The credit crunch has brought with it rising prices and access to borrowing much harder than it used to be. Looking at how this impacts on UK residents the Post Office, insurance providers as well as much more, have seen the over 50 market hit the hardest.
The rise in the cost of living has meant almost two thirds of the over 70s now use credit to buy basic food and groceries. This will be in the form of credit cards or overdrafts. Meanwhile 35 percent of over 50s can no longer put savings aside regularly said the Post Office insurance against harder times in the future.
Speaking of which a Post Office insurance spokesman urged people to make sure they are paying reasonable rates for their life insurance. An essential like this can still be bought effectively and as such leave a little more money for day to day costs.
A new commercial insurance product has been introduced by Hiscox Insurance designed especially for top quality venue owners.
The new Hiscox policy will be sold exclusively through brokers and will target places such as art galleries, museums, theatres and so on. Protection will include buildings and contents insurance, public liability, employer liability and also risks from the internet and email. Extras can also be added as needed, for situations such as doctors surgeries where malpractice cover may be required.
A spokesman from Hiscox was pleased to be able to offer this new product and felt that the specialised nature of the policy would lead to it being adopted by the places that need it, the value of the cover being clear to see.
The Prudential, the second largest life insurance provider in the UK, has seen the Peoples Bank of China take a one percent stake in the company, worth GBP130 million.
The move puts the Chinese bank into the top 25 of institutional investors in the Prudential, though there is no feeling that the holding is leading up to a takeover bid. The Chinese bank invests in many different businesses and a one percent holding is not uncommon. Speculation came because of the Prudential developing the Asian market though the management at the insurer welcomes the investment.
Such is the activity of the Prudential in Asia that their growth for the first half of the year was 14 percent, a remarkable step forwards.
