September’s Insurance News Round-up: a month in headlines

Cadbury chocolateChocolatier insures palate for a tasty £1million

Cadbury’s have put their money where their mouth is by insuring one of their chocolate experts taste buds’ for £1million. Hayleigh Curtis is part of a 300 strong innovation team dreaming up new recipes (and testing old ones) at Cadbury’s HQ in Bourneville. The policy has been arranged by Lloyds of London under the strict condition that she steers clear of red hot vindaloos, avoids dining on the potentially fatal fugu fish and doesn’t try her arm at sword swallowing.

Another Insurance Premium Tax adds to cost of cover

It’s bad news for consumers as Insurance Premium Tax (IPT) has risen by another 0.5% to 10%. The change may sound small but considering that IPT was just 6% at the start of 2011 it marks a rising trend. IPT is a government levied tax added to a number of insurance products including: car, home, medical and pet. The Treasury has earmarked the estimated £700million revenue to boost spending on flood defence and resilience. Younger drivers are expected to be hit the hardest with IPT adding £150 to the average policy.

New 66 plate has plenty of potential to offend

The party-poopers at the Driver and Vehicle Licencing Agency (DVLA) have withdrawn a handful of new 66 number plates which could be viewed as offensive. Every six months a new registration is released and this month’s 66 plate could be read as GG. Plates that have been removed include HU66 NOB, BU66ERS and OR66ASM, plus some others that we probably shouldn’t print here. The list of banned plates now runs to 10 pages and the DVLA has the power to withdraw any plates that may have slipped through the net.

Police raise £3million a year from selling uninsured vehicles

There’s no excuse for driving without insurance and law breakers can expect to be severely punished. Figures released by a leading insurer have revealed that the Police in England and Wales have netted £1.6million by selling and scrapping confiscated cars in the first six months of the year. Anyone caught driving without insurance will receive a £300 fine and six penalty points. If the case goes to court the driver could receive an unlimited fine and be banned from driving. The police have the authority to impound any uninsured vehicle and it will only be released once the fine has been paid and insurance arranged. Over 22,500 vehicles were seized by police in the first half of the year.

Putting a price on cyber risks

A survey by auditing giants PwC has revealed that the number of businesses protected by cyber security insurance has fallen from 59% to 38% over the past year. The surprise findings are against a backdrop of high-profile hacking cases and data breaches. PwC put the figures down to the fact that “The amount of cover insurers offer does not come close to the potential losses seen by companies from a truly damaging cyber attack” and cite the plummeting profits of Talk Talk as an example. Cyber risk insurance is still maturing as a product and is anticipated to see widespread growth in coming years.



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