UK Chancellor Alistair Darling revealed plans in this week's Budget for a temporary scheme to use a maximum of GBP5 billion of state guarantees to ensure the provision of supply-chain insurance to companies. The scheme is expected to help SMEs weather the effects of the recession going forward, preventing further disruption of supply chains and cashflow and therefore aiding the economic recovery.
Life and pensions providers need to boost their engagement with consumers and develop strategies to capitalize on changing consumer behaviors. Each consumer segment has specific attitudes and behaviors which require specific products and marketing strategies. This kind of strategic targeting enables providers to encourage consumer engagement with a variety of insurance products.
UK life insurers are unlikely to avoid the malaise that has hit the banking sector. Their balance sheets are facing increased scrutiny with concerns that their solvency levels will not be sustainable over the coming months. In order to prepare for this attention, life insurers should practice a degree of damage limitation, making their financial position transparent to investors and customers.
According to recent surveys, the number of uninsured drivers in the UK has risen, and many in the industry are preparing for an increase in fraud claims as well. Insurers will have to be proactive in dealing with these threats to their profitability, as it is likely that the recession will continue to increase the number of uninsured drivers and fraudsters for some time.
Until last year, the Syrian retail sector lacked big malls and associated hypermarket chains because the importation of foreign consumer goods and electronic items was banned. However, the Syrian government has gradually liberalized import restrictions and many foreign goods have been removed from the list of banned items, leading a number of Gulf retail groups to consider entering the country.
LV= has announced that its broker arm, ABC Insurance, is joining a number of the BGL Group's car insurance panels. The deal with the BGL group is likely to give LV= a significant boost in the private motor insurance market as it gives the insurer the potential to increase its broker and affinity business.
