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Aviva: ‘Invisible spending’ costs the nation £48 billion per year

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 Typical UK adult spends £948 a year on ‘invisible’ items 20-year-old could build a £136,000 pension pot by cutting back on these items Almost half of UK adults admit they don’t keep track of all their spending UK adults are spending £48 billion a year(1) through a habit of ‘invisible spending’, Aviva research has revealed. The term has been coined by the investment and retirement solutions provider to describe the small – almost invisible – amounts people spend on a regular basis without paying too much attention. A study of 2,000... Read More »

Aviva: Do you want to help distribute $1 million?

investors

“With the overwhelming number of submissions we receive each year, it’s clear that there is a need for this type of funding across Canada,” said Debora Hendrickson, Aviva Canada’s Senior Vice President of Customer & Marketing. “Now we ask all Canadians to help make positive change a reality by voting for the ideas that resonate most with them.” Voting for Aviva Community Fund ideas opens at noon EST today and continues until October 23 at 4 p.m. EST. In prior years, ideas had to go through two rounds of voting to make it to the finals; t... Read More »

Aviva: Breast cancer accounts for 44% of female critical illness claims

breast

Ahead of Breast Cancer Awareness Month in October, Aviva and Friends Life have released new critical illness claims statistics which reveal that over £62.8 million was paid out last year to critical illness customers with breast cancer. Data from the insurers shows that breast cancer is the single most common condition amongst critical illness claims, accounting for nearly a quarter (22%) of all claims paid in 2014. In terms of claims by females, this figure rises to 44% of all claims. The data also shows that amongst claims for cancer, o... Read More »

Aviva: Over-50s making their biggest contribution to the UK workforce since records began

pension

Almost a third of adults employed during Q1 and Q2 2015 were aged 50+ The number of over-65s in work has grown by 33% since the Default Retirement Age ended in 2011 – the fastest growth rate of any age group Since 2011, 1.76m more adults are now in work - almost half (45%) are aged 50-64 while 16% are aged 65+ Average monthly incomes rise by 26% from 2011 to 2015 One in five (22%) say establishing a new routine is the hardest part of retiring A review of Aviva’s Real Retirement research since 2011, along with data from the Office for... Read More »

Aviva: Renters more financially vulnerable due to lack of savings and protection products

wallet

Yet 1.5 million UK renters have dependent children A quarter of renting families do not have any savings, and 80% do not have life insurance However, 1.5 million renters have dependent children – a 19% annual rise Renting families are less happy with their homes, but 30% cannot afford a house deposit This compares to just 11% of homeowning families with a mortgage that have no savings or investments and 5% of those who own their home outright. Only 17% of mortgaged families do not have a savings account, falling to 16% of those who o... Read More »

Aviva creates guide to help businesses understand cost of underinsurance

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Aviva has launched a guide to help businesses understand the cost implications of not having the right amount of insurance and explain some of the times in the life of a business when the insurance needs might have changed and need reviewing. Aviva’s SME Pulse earlier this year found 1 in 5 SMEs were not confident that they have the right insurance cover** and that’s a situation that could leave them out of pocket. For example, looking at a sample of clients where underinsurance was identified Aviva’s survey team found 177 cases where custom... Read More »

Aviva: Rising incomes mask growing inequality amongst UK families

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The typical family’s monthly income reaches a three-year high of £2,126 But at least one in ten survives on less than half this amount as the gap between family types widens Monthly savings habits reach a record high as rainy day funds increase But 26% of families are still not saving and average debts have also risen – leaving many unprotected against unforeseen events The last six months have seen the typical family’s income reach its highest point since March 2012. Better savings habits also mean the typical family is saving a recor... Read More »

Aviva: Canada: Digital insurance options continue to grow

insure

Aviva Canada is pleased to announce that epost is now available for our customers. Besides providing the option to receive policy documents online, this new service reflects our commitment to reducing our carbon footprint and our goal of being a carbon neutral insurer. “By partnering with epost, we have the ability to offer customers a safe, convenient and free way to receive their home and auto insurance policies online,” said Debora Hendrickson, Aviva Canada’s Senior Vice President of Customer & Marketing. “As the role of technology co... Read More »

Aviva: Advisers rank their top financial priorities for the new government

co

Encouraging people to save more into their pension is the number one priority New pension freedoms and growth of the retirement market are key opportunities Concerns over ‘economic uncertainty’ and ‘remaining profitable’ fall year-on-year With almost half of advisers (48%) believing the new majority government will be positive for their business (and fewer than 1% believing it will be negative), these priorities reflect advisers’ hopes and desires on behalf of their clients and the industry as a whole. Advisers believe the new governm... Read More »

Aviva: Organised fraud up 28% as gangs continue to exploit “cash for crash”

insure

Motor injury fraud – including bogus claims, cash for crash and organised fraud – continues to be the biggest problem area and now accounts for 60% of all claims fraud Aviva detects. Organised fraud increased 28% in 2014 to £38m – an increase of £8m against 2013. Aviva currently has more than 15,000 suspicious claims under investigation - 6,000 of these are motor injury claims linked to known fraud rings. Tom Gardiner, Head of Fraud at Aviva, said, “Our figures show that insurance fraud remains a significant and complex challenge, but the bi... Read More »

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