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Householders can obtain lower rates for buildings and contents policies by going direct to insurance companies, rather than using an intermediary. Tables showing cover details and best buys according to the number of bedrooms and sum-insured are included.

INTRODUCTION Holderness (1990) suggests that directors' and officers' (D&O) insurance may have an important monitoring role in publicly owned companies. By purchasing D&O insurance, diversified shareholders complement existing monitoring mechanisms [...]

UK insurance companies vary in their treatment of claims for household insurance. A survey of Which? readers shows Landmark as among the best at handling and settling claims, whilst Lloyd's Underwriters are above average for handling and settling claims. Prudential and Zurich are also among the best at settling claims, and Commercial Union and Direct Line are above average for settling claims. Policyholders should make a complaint if they consider that the insurer is not handling the claim fast enough or not treating them fairly.

The British government seems to be more interested in facilitating the growth of short-term savings than in encouraging longer-term products. Tax exemptions have been provided to personal equity plans and TESSAs, products that facilitate buildup of money tax-free and that allow for exit without taxation. In contrast, life insurance products and other longer-term offerings have not been treated as kindly. For example, the managed pension annuity, which was designed to avoid the difficulties usually encountered in traditional pension annuities that are sensitive to current interest rates, has not been supported despite its flexibility and innovation. The guaranteed income and growth bonds, which offer high returns courtesy of offshore reinsurance arrangements, were also discouraged. Critics castigate the providers of these innovative products for not having the political skill to campaign for their offerings.

UK's life insurance industry has proprietary and mutual offices functioning in the same environment such that competing businesses providing the same products have different forms of ownership. A comparison of the proprietary and mutual segments in terms of average payouts on endowment policies for 1970-92, average cost ratios for 1983-90 and average growth rates between 1981 and 1990 has been done. The results indicate that the mutuals have outperformed the proprietary group during the aforementioned periods.

The main form of state insurance for long-term sickness in Britain is invalidity benefit. There has been a dramatic growth in the stock of claimants on this benefit since its [...]

Objectives To gather empirical evidence on any discrimination based on genetic information shown by the insurance industry in the United Kingdom and to assess how society is likely to handle [...]

The Year 2000 computer problem could lead to the widespread purchase of directors and officers (D&O) and errors and omissions (E&O) liability insurance in the United Kingdom. The UK has not traditionally been a good market for these policies, but the level of exposure that may be created by Year 2000 problems could lead to widespread D&O and E&O purchases. Some analysts believe that the Year 2000 problem could create greater legal costs than breast implants, asbestosis, pollution cleanup, and tobacco combined., Although directors and officers liability insurance hasn't been a big seller in the United Kingdom, that may change once the lawsuits begin rolling in over the Millennium Bug problem, according [...]

The UK life insurance industry is being transformed by new disclosure requirements and by the entry into the business of up-start new companies and of firms with completely unrelated products. These companies, in particular, are placing the traditional life insurance industry under attack because they offer significantly lower prices, communicate more effectively with consumers and are able to improve customer value by eliminating middlemen. Many of the new insurance providers are 'virtual insurance companies.' They are companies with solid reputations in other markets, such as Virgin and Marks & Spencer, that have entered the insurance business to take advantage of the brand loyalty and reputation for quality they had earned in their traditional markets. Even without insurance expertise, they are able to compete in the market through outsourcing and the use of modern technologies.

UK regulators are now requiring the country's life insurance companies to disclose their charges and expenses to their clients and to explain to them how these may affect potential investment returns. Before this requirement was imposed, independent financial advisers focused on investment performance when evaluating life insurance products. It was widely believed that good investment performance is a better criterion than low costs. However, despite the popularity of this view, there are signs showing that clients are now more predisposed to look into a life insurer's actual charges and expenses, the early surrender and transfer values on life and pension policies, and the independent adviser's commission. One of the reasons for the growing interest in charges and expenses is the media's emphasis on cost and the importance of shopping around.

The use of self-insurance is limited among European and British companies. These companies resort to higher retentions only when commercial insurance is pricey or in short supply. Their predilection for low retentions is reinforced by the absence of premium discounting among insurers. Still, some companies are increasing their deductibles, with the aim of paying claims in-house or through captives that do business with reinsurers., LONDON - Large commercial buyers in the United Kingdom and Europe have been slow to accept the advantages of higher retentions, several consultants agreed. 'In our consultancy business, when we [...]

Private medical insurance (PMI) coverage is increasing in the UK. It is estimated that the number of people covered amounted to 11% of the population in 1994, a figure that is expected to rise to 15% by the year 2000. For companies sponsoring PMIs, many options are available in the market. There is the insured company paid-scheme wherein the company shoulders the whole premium for certain employees and relations. Another is the insured shared-cost program wherein the employer and employees both handle the costs, with each shouldering 50%. Under insured voluntary groups, on the other hand, the employer serves as an umbrella organization which arranges coverage for the whole group. Employers may also consider the self-insured scheme, wherein the company reimburses medical costs to employees without signing a contract with the insurer. Lastly, there is the self-insured trust which avoids insurance premium tax.

The elimination Of unlimited employer's liability coverage in the United Kingdom is forcing companies to adjust to new limits and rising rates. Risk managers in the United Kingdom (U.K.) are [...]

