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!
George Osborne announces partial reduction in planned national insurance rise
George Osborne yesterday grabbed the moral high ground in the battle for the hearts and minds of UK workers with an announcement that the Conservative party would partially reduce the planned national insurance rise announced by the Labour government. George Osborne has guaranteed there will be no national insurance rise for those earning under £35,000 a year in the UK and while this will cost th...Read More
Don't automatically renew your travel insurance
Many people across the UK automatically renew their home insurance, car insurance and travel insurance for example without ever considering the consequences. Aside from the fact that many do not even consider looking around for better rate, what is the point of renewing your travel insurance if you do not have a holiday booked this year or next?
While it may sound crazy to the vast...
Upwards of 200,000 young drivers are driving without insurance
A report by the Motor Insurers Bureau (MIB) has revealed that upwards of 240,000 young drivers aged between 17 and 20 are driving on UK roads without insurance. At a time when UK motor premiums continue to rise there is no doubt that there has been a significant increase in the number of uninsured drivers on UK roads and this figure is set to rise as the recession grabs hold.
Convertible term assurance policies are similar to term assurance policies, as they have a known level of cover that will pay out in the event of death within a set time. However they also come with the option to "convert". This conversion option allows you to adapt your plan if your circumstances change. You can convert it to either an endowment assurance policy (provides a cash benefit when...Read More
Equitable Life chief executive urges policyholders to accept compensation
Chris Wiscarson, the chief executive of Equitable Life, has today stepped into the mix with regards to the ongoing compensation claim being handled by the UK government. It is believed that customers lost in the region of £4 billion - £4.8 billion when Equitable Life was forced to renege on a number of promises on some of its investments. However, the chief executive of the Equitable Life believ...Read More