Daily Insurance Industry News
 
 
Daily Insurance Industry News
Saturday 23rd of June 2018
June 4, 2009

Aviva progresses reattribution offer for NU policyholders

by Gill Montia

Story link: Aviva progresses reattribution offer for NU policyholders

Aviva is inviting Norwich Union with-profits policyholders to vote on the proposed reattribution of surplus funds. Negotiations over the reattribution have dragged on for well over a year because of a dispute over the proportion of the surplus that should be paid to shareholders. In July 2008, Aviva announced that it was prepared to pay […]



June 1, 2009

Norwich Union passes into history

by Gill Montia

Story link: Norwich Union passes into history

Aviva has erased its Norwich Union brand, which has disappeared from today. The name, which first appeared in 1797 and has been synonymous with general insurance in the UK for decades, has cost its parent company millions to ditch given a £9 million advertising campaign and additional in-house costs. Aviva shocked the insurance world with […]



May 6, 2009

NU with-profits reattribution devalued to £400m

by Gill Montia

Story link: NU with-profits reattribution devalued to £400m

Norwich Union (NU) with-profits policyholders who have been waiting patiently for news of the reattribution of surplus funds will be disappointed to learn that parent company, Aviva, has fixed the total payout at £400 million rather than the £1 billion promised earlier. In July of last year, Aviva announced that it was prepared to pay […]



April 24, 2009

Norwich Union warns of burglary surge

by Richard Kilner

Story link: Norwich Union warns of burglary surge

Following the abysmal figures contained in the Budget, Norwich Union, shortly to become Aviva, has stated its concern that by the end of the year unemployment could fuel a 50% rise in household burglary. Home Office statistics give the number of burglaries in 2008 as 280,000 and if Norwich Union’s fears are realised then 420,000 […]



April 6, 2009

NU boss apologises for confusion over job cuts

by Gill Montia

Story link: NU boss apologises for confusion over job cuts

The chief executive of Norwich Union (NU) General Insurance has apologised for sending “conflicting messages” over job cuts. In a recent interview with Professional Broking magazine, Igal Mayer indicated that there would be no redundancies announced during the remainder of this year. However, last week, NU owner Aviva said it is proposing to cut 1,100 […]



April 2, 2009

Aviva to cut 1,100 staff and 590 contract jobs

by Gill Montia

Story link: Aviva to cut 1,100 staff and 590 contract jobs

The BBC has reported that Aviva is proposing to cut 1,100 UK jobs this year and at the same time “close” 590 contract positions, which will go over the next few months. Trade union, Unite, expects staff at the group’s York and Norwich offices to be in the front line, although job losses at other […]



March 31, 2009

Aviva’s credit rating cut

by Gill Montia

Story link: Aviva’s credit rating cut

Concerns over Aviva Plc’s exposure in the financial markets have led Standard & Poor’s (S&P) to cut the insurer’s long-term counterparty credit rating from “A” to “A+”. The ratings agency has maintained the “AA-” long-term counterparty credit and insurer financial strength ratings on Aviva’s core insurance operating subsidiaries (including Aviva International Insurance) plus a “negative” […]



March 27, 2009

NU reports 14% rise in critical illness payouts

by Gill Montia

Story link: NU reports 14% rise in critical illness payouts

Norwich Union (NU) has published its critical illness (CI) statistics for last year. The insurer settled 1,625 CI claims during 2008, totalling almost £121 million, a rise of 14% on a year earlier. A further £216 million was paid to families who were either bereaved or had a family member diagnosed with a terminal illness. […]



March 26, 2009

86% of UK homes underinsured

by David Masters

Story link: 86% of UK homes underinsured

Eighty six percent of properties in the UK are ‘significantly underinsured’, according to recent research by Norwich Union. The home insurance provider surveyed 128 homes, and found £314 million of under-insured property. Most properties had not undergone a professional valuation for insurance purposes, Norwich Union said. It added that professional valuations are essential for adequate […]



March 10, 2009

Aviva launches Broker Independence Group

by Gill Montia

Story link: Aviva launches Broker Independence Group

Aviva has set up a new broker initiative that it says can provide up to 3,000 local independent brokers with unique access to a range of specifically tailored packages and services. Broker Independence Group is available to all local independent brokers with Norwich Union accounts of less than £800,000 premium. It comprises a dedicated team […]