A number of leading life insurance companies in the UK have recently been found to have 'orphan' or surplus assets. These assets are those that are in excess of the assets needed by life assurance firms to meet the reasonable expectations of policyholders with regard to the allocation of the profits generated by these firms from their with-profit investment business. The discovery of the existence of these excess assets is good news for shareholders because they stand to receive huge amounts of money, particularly the shareholders of United Friendly, Britannic and the Refuge. Policyholders are also expected to benefit. Life insurers that have orphan assets are earmarking additional assets to protect with-profit policyholders against unfavorable investment conditions.

The Irish Republican Army's and loyalist terrorists' vows to observe peace has made UK insurance buyers optimistic that terrorism premium rates would be adjusted accordingly. Government-backed reinsurer Pool Re has indicated plans to change its premium structure for terrorism exclusion in property and casualty insurance should peace remain particularly in Northern Ireland and the UK mainland.

The virtual extinction of commercial terrorism insurance in the UK caused the government to fill the gap in 1993. The government-formed mutual insurer called Pool Re now offers property coverage at four different rates depending on the property's zoning. Competition within the market is limited because the program does not allow its members, which include most UK property insurance companies, to offer similar policies., During the past year and a half, amid the turmoil at Lloyd's, and with attention diverted by fires, floods, hurricanes and earthquakes, a species of insurance quietly became extinct. Commercial [...]

Individuals are given a wide range of options when choosing on a private medical insurance plan. The diversity of variables and excesses included through these plans can thus makeit difficult for them to compare costs. In order to get a clearer picture of what are on offer, it is recommended that customers closely study the brochuresof the medical insurers. Beyond the differences in policies, the common thread uniting providers of private medical plans, both the provident associations andthe insurance companies, is their drive to decelerate the rising cost of claims. The insurance plans of Ambassador Insurance, BCWA, BUPA, Exeter Friendly Society, Norwhich Union, OHRA, Prime Health, Provincial Insurance and Sun Alliance are described in detail.

Byline: RODD ZOLKOS WASHINGTON-U.S. brokers and U.K. insurers and reinsurers are welcoming streamlined procedures from the U.S. Treasury Department aimed at foreign insurers and reinsurers looking to establish their exemption [...]

Byline: NEIL HODGE BRUSSELS, Belgium-The European Commission last week ended its inquiry into the adequacy of the U.K. government's regulation of Lloyd's of London, indicating it was satisfied with the [...]

Capital adequacy under scrutiny in U.K. The U.K. Financial Services Authority has concerns about the solvency of nearly one-quarter of the United Kingdom's insurers, according to a new report from [...]

Pharmacy owners are among retailers and small businesses being specifically targeted by a newly-launched direct insurance company. PremierLine promises to offer an all-encompassing insurance package in one policy which it [...]

U.K. government extends war risk cover The U.K. government has extended its crisis aviation insurance package for 30 days. The government stepped in last month to offer airlines temporary war [...]

LONDON-Lloyd's of London is undergoing a strategic review that could result in significant changes to the way the market is structured, Lloyd's Chairman Sax Riley says. Mr. Riley told the [...]

BIRMINGHAM, England-The U.K. Assn. of Insurance & Risk Managers has unveiled a new set of risk management guidelines to help companies comply with new corporate governance rules. The guidelines, set [...]

U.K. risk managers are increasingly concerned about the risks to corporate reputation associated with e-commerce activities and the fact that they are unable to obtain adequate insurance coverage for such [...]

Fierce competition in the U.K. motor market is weakening the financial strength of some auto insurers, according to Standard & Poor's in London. S&P warned that, as a result, hundreds [...]

The last few years have been a period of unprecedented restructuring in the UK life insurance industry. Many large mutual life offices have demutualised and there has been considerable consolidation […]

LONDON-An ongoing review by the U.K. government of state-funded benefits for people with work-related injuries may result in employers picking up the cost of the payments. Currently, a state-funded no-fault [...]

Interest Rates, the Emergency Fund Hypothesis and Saving through Endowment Policies: Some Empirical Evidence for the U.K. Introduction Historical trends in most industrial countries indicate that, compared to other forms [...]

UK colleges and universities are being offered expanded terrorism coverage at lower prices through the mutual insurance services of UM Assn Terrorism Ltd (UMALT) which was established in 1993. UMALT includes 79 UK academic institutions and is managed by UM Services Ltd. Lloyd's of London's syndicate 33, managed by Hiscox PLC, is the main underwriter of the reinsurance facility covering the program., LONDON British academic institutions are obtaining more terrorism coverage at less cost through a unique mutual insurance facility. UM Assn. (Terrorism) Ltd., or UMALT, was set up in 1993 to [...]

Two years after implementing its ambitious reconstruction and renewal plan, Lloyd's of London is still tying up loose ends to restore its prominence as a major reinsurance center. Lloyd's continues [...]

LONDON - The deadly bombing this month in Omagh, Northern Ireland, has caused Lloyd's underwriters to reassess terrorism insurance rates in the United Kingdom. In Northern Ireland, a U.K. government [...]

LONDON - Demand for product recall insurance in the United Kingdom is about as flat as an open can of soda pop. Despite several high-profile recalls of tainted food and [...]

LONDON - Policyholders and other creditors must adhere to claims deadlines enforced by insurer liquidators, the U.K. Privy Council has ruled. A decision by the Privy Council, which consists of [...]

LONDON - Increased competition and relatively light losses - not a recent meeting between Britain's prime minister and the leader of Northern Ireland's Sinn Fein party - are responsible for [...]

As the U.K. government wrestles with the problems of funding Along-term care, a professor at the London School of Economics suggested that the state may save very little by encouraging [...]