Norwich Union increasing home insurance premiums
by Kay Murchie
Norwich Union has announced that it is to increase its home insurance premiums by an average of 10%, from mid-August. Norwich Union, which forms part of the Aviva group, is the UK’s largest household insurer, covering around 1 in 5 homes in the UK.
The company highlighted that the increase is not related to the recent floods and the timing is coincidental. It anticipates the bill for the floods to be in the region of £340 million but commented that it is too soon to verify whether premiums will increase as a consequence of the flood claims.
Norwich Union added that the 10% rise in domestic insurance premiums is related to a number of issues, one being the increased levels of home improvement work.
In addition, the company said that households in flood risk areas can expect to see higher home insurance premiums than those in non-flood risk areas.
Lloyds TSB has denied reports that it is also increasing domestic insurance premiums by 10%, again saying that it is too early to establish the effect of the floods on premiums.
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