Increase in potholes gives rise to a surge in breakdown car cover claims
Posted on January 17th, 2011
Potholes are likely to escalate the number of breakdown car cover claims being made in the UK, according to an insurance provider.
Consumers are being advised to compare savings on car insurance deals following the recent spell of bad weather . In recent weeks, snow and ice has engulfed most of the UK and the AA has warned breakdown car cover holders to be on the lookout for an increasing number of potholes on roads across the country. The provider indicated that many driving surfaces are “on borrowed time”, because of the combination of these hazards along with snow and heavy rain.
Simon Douglas, director of AA Insurance, stated that the last few years have seen an upturn in such problems. Read more…
Tags: Car Cover, Car Cover Claims, Claims, Cover Claims
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Twitter vs. Web for Crisis Communication at B of A
Posted on January 17th, 2011
Banks are still juggling how best to use social media to communicate to customers — especially when other systems go down.
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At around 7 a.m. Friday, Bank of America Corp. experienced a partial outage of its online banking service. The Charlotte, N.C., bank used Twitter to get the word out, but it did not announce the outage on its home page. I
Arag reveals divorce insurance plans
Posted on January 15th, 2011
Legal expenses insurer, Arag, has revealed that it is considering launching divorce insurance in the UK, following a government announcement that almost all Legal Aid for divorce disputes settled by the courts is to end.
Justice Minister, Jonathan Djanogly, has already highlighted the need for insurance to cover divorce-related legal costs, and speaking on BBC Radio 4’s Money Box programme on Saturday, Arag managing director, Tony Buss, said he would be examining the German market over the coming year, where couples can typically buy €30,000 of cover for €100.
Policies have a waiting period, usually three years, before they can be triggered and carry an excess in the region of £500 per partner.
With regard the UK market, Mr Buss said that insurers have previously shied away from divorce insurance as it has not been regarded as socially unacceptable, but that he is hopeful launching a product in 2012.
How One Bank Is Counterattacking the Zeus Threat
Posted on January 13th, 2011
Tompkins Financial Corp. of Ithaca, N.Y., is one of many financial institutions that have been attacked by the sophisticated malware known as Zeus. Now it’s fighting back — with sticks.
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To protect the funds of its largest commercial clients, which use its services to transfer up to $18 million at a time, Tompkins offered them a free USB stick. T
Home insurance main target for fraudsters
Posted on January 10th, 2011
Home insurance is now the number one target for insurance fraud, with latest industry data showing that 170 of the 335 fraudulent insurance claims detected each day, on average, are cheating householders.
According to the Association of British Insurers (ABI), typical fraudulent household claims involve “accidental” damage to carpets and furniture due to drink spills, which have been caused deliberately.
However, fraudulent motor claims are the most costly: 108 bogus motor insurance claims, worth £1.12 million, are exposed by Britain’s insurers each day, out of a total of £2.3 million in fraudulent claims.
Read more…
Tags: Home Insurance, Target
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Geneva Association Secretary General Looks Ahead at Insurance Issues in 2011 and Beyond
Posted on January 9th, 2011
Responding to media calls, Patrick M. Liedtke, Secretary General and Managing Director of leading international insurance think tank, The Geneva Association, today outlined key issues for the insurance industry in 2011. He selected two near-term issues, regulation and financial stability, and two longer term issues, climate change and demographics, from the set of issues that the Association is working on. His comments were as follows:
Regulation
“The direction of international insurance regulation is going to be critical for the industry this year. M
Tags: Geneva Association, Issues, Secretary General
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