Financial Advice
Search the site:
Search News
Find an IFA
Enter name, town or postcode
Bank Accounts
Credit Cards
Household Bills
UK Economy

UK Spotlight
News that Gordon Brown met the French president and the European commission on Monday has rather upset the German government who were left out of the talks. The talks were aimed at finding a...
Read More

Disclaimer adheres to the Financial Services and Markets Act 2000. This site contains only factual and readily available public information.

IVA Debt Advice Helpline
Cheap Loans
Home Insurance

Insurance News - Last Updated Friday 5th December 2008 Syndicate this
UK insurance rates are set to soar in coming years

Friday 10th December 2008

While the banking industry is under serious pressure from the government, the insurance sector is sure to come under close scrutiny over the next couple of years. It is no surprise that insurance companies have seen a major reduction in their incomes in light of the economic slowdown and stock market turmoil, and this reduced income will need to be covered by increased premiums.

We have already heard about substantial increases in business insurance premiums and this issue is sure to move into the household sector and motor vehicle sector in due course. At a time when few of the UK population can afford a serious hike in their insurance premiums it looks as though this is exactly what will happen. Even though many insurance companies have a reserve fund to cover the traditional economic cycle nobody had expected the current slowdown to be as severe and to last as long as it has.

As many insurances are compulsory there will be little choice for UK customers for example those who drive motor vehicles. Household insurance is one sector which may come under severe pressure with some families looking to reduce their cover and in some cases save money by cancelling their cover altogether - although this could turn out to be a serious error of judgement.

Full Insurance News Archive Return to Homepage

Other top stories in this section:
  • Home insurance shortfall highlighted by Axa
  • No-claims analysis released by Sainsbury's
  • Small business insurance costs set to rise
  • Abbey Home Insurance burglary warning
  • Insurance warning from esure

  • Financial Advice
    Pension Line
    Think Engine
    Life Insure

    © | Contact Us