What is there to complain about this week?
The story keeps rolling on. The number of general insurance intermediation claims to the Financial Services Compensation Scheme has more than trebled in the past year, from 2,513 in 2009/10 to 8,102 in 2010/11, new figures show. And guess what? All but 101 of the claims relate to payment protection insurance complaints.
Labour Liverpool MP Steve Rotheram called in the House of Commons last week for the government to step in to curb excessive insurance premiums for construction companies.
What’s the top worry for the London market? That’s right: regulation. International Underwriting Association chairman Stephen Riley told the association’s annual meeting that his members are concerned about uncertainty over the government’s plan to reform financial services regulation.
Marketing is child’s play
Now they’re giving away free toys. In a new promotion, customers who buy insurance through Comparethemarket.com will have a choice of Aleksandr, Sergei or four new meerkat friends.
General insurance profits are down thanks to higher operating costs and an increase in reported claims, according to the latest Confederation of British Industry/PricewaterhouseCoopers quarterly financial services survey. But the good news is that premium income is up, as is confidence within the GI sector.