Latest Insurance News
The latest news from the insurance sector:
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
February 22, 2008
Insurer Norwich Union, is warning that having CCTV cameras installed on your property will not necessarily mean lower insurance premiums.
CCTV is considered as something of a niche product in the domestic market and there is a high demand for the product.
Maplin the electrical retailer, has announced a 70% increase in its sales of security cameras for domestic use over ...
Installation of CCTV does not mean cheaper insurance
by Kay Murchie
February 16, 2008
According to the AA, the number of uninsured vehicles seized by the police in 2007 was almost double that compared with 2006.
The AA added that there was a growing number of top-of-the range cars that were being seized. This was probably due to the fact that owners could not afford to insure them or chose not to.
The total number of cars ...
Seizure of uninsured vehicles doubles
by Kay Murchie
February 14, 2008
The Association of British Insurers (ABI) has warned that stricter planning laws must be enforced or millions of homes could be uninsurable.
The insurance trade body warned that over 30% of the 3 million new homes the Government planned to build by 2020 would be on a flood plain.
In the last 12 months alone, 13major developments have ...
Stricter planning laws required or homes will be uninsurable
by Kay Murchie
February 7, 2008
As well as providing car, home, travel, health and life insurance, the Post Office has now announced that it is to launch a pet insurance policy.
The new policy will offer a comprehensive range of care for cats and dogs, covering veterinary bills up to a maximum of £5,000 per condition.
The Post Office recently discovered that almost all claims (97%) ...
The Post Office launches pet insurance policy
by Kay Murchie
February 6, 2008
Kewill, the software developer, has announced the provision of a streamlined electronic communication platform for RAC Auto Windscreens (RAC).
RAC provide a service to repair and replace damaged vehicle glass for a wide range of private and corporate customers across Europe. The multiple year contract has been signed to utilise Kewill’s InsuranceXchange (KIX), a fully hosted managed solution, to ...
Kewill announces streamlined electronic communication platform for RAC
by Kay Murchie
Norwich Union with-profit policy holders to share £2.1 billion
by Kay Murchie
February 4, 2008
Lark Insurance has acquired Griffiths Good and Company and as a result, increased its revenues to £20 million.
Graham Lark, chairman of Lark, said he is delighted to add Griffiths Good and Co to the group. It is a first-class corporate broking business and the deal represents a further step towards our strategic objective to become one of the leading brokers in ...
Lark acquires Griffiths Good and Company
by Kay Murchie
February 1, 2008
Friends Provident, Britain's fourth largest life insurer, is to shed 600 jobs throughout its business in the UK as part of a strategic review.
Furthermore, the group is looking to offload 3 businesses worth a total of over £1 billion. They are F&C Asset Management, Lombard International and Pantheon Financial.
Friends has been in trouble since its £8.4 billion merger with Resolution ...
Friends Provident reveals cost-cutting measures
by Kay Murchie
January 29, 2008
The board of Friends Provident has revealed a partial break-up and that it is to commit to a restructuring of its core UK business that is expected to cut at least £30 million from its annual cost base.
Chairman Sir Adrian Montague is expected to approve the de-merger of F&C Asset Management, which is 53% owned by Friends and the sale ...
Friends Provident reveals plans to cut costs
by Kay Murchie
January 24, 2008
It is believed that Ping An Insurance of China is interested in buying a non-controlling stake in Prudential, the UK insurer. Prudential declined to comment.
Following the news, shares in Prudential increased 6% leading the FTSE recovery, followed by mining stocks and other insurers. In addition, Aviva, which owns Norwich Union, increased 4% after the news.
Shares in Prudential have been ...
Ping An show interest in Prudential
by Kay Murchie
January 22, 2008
According to research from consumer group, Which?, Britons are wasting money by paying for insurance policies that they do not need.
The study showed that consumers often purchase overpriced insurance policies that are unnecessary, hard to claim and are rarely paid out.
For example, some policies offer cover against identity fraud but this can be unnecessary as losses may be paid ...
Thousands of pounds wasted on insurance policies
by Kay Murchie
January 21, 2008
Private equity group, JC Flowers, is believed to be building a secret stake in Friends Provident, indicating that the group could launch a £4 billion takeover bid for the insurer.
Over the last 7 days, it is believed that Flowers has acquired a stake of 1.7% and comes just 2 weeks before Friends is due to reveal the results ...
JC Flowers builds secret stake in Friends Provident
by Kay Murchie
Aviva abandons plans for windfalls
by Kay Murchie
January 4, 2008
HCC Insurance Holdings has recently acquired Indiana-based MultiNational Underwriters (MNU), which specialises in international life, accident and health insurance.
MNU was established in 1998 and sells insurance in more than 130 countries, primarily via the internet. It is anticipated that MNU will write in excess of $40 million in premiums in 2008.
HCC Insurance Holdings, based in Houston, has secured approval to establish a ...
Acquisition for HCC Insurance Holdings
by Kay Murchie
January 2, 2008
The Motor Insurers' Bureau (MIB) run the Motor Insurance Database (a record of cover details for every vehicle in the country) and this database is giving police a crucial edge for 2 years now with the Police having the ability to seize uninsured cars.
Computerised cameras are used to read number plates of passing traffic ...
Driving with no insurance remains one of the UK’s biggest motoring problems
by Kay Murchie
December 31, 2007
Last month, chief executive Philip Moore left Friends after less than a year amid a failed merger attempt with Resolution, the closed fund consolidator.
The insurer has now announced it is carrying out a strategic review that could result in a sale of part or all of the company.
In order to support new business growth, the insurer needs to raise around £600 ...
Strategic review at Friends Provident
by Kay Murchie
