Credit crunch and Insurance

This is taken from The Chartered Insurance Institute website. It is a good article and I think it makes interesting reading. The links are as quoted in the article.

Crunch turns focus back to personal insurance

Press Release / News item
11/05/2009

A recent survey of members of the Personal Finance Society, in conjunction with Protection Review and the software company, Fineos, highlighted renewed focus on protection amongst financial advisers, with 63% of members believing that the importance of personal insurance has increased as a result of the current economic turmoil.

Fay Goddard, CEO of the Personal Finance Society, commented: “Nearly 1,000 PFS members participated in this research and it is clear that the economic downturn has refocused the attentions of advisers on their clients’ protection needs. Our sense of health and mortality inevitably becomes sharper when we are surrounded by financial turmoil, and protecting our loved ones becomes a higher priority. As you might expect, the survey shows the cost of insurance is even more important this year and advisers clearly expect insurers to do more to increase consumer awareness of the importance of personal insurance protection.”
Interesting research findings include:

76% of advisers tend to agree that clients are thinking more about their protection needs. However, the financial pressures on consumers are evident with 67% of advisers tending to agree that clients are often looking to cut premiums or discontinue cover altogether;
Over 70% of respondents agreed or strongly agreed that their clients have less trust that the State will provide;
85% of advisers tended to agree that raising consumer awareness would be the most likely action to help increase the levels of protection insurance amongst consumers. 84% also tended to agree that lower premiums would have a similar effect;
Advisers tend to agree that they are still not getting the levels of service they expect from insurers, with the biggest issues being ‘time it takes insurers to get medical evidence’ and ‘the time taken to resolve admin queries’;
71% believe that the PFS’s training and development focus on protection is ‘about right’.

Andy Couchman, co-editor of Protection Review, commented: “The results of this research, one of the largest of its type ever conducted, show that advisers are feeling the effects of the recession, as are their clients. Their demands from the industry have risen accordingly, but the industry is also responding - although not quickly enough in terms of service improvement, product innovation and IT implementation.”

The 2009 survey was run in association with Protection Review and Fineos, attracting a 38% higher response from PFS members than similar research conducted in 2008. Full results will be published in the 2009 Protection Review book, which is launched on 25 June (see www.protectionreview.co.uk).

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Welcome (better late than never).

Well we were so busy putting up this blog we forgot to say hello and welcome to all our visitors and friends.

We believe that you will find the information interesting and verifiable as we do enclose the links to the original. Please feel free to post your own information and comments. Kindly make sure to include links where relevant. We aspire to keep this blog as a centre of information for individuals and corporations in these rough times and beyond.

Please feel free to explore the blog to your full assistance.

Triple A credit rating

Deathly Deficit For the fiscal year ending Sept. 30, the Congressional Budget Office forecasts a record deficit of $1.75 trillion, almost four times the previous year’s $454.8 billion shortfall and about 13 percent of gross domestic product. Bear in mind that the target demanded of European nations wanting to join the euro was a deficit no greater than 3 percent of GDP. David Walker, a former U.S. comptroller general, wrote in the Financial Times on May 12 that the U.S.’s top credit rating looks incompatible with “an accumulated negative net worth” of more than $11 trillion and “additional off-balance-sheet obligations” of $45 trillion. “One could even argue that our government does not deserve a triple A credit rating based on our current financial condition, structural fiscal imbalances and political stalemate,” he wrote. No Default It is undeniable that the U.S. government’s ability to finance its borrowing commitments has deteriorated as its deficit has ballooned. Dropping the U.S. from the top rating grade, though, wouldn’t mean the nation is about to default on its debt obligations; there’s a subtle distinction between ability to pay and propensity to fail to pay. There’s also a compelling argument that no government should be enjoying the benefits of a top credit grade in the current financial climate. Using the definitions outlined by Standard & Poor’s, a one- step cut into the AA rated category would nudge the U.S.’s creditworthiness into a “very strong” capacity to fulfill its commitments, just weaker than the “extremely strong” capabilities demanded of AAA rated borrowers. That seems an appropriately nuanced sanction -- albeit one that the rating companies might turn out to be too cowardly to impose. (Mark Gilbert is a Bloomberg News columnist. The opinions expressed are his own.) To contact the writer of this column: Mark Gilbert in London at magilbert@bloomberg.net Last Updated: May 20, 2009 19:00 EDT http://www.bloomberg.com/apps/news?pid=20601039&sid=aKOzWiTDseUE&refer=home

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Bad Credit Home Loan Refinance

Credit debt

Funny isn’t it, how this is turning out to be a buzzword even stronger than our school time accounting cliché - “debt/credit”.

Reminds me of exchange, like Forex. But unlike Forex, credit debt is more likely to slide you down into the depths (please excuse the pun), even though this could happen to you on Forex as well !

Bad Credit Home Loan Refinance

Bad credit home loan refinance is probably the lifesaver anyone with bad credit, or bad credit short term loans would be looking for. Yet, one must be wary of what this entails. Certain credit counsellors do open your eyes to the pros and cons of credit consolidation – after all this is what credit counsellors should be all about. Credit counsellors with a conscience understand the position you would be in since you decided to approach them. They empathise, be it a case of bad credit, bad credit loan, business credit or simple credit consolidation. Obtaining fast loans is not necessarily the best option – pumping cash in now can temporarily ease your situation but it will not necessarily help you eliminate debt.

To eliminate debt, approaching debt consolidation companies can sometimes be a wise thing to do. You will most probably find credit card debt help and apply for cash loans online. Whatever you choose to do will affect your future so make sure to perform a proper due diligence exercise before you take any further steps.