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!
Flood warning made by Zurich
Two-thirds of Britons are not prepared for their home being affected by floods, Zurich has found.New research from the home insurance provider shows that 44 per cent would also not know whether or not their insurance policy covers them for extreme weather.Zurich also said that 62 per cent of people feel that they are at increasing risk of their home being flooded, due to climate change.The researc...Read More
Public overestimates life insurance costs by 400%
16/06/2015 The British public overestimates the cost of life insurance by almost 400%, according to research from SunLife. On average, the public thinks £100,000 of life cover would cost £50.58 a month, when the average premium actually stands at £10.31. The research also found that 47% of people have no idea how much life insurance would cost, rising to 53% for those who cited affordabil...Read More
Does my car insurance cover me to drive somebody else's car?
Car insurance is often a very grey area because of the different variations available and different terms and conditions which are attached to the various insurance companies in the UK. A number of people have automatically assumed that if they are insured under a comprehensive plan then they will be covered on a comprehensive basis for driving somebody else's car. However, you may need to think a...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
Government looking at raising national insurance
The UK government is rumoured to be looking at a potential rise in national insurance contributions to fund a guaranteed minimum level of care for the elderly in the UK. A Green Paper is to be released to the Houses of Parliament next week amid signs that politicians from all sides of the house are now gearing up for a general election. National insurance is one such tax which has crept higher and...Read More