Latest news with #premiums
Gulf Business
3 days ago
- Automotive
- Gulf Business
Rising insurance premiums reshape UAE consumer spending, NIQ report shows
Image: WAM A new report from market intelligence firm NielsenIQ ( According to the report, over half of surveyed consumers reported an increase in insurance premiums, with more than 80 per cent expecting further hikes —particularly in the auto sector. This has led to a surge in interest for cost-effective solutions, including loyalty rewards, no-claims discounts, and policies with reduced coverage. 'While inflation is beginning to ease, its impact on household budgets remains,' said Rahul Dixit, Strategic Analytics & Insights leader for the Arabian Peninsula and Pakistan at NIQ. 'Consumers are adapting by redefining what value means to them — favouring durability, longevity, and predictability in their purchases.' Key findings from the insurance themed survey The findings are based on an online survey of 300 UAE-based car owners conducted in March 2025, with a 4.75 per cent margin of error at a 90 per cent confidence level. As part of this shift in mindset, 76 per cent of UAE consumers expressed a strong interest in securing multi-year fixed-rate auto The report also found that 70 per cent of consumers are willing to pay a premium for products offering durability and longevity, indicating a broader trend toward strategic spending. This sentiment is echoed across the Middle East and Africa, where 76 per cent of consumers are seeking additional income streams beyond their primary jobs to counteract economic pressure. NIQ emphasised that businesses must bridge the 'say-do' gap — the difference between consumer intentions and actual behaviour — through data-driven insights. Traditional methods like discounts or heightened advertising are increasingly insufficient in a market where value is defined by context, timing, and subconscious factors. As consumers in the UAE and wider region become more discerning, the report suggests that companies capable of aligning with evolving expectations stand to gain a competitive edge in a shifting economic landscape.
Yahoo
25-05-2025
- Business
- Yahoo
Home insurance in the US may double within 10 years. Why rates are soaring — and not just in ‘disaster' cities
Home insurance used to be an afterthought, but these days it's a rapidly escalating expense that is believed to be'deepening the housing crisis,' warns the Consumer Federation of America (CFA). A recent report from the CFA highlights a sharp increase in premiums between 2021 and 2024, when the average homeowners' insurance rate climbed 24% to $3,303. That's significantly higher than the average property tax rate in 2023, which was $1,889, according to the Tax Foundation. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) If this pace were to continue, many homeowners could see their insurance rate double in roughly 10 years. Unfortunately, this burgeoning insurance crisis isn't limited to high-risk regions such as Florida, California and Louisiana. Rates are going up across the country and even homeowners in relatively 'safe' states could see ballooning expenses in the near future. Here's a closer look at what's driving up insurance costs for ordinary families, and what you can do to protect yourself before the crisis spirals out of control. According to a report from JPMorgan, inflation and climate change are the driving forces behind the property insurance crisis. Simply put, climate disasters are becoming more frequent and less predictable, as scientists have been warning for years. Meanwhile, home prices have climbed rapidly in recent years, which means it costs more to repair or replace a home after it has been damaged. The combination of these factors has made it difficult for insurance companies to price policies appropriately and has pushed rates higher to compensate for the added risks. States like California and Florida are at the forefront of this unfortunate crisis because of their exposure to extreme weather events such as hurricanes and wildfires. However, Midwestern states that don't experience hurricanes and wildfires are not immune to rising rates. With damage from tornadoes, floods, hail, and high winds on the rise, property insurance costs are climbing across the board in these regions. In fact, Insurify forecasts that the Midwest will bear some of the highest increases as insurers overhaul their pricing strategies to reflect escalating weather-related risks. With this in mind, homeowners across the country should prepare for the rapidly rising costs of insuring their properties. Read more: This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs While you can't change the insurance industry or reverse climate change, there are ways to potentially limit the rising costs of insurance over the long term. For starters, shop around for the best insurance rate that you can find every year when you approach renewal. Ask multiple providers for quotes and see what you can do to get the best deal possible. Investing in climate-resilient features could also limit the damage from extreme weather events and qualify you for a discount on insurance. According to Universal Property, upgrading your roof, electrical wiring or plumbing could potentially reduce your insurance costs. You could also lower your rate by raising the deductible on your policy and skipping small claims. If the property insurance rates in your area are too high, you might even consider moving to another part of the country. A recent report from the Federal Insurance Office — which analyzed 246 million insurance policies sold between 2018 and 2022 — found that homeowners in regions most vulnerable to climate-related disasters paid, on average, 82% more for insurance than those in the lowest-risk areas. As for potential homebuyers, don't forget to include the annual cost of property insurance in your budget. Focusing on newer homes with less depreciation and more climate-resilient features could reduce your monthly expenses while also giving you some peace of mind. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Sun
22-05-2025
- Health
- The Sun
Holiday warning for ANYONE going abroad that could cost you £466 extra
