rates throughout the country are on the rise due to numerous factors. Changes in the national market, new trends emerging among drivers, and other factors can influence the cost of auto insurance. The losses that insurance companies see from natural disasters and other market…

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Continuous aftershocks plague New Zealand spells out bad news for insurers

Several months after a destructive earthquake struck New Zealand, the city of Christchurch is still plagued by violent aftershocks. According to Chris Ryan, head of the Insurance Council of New Zealand, the persistent aftershocks bode ill for the nation’s insurers. Ryan is warning citizens to prepare for dramatic changes coming to the insurance industry as many companies begin to see New Zealand as a high-risk nation.  Many of the insurance companies operating in the nation, particularly property insurers have been ramping up rates in an effort to recoup their losses…

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