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Norwich Union To Increase Premiums

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Norwich Union has announced plans to increase insurance premiums by 17% and 40% for young male drivers.

Excuse me but did my wage go up to pay for this. Did it go up to pay for extra council tax, did it go up to pay for extra gas and electricity prices. Did it go up to pay for the food and petrol price increases.

But yet more people are getting bigger mortgages. Am I missing out on some secret government handout. Or am I the only person getting poorer and having to cut back to pay ever increasing bills.

17% what happened to a couple of percent increases.

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Norwich Union has announced plans to increase insurance premiums by 17% and 40% for young male drivers.

Excuse me but did my wage go up to pay for this. Did it go up to pay for extra council tax, did it go up to pay for extra gas and electricity prices. Did it go up to pay for the food and petrol price increases.

But yet more people are getting bigger mortgages. Am I missing out on some secret government handout. Or am I the only person getting poorer and having to cut back to pay ever increasing bills.

17% what happened to a couple of percent increases.

Some are concerned about the 1.4% increase in HPI for the past Q. With real inflation running at least 6% real HPI is negative.

And we know the 17% hile is not just car insurance as petrol is up by about the same amount over the last couple of years and road tax is headed in that direction.

I am afraid the inflation monster is now out of the tube and its going to take a lng time and many IR hikes to contain it. We just cannot have this much inflation in the economy without inflation actaully rising--it just does not make sense and Gordon can't contain the lie for much longer.

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<Indian accent>

I'm sorry, could you repeat that please, sir?

</Indian accent>

This is just one of the delights when dealing with this company based on my own personal experiences

English based sales reps and, once they've got your cash, foreign customer support

...and they wonder why they can't retain their customers

:lol:

PS I personally wouldn't touch ANY of their products...

Edited by dnd

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On a more serious note, apparently insurance companies have relied on investment income to make insurance profitable. i.e. The insurance is merely a source of cheap credit. (for every pound insurance income, the company might be paying out £1.01) with which it can make far more money in investment funds.

This quite serious jacking up of insurance income clearly indicates to me that NU forsee a income problem from their investments. i.e. recession.

Remember that insurance companies rely on the actuarial profession to accurately forecast, hedge and smooth out the volatility of income and costs over long periods. This sudden and evidently large price movement would indicate that certain factors have crept up or been ignored for too long by the company. My betting is that the suppression of insurance prices (price wars effectively) have only been made possible by the long investment bull market. This is clearly coming to a end judging by NU's actions.

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This is just one of the delights when dealing with this company based on my own personal experiences

English based sales reps and, once they've got your cash, foreign customer support

...and they wonder why they can't retain their customers

:lol:

PS I personally wouldn't touch ANY of their products...

The best support I've had recently was from the Pru. They sent out a letter promoting their new "no call centre in Timbuktu" telephone support initiative. I phoned it to get some some very detailed info on my payments this year, and the phone was answered instantly (no "press 1 to be put on hold for 30 minutes..."), by someone I could understand, who could help me with every aspect of my query.

Its a sad state of affairs though that this was such a suprise for me.

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The best support I've had recently was from the Pru. They sent out a letter promoting their new "no call centre in Timbuktu" telephone support initiative. I phoned it to get some some very detailed info on my payments this year, and the phone was answered instantly (no "press 1 to be put on hold for 30 minutes..."), by someone I could understand, who could help me with every aspect of my query.

Its a sad state of affairs though that this was such a suprise for me.

Not for long :lol:

http://uk.biz.yahoo.com/060831/237/gku8j.html

The Times

*Talk of new bid by Aviva (LSE: AV.L - news) for Prudential adds momentum.

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Come on and quote me happy!

A couple of years ago I got a Home insurance quote from NU via a link from First Direct. They gave a discount for applying via FD, then another discount for applying online, a no claims discount, another discount for having window locks and the final quote after all these discounts came out at £2400 a year :blink:

"Quote me happy"? I nearly pissed meself...

I'm currently paying £220 a year with NFU Mutual, and for better cover!

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On a more serious note, apparently insurance companies have relied on investment income to make insurance profitable. i.e. The insurance is merely a source of cheap credit. (for every pound insurance income, the company might be paying out £1.01) with which it can make far more money in investment funds.

This quite serious jacking up of insurance income clearly indicates to me that NU forsee a income problem from their investments. i.e. recession.

