Major household name 'brands' are now choosing and trusting in overseas insurers.
Hertfordshire (PRWEB UK) 31 May 2013
Elaine Scott, a spokesman for Gap Insurance provider car2cover, enthused “We are delighted to see a number of major household name ‘brands’ are now choosing and trusting in overseas insurers to underwrite a range of customer insurance schemes. This move brings wider choice, greater flexibility and generally lower premiums to the UK consumer.”
It is notable that those major brands include two prestige car manufacturers, Jaguar and BMW. Jaguar offer motor insurance underwritten by Zenith Insurance of Gibraltar and BMW market Gap Insurance and Tyre Insurance backed by AGA International of France. The other alliances of note are SAGA who arrange motor insurance for the over 50’s underwritten by Acromas Insurance of Gibraltar and the AA whose chosen insurance partner for a number of insurance plans is Enterprise Insurance PLC, also of Gibraltar.
“Insurance is truly a global marketplace and major brands are clearly very confident in these cross-border arrangements and the protection offered to the consumer by both the domiciliary Financial Authority and the UK Financial Conduct Authority (FSA)” said Scott.
A number of major European insurers such as AXA (France), Zurich (Switzerland) and Allianz (Germany) to name but a few, have also settled in the UK market and have established UK sales and administration centre’s.
According to Scott, “We have been retailing Gap Insurance and Tyre Insurance policies underwritten by Enterprise Insurance of Gibraltar for nearly two years now and their Sheffield based administration and claims handling teams have exceeded our customers expectations in every way. Enterprise are UK FCA (FSA) Authorised and their policies are covered by the UK Financial Services Compensation Scheme.”
The UK insurance industry is the 3rd largest in the world, managing investments of £1.8 trillion – 26% of the UK’s total net worth. The industry contributes over £10.4 billion in taxes to the UK government and employs approximately 290,000 people.
“In 2011, the UK insurance industry paid £9.3 billion of motor based claims for 14% of cars in the UK and we are delighted that our market leading Gap Insurance products are out there providing the protection our customers need for this substantial risk” said Scott.
For more information about car2cover or their range of Gap Insurance and Tyre Insurance products, call 01438 728959 or email mail(at)car2cover(dot)co(dot)uk.