News Round-up: 30 Days of Insurance Headlines

Younger holidaymakers most likely to travel without insurance

As the holiday season warms up millennials are being urged to take out travel insurance before jetting off. A survey by the Association of British Travel Agents has revealed that 40% of holidaymakers aged 18-24 (and 38% of those aged 25-34) set off overseas without travel insurance mostly because they ‘don’t think they need it’ or are ‘willing to take the risk’.

The report highlights the growing number of young Brits who have had to resort to crowdfunding to cover expensive overseas medical bills. The Foreign and Commonwealth Office has welcomed the findings commenting that insurance “may feel like an added expense but it’s very worthwhile if you compare it to what you could end up paying if something goes wrong on holiday” and of course travel insurance covers much more than medical expenses.

Hiding penalty points could put you in court

A leading motoring organisation has been quizzing their customers about concealing penalty points and the report makes for interesting reading.  Nearly one in four motorists fail to come clean about penalty points which adds-up to nearly 7million motorists across the country. Car insurance premiums are calculated to reflect risk and penalty points push-up premiums, but failure to declare points can have disastrous consequences. Not only are dishonest drivers likely to invalidate their insurance policy, but they could be fined or even face prosecution.

Four in ten motorists have given their car a nickname

In an era of fake news, it’s sensible to take some headlines with a pinch of salt, nevertheless scepticism won’t stop you from reading some stories. Britain has a well-documented love affair with motoring, but it’s hard to believe that 40% of car owners have given their vehicle a nickname. However, that’s the claim made by a well-known second-hand car retailer, and they go on to claim that selling a car is comparable to the grieving process. Once the owner has decided on the gender of the car (Fiats, Minis, and Citroens tend to be female, while Mercedes, BMWs and Audis tend to be male) the owner can then christen the car. The popularity of names changes with the years and 2017’s most popular pet names are Kermit, Bruno and Drake (male) and Swifty, Unicorn and Dash (female).

British motorists are driven to distraction

Most motorists will admit to occasionally daydreaming behind the wheel, but a new study has revealed how often we take our eyes off the road and the findings are alarming. A leading insurer has been looking into what’s behind the 11million collisions held on motorists’ records and driver distraction is a big part of the problem. Nearly 20% of collisions are caused by drivers taking their eyes off the road and another 10% are caused by drivers failing to check their blind spot before manoeuvring. To add weight to their findings the insurer used eye tracking technology on 100 motorists and found their eyes were off the road for nearly 20% of the time. The lessons to be learned are clear; more concentration and less daydreaming.

Ransomware increases demand for cyber risk insurance

Until recently few people had heard of ransomware, but that all changed last month as the WannaCry cryptoworm worked its way around the world wreaking havoc on outdated and unprotected Windows operating systems. Within 24 hours more than 230,000 computers had been held hostage in 150 countries including many belonging to the NHS. As our lives increasingly move online cyber risk insurance is fast becoming a business basic and a report by a specialist underwriter illustrates just how fast the market is changing. Just one year ago ransomware claims accounted for 10% of claims compared to 25% today; if you run a business it’s time to seriously consider cyber risk insurance.

 


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