Unforced entry claims on the rise
Research from a leading UK insurer revealed that a staggering 29 percent of householders admitted to leaving spare keys somewhere outside their property with favourite hiding spots including – yes, you’ve guessed it – garden gnomes as well as doormats and plant pots. But more importantly the policy may be void and the insurer may not pay out.
Home Insurance premiums continues to fall
The cost of a combined buildings and contents insurance policy has remained static over the past three months, with just 5p added to an average home policy premium, says the AA's latest benchmark British Insurance Premium Index. The Index's Shoparound quote shows that the premium for a combined policy stands at £163.06.1 But this is 5.3% less than a year ago.
However, the general view is that prices have reached bottom and will start to rise.
The recent confirmation that Flood Re, the insurance scheme designed to allow homes most at risk of flooding to obtain affordable insurance cover, will finally enter the statute books later this year is welcome news. It will be funded by a levy of around £10 on all home insurance buyers.
Regular boob
The City regulator has been censured for adopting a high-risk and inadequately controlled strategy when a press briefing about its review of the life insurance industry led to £3bn being wiped off the value of insurance company shares.
Developments in the insurance space so far in 2015
The announcement by Aviva that the agreed, on-going merger with Friends will result in 1500 redundancies. Towergate have done a deal with their bankers to write-off a significant part of their estimated £1bn debt in return for a controlling stake in the business, it is unclear what impact, if any this will have on owned subsidiaries of Towergate, Paymentshield and Berkley Alexander. General Insurance provider Select & Protect announced restructuring plans in February which will result in an undisclosed number of redundancies.
