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…
Read MoreTag: scotland insurance news
Insurance news in Scotland looks rough for victims of floods
More families could be left without homeowners coverage after another week of flooding. The latest insurance news from Scotland has shown that the industry and the country’s government are struggling to come up with a deal that will cover the risk of flooding for many homeowners across the country, which could mean that a larger number of households will lose their coverage. The homes that are located within areas of a heightened risk of flooding are currently protected. That protection comes in the form of an agreement which has been…
Read MoreLife insurance business shut down, cutting 139 jobs
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…
Read More