Norwich Union news
Norwich Union is the flagship UK insurance operation of global insurer Aviva and is one of the UK's leading providers of general insurance.
Its primary products are life and home insurances, as well as business lines.
Other business streams include retirement products such as annuities, equity release schemes (home equity loans), pension products, and other investment and savings products.
Norwich Union Healthcare, a major provider of private medical insurance in the UK, covers hospital and outpatient care and provides disability products.
Main Norwich Union products:
- Life insurance
- Car insurance
- Home & Contents insurance
- Retirement planning
Website: Norwich Union
Latest Norwich Union News:
NU with-profits reattribution offers £1,000 per policyholder
by Gill Montia
Story link: NU with-profits reattribution offers £1,000 per policyholder
The lengthy matter of the reattribution of Norwich Union’s with-profits surplus looks close to a resolution, as the insurer’s parent company, Aviva, announces that it is prepared to pay a windfall that would average £1,000 per policyholder.
The customers eligible for the payout are those who invested in GCNU Life or CULAC with-profits funds before November […]
NU promotes flood continuity plans for businesses
by Gill Montia
Story link: NU promotes flood continuity plans for businesses
Following the publication of the Pitt Review, Norwich Union Risk Services (NURS) has responded to the report by recommending that companies should develop flood contingency elements in their business continuity plans (BCP).
The Pitt Review revealed that the average period of disruption caused to businesses as a result of last year’s floods stood at 8.75 days. […]
MPs attacks FSA’s regulation of inherited estates
by Gill Montia
Story link: MPs attacks FSA’s regulation of inherited estates
A select committee of MP’s has criticised the Financial Services Authority (FSA) over its regulation of the with-profit funds of insurance companies.
In a report by a Treasury select committee the FSA is accused of not having clear principles for regulating the inherited estates of insurers.
The money, which is sometimes referred to as an “orphan fund” […]
NU withdraws “pay as you drive” policy
by Gill Montia
Story link: NU withdraws “pay as you drive” policy
Norwich Union has withdrawn its “pay-as-you-drive” motor insurance scheme.
The policy was launched at the end of 2006 and used new technology to lower accident rates by changing motorists’ driving patterns, and subsequently lower their insurance premiums.
With a global positioning system fitted in each policyholder’s vehicle, premiums were based on the distance driven, the time at […]
Norwich Union to cut up to 1,800 jobs
by Richard Kilner
Story link: Norwich Union to cut up to 1,800 jobs
Norwich Union, which is owned by Aviva, could shed as many as 1,800 jobs within the next two years.
By 2010 Aviva is expected to have reduced Norwich Union insurance operations across the UK to focus on seven main centres: Norwich, Perth, Bishop Briggs, Stretford, Manchester, Leicester and Southend.
The move comes as part of a restructuring […]
Aviva call centres closures cost 1,800 jobs
by Gill Montia
Story link: Aviva call centres closures cost 1,800 jobs
Aviva, the parent company of Norwich Union, has announced that it will close 15 of its 22 UK call centres by 2010.
The move forms part of a rationalisation of the group’s general insurance business and will result in around 1,800 job losses.
It is understood that Aviva will also be dramatically reducing the number of general […]
NU supports Group Direct’s reverse takeover of Brightside
by Gill Montia
Story link: NU supports Group Direct’s reverse takeover of Brightside
Group Direct, the brokerage founded in 2002 by entrepreneurs Arron Banks and John Gannon, has acquired mortgage broker and debt management company, Brightside Group.
The purchase has taken the form of a reverse take over and includes the acquisition of Injury QED, which provides medical reports and other data for personal injury claims.
The move involves […]
Friends and Norwich Union agree pension buy-in
by Gill Montia
Story link: Friends and Norwich Union agree pension buy-in
Friends Provident has effectively sold its pension scheme by insuring around £350 million of the scheme’s liabilities with Norwich Union.
The move, which is being couched as a pension fund buy-in, transfers the responsibility for paying 3,200 pensioners in Friends Provident’s final salary scheme to Norwich Union.
The scheme’s chairman, Mike Hampton, is keen to point out […]
NU £2.6bn reattribution dispute close to resolution
by Gill Montia
Story link: NU £2.6bn reattribution dispute close to resolution
Norwich Union (NU) says it is close to resolving the dispute over the reattribution of the £2.6 billion of surplus capital in its with-profits fund.
A Treasury Select Committee has been reviewing the proposals drawn up by NU’s owner, Aviva, in the light of objections raised by Clare Spottiswoode, who is acting as policyholder advocate.
