Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Cyclists urged to consider insurance to enhance safety, says Lloyd’s chief

by September 6, 2024
September 6, 2024
Cyclists urged to consider insurance to enhance safety, says Lloyd’s chief

Cyclists should consider taking out insurance to safeguard themselves and pedestrians, according to John Neal, the chief executive of Lloyd’s of London, the world’s largest insurance market.

Neal’s comments come in response to a series of serious accidents involving cyclists, sparking renewed debate about the need for mandatory insurance.

Describing the idea of insurance for cyclists as not “such a daft idea,” Neal highlighted the importance of protecting all road users. The suggestion comes after a drunk cyclist recently avoided jail time despite hitting two women, resulting in severe injuries, including the amputation of a finger.

Neal, who is an avid cyclist himself, shared his personal experience of being knocked off his bicycle two and a half years ago. “I know what it’s like to be hit by somebody. So I think you could do with a bit of protection as well,” he remarked. Emphasising the importance of safety, he added, “I can’t comprehend why anybody would not wear a crash hat riding a bike.”

Currently, UK cyclists are not required by law to have insurance or register their bikes, as road laws apply only to “mechanically-propelled” vehicles. However, there are growing calls for change, particularly as the Government plans to introduce tougher laws targeting cyclists who cause deaths and injuries to pedestrians. These measures were initially proposed by the previous Conservative government but were put on hold before the general election.

Proponents of mandatory cycling insurance argue that it would improve road safety by holding cyclists accountable and discouraging reckless behaviour, such as running red lights. Despite this, Lloyd’s, which was founded in a 17th-century coffee shop near the Thames, does not currently offer cycle insurance. The company recently reported £4.9bn in pre-tax profits for the first half of 2024, marking a 25% increase compared to the same period last year.

In addition to discussing cycling safety, Neal cautioned the Labour government against excessive tax hikes and regulatory changes that could deter investment in the UK. With Chancellor Rachel Reeves expected to raise business taxes in the upcoming October Budget to address a £22bn deficit in public finances, Neal stressed the need for a balanced approach.

“We just want the UK to be sensible, fair and competitive,” he stated. “From a tax point of view, we should pay tax, both individually and corporately. And from a regulatory point of view, it’s important that the markets are looked over, looked after, overseen well and managed. But we need to ensure that we can remain competitive. We’ve got to be an attractive proposition globally for financial services.”

Read more:
Cyclists urged to consider insurance to enhance safety, says Lloyd’s chief

0
FacebookTwitterGoogle +Pinterest
previous post
House Republicans claim ‘vindication’ after Hunter Biden guilty plea
next post
House Republicans privately worry about political fallout of government shutdown

You may also like

Hived raises $42m to roll out electric delivery...

July 5, 2025

UK exports to the EU boomed 4.4% in...

September 14, 2023

Artisan AI closes a $7.3M seed round to...

May 16, 2024

UK mortgage approvals drop to six-month low as...

July 30, 2024

Government relies on ‘stealth tax’ from hardworking business...

September 18, 2023

Tata Steel workers and suppliers receive £13.5 million...

August 15, 2024

Q&A with Senior Helpers Glen and Michelle Scharfeld

August 31, 2024

Sunak’s government ‘going backwards’ on green economy, says...

December 5, 2022

Best Winter Daytrips from Harlow

December 11, 2024

Lawyers in Financial Disputes: Advocates Against Fraud

September 23, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Getting to Know You: Stuart Davis, CEO & co-founder, Dubs Universe

      August 7, 2025
    • TSB brand under threat as £2.65bn sale to Santander approved by Sabadell shareholders

      August 7, 2025
    • Junk food banned from SNAP benefits in 6 more states, a win for MAHA advocates

      August 7, 2025
    • DOJ turns to Gabbard’s office for next step in grand jury probe of alleged Russiagate conspiracy

      August 6, 2025
    • New Romanian law may have averted NATO clash with Russia after border strikes

      August 6, 2025
    • Violent attack reignites BOWSER Act debate as Trump floats federal takeover of DC

      August 6, 2025

    Categories

    • Business (8,693)
    • Investing (2,179)
    • Politics (16,329)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved