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After four straight quarter-over-quarter declines, auto insurance risk in the U.S. rose at the end of the third quarter (Q3) 2011, TransUnion said in a recent report.
TransUnion, a global leader in credit and information management, maintains a quarterly Auto Insurance Risk Index that serves as risk barometer for auto insurance companies to gauge insurance loss expectations.
According to a survey by the British Insurance Brokers’ Association and the car insurance supermarket, it has been concluded that people are putting themselves in financial risk by reducing the car insurance cover to cut down their expenses. The insurance cover offers protection to the insurance owner in the event of accident and theft but the rising number of UK motorists cutting their protection cover is risking their belongings as well as others on road. It can put complete financial burden on the car owner as in the event of theft or accident he cannot make complete claim due to cost cutting in car insurance policy and will have to bear complete financial burden for repairs.
More than 57% of the respondents in the survey agreed that they have put down their insurance cover as compared with the last year aggregate of 23%. A
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