Live Insurance News

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

July 15, 2015July 15, 2015 S.Vagus

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…

Bicycle insurance grows more popular with popularity of cycling

June 30, 2015June 27, 2015 H. Cutner

Throughout the United Kingdom, a rising number of people are biking to their destinations. In the U.K., cycling has become notably more popular for people who want to travel a short distance without using their cars, and this has led to a growth in the number of customers who are purchasing bicycle insurance policies. According to the customer data that has been released by Aviva, those numbers have risen considerably. In fact, according to the bicycle insurance figures that were produced by Aviva, there has been a growth of 75…

Life insurance requirements are greatly underestimated by consumers

June 12, 2015June 11, 2015 Julie Campbell

According to recent research, the average policyholder should have $46,000 more coverage than they have. The majority of people who should be covered by a life insurance policy don’t even have one, but among those who do, the results of a recent study have suggested that they have typically underestimated the amount that they actually need. This means that if the worst should actually occur, the insurance payout may not be enough to cover beneficiary needs. SunLife recently conducted a study that has shown that the average payout from a…

Lloyds Bank insurance news sees $180 million in fines

June 9, 2015June 6, 2015 H. Cutner

U.K. regulators have imposed the penalty on the massive banking group for mishandling of customer complaints. Lloyds Banking Group recently found itself on the losing end of some insurance news as regulators in the U.K. stated that they had imposed a fine against them, which will come to about $180 million. The fine is meant to be a penalty against the banking group for mishandling customer complaints. The insurance news was focused on the way that Lloyds Bank managed the customer complaints that were being filed about a type of…

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

April 23, 2015April 22, 2015 Logan B.

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…