HOLIDAYMAKERS with pre-existing medical conditions could see their travel insurance premiums skyrocket, according to a new investigation. Consumer watchdog Which? found that declaring a medical condition can significantly increase premiums, with some travellers seeing costs go up by hundreds - or even thousands - of pounds. 1 Which?'s survey of over 9,000 members found that nearly three-quarters declared a medical condition when purchasing travel insurance. Of those, 82% said it raised the price, and a quarter believed the increase was substantial. Many described finding affordable premiums as "difficult" or even "almost impossible". Data from comparison sites backs this up. Compare the Market found that single-trip policies cost twice as much for those declaring a condition (£33 on average) compared to those without (£16). Similarly, GoCompare revealed that annual policies cost around £50 more when pre-existing medical conditions are disclosed. To illustrate the issue, Which? gathered quotes for three individuals with type 2 diabetes, epilepsy, and bipolar and personality disorder. In each case, the watchdog selected the cheapest European annual policy available with £5million medical cover, £2,000 cancellation cover, and £1,500 cover for baggage with gadget protection. In the case of the traveller with bipolar and personality disorder, all five specialist insurers were willing to provide cover, but only two of the regular insurers did - leaving just seven viable policies. In the most extreme example, a traveller with bipolar and personality disorder saw their premium jump by a staggering 1,159%, rising from £38.48 to £484.52 after declaring their condition. Which? also found a £531 difference between the cheapest and most expensive quotes for this individual, proving how vital it is to shop around. SPENDING ABROAD: Tips to Avoid High Fees While a specialist insurer was the cheapest option for the individual with bipolar and personality disorder, Which? found regular insurers were the more competitive options for the case studies with diabetes and epilepsy. Declaring epilepsy led to an average increase in travel insurance premiums of 23%, with prices rising from £67 to £77. However, quotes varied widely, ranging from as low as £52 to more than double that at £110. For the individual with diabetes, the price increase was smaller, averaging just 6%, with premiums rising from £129 to £136. Despite the smaller average rise, there were big differences in the quotes offered. Non-specialist insurers provided premiums ranging from £76 at the lowest to £169 at the highest. But, specialist insurers had a much higher starting price of £118, with quotes going up to £168. What is travel insurance? TRAVEL insurance is there to help you when something goes wrong with your holiday. It can help cover your bills if your flights are cancelled, your luggage is lost, or you need medical help when travelling abroad. The two main types of travel insurance are single and multi-trip cover. There are also often separate packages available depending on where you're travelling to - for example if you're remaining in Europe compared to further afield. In some circumstances you may need a specialist product for example if you'll be backpacking around multiple destinations, skiing, hiking, diving or going on a cruise. If you're travelling on business, you'll also need to ensure your policy covers your trip. A word of warning Sam Richardson, deputy editor of Which? Money, said: "Travel insurance is an essential when going on holiday, but finding the best policy at the right price isn't always straightforward - especially if you have a pre-existing condition. "Our research found significant disparities in price depending on the insurer, so it's vital that consumers shop around and compare as many policies as possible before making a decision. "While comparison sites are a great starting point, these won't always include specialist providers - so it's essential to obtain these quotes separately before making a purchase. "Though it may be tempting to omit a condition in order to get the price down, it's never worth the risk. "Failing to declare something in advance could see your policy invalidated and in the worst cases, leave you with a bill in the thousands of pounds." What should you look for in a good travel insurance policy? TRAVEL insurance policies can vary a great deal, but here are some "must have Medical expenses - A good policy will give cover of £1million or more for travel in Europe and £2million or more for the USA Repatriation service - The costs of getting you back to the UK for medical reasons should be covered automatically by your policy Cancellation and curtailment - A good policy will cover you for £2,000 or more if you have to cancel or shorten your holiday Missed departure - Covers additional accommodation costs and travel expenses up to £500 or more if you miss your flight due to circumstances out of your control Delay - You'll usually be covered for £250 or more if your travel plans are delayed due to circumstances out of your control Baggage cover - Covers you if your baggage is lost, damaged or stolen. Look for policies that have cover of £1,500 or more. How to get the best deal on travel insurance Sorting your insurance as soon as you book your trip ensures you have comprehensive protection and peace of mind well in advance. There's no obligation to purchase travel insurance from your travel agent or holiday company, though they often offer it as part of your booking. Banks, supermarkets, and insurance providers also offer travel cover, and using a comparison website can help you find the best deal tailored to your needs. To get started, you'll need to provide details such as the names and ages of all travellers, your destination, and any pre-existing medical conditions. Once you input this information, you can filter results based on the level of cover, the excess you're willing to pay, and the price. While it's tempting to choose the cheapest option, make sure to check the policy details carefully - lower-cost deals might not offer the protection you need. You'll also need to decide whether to opt for single-trip cover or annual multi-trip cover, depending on how often you travel. If your requirements are more complex, consider working with a regulated insurance broker, which you can find via the British Insurance Brokers' Association. Finally, don't forget to check your current account, as some banks offer complimentary travel insurance to their customers. However, always review the details of what's included to ensure the cover meets your needs.
