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!
Quinn Insurance announces 900 job losses
The administrators for Quinn Insurance have today announced 900 job losses and confirmed that the Quinn Insurance is officially now up for sale. This is the next stage in a long-running saga involving parent group Quinn Group, which is owned by one of Ireland's wealthiest businessmen, Sean Quinn. The regulators became involved with regards to Quinn Insurance a few weeks ago and effectively closed...Read More
Pet insurance 'crucial for vet fees'
Veterinary fees can cripple family finances unless people have adequate pet insurance, it has been claimed.Owners who do not insure their pets could face a "major problem" if treatment is needed, the British Small Animal Veterinary Association (BSAVA) has warned.The introduction of new treatments all the time means that vets' fees are now rising on an annual basis, meaning any treatment that is ne...Read More
Insurance premiums on the up
The trend for falling home insurance premiums has come to an end and the cost of insurance overall in is on the up, according to the AA. The insurer blames this summer's flooding for the three per cent rise in home insurance premiums - the largest single increase the AA has recorded - and also reports a two per cent increase in home insurance premiums. "We now see the result of that devastation re...Read More
PPI complaints soar at taxpayer funded banks
It has been revealed that taxpayer funded banks such as Lloyds TSB and Northern Rock have been receiving substantial complaints from customers regarding their PPI sales. This particular type of loan payment protection insurance has received significant criticism from both customers and regulators alike and the industry watchdog has already issued a number of warnings. However, Lloyds TSB, Northern...Read More
Don't be "hoodwinked" when it comes to mobile phone insurance, says Biba
People who upgrade their mobile phones often don't realise that their existing mobile phone insurance will not cover their new phone, according to Peter Staddon of the British Insurance Brokers' Association (Biba). Mr Staddon urged people to be better educated when it came to their insurance policies, giving the example of mobile phone insurance, where often when people take out a policy at the po...Read More