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Posted October 9th 2008

Insurance Companies Issuing Reassuring Statements

The current Global financial crisis is affecting Insurance Companies to the extent that those who are connected, in one way or another to their troubled foreign owners, are releasing public statements to reassure both customers and the market that they still intend to sell car insurance and other insurances in the UK. Only a couple of weeks ago, AIG had to be bailed out by the American Government and following suit last week, it was revealed that the Belgium, Luxembourg and Netherlands Governments invested 11.2 billion Euros in Fortis Group who are one of the biggest insurers in Europe.

In a move designed to update customers and more importantly reassure UK car insurance brokers that its business as usual, Fortis UK issued a statement confirming that it operates as a separate legal entity from the Fortis Group and is regulated by the UK Financial Services Authority. The company reported half year profits before tax of £43.3 million and continued growth is forecast. The statement by the insurer Fortis UK underlines the complex nature of financial services and who owns what. In the coming weeks and months, it is certain similar announcements in the insurance industry will follow.