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Insurers bite back on Millennium bug

Most householders don&#39t know how the millennium bug may bite, according to Axa Insurance.

Many consumers have little idea how the bug could affect their motor, home and travel insurance policies, according to Axa&#39s survey.

The figures also show only a third of people know house insurance policies will cover claims caused by the bug.

Also, only a quarter of drivers understand motor insurance policies will cover claims resulting from any bug-related failures.

Axa Insurance director Mark Cliff says: “While most insurance companies will not cover claims arising directly from the millennium bug, they will cover claims for damage caused as a result of the bug.”


Widows mutuality vote

Life office Scottish Widows is expected to give-up mutual status, moving a step closer to transferring business to Lloyd&#39s TSB group, in a special meeting this week.Members and policyholders expect to gain at least £500 from a vote supporting the transfer and will meet in Edinburgh for the vote.To succeed, the board&#39s proposal to de-mutualise, […]

Consumers split over endowment &#39misselling&#39

WORDS 132Consumers campaigners and regulators are split over the Financial Services Authority move not to launch a full-scale “endowments misselling” enquiry.According to the FSA around 3m households will be forced to pay £40-50 per month as endowments have not produced enough to repay mortgages in full.Around 60 per cent of the 10m endowment policies in […]

Sloc pledges windfall bonanza

Sun Life of Canada has voted to demutualise giving more 235,000 UK with profits policyholders windfalls of up to £3,300.Worldwide 450,258 voters came out in favour of the life office&#39s proposal to demutualise and float as a plc next year. Only 2 per cent of the vote went against demutualisation.All with-profits policyholders will receive a […]

PMI charges deemed unhealthy

Moves to contain the cost of private medical insurance may lead to inadequate standards of healthcare, according to William Mercer.The human resource consultancy said plans which provide cheaper premiums through restricted hospital lists may backfire on insurers and sponsoring employees.William Mercer say legal cases in the US show these “managed health plans” were not giving […]


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