Norwich Union pulls out from comparison sites

Insurance giant Norwich Union has recently announced that it is pulling out of placing deals on price comparison sites. Many insurance providers allow their deals and packages to be viewed on one of a range of price comparison sites that have come into play over the past couple of years. A large number of consumers use these sites to see at a glance whether they can cut the cost of cover or to find the most competitive insurance deals. Read more

Tags: uswitch, leading insurance, norwich union, insurance giant, Website, price comparison sites, move, use

‘Blase attitude’ to home insurance to blame for lack of cover

Consumers’ blase attitude to home insurance could be the motivation behind many consumers failing to take out cover, claim financial experts.

Norwich Union estimated that, out of the 25 per cent of home owners who are supposedly without contents insurance, more of them are to be found in larger cities and built up areas as opposed to rural communities.

Alison Palmer, household underwriting consultant for Norwich Union, said that many people take the view that “‘well, it’ll never happen to me. I’ll be alright, I haven’t got anything worth insuring anyway’”.

“As you’ve probably seen from the events that happened last summer it can happen easily. People lose everything and it’s a horrible thing,” she added.

The number of consumers without contents insurance has not changed in the past few years, concluded Ms Palmer.

New research from Legal & General, shows that Britons keep their most valuable personal possessions and documents in their kitchens.

According to reports, the UK insurance industry paid out £9 million to householders for property damage or loss of possessions in 2006.

Tags: norwich union, Household, property damage, home, claim financial experts

UKSIF plans week to promote greener investments

The UK Social Investment Forum (UKSIF) is to run the first National Ethical Investment Week next year, it has emerged.

Members of financial professions will be encouraged to raise awareness of the variety of green and ethical investment options available during the week, which will take place between May 18th and 24th.

The initiative has received the backing of some of the industry leaders in ethical and green investment products, such as Friends Provident, Norwich Union and Henderson Global Investors.

George Latham, head of SRI at Henderson Global Investors, commented: “The evidence can no longer be ignored: consumer interest in sustainable and responsible investing is continuing to grow rapidly.”

“This initiative is a welcome and necessary contribution to the ethical debate, raising the profile of the industry and underlining that investing with a conscience can be a powerful and profitable catalyst for change,” Mr Latham added.

Meanwhile, fund propositions manager at Norwich Union, James Dalby, said that the week would help dispel the “many myths” that surround ethical investment, which he said are “generally untrue”.

Tags: social investment forum, investment options, National, Business ethics, Awareness, profile, norwich union, backing

HSBC to improve insurance products

One of the UK’s leading banks, HSBC, has announced that it is extending its relationship with insurance underwriter Norwich Union in a bid to improve the insurance products and services that it provides.

Over ten million customers with HSBC can now opt for a range of general insurance products through HSBC that will be underwritten by Norwich Union. The bank and the insurance company have already been working together for over twenty years on certain insurance products, and their relationship will be strengthened as the bank increases the insurance products that will now be provided through Norwich Union.

HSBC hopes that this latest move will place it amongst the top ten providers of general insurance in the UK. Previously, HSBC offered a number of insurance products through Norwich Union, and this included travel, vehicle, and home insurance.

The bank also hopes that profits from its insurance products can be doubled through this improved joint venture, with the bank’s managing director of insurance stating: ‘Creating preferred strategic partnerships with leading general insurers is a key element of that plan. In the UK, an estimated £1 in every £5 of financial services expenditure is spent on insurance. That is why we have chosen Norwich Union, the leading UK insurer with whom we already have a strong working relationship, to help HSBC satisfy its customers’ insurance needs.’

The Chief Executive of HSBC stated: ‘It would be fair to say that HSBC has historically punched below its weight in insurance but we have shown before that our customers want to stay with us if we offer well serviced, good value products.’

Tom Smith
23rd May 2007

Tags: contents, car, offers, home, Insurance, travel, products, hsbc

Motor insurance set to rocket in the UK

Motorists in the UK are set to face huge increases in motor insurance over the next year according to recent reports relating to some of the larger motor insurance companies in the UK. It has been reported that the biggest motor insurer in the UK could be whacking up the cost of premiums in 2007, increasing the gap even further between the prices from some major insurers and some of the cheaper motor insurance companies.

Unfortunately, the large rise in premiums could mean that those companies currently seen as budget insurance companies, which are able to offer huge discounts, could also be forced to push up premiums, making it even more costly to own and drive a car in the UK. Norwich Union has already raised premiums by up to forty percent over the past few months, and other major players are set to follow.

The largest motor vehicle insurer, the Royal Bank of Scotland, is now set to follow suit and push up its insurance premium rates, and smaller companies could follow. One spokesperson from the Admiral Group stated: ‘We believe Royal Bank of Scotland Insurance is the decisive factor in taking the market up in price. If it were to sustain a series of increases over the next 12 to 18 months, that would take rates up substantially.’

According to statistics forthcoming rises could push up an average insurance premium of around seven hundred and fifty pounds to around nine hundred pounds. Officials from the Royal Bank of Scotland Insurance stated that the rises were largely due to the heft cost of claims that had been made over recent years. An AA spokesperson also spoke about the rises, stating: ‘You will find people will shop around even more now. The market is going to be even more polarised between the highest and lowest prices.’

Tags: car, Insurance, rbs, premiums, motor, costs