Fraud costs UK £30 billion with £2 billion lost in insurance fraud
The National Fraud Authority (NFA) has released the UK’s first comprehensive fraud estimate which estimates that fraud costs the UK over £30 billion a year or £621 per adult. The public sector accounts for 58 per cent of the total figure, the private sector 31 per cent and fraud against individuals 12 per cent. The public sector amount represents a relatively small percentage when taken in context of the sector’s overall turnover. For example, within this figure tax fraud, the highest single area of fraud loss, estimated at £15.2... Lire la suite
Space insurers expected to generate more than $400 million in profit for 2009
Space insurers are expected to generate more than USD400 million in profit for 2009 provided there are no claims before the end of the year, according to Aon’s International Space Brokers, the largest specialist risk adviser in this sector. The space insurance market has been very profitable over the last five years and this will inevitably lead to more competitive premiums for satellite operators in the New Year as the capacity for space risks continues to increase. In 2009, more than USD800 million of premiums is expected to be paid for ‘all... Lire la suite
Cost of big freeze on households reached £2 billion
Millions of Britons will be forced to fork out for hefty snow-related repairs to their homes from their own pockets, according to a new report. The cost of last month’s big freeze on households topped £2 billion – and millions of homes were uninsured. An estimated 5.9 million homes were hit with average repair bills of £343, a report by a leading home insurance company, revealed. Its research suggested that just one in five of those households, or 21%, were insured for the emergency. That means a total of 4,779,000 households were... Lire la suite
Reinsurers had good fortune
Reinsurer underwriting results were better than expected due to the unusually low level of natural catastrophes in the third quarter according to the last Aon Benfield report. Reserve releases from prior accident years also aided results. Investment income suffered due to lower interest rates and lower yields on comparatively more conservative and shorter term investment portfolios of reinsurers in the wake of a very uncertain investment valuation environment. Capital benefited greatly from the material advances in fixed income securities valuations,... Lire la suite
Car insurance premiums could rise by 15% in 2010
A 2009 rise of almost 20% in car insurance premiums could be followed by a further hike of 15% in 2010, according to Consumer Intelligence. The market research firm puts the current average annual car insurance premium at £564.19, with 17 to 24-year-olds bearing the brunt of last year’s increase, at almost 25%. For this age group a typical annual premium stands at £1,489 while for the 65s and over the rise has been around 15% to £423. Best placed are 55 to 64-year-olds who pay around £376 a year to insure their vehicles. Consumer Intelligence... Lire la suite
