Cold weather could result in huge insurance claims

It has been claimed in a recent report that the cold weather that has swept across Britain could result in a billion pounds worth of insurance claims this year. The claims has been made by the Association of British Insurers, which believes that the cold weather is going to cost insurance firms dearly, with claims being made for all sorts of weather related damage.

Just over one billion is said to have been paid out to homeowners by insurance companies last year following what turned out to be the coldest winter in thirty years, according to the ABI. The association warned that damage such as leaks and burst pipes could cost insurance firms a massive £11 million per day this year.

The Insurance Information Institute reported that last year winter storms and weather cost insurance firms in the United States around $770 million, and this was said to be the lowest total in eight years.

The freezing weather and sub-zero temperatures in the UK have resulted in many schools being closed and chaos on the roads of Britain. With temperatures continuing to plunge many people will find themselves having to cope with problems in the home, for which they may end up having to claim from their insurance firms.

Consumers are urged to make sure that they have winter insurance cover in place, and make sure that it is adequate and covers their needs in order to ensure that they are able to make a claim should any problems arise. Homeowners should also make sure that their heating is serviced so that it does not break down and to reduce the risk of pipes freezing and bursting.

Tags: home, business, Association, huge insurance claims, coldest winter

Mortgage fraud made possible with fake payslips from the Internet

Mortgage fraud is an issue that has been at the centre of a crackdown in the UK, with the difficult mortgage conditions that have been seen over the past couple of years resulting in a surge in mortgage related activity. An investigation was recently carried out by a national newspaper, the Observer, with one of its reporters finding out just how easy it can be to commit mortgage fraud. Read more

Tags: Observer, mortgage related activity, worth, search, mortgage, Consumer fraud, Mortgage fraud, controversy

Widow fined £800 by Northern Rock

A woman who previously had tens of thousands of pounds worth of savings with ailing bank Northern Rock was outraged when she was hit with an £800 fine from the bank for withdrawing her savings, even though she had followed the procedure required in order to avoid these charges. The elderly widow, Mrs Heather, had savings of £173,000 with Northern Rock, but like many other customers decided that she wanted to withdraw her money when Northern Rock ran into problems in September 2007. Read more

Tags: finance, error, fine, savings, worth, interest, face financial penalties, account mrs

Children lost millions through misbehaviour

Misbehaving boys and girls missed out on millions of pounds in pocket money this year, according to research from Abbey Banking.

Over 40 per cent of Britain’s 11 to 15-year-olds had their pocket money docked at some point during 2007.

The research showed that parents took £40 million worth of their children’s pocket money.

Steve Shore, head of banking at Abbey, said: “Parents have long since wielded pocket money as a powerful weapon with which to influence their children’s conduct.

“Being on their best behaviour can clearly pay real financial dividends for Britain’s money motivated minors.”

According to the findings, Britain’s naughtiest children can be found in the north where 45 per cent aged between 11 and 15 had their pocket money stopped during the year.

The best behaved children could be found in the midlands where only one in three had their money stopped.

More research from Abbey Banking revealed that two thirds of people have a bar strategy when drinking with friends.

Almost a quarter of British drinkers confess to buying early in order to maximise financial returns from friends.

Tags: Banking, bank, Grupo Santander, GBP, maximise, Farm

Barclays share prices fall

Rumours surrounding emergency loans allegedly taken out by Barclays Bank from the Bank of England have resulted in the bank’s shares taking a tumble. The UK banking giant recently saw its shares fall to their lowest level in two and a half years. In August rumours began when the bank is said to have taken two emergency overnight loans from the Bank of England. The bank has defended its actions, stating that the loans were due to technical difficulties, but with the crisis that hit Northern Rock still fresh in the minds of many it was inevitable that Barclay’s actions would eventually affect its share prices. Read more

Tags: recent additions, bank of england, finance, worth, loan, United Kingdom

Insurance : Do You Care More About Your Pet Than Yourself?

Latest figures from the UK’s insurance industry show that over half of the nation has no life insurance cover. Only 1 in 5 of us has any accident insurance. And less than 1 in 10 of us will take out any type of income protection insurance. By themselves these figures should be a little concerning, but when you add the fact that 1 in 4 of us in the UK has some form of pet insurance, you start to wonder whether or not our world-wide fame for being a nation of animal lovers may have gone a little too far! Read more

Tags: thinking, worth, prudent financial management, pet insurance, protection, Credit card, bonus, Human Interest