An antitrust regulator in the U.K. is beginning a probe into the increasing private auto insurance premiums in the country, as a precursor to actions that may be taken to alter and better the way the marketplace functions. The Office of Fair Trading (OFT) will examine evidence regarding the increases in price that occurred annually over a five year period and will work with the Financial Services Authority and the Ministry of Justice throughout this investigation. The OFT says that it will release its findings in December. According to a…
Read MoreTag: uk auto insurance
The price of equality to women’s auto insurance premiums in the U.K.
Following a new equality regulation that prohibits insurers from using gender to help determine what a driver’s premiums will be, young female drivers may soon be paying more to compensate for the fact that being male can no longer be considered to be a risk factor. According to auto insurance brokers Adrian Flux, the new increased rates will begin as early as December 2012. It is at that time that insurance companies in the United Kingdom will no longer be able to benefit from an exemption that currently allows them…
Read MoreAuto insurance in China now includes Swiss Re and Munich Re
With the goal of growing their premiums, both Munich Re and Swiss Re Ltd. have announced that they are headed into China to assist local auto insurance companies in the writing of a greater amount of coverage within the largest auto market on the planet. The world’s second largest reinsurer, Swiss Re, has already stated that the premiums in China for the first two quarters have exceeded $1 billion, which is significantly higher than the $885 million that was seen by the same time last year. According to the Munich…
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…
Read More
