UK Unemployment hits record heights

The UK Government have just released the latest economic indicators from the Office for National Statistics (ONS), and it makes grim reading. doom and gloom awaits us all if the trends continue……
If you haven’t taken out unemployment insurance yet, there may still be a little time, although given latest figures you will have to move as fast as the postman with the redundancy notices, as UK Unemployment hit record heights.
Here’s the facts of the state of Britains Economy
The employment rate for those aged from 16 to 64 for the three months to November 2010 was 70.4 per cent, down 0.3 on the quarter.
The number of people in employment aged 16 and over fell by 69,000 on the quarter to reach 29.09 million.
The last time there were larger quarterly falls in the employment level and rate was in the three months to August 2009.

Travel Insurance will not cover Riots, War, Civil Commotion & Coup D’Etats

Insurance Blogger has just got back from holiday on the Balearic Island of Majorca for a bit of winter sun. I managed to get one of those last minute cheap flights for under a tenner!  So I don’t mind blatantly promoting that type of offer. That’s cheaper than the travel insurance and the airport transfer costs!
While I was out in Majorca I couldn’t but notice what was going on in Tunisia, a popular haunt of mine since the days of the dictator Habib Bourguiba in the 1970′s!
Looking at all those tourists stranded at Tunis Airport got me thinking - ‘None of them are covered!‘
They probably all have travel insurance but how many can actually claim?
The Foreign and Commonwealth Office (FCO) draws up an extensive list of countries that have seen recent war or riot or civil commotion or is currently at war. Subsequently they advise these areas should not be travelled to.
As this is advised by Government most Travel Insurance policies will not cover you if you visit these countries.
Check that the country you are travelling to does not appear on either list, as they are likely to be excluded from travel insurance policies.
Here is the current Government advice for travelling to Tunisia for example:

Lloyds prepares for Solar Meltdown!

“Ground Control to Major Tom!”
“Check your policy wording and put your spacesuit on!”
Insurance Business have finally moved into the 21st Century with some truly space age of aquarius exposures to risk to deal with over the next year, according to a new report from Lloyds of London.
These new age risks include Space weather, cyber risk and critical infrastructure attacks that are predicted to cause big problems for consumers, businesses and their insurance companies in 2011.
The Lloyd’s 360 Risk Insight report states that ‘The phenomenon of space weather is one of the most difficult to quantify and yet potentially serious sources of loss and disruption for business.’
“Space weather and its impact on Earth: Implications for business”, says that businesses should be looking at ways to assess and mitigate space weather risks this year because the 11-year solar cycle is expected to peak in 2012/13.”
Turbulent space weather created by solar phenomena such as coronal mass ejections, solar flares, solar wind, solar radiation and magnetic storms could have wide ranging impacts around the globe in climatic responses, many scientists believe.
These phenomena are also predicted to affect aircraft communications, air traffic control and navigational systems which could malfunction or might stop working, satellite and GPS systems could also malfunction, and surprisingly. power grids could collapse.

New Year Recession Fears

Insurance blog thought the silly season was in the Summer, but from the noises coming out of Whitehall and what remains of Fleet St. recently, it looks like it’s begun early!
If all the Economic pundits are to be believed, you would think that the economy was rosy! No chance of a the dreaded double dip recession now ……..
Hmm, what about the 600,000 job losses in the public sector that still have to be made this spring and will have to be paid for out of a shrinking GDP, rising wage demands from the private sector, fuels costs going through the roof and VAT at it’s highest ever 20%!
However you look at the current situation the immediate future does not look too bright!
Amongst all the coalition division and noise about quangos, cuts, student fees, interest rates and inflation, the UK Government has this week raised Insurance premium tax to 6%. With the cost of Insurance already at record highs as companies try to build up lost claims reserves, maybe they thought we’d not notice more indirect taxation!
The future doesn’t look too orange for Corporal Clegg and his Liberal lackies either who are currently enjoying their lowest popularity level for 30 years.