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 [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
