How 2009 Has Affected the UK Home Insurance Industry

We are three months into 2009 and already hearing of another government aided bailout for a financial institution. Currently all eyes are on the American insurance giant AIG, and particularly their subsidiaries: American Life Insurance Company and American International Assurance Company - with the entire group admitting the biggest net loss in history, $61.7 billion, for their last quarter. In terms of UK home insurance, the sector has not only been affected by the recent financial crisis, but has also had to deal with some of the most extreme weather the country has seen for years. So what is the state of the home insurance industry today?First off, the current economic climate has no doubt made the insurance market more competitive. More and more insurance companies are offering incentives for potential customers to at least consider a quote from them, either through giving price comparison services on their websites, or offering cash back to those who take out a policy. This has air swimmers resulted in a trend amongst insurers to offer the customer an honest service that includes more than just cover.Similarly, other insurers are offering advice as a means to build up a trustworthy persona - and with the current state of the Air Swimmers economy this often seems highly logical. Most recently, an article at insurances.co.uk detailed that home insurance claims are set to increase due to the recession. This, according to a leading insurer, is due to a period of prosperity over the last 10 years that is realized by each UK household containing an average of three times more expensive portable items - which are more desirable to thieves and petty criminals.The recent freezing weather is also likely to cause an increase in insurance claims, but technological advancements at the Met Office are also set to affect how insurers deal with claims.As reported by money.co.uk, the new service is called ClaimCheck and offers very detailed weather forecasts according to postcode areas. Home insurance providers can then use the service to help them predict, and clarify, where and how certain areas have been or might be affected by adverse weather - which they are also speculating will become more frequent due to climate change. Essentially, ClaimCheck will now mean air angry bird that insurers have access to the same quality information as weather forecasters do; and claims will now be processed quicker.

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