March 3, 2009

Aviva outsources Norwich data centres to EDS

by Gill Montia

Story link: Aviva outsources Norwich data centres to EDS

Aviva has agreed a 10-year £700 million contract with EDS, which has been hired to run data services for the insurer. EDS, which is part of the HP group, will operate two data centres located in Norwich providing services for Aviva’s businesses in the UK, France, Ireland and India. According to the insurer’s UK general […]



February 4, 2009

Aviva reports 11% rise in life and pension sales

by Gill Montia

Story link: Aviva reports 11% rise in life and pension sales

Aviva has reported an 11% increase in life and pension sales in 2008, to £36 billion, with growth driven by UK and North American markets. Life and pension sales in the UK hit £11.9 billion last year, while for Europe this category of sales rose 8%, to £17 billion. In a trading update, Aviva also […]



Aviva puts brakes on reattribution of NU with-profits surplus

by Gill Montia

Story link: Aviva puts brakes on reattribution of NU with-profits surplus

Norwich Union (NU) policyholders expecting a windfall from the reattribution of the insurers’ with-profits fund surplus may be disappointed. In July of last year NU’s parent company, Aviva, announced that it was prepared to pay an average £1,000 per policy to around 700,000 customers who had invested in GCNU Life or CULAC with-profits funds before […]



January 23, 2009

NU closes commercial property fund for withdrawals

by Gill Montia

Story link: NU closes commercial property fund for withdrawals

Investors in Norwich Union’s (NU) unit-linked life and pensions’ property fund may not be able to redeem their cash for up to six months. The insurer is limiting withdrawals, although savers whose policies are due to mature during the period and those who receive regular payments from the fund are not affected, along with anyone […]



January 19, 2009

Norwich Union cuts with-profits bonuses

by Gill Montia

Story link: Norwich Union cuts with-profits bonuses

Aviva-owned Norwich Union (NU) has cut bonuses on its with-profits policies. Effective 1st January, 2.3 million policyholders will receive payouts worth up to 15% less than a year earlier. As a result, a 25-year Norwich Union endowment mortgage costing £50 per months is worth £42,322, compared to £45,911 at the beginning of 2008. In the […]



December 23, 2008

NU reunites customers with £10 million in unclaimed cash

by Gill Montia

Story link: NU reunites customers with £10 million in unclaimed cash

Norwich Union (NU) has issued an update on its promise to return £40 million of unclaimed assets to 40,000 customers, who have forgotten about their investments with the insurer. So far NU has returned £10 million to elusive policyholders with the help of Assets Reunited, which it has appointed to do the tracing. The company’s […]



December 22, 2008

Bruce Willis stars in Aviva rebranding ads

by David Masters

Story link: Bruce Willis stars in Aviva rebranding ads

To transform itself into a globally recognisable brand, Norwich Union is changing its name to Aviva, and it is paying £9 million for the privilege. A-list celebrities have been recruited to headline the TV-ad driven rebranding campaign, which will launch on Boxing Day. Bruce Willis, Ringo Starr and Elle Macpherson are among the line up […]



December 17, 2008

NU sees equity release market doubling in five years

by Gill Montia

Story link: NU sees equity release market doubling in five years

Norwich Union (NU) is predicting that the UK’s equity release market will thrive during the recession. The group sees the impact of the current economic turmoil on savings, a general lack of retirement funding and the Government’s growing emphasis on self-funded retirement as the main drivers in the market. The insurer expects High Street banks […]



Norwich Union: Fraudulent motor claims rising

by David Masters

Story link: Norwich Union: Fraudulent motor claims rising

Motor insurance giant Norwich Union has warned that car insurance fraud is on the rise because of the credit crunch. Research by the insurer found motorists trying to reduce premiums by declaring false information to their insurance firm when taking out a policy. However, Norwich Union warned that insurance granted on false premises is invalid, […]



November 28, 2008

Aviva announces £9m rebrand campaign

by David Masters

Story link: Aviva announces £9m rebrand campaign

Aviva, the world’s fifth largest insurer, has announced plans to launch the UK’s biggest ever financial services rebranding campaign in a bid to shed it’s Norwich Union brand name. The £9 million advertising offensive will start Boxing Day with the aim of completing the rebrand by June 2009. TV adverts will feature celebrities who have […]