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.
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
Insurance companies set to increase premiums across the board
As we have covered on a number of occasions, many insurance companies have "sneaked in" premium increases over the last few weeks when their sector has been overshadowed by that of the banking and mortgage industry. This constant increase in premiums has gone largely unnoticed but over the next six months, as UK consumers look to renew their policies, they will become all too evident.
Travel Insurance Warning As The Holiday Season Approaches
As we approach the peak of the holiday season many of the UKÃ¢â‚¬â„¢s consumer groups are warning travellers to ensure that they are fully covered when they go overseas, and know exactly what they can and cannot claim for. In these times of economic uncertainty it seems that more and more people are looking to reduce costs as much as possible, with travel insurance often top of the list...Read More
Insurance claims flood in
Up to 8,600 insurance claims are estimated to have flooded in from anxious policyholders following yesterday's wet weather.After torrential rain and flooding plagued a number of areas across the UK, Abbey Home Insurance warned that the damage wrought by the freak conditions had come as a "shock" to many people.The insurer estimates that some 3,200 claims for flood damage were made yesterday alone....Read More
Homeowners warned over Easter DIY mishaps
Homeowners have been advised to check their home insurance policy before undertaking any DIY this Easter weekend or risk ending up out of pocket in the event of a mishap. Home insurance provider Allianz Insurance predicts that this Easter the collective bill for damage caused by DIY accidents could reach as high as £25 million. In the event that they are not comprehensively ensured for such event...Read More