Over the last 10 years there has been an explosion in the so called “No Fee†compensation cases, and this area of business seems to be growing at an alarming pace. While these arrangements are ideal for the person claiming some form of compensation or financial redress, there are signs that all may not be as it seems.
So how do these advisers actually make their money?
A report into the Insurance industry has highlighted the massive levels of suspected fraud, which is estimated to cost the industry in the region of £1.6 billion a year - or £40 a year in extra premiums for each insurance policy holder in the country.
There has long been an uneasy relationship between the public and insurance companies, who are often accused of withholding insurance payouts, or inserting small print which effectively reduces the value of policy claims. This tense relationship has worsened over the years as insurance premiums rise, and policy holders (often forced by law to hold such insurances) struggle to keep up with payments.
For years the UK has been renowned as an animal loving nation, with cats, dog and other pets common in every day life. While the market for pet food, toys and bedding is enormous - and people do not mind spending upwards of £100 on their pet - the pet insurance market is seen by many as an expensive gimmick - but is it?
UK Regulator the Financial Services Authority (FSA) is demanding a change in the way in which insurance companies “cold call†customers to sell them financial products. After carrying out a detailed review of “cold calling†techniques the FSA have highlighted a number of areas of concern, and formerly requested immediate changes.
As the cost of dental care continues to increase, along with the list of people waiting to join the few NHS dental practices still accepting new patients, many people are now look at dental insurance as a viable route to speedy treatment. Is it economical and is it worth it?
There is no doubt that the NHS dental service is on its knees with a massive increase in the number of patients, and an even larger increase in cost. As well as queues to actually join NHS dental practices, the waiting time for existing pateitns can still be any where from a few weeks to a few months - although there are a small amount of emergency appointments available for urgent situations.
Car Insurance search engine, www.confused.com have delivered a damming verdict on the prospects for UK car insurance premiums, as claims continue to outstrip premiums in a worrying trend.Â
What will this mean to you?
While the car insurance sector is forever on the receiving end of heavy criticism, it appear the industry leaders have been holding premiums at uneconomical rates for some time. The fact that it was only by using past profits, that the insurers were able to hold rates at current levels, seems to have missed by many, however there has been a market increase in claims, and associated costs, over the last few years.
