Lloyds Banking are understood to be considering selling the pensions and insurance business Scottish Widows. The Times also suggests the groups new CEO Antonio Horta-Osorio may also be looking to sell the banks' 60% share of St James' Place as part of his new strategy to refocus on the groups core banking services, to be revealed to investors at the end of June.
Scottish Widows is estimated to carry a price tag of £5-7 billion, while Lloyds may also be looking to also push the sale of fund manager Scottish Widows Investment Partnership. The company dates back to 1815 where it began as a mutual in Edinburgh, but it 2000 it became pat of the Lloyds TSB Marketing Group and in 2009 it joined the Lloyds Banking Group. Currently employing almost 3500 staff, they sell life assurance, pensions and health insurance alongside a large range of other products.
The most likely buyer is thought to be UK Insurance company Resolution Group, owners of Friends Provident, the UK arm of French insurer AXA, which offers small company health insurance, and Bupa's health assurance division.
Thursday, 28 April 2011
Thursday, 31 March 2011
Insurance Company To Get Rid Of Corporate Health Plan Cancer Treatment Limits
A leading insurance company in the UK has announced this week that it will no longer be selling corporate health plans that include overall cost or time limits for cancer treatment.
In 2005/2006, cancer treatment costs increased considerably, mainly down to the introduction of new medications used to battle cancer. Many insurance companies used benefit caps and time limits in their corporate health plan to limit the financial impact on their client businesses.
Although this helped businesses financially, some patients who were claiming treatment on the corporate health plan could end up reaching their benefit limit at a critical part of their treatment meaning having to pay for the remainder of treatment themselves or changing it altogether.
The new change to these corporate health plans hope to be able to provide the best healthcare possible to employees who are in the middle of such a difficult time during treatment whilst still being able to provide a policy that is still affordable to businesses.
In 2005/2006, cancer treatment costs increased considerably, mainly down to the introduction of new medications used to battle cancer. Many insurance companies used benefit caps and time limits in their corporate health plan to limit the financial impact on their client businesses.
Although this helped businesses financially, some patients who were claiming treatment on the corporate health plan could end up reaching their benefit limit at a critical part of their treatment meaning having to pay for the remainder of treatment themselves or changing it altogether.
The new change to these corporate health plans hope to be able to provide the best healthcare possible to employees who are in the middle of such a difficult time during treatment whilst still being able to provide a policy that is still affordable to businesses.
Tuesday, 15 March 2011
The Price of Employee Health Benefits
A recent survey of employers conducted by Mercer has revealed that the costs for businesses in the UK providing benefits such as employee health insurance to workers has increased by nearly 5 per cent in the last year. These increased costs are the largest seen throughout Europe.
Inflation on medical services has been attributed with the blame on the price rise of employee health insurance plans in the UK. New advances in medical science and treatments have also contributed to the price hike. There are also a greater number of claims being processed by Insurers. Many people who would not always claim for everything are now trying to make the most of their premium in such difficult economical times.
The majority of employers in the UK do not ask for any employee contributions and therefore take the full brunt of these costs.
Inflation on medical services has been attributed with the blame on the price rise of employee health insurance plans in the UK. New advances in medical science and treatments have also contributed to the price hike. There are also a greater number of claims being processed by Insurers. Many people who would not always claim for everything are now trying to make the most of their premium in such difficult economical times.
The majority of employers in the UK do not ask for any employee contributions and therefore take the full brunt of these costs.
Monday, 14 March 2011
Small Firms and Maternity Leave
The current plan to exempt firms with less than 10 employees from the upcoming chance to maternity leave rights have been questioned by the Lib Dems. Conservative leaders plan to allow these firms the right to negotiate the length of paternal leave on an individual basis, which the Lib Dems claim would encroach on EU laws.
Businesses are currently obliged to offer women on maternity leave their original position if they have been off for less than 6 months or another position with the same pay and similar conditions if they are away for up to a year. From April, if a mother returns to work without having taken her full year's entitlement her partner can take up the remaining time for a maximum of 6 months.
