Even the biggest are not immune to economic downturns.
Insurance companies, insurance providers, brokers, comparison websites and of course, the main Lloyds underwriters are as exposed to current economic downturn as much as the rest of us.
Some may even fall by the wayside eventually so it is important to ensure that the insurance premiums that you pay are indeed paid over to the actual insurance provider.
If your broker or representative, fails to pay the monies over, you could in fact find yourself driving around without valid insurance.
Henri de Castries, Chairman of one of the biggest UK insurers, AXA, the second largest insurance company in Europe said recently that 2009 would be a challenging year and warned against panicking about the economy. He went on to say to investors:
The 2008 financial market turmoil was unprecedented and had a significant impact upon our industry. In this adverse environment, AXA was not immune.
He further warned:
“2009 will be another challenging year, in light of the current global economic environment.’ Our confidence in the performance of AXA going forward is supported by the increasing engagement of our employees, the trust of our clients, the financial flexibility and diversification of the Group and our operating profit resilience through turbulent times.”
If you have any concerns about the validity of your insurance policy you can keep up to date with the latest warnings about firms that may be in financial difficulty etc. by visiting the The FSA Money Made Clear section of their internet website.
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