LV= : Norwich Union increasing home insurance premiums

Commenting on Norwich Union increasing home insurance premiums by an average of 10% from next week, Andrew Beard, head of business development at LV= said: “Our view is that current pressures in the household insurance market do not warrant any substantial blanket increase in premium levels. We insure around half a million homes across the UK and we are committed to price stability for our customers. Harsh weather incidents, like the recent flooding, are no longer a freak occurrence and our pricing system already makes allowance for these being more commonplace

“Therefore, we can see no current or emerging reason to increase household insurance premiums significantly in the foreseeable future.

“As a mutual insurer, we are able to go that little bit further in looking after our policyholders and ensuring our prices are competitive at all times.”