New rules for banks selling insurance in packaged accounts
by Gill Montia
Story link: New rules for banks selling insurance in packaged accounts
From 31st March 2013, banks and building societies selling packaged accounts will have to adhere to new rules just published by the Financial Services Authority (FSA). Around one in five UK adults have a packaged account, which is current account bundled up with a range of insurance policies and other features. The regulator wants to [...]
Aviva & L&G extend agreements with Barclays
by Gill Montia
Story link: Aviva & L&G extend agreements with Barclays
Aviva and Legal & General have extended their distribution agreements with Barclays. Aviva’s general insurance offering to retail customers is being complemented with life assurance and personal accident products, available on a non-advised basis. Customers will be able to buy life assurance, over 50s life assurance and personal accident cover either in branch, online or [...]
Barclays appoints insurance & investments commercial director
by Gill Montia
Story link: Barclays appoints insurance & investments commercial director
Barclays has appointed Greg Beecham to the newly-created position of commercial director, UK insurance and investments. Mr Beecham joined the bank as a graduate in 1987 and henceforth will lead the development of products in these areas of business, reporting to the group’s managing director of insurance and investments, Paul McNamara. In other Barclays news, [...]
Banks receive extensions to PPI complaints deadline
by Gill Montia
Story link: Banks receive extensions to PPI complaints deadline
The Financial Services Authority (FSA) has given three banks a temporary extension to the current deadline for dealing with Payment Protection Insurance (PPI) complaints. Normally, complaints have to receive a response within eight weeks but in the case of Barclays, Lloyds Banking Group and RBS, the regulator has recognised the scale of the backlogs created [...]
Britons continue to shun life insurance
by Gill Montia
Story link: Britons continue to shun life insurance
More than half (54%) of adults in the UK are likely to be without life insurance, despite two-thirds of those surveyed having dependants. New research from Barclays supports estimates of a UK protection gap amounting to £2.4 trillion, with respondents demonstrating a “natural blindspot” around life insurance. The study identified the main reasons for resistance [...]
Barclays forms partnership with FirstAssist
by Richard Kilner
Story link: Barclays forms partnership with FirstAssist
Barclays has announced that it has formed a new three-year partnership with FirstAssist, replacing its previous partnership with Aviva. Barclays customers taking out travel cover from the bank will now have their coverage provided by FirstAssist, the new travel insurance provider. Barclays General Insurance and External Relationships Director Rob Clarkson described FirstAssist as a specialist, [...]
Aviva renews Barclays’ home insurance contract
by Gill Montia
Story link: Aviva renews Barclays’ home insurance contract
Aviva and Barclays have announced a contract renewal that means the insurer will continue to be the sole provider of home insurance to Barclays UK retail customers, until 2015. The original deal was struck in 2005, since when the number of home insurance policies sold by the bank has increased by 40%. According to the [...]
Nearly half of Britons go without protection insurance
by Gill Montia
Story link: Nearly half of Britons go without protection insurance
Barclays has been researching the UK protection insurance market and has concluded that nearly one-half of British adults have no policies in place to cover events such as illness and redundancy. According to the survey 47% of UK adults have no protection insurance, while 52% are without life insurance. Seventy-five per cent of those questioned [...]
Swiss Re acquires Barclays Life
by Gill Montia
Story link: Swiss Re acquires Barclays Life
Swiss Re, the world’s largest reinsurer, has agreed to buy Barclays Life, for £753 million. The unit, which is being sold by Barclays bank, closed to new business in 2001 and generated premium income of £350 million in 2007. The business holds around £6.8 billion in invested assets, covering 760,000 life insurance and pension policies [...]
Swiss Re tempted by Barclays Life Assurance
by Gill Montia
Story link: Swiss Re tempted by Barclays Life Assurance
Swiss Re is reported to be showing an interest in the life assurance division of Barclays. Barclays Life Assurance was created from the merger of Woolwich Life and Barclays Life in 2003. It is closed to new business but has over one million policy holders and in excess of £7 billion under management. The division [...]
