Latest Insurance News
The latest news from the insurance sector:
May 9, 2008
The Financial Services Authority (FSA) has revealed that some insurance comparison sites are providing incorrect or out-of-date information.
An investigation of insurance comparison websites found that although all the sites were properly authorised, there was mixed evidence in the clarity, fairness and accuracy of information given to customers.
The industry is growing fast and the amount of comparison websites has escalated over the ...
Insurance comparison sites misleading consumers
by Kay Murchie
April 30, 2008
Aviva has stunned the insurance sector by announcing it is to scrap the Norwich Union brand name.
Norwich Union is the biggest life-insurer in the UK with a strong position in car insurance and has been one of the country's best-known financial services brands for over 200 years.
Aviva's chief executive since last July, Andrew Moss, unveiled the plans and said ...
Aviva announces plans to dump Norwich Union brand
by Kay Murchie
April 29, 2008
Research by Tescocompare.com, the car insurance comparison site, has established that 2 million motorists claim to be driving an environmentally friendly car.
Low-emission vehicles are most popular in Wales and the South West, where 12% have chosen a car which is environmentally friendly compared to 4% in London.
However, Tescocompare.com, discovered that more than 21 million are driven by financial ...
Motorists would go green if the price was right
by Kay Murchie
Britons must look at car insurance when driving overseas
by Kay Murchie
April 24, 2008
Figures from the Association of British Insurers (ABI) show that the number of people covered by private medical insurance (PMI) has exceeded the six million mark for the first time in 5 years.
Despite the economic downturn, insurer BUPA has experienced a 20% increase in sales in the first quarter of this year.
Fears of dirty NHS hospitals and quicker treatment are ...
Private medical insurance growing in popularity
by Kay Murchie
April 16, 2008
According to AA Insurance, where you park your car can have an impact on your car insurance premium, especially in a city.
By keeping your car locked in a garage overnight, you can save between 7% (in a rural community) and 35% (in an inner city environment) on your car insurance.
Research from AA Personal Loans has revealed that residential streets are ...
Car parking influences car insurance premiums
by Kay Murchie
April 11, 2008
Drivers convicted using a mobile phone could soon find their insurance premiums rising.
The usage of hand-held mobile phones whilst driving was banned by the Government because of the distraction it causes.
However, Allianz Insurance is set to become the first motor insurance provider to increase premiums for drivers with mobile phone convictions by 30%.
In the past, ...
Motorists using mobile phones could see rise in insurance premiums
by Kay Murchie
April 1, 2008
After a tough 12 months, insurer Friends Provident now feels able to reject a £3.5 billion take-over bid from private equity house JC Flowers.
JC Flowers has made an offer of 150p a share, however, Friends insists that this proposal 'significantly undervalues Friends Provident and its prospects and does not represent a basis for discussion'.
The Friends' board, run by ...
Friends Provident shuns new JC Flowers offer
by Kay Murchie
March 28, 2008
Research from Direct Line Pet Insurance has established that routine trips to the vet are costing pet owners as much as £1.5 billion each year.
Treatments such as vaccinations can result in huge annual costs and without these vaccinations, dogs and cats are at risk of illnesses such as canine flu and kennel cough.
However, in spite of this, Direct Line ...
Vet bills costing £1.5 million a year
by Kay Murchie
March 18, 2008
Legal & General has today warned that this year could be a difficult for the UK financial services industry as the group posted a decline in annual operating profits.
The insurer said operating profit on a European embedded value basis dropped from £1.23 billion to £912 million. The figures were hit by the group taking a more conservative view of life ...
Legal & General warns of difficult year
by Kay Murchie
March 13, 2008
A report from market analyst, Datamonitor, has said that UK's private motor insurance market look set to make a profit next year for the first time in 14 years.
A spokesperson for Datamonitor said 2009 could be a historic year for the private motor insurance market, putting an end to a painful 14 consecutive years ...
Car insurance companies set to make a profit as premiums outstrip claims
by Kay Murchie
March 12, 2008
Respected finance director, Jim Smart, is to leave Friends Provident in August dealing the insurer yet another blow.
The insurer is already without a chief executive after the departure of Philip Moore and ahead of the arrival of Trevor Matthews from Standard Life. Friends said that Smart wanted to 'pursue other opportunities'.
Chairman, Sir Adrian Montague, said Smart has made a ...
Jim Smart steps down from Friends Provident
by Kay Murchie
March 11, 2008
Yesterday saw winds of up to 80 mph in the South West of England, resulting in damage to buildings and posing huge flood threats to coastal areas.
Research from Moneysupermarket.com has established that 40% of homeowners in the UK do not have home insurance. Over two million homes in the UK are on flood plains meaning ...
Home insurance is a must after further storms hit the UK
by Kay Murchie
March 10, 2008
Tokyo’s equities markets were lower Monday. The Nikkei 225 was 1.96 percent lower to 12,532.13 while the Topix index fell 1.87 percent to 1,224.39 and the Mothers market dropped 6.39 percent to 594.11. Most other markets in the Asia-Pacific region were also down. The main exception to losses was Hong Kong’s Hang Seng, which added 0.91 percent to ...
Equities decline in Asia-Pacific, Europe, US
by Elaine Frei
March 6, 2008
The smoking ban came into effect last July and with No Smoking Day (NSD) on March 12, those who give up smoking could save more than £2,000 on their life insurance.
Price comparison website moneysupermarket.com said not only will giving up smoking benefit health but life insurance premiums for non-smokers are almost half the cost than for their smoking counterparts.
Life insurance ...
Quit smoking and save on life insurance
by Kay Murchie
March 5, 2008
Motor insurance group, Admiral, beat market forecasts with a 24% increase in full-year profit. The group said its pre-tax profit for the 12 months to the end of December was £182 million compared with £147 the previous year.
Admiral also announced a strong performance at its Confused.com insurance price comparison website, which generated a profit of £36 million ...
Admiral Group beats market expectations with 24% leap in profits
by Kay Murchie
March 3, 2008
As a result of the turbulent weather in the UK, Norwich Union owner Aviva has unveiled a drop in the profits growth.
The group's general insurance arm reported a 39% fall in operating profits to £1 billion last year. The fall was primarily due to the worst UK floods for 60 years.
However, operating profits saw a slight ...
Aviva reveals fall in profits due to bad weather
by Kay Murchie
February 28, 2008
Following an earthquake in the early hours of Wednesday morning, at least 1,100 insurance claims were received in the first 12 hours after the tremor, according to Abbey.
The earthquake which measured 5.2 on the Richter Scale was Britain's most powerful for almost 25 years.
There have been reports of structural damage near to the earthquake's epicentre close to Market Rasen in ...
Over 1,000 insurance claims following earthquake
by Kay Murchie
February 26, 2008
According to the latest Car Insurance Index by Sainsbury’s Bank, car insurance premiums have risen by 5.24% in the last 12 months.
Currently, the average motor insurance premium is £497.26, compared with £474.52 twelve months ago.
Drivers aged between 40 and 50 experienced the largest increase with an average of 7% while motorists aged 65 and over had the lowest rise in premiums ...
Motor insurance premiums on the increase
by Kay Murchie
Groupama reports strong 2007 growth in spite of summer floods
by Kay Murchie