Those who like to see agglomeration in an Insurance Industry dominated by ‘Bancassureurs’ will no doubt be pleased by the latest merger.
According to the HBOS website ‘Over 7 million customers rely on our household, travel, repayment, health and pet insurance. Our business already generates over £1.7 billion premium income and nearly £½ billion profits – and we’re growing very fast. ‘
(Maybe they haven’t updated the site yet)
Yes very fast and note the amount of profits!
Insurance blogger sees no benefits of this merger to the general public – there will just be less outlets selling less brands or versions of the same offering which are usually overloaded with commission profit!
Our advice to those seven million new Lloyds TSB customers (and the existing ones) is – shop around on the internet – save money! Apathy costs!
Alternatively get one of those good old fashioned insurance brokers to do it for you – at least that way you’ll be properly covered and not paying over the odds for all your insurance needs!