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:
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 […]
NU policyholders’ windfall halved by FSA ruling
by Gill Montia
Story link: NU policyholders’ windfall halved by FSA ruling
A large number of Norwich Union policyholders are expecting to receive windfall payouts of £2,000 each, in summer 2008.
The company’s 1.1 million with-profits policyholders are due for a share of so called “orphan assets”, that is to say assets that are surplus to amounts needed to cover current or future payouts.
Norwich Union’s “orphan assets” total […]
FSA affirms guidance over industry use of surplus cash
by Gill Montia
Story link: FSA affirms guidance over industry use of surplus cash
The Financial Services Authority (FSA) has come out in support of plans by a number of insurance companies to use some of the industry’s £16 billion surplus to support their businesses.
The move could mean that millions of policyholders will lose out on cash windfalls.
The UK insurance sector has been developing plans to release the surplus […]
NU Partner HSBC
by Stewart Douglas
Story link: NU Partner HSBC
Insurance group Norwich Union have today announced a strategic partnership with HSBC Bank which will see the group underwrite the Bank and its subsidiaries’ creditor liabilities as well as providing underwriting to several of its independent insurance policies.
The mainstream bank, with 1 in 5 banking customers on its books, will now draw on Norwich Union […]
General insurers warn of November 5th risks
by Gill Montia
Story link: General insurers warn of November 5th risks
As we draw to the end of October, general insurers are keen to remind property owners about the perils of Bonfire Night.
The truth is that letting off explosives in the dark, whilst surrounded by valuable property, is a high risky activity.
Norwich Union research shows that claims for fire damage increase 50% on 5th November, making […]
Avivia life and pension sales increase 21%
by Gill Montia
Story link: Avivia life and pension sales increase 21%
Aviva, the global insurance group that owns Norwich Union, recorded a 21% increase in worldwide life and pension sales in the nine months to the end of September 2007.
Sales in the UK rose 5%, to £10.9 billion during the period.
Strong growth was recorded in both Aviva’s Asia Pacific and Northern American businesses and the total […]
Norwich Union jobs at risk
by Gill Montia
Story link: Norwich Union jobs at risk
Aviva, the parent company of Norwich Union, is planning to reduce costs in the UK by £300 million over the next two years.
Andrew Moss, who has been chief executive of the group since July of this year, has confirmed that redundancies will be inevitable although no specific numbers have been mentioned.
The news comes as […]
Norwich Union Launches New Underwriting Training Programme
by Stewart Douglas
Story link: Norwich Union Launches New Underwriting Training Programme
Leading insurer Norwich Union has today announced its innovative underwriting academy, designed to facilitate more advanced staff training and product knowledge development to promote better all round service for policy holders.
The academy will be set up to handle 130 staff initially, and contains some of the most advanced training facilities in the industry. The […]
NU and Axa UK results present mixed bag
by Gill Montia
Story link: NU and Axa UK results present mixed bag
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.
Net […]
NU adds 10% to home insurance premiums
by Gill Montia
Story link: NU adds 10% to home insurance premiums
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 that the […]
Aviva May Halt £4bn NU Reattribution
by Gill Montia
Story link: Aviva May Halt £4bn NU Reattribution
Aviva, the owner of Norwich Union (NU), is rumoured to be opposing plans to free £4 billion of surplus assets held in Norwich Union’s with profits business.
Speculation about the proposed reattribution has been rife since policyholders failed to receive an update on the scheme’s progress; according to Financial Services Authority guidelines, an update should be […]
Aviva and RSA Face £230m in Flood Claims
by Gill Montia
Story link: Aviva and RSA Face £230m in Flood Claims
The damaged caused by the recent weeks of torrential rain will leave two of the UK’s top household insurers facing claims for flood damage that are likely to be in excess of £230 million.
The owner of Norwich Union, Aviva, estimates it will be paying out over £175 million in claims, given that it holds a […]
Aon & NU Highlight Terrorist Threat to Business
by Gill Montia
Story link: Aon & NU Highlight Terrorist Threat to Business
Businesses are being urged to review the level of threat posed by terrorism, in the light of Aon’s 2007 Terrorism Threat Map, which shows a shift in terms of global terrorist activity.
Aon believes that company’s need to review their vulnerabilities in terms of operations and revenue streams, and maintain a full understanding the changing nature […]
