NFU Mutual to share millions with customers

It has recently been announced that insurance giant NFU Mutual is to share millions of pounds worth of profits with its customers. This will be done through discounting prices on policies, so customers can get their insurance cover at a cheaper price. Around £85 million worth of profits will be ploughed into discounting premiums for customers, enabling them to benefit from the profits that have been made by the insurance company.

The discounts will apply to those renewing their general insurance policies, such as home insurance cover, and discounts will reportedly be between 6 percent and 10 percent. A number of other insurance companies have been operating similar schemes, including discounting customer policies by way of sharing profits, or allowing them to earn cash loyalty rewards.

One customer who used to have accounts with Britannia before retiring said that she received over one thousand pounds worth of loyalty rewards over the years, and that the payments that they received really came in useful. She said: ‘Getting this payment each year for saving with them is the icing on the cake.’

Various other insurance providers are offering schemes to customers, such as discounts at certain retailers or off a variety of services, and consumers are advised to shop around and see what sort of schemes the various firms are offering in order to ensure that they get the best deal as well as the most suitable policy for their needs.