New and existing customer face increase averaging 20%
Legal & General has raised the cost of mortgage payment protection insurance (MPPI), covering new and existing customers, by as much as 39% the Times reports.
L&G has about 50,000 MPPI customers and has raised the cost of cover by up to 39%. The average premium will increase by about 20%, L&G said.
Earlier this year, Pinnacle and Hitachi raised the cost of insurance by 40%, while Norwich Union increased premiums by 30% in January and Paymentshield raised them by 20%.
MPPI claims soared 200% last year, according to the Association of British Insurers.
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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
