Motor insurance news
21/05/2007

HSBC Insurance to enter cheap car insurance market

There looks to be a new player in the cheap car insurance market soon, with Norwich Union and HSBC working together to form HSBC Insurance.

The two companies have been partners for the last twenty years but it is only recently that they have appeared to be making such a large push in the area of general insurance - that is home, travel and motor insurance.

A spokesperson for HSBC said: "It would be fair to say that HSBC has historically punched below its weight in insurance. But we have shown before that our customers want to stay with us if we offer well serviced, good value products.

"We didn't have the most powerful operation, we didn't have scale and this is a scale business. Now was the time for us to focus."

It is believed that HSBC Insurance is aiming to sell cheap car insurance, home insurance and other insurance to the tune of around £600 million a year, making it one of the top ten firms in UK insurance.

Drivers should be able to start buying cheap car insurance from HSBC Insurance in the second half of 2007.

 

 

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