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!
UK government announces crackdown on payment protection insurance
The UK government has today announced a substantial change in the regulations governing the sale of payment protection insurance (PPI) in relation to loans and credit cards. This area of the market has been relatively untouched for some time despite growing complaints of aggressive sales pitches and some customers feeling they had no choice but to take out PPI with their loan or credit card compan...Read More
Government scheme could cut car insurance costs
The government is mulling plans which could see motorists benefit from cheaper car insurance through signing up for courses to improve their skills behind the wheel. Under the terms of the new plan, those who take advanced driving courses could cut the cost of insuring their car by around 25 per cent. However, young drivers will benefit from even marked reductions, with the Telegraph claiming that...Read More
EU Gender Directive: Have you heard about it?
What is the EU Gender Directive? The EU Gender Directive relates to a ruling across the EU for equal treatment between men and women, which means that providers will no longer be able to price insurance and annuities on the basis of gender. When does the EU Gender Directive come into place? The EU Gender Directive comes into force as of Friday 21st December 2012, from there onwards provid...Read More
PPI claims management firms take 25% of pay outs
24/02/2016 Claims management firms that specialise in payment protection insurance (PPI) claims took almost a quarter of consumer’s compensation, between April 2011 and November 2015. During this time period, banks and financial organisations have paid out around £22.2bn in compensation to 12 million customers who were mis-sold PPI. However, the National Audit Office (NAO) has said th...Read More