Mergers and acquisitions expected in the UK insurance sector
Over the last few days the ongoing dispute between Aviva and the RSA has dominated the headlines and many people believe that the insurance industry is very much primed for a number of mergers and acquisitions in the short to medium term. Royal Bank of Scotland is already under pressure from the European Union to dispose of its Direct Line and Churchill insurance operations in the short to medium term. These operations are certain to attract the attention of insurers in the UK and while we are unlikely to see any aggressive bidding due to the economic environment there is no doubt there will be a number of parties interested.
This is just the tip of the iceberg with regards to the UK insurance sector where the Resolution Group is planning to create a business worth in excess of £10 billion. We could also see some of the major insurance companies in the UK looking to merge their operations as a means of streamlining the cost for the future and enabling them to focus on new markets and new opportunities in the medium to longer term. The markets are currently awash with rumours and counter rumours with some very interesting suggestions in the pipeline!
A critical illness plan pays out a lump sum if you are diagnosed with any of the policy's specified critical illnesses, but survive for a period of time after diagnosis (normally 28 days). The lump sum you get could be used to pay for things like nursing care, home-help or adapting your house to accommodate a disability. It could also pay off your mortgage or pay for a holiday to help you recov...Read More
Most competitive car insurance providers named by site
A price comparison site has named the UK's most consistently competitive car insurance providers. According to research conducted by moneysupermarket.com's car insurance channel, the cheapest car insurers are Kwik Fit and Swiftcover with an average premium of £276.74. Meanwhile, Quinn-Direct and the RAC were named third and fourth best with average premiums of £282.80 and £289.59 respectively.H...Read More
Civil servant found guilty of car crash scam
As if we needed another reminder of the various insurance scams active in the UK at the moment, today saw a civil servant jailed for 4 1/2 years for his part in a £1.6 million "cash for crash" scam. Mohammed Patel, who worked at the Department of Work and Pensions, was found guilty of being part of a gang which staged road traffic accidents by breaking quickly and forcing cars behind them to cras...Read More
UK government to challenge EU over insurance rules
The UK government is set to challenge the EU commission head-on with regards to solvency II rules which are set to be introduced to the European marketplace in the short term. The UK government believes that these "over conservative" solvency rules will see UK insurance companies having to shore up their reserves by up to £50 billion. There will obviously be a cost to this additional reserve requ...Read More
Simple ways to reduce your car insurance
As UK car insurance policies are renewed up-and-down country each and every year the trend for policy premiums seems to be going higher and higher each year. However, while much of the increase in policy payments is down to uninsured drivers causing damage on the roads it is the humble and honest car driver who is suffering. So what can you do to reduce your future car insurance premiums?