The Independent
22-05-2025
- Health
- The Independent
Traveller denied insurance over mental health conditions
Research by Which? reveals that declaring certain medical conditions can inflate travel insurance premiums by over 1,000 per cent. A study comparing quotes from 12 insurers found that premiums for a traveller with bipolar and a personality disorder increased by an average of 715 per cent, and in one case by 1,159 per cent – from £38.48 to £484.52. Only two out of seven standard insurers were willing to provide the traveller with cover. All five of the companies specialising in cover for people with pre-existing medical conditions did offer to provide cover. Which? advises travelers to compare quotes from various providers, including specialists for pre-existing conditions, as prices vary significantly. While declaring medical conditions impacts the cost of insurance, failing to do so could invalidate the policy and lead to substantial medical bills. The medical condition that can send travel insurance premiums soaring by more than 1,000%
The Independent
22-05-2025
- Health
- The Independent
The medical condition that can send travel insurance premiums soaring by more than 1,000%
Some medical conditions can increase travel insurance premiums by more than 1,000 per cent, research has found. The consumer champion Which? sought quotes from 12 well-known providers for three real people: a 67-year-old with type 2 diabetes, a 40-year-old with epilepsy, and a 41-year-old with bipolar and personality disorder, who had all had an unplanned hospital admission during the last five years. For the traveller with bipolar and personality disorder, premiums with one insurer rose by an eye-watering 1,159 per cent after declaring the condition — from £38.48 to £484.52 — while, on average, the seven insurers increased their prices by 715 per cent. Only two out of seven standard insurers were willing to provide cover. All five of the companies specialising in cover for people with pre-existing medical conditions did offer to provide cover. Sam Richardson, deputy editor of Which? Money, said: 'Our research found significant disparities in price depending on the insurer, so it's vital that consumers shop around and compare as many policies as possible before making a decision. 'While comparison sites are a great starting point, these won't always include specialist providers – so it's essential to obtain these quotes separately before making a purchase.' Data shared with Which? by comparison site Compare the Market showed that customers who bought a single trip policy in February 2025 paid roughly double when declaring a medical condition, while for annual policies, pre-existing conditions typically add around £50. For its study, Which? selected the cheapest European annual policy available with £5 million medical cover, £2,000 cancellation cover, and £1,500 cover for baggage with gadget protection. Declaring bipolar and personality disorder led to a £531 difference between the most expensive policy and the cheapest, both from specialist providers. However, Which? found more competitive options for the individuals with diabetes and epilepsy at regular insurers. Declaring epilepsy saw an average increase in premiums of 23 per cent, with average prices rising from £67 to £77. While the individual with diabetes saw the smallest overall increases in price, with quotes rising six per cent on average - from £129 to £136 – their cover saw significant variations in the quotes offered from £76 to £169. In a survey of over 9,000 people who own or have bought travel insurance in the last two years, eight in 10 felt declaring medical conditions affects the cost of their insurance with a quarter believing that it had a major impact. 'Though it may be tempting to omit a condition in order to get the price down, it's never worth the risk,' said Sam Richardson. 'Failing to declare something in advance could see your policy invalidated and in the worst cases, leave you with a bill in the thousands of pounds.' Medical risk evaluation company Protectif told Which? that it had seen as many as 82 per cent of applicants declaring a pre-existing medical condition between 2022-2025. Which? also found that the standard of cover dramatically differed between travel insurance policies. The consumer company reviewed 153 travel insurance policies offered by 55 providers and ranked their 'policy score' according to almost 70 features of the cover. Here, scores ranged from 19 per cent to 88 per cent, demonstrating the vast differences in the quality of cover available according to Which?.
