Homeowners insurance threatened for Scottish residents in flood-struck regions

Scotland flood homeowners insurance

People in Scotland could lose their coverage after extensive flooding hit their areas. British insurers are cautioning that thousands of people living in Scotland may suddenly find that it is impossible to purchase homeowners insurance for their properties unless the U.K. government is willing to underwrite the claims. At the moment, one in every 22 Scottish residential properties is at a flooding risk. According to data that has been released by the Scottish Environmental Protection Agency (SEPA), there are 125,000 properties in the country that could lose their ability to…

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Life insurance business shut down, cutting 139 jobs

Closed life insurance business

Scotland’s largest insurer will be eliminating its U.K. unit as it moves away from the sector. Standard Life Plc, the biggest insurer in Scotland, will be leaving the life insurance industry, leaving 139 people from its United Kingdom unit out of a job. The majority of the positions will be lost in Scotland, within several different divisions. Standard Life insurance jobs will be lost in the marketing and advising divisions, as well as in information technology, according to a statement from the company. The insurer has said that it has…

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