Businesses are currently obliged to offer women on maternity leave their original position if they have been off for less than 6 months or another position with the same pay and similar conditions if they are away for up to a year. From April, if a mother returns to work without having taken her full year's entitlement her partner can take up the remaining time for a maximum of 6 months.
Monday, 7 March 2011
Businesses Encouraged To Check Insurance
A recent increase in prosecutions by the Heath and Safety Executive has prompted many businesses to thoroughly asses their Employer's Liability and other insurance policies.
Two notable prosecutions this year are the Vradford takeaway owner fined for failing to insure against work related illness or injury, and a Walsall metal forming company where a young worker lost parts of two fingers om his first day on the job.
Many insurance companies offer packages combining several essential policies such as Employer's Liability, Retail insurance or office insurance, however the HSE is actively encouraging businesses to couble check all their policies in order to protect themselves against future prosecution
Two notable prosecutions this year are the Vradford takeaway owner fined for failing to insure against work related illness or injury, and a Walsall metal forming company where a young worker lost parts of two fingers om his first day on the job.
Many insurance companies offer packages combining several essential policies such as Employer's Liability, Retail insurance or office insurance, however the HSE is actively encouraging businesses to couble check all their policies in order to protect themselves against future prosecution
Monday, 28 February 2011
Is Health Insurance worth it?
Having a corporate health insurance policy for a small business has both its upsides and its downsides, but when do the benefits outweigh the negatives.
It has to be said that good health insurance coverage for everybody in a place of work is obviously a good thing, but it is an added cost and nobody likes that, but perhaps the cost is covered by the benefits. The increase in the level of health would probably add to the productivity of your staff and therefor help in overheads. Healthier staff take less days off due to ilness also helping you get things done.
But on the downside, quite often the individual insurance companies do not give small business the flexibility needed compared to the big companies which have such big accounts that they need flexibility. All this means that you will have to check very carefully in the small print there are companies that do offer a surprising amount of flexibility, but you have to look for the right one for your needs.
So in all it does seem that if you are wishing to overcome the initial expenditure, in the long run a health insurance policy can pay off, through increased productivity and less time off, plus your employees might be that slight bit happier.
It has to be said that good health insurance coverage for everybody in a place of work is obviously a good thing, but it is an added cost and nobody likes that, but perhaps the cost is covered by the benefits. The increase in the level of health would probably add to the productivity of your staff and therefor help in overheads. Healthier staff take less days off due to ilness also helping you get things done.
But on the downside, quite often the individual insurance companies do not give small business the flexibility needed compared to the big companies which have such big accounts that they need flexibility. All this means that you will have to check very carefully in the small print there are companies that do offer a surprising amount of flexibility, but you have to look for the right one for your needs.
So in all it does seem that if you are wishing to overcome the initial expenditure, in the long run a health insurance policy can pay off, through increased productivity and less time off, plus your employees might be that slight bit happier.
Monday, 21 February 2011
Small Mercies
Throughout this entire trying time there has been little to be thankful for, especially in the sphere of small businesses. Moneis have been scarce, bank loans thin on the ground and the public at large are going through the type of austerity drive that would dry up even the most lucrative streams of income.
It is in this light that even the smallest of mercies comes as a blessing. Therefore at least the Bank of England has kept the interest rate at only 0.05% for more than a year, at least this can in some keep long term debts down while the companies have to re-adjust in the short term.
How long this state of affairs is likely to continue is more in the hands of those great economists, but in the mean time if spending is kept to a minimum, and all economies are to be maximised so that small business comes out the other side fitter and leaner than ever.
It is in this light that even the smallest of mercies comes as a blessing. Therefore at least the Bank of England has kept the interest rate at only 0.05% for more than a year, at least this can in some keep long term debts down while the companies have to re-adjust in the short term.
How long this state of affairs is likely to continue is more in the hands of those great economists, but in the mean time if spending is kept to a minimum, and all economies are to be maximised so that small business comes out the other side fitter and leaner than ever.
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