What is there to complain about this week?
The private car insurance market will face one of its biggest challenges when the EU gender directive comes into force at the end of this year, according to financial research company Defaqto. The firm says providers will have to fight to retain their female driver business in the face of rising premiums while supplying cover for the riskier male driver.
One in 10 homeowners don’t have adequate insurance, according to MoneySupermarket.com. The comparison site found that almost 3.5 million UK householders were missing out on some form of home insurance and only have either buildings or contents insurance - not both.
UK mobile phone network 3 has stopped selling insurance following a sharp rise in fraudulent claims. The popularity of smartphones has resulted in an increase in mobile insurance fraud levels, with lost phones being one of the main fraudulent claims.
Another survey by MoneySupermarket.com reveals that 10% of the UK’s population would consider submitting a fraudulent claim to their insurance company. Of the 4.3 million who would consider committing a fraud, 780,000 people have already done so at least once in the past five years.
Lucrative exit Outgoing Legal & General chief executive Tim Breedon came under fire in the press this week for his £3.27m golden goodbye. Breedon is also chairman of the ABI, which has campaigned in the past against high executive pay.