May 10, 2017

Aviva chief executive hits out at personal insurance market

Aviva chief executive Mark Wilson has hit out at the UK's personal insurance market, describing it as "Dysfunctional" and said that the company would be addressing the issue of premiums sharply rising at renewal. According to data from Consumer Intelligence, a research group, customers can save £100 on their insurance each year if they switch car and home insurance annually. Mr Wilson said that Aviva was "Developing a product to reward loyalty by offering our best prices to existing customers" but gave no details of what the product was. Aviva started divesting its Spanish assets in 2012 following changes in the Spanish banking system brought on by the 2008 financial crisis. Aviva said the deal would increase group net asset value by approximately £120m and boost Aviva's Solvency II capital surplus by £130m. Aviva retains shareholdings in two life insurance joint ventures - Caja Granada and Cajamurcia, both part of Banco Mare Nostrum, and Pelayo Group.

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