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• In an article about the former Labour cabinet minister Jack Straw and his receipt of a £5,000 fee from the motor insurance industry for a speech and a question-and-answer session on 28 September, the Guardian stated that he did not declare the payment when controversial amendments to a bill affecting such firms were tabled on 27 October. Mr Straw has asked us to clarify that when he contacted the registrar on 29 October about his speaker’s fee for the I Love Claims event he was told that a member is not obliged to register a payment until 28 days after the payment has been received. Mr Straw has clarified that he has not received any undeclared payments (Straw failed to report cash from car insurance body, 1 November, page 13).

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The average price of a motor insurance policy in Ireland dropped from €567 to €549 since the beginning of 2011 representing a decrease of 3% according to the results of the new AA Irish Motor Insurance.

The news of this small but welcome reduction comes from a new quarterly motor insurance index launched by AA Insurance. The AA is one of Ireland’s largest insurers with over 200,000 customers. The AA Index has been tracking a fixed basket of 200 identical motor insurance risks, representative of the Irish motoring population, since the beginning of the year. In total over 1,800 quotes sourced from nine different insurance providers were recorded and analyzed each quarter allowing the AA to calculate the market average premiums across a range of categories including males, females, drivers with more or less than 5 years no claims bonus and across various age groups.

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If all goes well, the Insurance Regulatory and Development Authority (Irda) will make changes to the existing motor insurance regime and move towards what’s called a ‘declined pool’ system.

Under the current system, third-party insurance premia are maintained in the form of a pool and insurers access the pool funds to settle the claims. But with losses mounting in the pool, the regulator is forced to look at alternatives.

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Sovereign Trust Insurance Plc has paid out claims totaling N835.9 million in the last nine months between January and September 2011.

In a statement released by the company the breakdown of the claims paid in the last nine months shows that motor insurance had the highest figure of N328.8 million fire and allied perils accounted for N178.4 million while N148.9 million was settlement in respect of general accident, marine & aviation insurance accounted for N85.3 million, policyholders in the energy insurance sector were paid N80. 7 million while engineering accounted for N13.8 million.

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The liberalization of tariffs regarding the compulsory vehicle insurance has led to lower revenues for insurance companies operating in the Albanian market. The total compulsory vehicle insurance premiums in the period January-September 2011 were ALL 3,009 million, down 7.82% compared to the same period the previous year, according to Albania’s Financial Supervisory Authority.

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In our present day fast paced period, auto insurance is actually a needed safeguard to make sure a hassle free partnership with your automobile, and also you should do your best to obtain a decent car insurance quotation.

It is extremely important that you grasp precisely what is being covered with insurance as well as what are the circumstances if any which exist within the automobile insurance quotation. Nonetheless, you need to take care not to mistake an automobile lengthy manufacturer’s warranty with auto insurance, because the latter is actually nothing but a car support long term contract.

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The stable economic environment, little influenced by the global economic crisis, as well as constant growths registered by the insurance market lately give a note of optimism to the statements of Azerbaijani insurance companies representatives on the forecasts for next year.

“The most important engine of growth for the Azeri insurance market is the new law on mandatory insurance. This will be an excellent opportunity for insurance companies to expand operations, especially on the cross-selling component”, said, for XPRIMM Newsletters, Akper MADATLI, Acting Chairman of the Board of the company ATESHGAH Life Insurance.

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October 21, 2011, Press Dispensary. Finally, some good news for the UK’s hard-pressed motorists. Independent car insurance comparison site Tiger.co.uk has published its Tiger Watch results for October and these indicate a significant drop in policy prices, reflecting increasing competition amongst UK motor insurance providers. Tiger Watch is the website’s own price monitor and is based on an analysis of hundreds of car insurance quotes across a wide range of different driver profiles.

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LONDON, October 17, 2011 /PRNewswire via COMTEX/ — One of the UK’s leading price comparison sites comparethemarket.com has launched the latest in a series of TV adverts promoting its Simples Rewards Scheme. The scheme, which offers customers a free exclusive meerkat toy based on characters from its popular ad campaign, has been extended to include motorbike and life insurance.

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Dubai :

Zurich, one of the world’s leading insurance groups, has launched its range of new motor insurance products tailored to the unique requirements of drivers in the UAE.

The launch of Zurich’s motor insurance proposition marks the company’s entry into the retail insurance market and is the first of many product launches scheduled for this year and 2012, said a senior official.

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