15.01.10 British Gas to enter insurance market
British Gas may not be associated with insurance in most people’s minds, but it has just announced that it wants to become one of the biggest insurance companies in the UK.
British Gas has previously offered insurance to its customers through other underwriters. But now the FSA (Financial Services Authority) has granted the power company approval to underwrite its own products.
Its aims are quite ambitious. In an advert on its website it is trying to recruit a new team that will help to convert a “high percentage” of its 4.5 million customers to its insurance products. It also claims that it wants to be one of the biggest insurers in the UK as early as 2011.
The products for which British Gas will be providing insurance include central heating systems, plumbing, boilers and general household electrics. It is easy to see how the company could become a successful insurer. A large proportion of its huge customer base would be likely to take out insurance with the company simply because of the convenience of such an arrangement.
A spokesperson for the company said that its insurance would allow it to provide “greater flexibility in how we can help our customers look after the energy needs of their homes.”
However, in order to reach its goal of breaking into the top 10, British Gas has quite a task ahead. According to The Telegraph, to make it past Allianz Insurance, which is number 10 on the list of the top 100 insurers in trade magazine ‘Post’, British Gas would have to raise £1.5 billion in premiums.
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