Aviva Refuse to buy RBS whilst sales are dropping

NCD News: Aviva Refuse to buy RBS whilst sales are dropping - 06.11.09

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Aviva Refuse to buy RBS whilst sales are dropping: >>>> Insurance giant Aviva have released figures which show that their global sales have dropped by 11% in the 9 months to the end of September 2009. In addition, their UK life and pensions have dropped by 25%. They have described the UK market as very challenging and say that people are focussing on debt repayment rather than saving for their future. They are, however planning to introduce a new with-profits guaranteed product to the market this month in response to customer demand.

Aviva have also made it clear they have no intention of buying the RBS insurance or banking businesses which are due to be sold. Andrew Moss, the Chief Executive of Aviva has responded to speculation on how they might spend the income from their Delta sell-off by saying that any acquisitions would be very disciplined and another brand in the UK market is not something which appeals to Aviva.

However, further news today does hint at the possibility of Aviva buying part of the ING bank which is currently up for sale. ING which is a Dutch bank owns ING Direct which provides mortgages, savings and insurance.

>>>> The ABI has appointed Australian, Kerrie Kelly as Director General. She will replace Stephen Haddrill in February 2010. Mrs Kelly was previously Chief Executive of the Insurance Council of Australia. Mr Haddrill is leaving to become the Chief Executive of the Financial Reporting Council.

>>>> 142 people who allege sexual and physical abuse while in a Catholic school for boys have won their case for damages in the High Court. The allegations relate to events which occurred between 1960 and 1992 and involve boys who were placed in the care of the Middlesborough Diocese due to emotional and behavioural problems. The headmaster of the school has already been jailed for 14 years. The diocese have said they will appeal as they believe the De la Salle Brothers Order who were responsible for the teaching of the pupils should be liable. The judge has said that the diocese was responsible for the schools management and was therefore responsible for the boy's safety. The compensation claims could be worth as much as £8m.

>>>> Tahlia Jade Downes who is now 14 has received a multi-million pound payout after complications at the time of her birth left her severely disabled and with poor vision. She was born at the Norfolk and Norwich Hospital and was deprived of oxygen during her birth. Tahlia's mother believes she should have been given a caesarean section. The amount to be given is still under negotiation but the judge has said it should be enough to provide Tahlia with a life time of care.

>>>> Research by Direct Line has shown that of the 900 self employed peopled they spoke to who worked from home, 28% had no commercial insurance cover. Only 12% would be covered if they couldn't trade for any reason and only 32% had public liability insurance. While 82% had private home contents insurance, only 34% had office contents insurance as a separate product. Many of those questioned believed that their home insurance would cover their home business - this is not always the case.

>>>> Moneysupermarket.com have released figures which show that just 4% of people in the UK would trust a supermarket bank more than a traditional bank when it came to looking after their finances. 27% would trust a bank more and 14% wouldn't trust either. Despite this, 24% would be happy to get a credit card from a supermarket and 23% would get insurance with their shopping. However only 5% would agree to a mortgage from a supermarket. All this is despite the fact that supermarkets often offer better deals than traditional banks.

>>>> Attendees at the Professional Broking conference have voted on the state of their broker businesses during the last year. Just 19% had reduced their staff and 50% had grown their business in the past year. An encouraging 84% expected that the coming year will see more growth. On the down side 34% had seen clients reduce the amount they were willing to spend on insurance products. The conference also warned of difficult times in the public sector.

>>>> Research by uSwitch.com has shown that the number of households in the UK without heating cover has increased to 65% this year. The insurance which can cost just £10 a month can cover customers if their boiler breaks down. A further 42% of people fail to have their boiler serviced each year this is despite the fact that 14 people died and 234 people became ill due to faulty boilers in the last year. Uswitch also reported that the Citizens Advice Bureau had seen a 46% increase in the numbers of people asking for advice about winter fuel this winter. †