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urbmark

Joined:

Nov 07

Posts: 279

urbmark says:

Insurance industrys dirty secret

Did you know there is a plethora of information gathered about you and sold on to insurance companies ? In turn insurance companies sell on data to no win no fee companies.
For example ANPR cameras are everywhere, they track your journeys and log your average speed over the course of those journeys.
This information is then sold to insurance companies so they can make assessments when deciding on your premium.
Accidents and claims are actually at an historic low, yet premiums at an historic high ?
Have  a listen to Jack Straw .
HERE

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  • Posted 4 years ago (27 June 2011 19:14)

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steveb

Joined:

Aug 02

Posts: 808

steveb says:

nodigitsever

I do find your post a little racist and it could possibly be worded to cause less offence.

Although I do agree insurance fraud is costing us all a packet and places like Bradford are insurance fraud hotspots.

As for the buying and selling of data, Insurance Companies are obliged to comply with the Data Protection Act and are audited by the FSA to ensure they comply. All insurers record their motor and injury claims on a central database and they will check this to see if you have had any undisclosed claims. Insurers do mention these checks and the fact that they share information with other insurers in your terms and conditions. Check it.

As for Premiums, there aren't many motor insurers who have made an underwriting profit in the last 5 years. Claims costs are still on the up.

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