More than 200,000 homes in England and Wales could go uninsured once a pact between the nation’s flood insurers and government comes to an end in 2013. The Association of British Insurers (ABI) has warned that these homes would have profound difficulty in attaining new flood insurance policies once the agreement comes to a close. The ABI has been examining data provided by the UK’s Environment Agency regarding the potential for severe floods in both regions of the country. The issue has highlighted a major problem in the UK’s insurance…
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Thousands of UK homeowners could lose their insurance coverage if a new deal is not worked out between the government and insurers
In the United Kingdom, an agreement between the government and the country’s insurance industry is scheduled to come to an end in 2013. The agreement was first struck in 2008, after severe flooding caused damage to homes a year earlier. The agreement saw insurers offering coverage to homes found in high-risk areas, where flooding is very common during rainstorms. The Association of British Insurers wants the government to shoulder some of the burden associated with covering these risk-prone properties, but if the government denies re-negotiating the deal, thousands of homeowners…
Read MoreAssociation of British Insurers says that cyclists are unaware of the severity of road cycling risks
The Association of British Insurers (ABI) has released a statement that urged cyclists to obtain insurance as inadequate coverage could lead them to face significant expenses if they are ever found responsible for causing an accident or if they are injured as a result of an accident. A spokesman for the ABI, Malcolm Tarling stated that it is quite likely that a cyclist will be injured if he or she is ever involved in an accident. He added that every month, there are 230 cyclists seriously injured or killed on…
Read MoreFirst Car Insurance Comparison App Launched in UK
A British price comparison service has become the first company to launch a car insurance price comparison app which is available to all iPhone and iPad owners. MoneySupermarket.com has teamed up with renowned app experts MIG (Mobile Interactive Group) to produce the app which retrieves car insurance quotes from over 100 different providers in a matter of minutes. The company says that it expects the app to prompt other comparison services to produce a similar service, with American insurers also likely to take an interest in the latest developments. High…
Read MoreReport shows insurance fraud is skyrocketing
The Association of British Insurers (ABI) has released a report with statistics indicating that there was an increase of 9 percent in fraudulent insurance claims between 2009 and 2010. The report showed that in 2010, there were approximately 133,000 fraudulent claims, with a value of £919 million. This indicates that there are an average of 2,500 false claims made every week by the public. In fact, over the past five years, the value and quantity of detected fake insurance claims has increased by 100 percent. It is estimated that the…
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