Simply Business, the biggest business and landlord insurance broker in the United Kingdom, has released data that showed that landlords’ tightening budgets are starting to affect their ability to maintain their properties, and that the number of insurance claims made for avoidable issues such as burst pipes, leaks, damage do to frost, and problems relating to wear and tear have risen by 5 percent since 2008. This information was drawn from the claims made by more than 3,500 private landlords and indicated that the largest cause of claims is water…
Read MoreTag: united kingdom insurance
U.K. insurers market outside of Lloyd’s performs better than expected
Property and casualty insurance companies that are operating outside the Lloyd’s of London market in the United Kingdom have brought in the equivalent of approximately 75 percent of the income of their more high-profile competitors, which is a notably larger amount than had been previously predicted. According to the first comprehensive survey of the sales of members of the International Underwriting Association (IUA), the insurers, known as the London company market, generated $26.6 billion (16.4 billion pounds) in gross premium income last year. On the other hand, last year, Lloyd’s…
Read MoreCinven buys U.K. Guardian life and pension from Aegeon
Cinven Ltd. has announced that it has purchased the life and pension unit of U.K. Guardian from the Dutch insurance company which owns Scottish Equitable, Aegon NV, for $449 million, in the effort to reduce its expenses within the United Kingdom. According to Aegon, which is based in the Hague, by the end of June 2011, the U.K. Guardian unit had recorded a value of approximately $445 million. Its unit for asset management will still be responsible for Guardian’s approximately $12 billion in assets on Cinven’s behalf. By 2015, Aegon’s…
Read MoreUninsured vehicles now considered a criminal act in U.K.
Changes to the United Kingdom’s car insurance laws are coming and Swinton Insurance, one of the largest car insurers in the country, is warning motorist to take heed. Next month, it will be illegal to own an uninsured vehicle. Swinton has taken it upon themselves to caution both policyholders and the general public of the new law in the hopes that they will take necessary measures to protect themselves accordingly. The current laws in the UK forbid motorists from driving uninsured vehicles, but the new law asserts that the simple…
Read More
