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Norwich Union Re-Considers Broker Commissions

Added - 08/03/2007

Insurance giant Norwich Union is to review its position with broker commissions in line with a recent move from competitor AXA. CEO Simon Machell Norwich Union agrees with the AXA move commenting that in certain areas of the insurance market place the broker commissions paid to companies was far too much and not something that could realistically be implemented on an ongoing basis.

The commercial insurance market place has been profitable for some time whilst most motor insurance books continue to make a loss. Norwich Union admit to losing some of its car insurance market following their decision to increase rates by five percent during the year 2006 but wholesomely believe the losses are sustainable inline with increased business across the commercial insurance side.

Personal lines insurance have seen a one percent increase through 2006. Other car insurance companies are not ruling out the possibilities of Norwich Union embarking on an acquisitions quest following a fabulous year producing operating profits of over 1.1 billion pounds of profits. How the impact of a review of broker commissions will effect the market place will have to wait to be seen.

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