Remember that insurance companies rely on the actuarial profession to accurately forecast, hedge and smooth out the volatility of income and costs over long periods. This sudden and evidently large price movement would indicate that certain factors have crept up or been ignored for too long by the company. My betting is that the suppression of insurance prices (price wars effectively) have only been made possible by the long investment bull market. This is clearly coming to a end judging by NU's actions.

This happened after the stock market crash in 87. The news on telly kept showing chavs doing donuts in nicked MG maestroes on sink estates. Every time they showed that clip car insurance went up 13%. Every one kept associating rising insurance with nicked cars no matter how many times I tried to explain where the insurance companies had invested their premiums and lost them.

with all the out of work stockbroker/spivs and high insurance you cold pick up a golf GTI for bugger all.

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Norwich Union has announced plans to increase insurance premiums by 17% and 40% for young male drivers.

Excuse me but did my wage go up to pay for this. Did it go up to pay for extra council tax, did it go up to pay for extra gas and electricity prices. Did it go up to pay for the food and petrol price increases.

But yet more people are getting bigger mortgages. Am I missing out on some secret government handout. Or am I the only person getting poorer and having to cut back to pay ever increasing bills.

17% what happened to a couple of percent increases.

Just because NU up their rates, it does not mean others necessarily will, even though they should if claims exceed premium and investment income. Most motor insurers are obsessed with market share and premium volume so they will happily steal NU customers who shop around. There is lots of competition.

S.

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I'm sick of this sexist tripe by the insurance companys. The Eu had the chance to change the ruling last January I think but didn't have the balls.

I see more and more idiotic young female drivers on the roads these days.

Why not charge ALL new drivers a very high premium for the first 2 years and then dop them down according to claims made, not due to the location of their wobly bits.

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Just because NU up their rates, it does not mean others necessarily will, even though they should if claims exceed premium and investment income. Most motor insurers are obsessed with market share and premium volume so they will happily steal NU customers who shop around. There is lots of competition.

S.

I think this is a way of operating outside a cartel. This news comes from AXA and Aviva (NU) so this is more of an industry statement and it's not confined to the UK market. Expect price rises.

I figure that there will be other types of industry to make similar statements. Cartel anyone?

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I'm sick of this sexist tripe by the insurance companys. The Eu had the chance to change the ruling last January I think but didn't have the balls.

Just as well. It would have been one of the most stupid ideas ever, and would have caused real sex-discrimination. Do you think anyone male would ever choose to buy an annuity if that delightful suggestion ever went through? Or would you expect females to buy overpriced life cover? Exactly how would it be desirable to penalise people for buing various kinds of insurance based on their sex, especially in circumstances where they are compelled to do so by law?

I see more and more idiotic young female drivers on the roads these days.

I am sure the insurance companies will notice if that is the case.

Why not charge ALL new drivers a very high premium for the first 2 years and then dop them down according to claims made, not due to the location of their wobly bits.

Because you need to collect appropriate premiums before paying out claims. It would be quite hilarious for any insurance company to try do so afterwards.

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Got a renewal quote from Norwich Union this month , they were £348.00 more expensive than a quote from "MORE THAN" and over £300.00 more than the same policy that I had with Norwich Union last year.

Weren't Norwich Union supposed to be moving call centres out to India to make themselves more competitive with other UK insurance companies ?

Hate Norwich Unions customer service though, wouldn't touch Norwich Union ever again, no matter how cheap they are, Once Bitten ........

;)

Edited by Johnny

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Legal and General are totally pulling out of the car insurance business because it's not very profitable (apparantly). Less competition...

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Legal and General are totally pulling out of the car insurance business because it's not very profitable (apparantly). Less competition...

It's sometimes used as a loss-leader to draw in more lucrative business such as Life and Pensions.

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Guest Shedfish

AAAAARGHHH!!!

*bangs head on nearest wall*

Incidentally, does anyone else think there should be a special circle of hell reserved for rebranding firms responsible for names like "Aviva"?

yeh definitely

"uh guys there are no palindromes left in the wild.. let's invent one"

"yeah, um ..."

"Uvavu"...

"Babararacoocoodada"

<snip> 3 days and 19 grand later </snip>

"let's use the colours of the local footy team in the brand identity..."

"we could have

<snip> 3 days and 19 grand later </snip>

"Iranu"

"Wawuwawuwa"

etc etc

"what's that bloke doing with that katana..?"

<snip>

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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