Archive for September, 2008
AA Reports Latest Road Casualty Figures
A recent report by AA car insurance said that one third of fatal road accidents last year were caused by loss of vehicle control and temperament, asking drivers to pay more attention to the road.
For example, crashes among young drivers, in particular males, could mostly be attributed to driving speeds and behaviour behind the wheel. [...]
Washington Mutual Taken Over By JPMorgan
Washington Mutual collapses under the continued onslaught of economic pressures in the largest US bank failure in history.
JPMorgan Chase took over the failed savings and loan giant for a $1.9 billion deal announced by the US FDIC on Thursday. Washington Mutual, also known as WaMu, was the latest bank to fail due to heavy exposure [...]
FSA Fines Hastings Direct For Error
Hastings Direct, one of the UK’s largest car insurance companies, was fined a massive £735,000 after cancelling 4,550 policies when the insurer discovered the customers had been under-priced, according to the Telegraph.co.uk.
Last summer, between July and September, several customers were inadvertently offered lower premiums due to a software error. In some cases, customers saved as [...]
Fronting Non-Insured Drivers Could Cost Companies
According to a report by Norwich Union, managing directors and company owners are finding their insurance policies invalidated due to “fronting”. An example of fronting is when a businesses uses their policy to insure people not directly associated with the company, such as a teenage child.
A technical manager at Norwich Union, Mike Smith, said: “From [...]
Summer School Holidays See Home Insurance Claims Rise
Insurance claims usually go up when the little ones are on their summer holidays. Families are making claims for more than £500 as a result of accidental damage related to children getting into mischief, says the Guardian.co.uk
Typical claims include drinks being spilt on furniture and carpets, damage to electrical equipment and other personal belongings, as [...]
American Insurer AIG Says UK Division Steady
AIG, the troubled US insurance giant that only last week was saved from collapse by the Federal Reserve, says UK operations are “back to usual”, according to BusinessInsurance.com.
AIG UK Ltd has broadened its PrivateEdge D&O product including special programmes for private companies, partnerships, not-for-profit organisations, an other groups. AIG is eager to put last weeks [...]
Tax Burden Pushing Away Major Insurers
The UK’s corporate tax regime is causing several large insurance companies to consider moving outside the country, according to the Daily Mail.
Two of the more recognised brands, the Prudential and RSA Insurance are among the many making the exodus to lower-taxed countries such as Germany and Ireland. HSBC is also considering a move.
British companies earning [...]
AIG Puts 90-Day Delay On UK Money Withdrawal
As U.S. Insurance giant AIG managed to stay afloat with last minute bailout funds, their UK customers are being told they must wait at least 90 days before they can withdraw their money.
AIG is trying to reassure their customers not to panic as investors have already begun to withdraw their investments, according to This is [...]
Lehman Collapse Ripples Across Pond To UK
As with most U.S. financial troubles in the past 12 months, the Lehman Brothers collapes too has spread to the UK with thousands of jobs already lost.
Some of Britains biggest companies were shaken as worry spread across the capital’s financial district. Volatile trading ensued as the market headed for a 2nd day of losses during [...]
AIG Bailed Out By The Fed
The once formidable U.S. insurance giant AIG was rescued by a massive $85 billion emergency fund for nearly an 80% equity stake, says the Daily Mail.
AIG’s near collapse comes at the heels of Lehman Brothers demise as the credit crunch continues its toll on major finance related companies. Unfortunately for Lehman, U.S. authorities denied bailing [...]
