Norwich Union was the UK’s largest writer of regular premium term assurance business in 2001, according to Swiss Re Life & Health’s latest TermWatch report released on Wednesday.
Norwich Union was the UK’s largest writer of regular premium term assurance business in 2001, according to Swiss Re Life & Health’s latest TermWatch report released on Wednesday.
Across all distribution channels, a total of 313,449 new policies were issued by Norwich Union in 2001 - the first time TermWatch has reported the 300,000 barrier broken for sales.
This gave Norwich Union approximately 20 per cent of the regular premium term assurance market for 2001.
A total of 203,548 of these policies were placed with Norwich Union by IFAs - an increase of nearly 12 per cent on 2000.
Commenting, Peter Hales, sales and marketing director for Norwich Union, said: “An increasing number of people are recognising the value of purchasing regular premium term assurance, and Norwich Union is the clear number one choice for IFAs in this market.
“The cost of term assurance has been coming down for a number of years, and offers excellent value for money. The launch last year of our flexible mortgage term assurance has helped reinforce Norwich Union’s position as a leading provider.“
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Notes to editors
- Norwich Union is the UK’s largest insurer. It is the UK’s largest provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 75% of the company’s long-term savings business.
- Norwich Union has strategic alliances with over 20 building societies and other leading UK brand names including Tesco Personal Finance Limited and The Royal Bank of Scotland Group.
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- Swiss Re Life & Health Limited is the UK operating company of Swiss Re Life & Health, the world’s largest life and health reinsurer. Swiss Re Life & Health is a specialist global division of Swiss Re. The division delivers specific risk management solutions to its clients - life and health insurers world wide - across a wide spectrum of products. Headquartered in London, the division operates through a network of 37 offices in over 30 countries, serving clients in virtually every country in the world.