Tag: united kingdom insurance

Life insurance business shut down, cutting 139 jobs

H. Cutner
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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Payment protection insurance sparks disputes in the United Kingdom

Nordstrom
Homeowners insurance New Jersey

UK PPI coverage the subject of controversy The United Kingdom’s Financial Ombudsman Service, a mediation organization that works to settle disputes between consumers and UK businesses, has released information concerning the population’s stance on payment protection insurance (PPI). PPI is a type of insurance that is meant to protect loans and ensure repayment. This type of insurance is quite popular in the UK, but not amongst consumers. It is being reported that UK consumers are complaining about this type of insurance coverage, and the companies providing the coverage, in droves. Claims that…

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Insurance for the Olympic Games a major issue for UK insurers

S.Vagus

Insurance professionals prepared to provide coverage for the Olympics There is a scant one hundred days before the 2012 Olympic Games begin in the United Kingdom. Preparations for the event are still underway and London’s insurance community is beginning to feel the pressure. Many of the city’s insurance agents and providers have been working for over a year to establish a safety net for the event. The Olympics is fraught with risk as the event attracts thousands of foreign visitors and athletes and collects them into a single, localized area.…

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Combined Insurance Co. of America receives $8.7 million fine for regulatory breaches

Non-life insurance company, Combined Insurance Co. of America has received fines totaling $8.7 million in the United Kingdom and Ireland due to a number of regulatory breaches. The insurer sells its products via agents affiliated with the company, and is required to pay a fine of $4.36 million to the Central Bank of Ireland through its Combined Insurance Co. of Europe Ltd. division. Separately, the company received a fine worth $4.34 million from the U.K. Financial Services Authority as a result of a failure to manage its selling processes, as…

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Swinton Commercial helps its commercial customers to protect themselves against Halloween mischief

Marc

As the end of October approaches, so does Halloween, Mischief Night, and Guy Fawkes, meaning that businesses in the United Kingdom are taking extra efforts to protect themselves against any possible damage to their properties that can occur during this time.  In this light, Swinton Commercial is recommending that businesses check their insurance policies and make certain that they are adequately covered against this type of problem.  Previous years have seen damage to the doors, windows, and paintjobs on stores on Mischief Night, an annual tradition most common in the…

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