Royal Bank of Scotland to close half of its insurance offices
In a rather disappointing and surprise move it has been announced that Royal Bank of Scotland will be closing half of its insurance offices with Glasgow, Peterborough and Bristol earmarked for closure. This will result in well over 1000 jobs being lost amid signs that the company is looking to trim down its insurance operations, which include Churchill and Direct Line, ahead of a forced sale by the European Commission.
The company has already tried unsuccessfully to auction the two main insurance divisions although due to the fact that the UK government stepped forward with significant taxpayer backing it is now being forced to push these two operations towards new owners. When you consider that Churchill and Direct Line have been two of the most successful subsidiaries of Royal Bank of Scotland it seems rather bizarre that the company is being forced to sell the crown jewels to pay down debt and abide by EU state funding regulations.
There will no doubt be a number of competitors already looking over the books of these two operations which are two of the best known in the UK and two of the most successful.
Legal & General cut terminal bonus rates
In a move which was to be expected but is still very painful after the introduction of the with-profits exit fee adjustments, it has been revealed that Legal & General will be cutting terminal bonus rates on with profits funds by between 5 and 9 percent as a consequence of the fall in investment markets. It seems that after a period of calm reflection the insurance industry is now waking...
Insurers call for end to floodplain building
Britain's insurance industry has warned that new housing developments must be built away from flood-risk areas if flood insurance is to remain widely available and competitively priced.The warning from the Association of British Insurers (ABI) comes after housing minister Yvette Cooper admitted that new developments would continue to be built in some areas prone to flooding, providing adequate pro...Read More
The long-term cost of DIY
As more and more people in UK decide to stay put in their current homes until the market improves we are starting to see significant interest in the DIY market. However, research by Sainsbury's Home Insurance has shown up significant concerns which homeowners need to address if they are looking to go down the DIY route. It appears as though many people in the UK are carrying out DIY work in high r...Read More
Do parents really need life insurance?
As the economic environment has changed in the UK, for the worse, more and more people are now looking at ways to reduce their outgoings and consolidate their financial position. One area of interest is the insurance market with many parents considering whether they actually need life insurance. So do parents really need life insurance? Life insurance is one of those financial products which yo...Read More
Burglars 'given easy ride by homeowners'
Homeowners across the UK are making life easy for opportunistic burglars by leaving their expensive contents on show, it has been claimed.Research carried out by LV= has suggested that home insurance claims will increase over the festive period because so many people leave items in plain view, so that criminals can easily break in and take what they want.Many people like to leave their curtains op...Read More