MoneyExpert.com, the price comparison website, is advising those purchasing car insurance by monthly instalments to check out the cost of spreading their payment across a year. Car insurance premiums are currently at an all-time high, with the average costs in some categories reaching £1,000 a year. As a result, many motorists are choosing to pay [...]
The Association of British Insurers (ABI) is opposing plans to reform a compensation scheme for customers of financial companies that have collapsed. The Financial Services Authority (FSA) is proposing to amend the Financial Services Compensation Scheme (FSCS), which is a statutory fund of last resort for customers of authorised financial services firms. It is is [...]
Prudential, the UK’s second-largest insurer, is reported to be hopeful of reinstating negotiations to sell all or part of its UK operations to Resolution, the closed life consolidator. Resolution has agreed a merger with Friends Provident and Prudential is reported to be awaiting the completion of these negotiations, before approaching Resolution once again. It is [...]
Norwich Union (NU) recorded decreased operating profit of £269 million for its general insurance business, in the six months to the end of June. The figure, which compares with £561 million in the first-half of 2006, resulted in a combined operating ratio for the group of 102%, compared with 92% in the first-half of 2006. [...]
Royal & Sun Alliance (RSA) has warned that it does not expect to achieve its targets for 2007, despite recording better-than-expected first-half profits. The group, which is the UK’s second-largest commercial insurer, expects claims from this summer’s floods to reach £120m. The estimate for the June floods in Yorkshire stands at £55 million and the [...]
RK Shipman, the Exeter-based broker, is selling a new kind of home insurance policy that will offset the carbon emission of the policyholder’s household. HomECOver is believed to be the first policy of its kind in the UK and is underwritten by several leading insurers. Under the policy terms, up to 100% of the carbon [...]
Paymentcare.co.uk, the payment protection specialist, is advising motorists to shop around for payment protection insurance (PPI) on new car loans. Consumers waiting for new models to roll off the forecourts on September 1 may find it easy to secure a low cost loan to make their purchase. However, the benefits of the low interest rates [...]
Standard Life, the UK’s fifth largest insurer, recorded a 31% increase in profit in the first-half of 2007; a result well above analysts’ expectations. Worldwide life and pensions sales for the period amounted to almost £8.2 billion. UK life and pensions sales increase 45%, to £6.95 billion, over the six month period, with a boom [...]
Esure.com the Internet insurance business, is urging motorists to top up their map reading skills. According to the insurer, 35% of the UK’s drivers are unable to read a basic map and the lack of such skills can lead motorists into dangerous situations, as many of us panic when lost. Eight per cent of respondents [...]
Towergate Partnership recorded a 36% increase in profit in the first-half of 2007. Sales increased 30%, to £709 million of gross written premiums. The partnership is Europe’s largest independently owned insurance intermediary and is an active consolidator, focusing on the acquisition of niche businesses. Towergate operates from around 100 UK offices and whilst it plans [...]
NIG, the insurer that provides cover through a network of over 3,000 brokers, believes that the recent severe flooding across parts of the North and the South West of England will have a positive effect on the reputation of the UK insurance industry. The firm surveyed its network members in late July and found that [...]
BIBA, the trade association of general insurance brokers, has criticised the decisions by some insurers to increase their household premiums. It has described the increases as opportunistic and as a knee jerk reaction to this summer’s floods. The association is reminding consumers that the market for home insurance is very competitive, and that is has [...]
Norwich Union (NU) will be increasing its domestic property insurance premiums by an average of 10%, from mid-August. The company, which forms part of the Aviva group, is the UK’s largest household insurer, covering around one in five dwellings in the UK. NU says that the increase is not linked to the recent floods and [...]
Sainsbury’s Home Insurance is warning parents that the school summer holiday period is a time when home insurance claims increase because of damaged caused by children. Family pets also join the fray, bringing the total bill for accidental damage claims to around £639.3 million for the 2006 school holiday period. Most children are at home [...]
Closed life fund manager, Resolution, has been defending its planned merger with Friends Provident after Pearl, a major shareholder, increased its ownership of Resolution to almost 16% by acquiring shares and derivatives. The move by Pearl, which like Resolution has specialised in consolidating closed life funds, has sparked rumours that it may seek to block [...]
Standard Life is to begin the process of returning some of its surplus cash to policyholders. The company has a surplus of around £1.3 billion in its with-profits fund and the redistribution should increase the value of some pension plans and endowment policies by several hundred pounds. Some of the £1.3 billion will be held [...]