In recent […]
Aviva drops Norwich Union brand
by Gill Montia
Story link: Aviva drops Norwich Union brand
Aviva has shocked the UK insurance world with the news that it will be dropping its Norwich Union brand.
Norwich Union was formed in 1797 and has been a household name in general insurance for decades.
However, Aviva’s chief executive, Andrew Moss, is keen to have all the group’s products under one brand that can be recognised […]
Insurers withdraw cover for Terminal 5 travellers
by Gill Montia
Story link: Insurers withdraw cover for Terminal 5 travellers
Travellers passing through Heathrow’s Terminal 5 may experience difficulties purchasing insurance for flight delays and lost baggage.
A number of companies are withdrawing cover for those using the £4.3 billion terminal, which has seen various states of chaos since it opened on 27th March.
Problems with baggage handling have led to record baggage mounds plus flight delays […]
CCTV is no route to lower premiums
by Gill Montia
Story link: CCTV is no route to lower premiums
Norwich Union is warning its customers that installing CCTV at domestic premises will not necessarily result in lower insurance premiums.
While CCVT is still regarded as something of a niche product in the domestic market, demand for the security systems is increasing.
Electrical retailer, Maplin, has reported a 70% increase in its sales of domestic security […]
Sales up 60% for Norwich Union International
by David Masters
Story link: Sales up 60% for Norwich Union International
Norwich Union International, which is Aviva’s Dublin-based offshore business, has reported sturdy growth figures for 2007.
The company’s offshore sales in 2007 totaled £521 million, a 60% increase on the £325 million sales for 2006. These figures were reported on a PVNBP basis, and include with-profits and unit-linked offshore bonds.
Unit-linked offshore bond sales for 2007 […]
Aviva returns £2.1bn to policyholders
by Gill Montia
Story link: Aviva returns £2.1bn to policyholders
After threatening to withdraw plans to reattribute Norwich Union “orphan” funds, Aviva is proposing to pay out half of the inherited estate (£2.1 billion) to 1.1 million with-profits policyholders.
Aviva’s CGNU Life (which includes General Accident) and CULAC (which includes Commercial Union) with-profits funds have exceed what is required to cover the payouts promised to policyholders […]
Aviva reconsiders NU reattribution
by Gill Montia
Story link: Aviva reconsiders NU reattribution
Aviva, the parent company of Norwich Union, is reported to be considering putting off plans to reattribute a £5 billion surplus from its Norwich Union with-profits funds.
The insurer is concerned that plans that could have benefited 1.1 million Norwich Union shareholders have led to adverse publicity that could damage the group’s reputation.
Currently negotiations are taking […]
NU reveals full extent of endowment shortfall
by Gill Montia
Story link: NU reveals full extent of endowment shortfall
Norwich Union (NU) has reduced it endowment payouts by up to 10% while at the same time admitting that over 90% of 900,000 policies sold by the company to pay off mortgages are unlikely to reach their targets.
The figures mean that a 25-year, £50-a-month NU mortgage endowment maturing in 2008 will pay out £39,357, a […]
NU plans to deprive investors of £150 million
by Gill Montia
Story link: NU plans to deprive investors of £150 million
Norwich Union is reported to be planning to use £150 million of its inherited estate (also known as “orphan funds”) to pay for claims made against the company.
The insurer is in the process of reattributing the funds to with-profits policyholders and shareholders but according to the consumer group Which? part of the money is being […]
Car Insurance Is Cheaper Online, Says NU
by Stewart Douglas
Story link: Car Insurance Is Cheaper Online, Says NU
Mainstream insurer Norwich Union has today revealed that car insurers may be better off looking online for their insurance as opposed to traditional insurance buying approaches, as the best way to save money quickly on their policies according to a statement issued by a company spokesperson today.
The UK’s largest insurer for retail policies has suggested […]
NU “Pay as you Drive” reduces claims and premiums
by Gill Montia
Story link: NU “Pay as you Drive” reduces claims and premiums
The Norwich Union’s Pay as you Drive scheme, which was launched just over one year ago, is being hailed as a breakthrough for young drivers.
The motor policy uses new technology to lower accident rates by changing motorists’ driving patterns.
Policyholders have a global positioning system fitted in their vehicles and premiums are based on the distance […]
Norwich Union Face £1.25m Fine After ID Theft
by Stewart Douglas
Story link: Norwich Union Face £1.25m Fine After ID Theft
Leading insurer Norwich Union has today been fined by the regulatory body the Financial Services Authority following widespread reports of security breaches leading to identity theft amongst a number of its policy holders, in one of the first moves of its kind so far.
The Financial Services Authority today announced it had fined the insurer over […]
