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The new deal is expected to help Aviva to expand its retail insurance operation and continue to maintain its position in the home insurance sector, among others.
Clients can manage their policies digitally through MyAviva, online or the app. They do not have to take any action to transfer their policies.
Aviva’s existing underwriting and coverage services for Barclays Travel insurance clients will not be impacted by the latest deal.
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Why it matters
Aviva UK General Insurance Personal Lines MD Owen Morris said: “This is a fantastic opportunity to acquire an established home insurance book and reflects the strong relationship we’ve had with Barclays for 18 years.
“Importantly, this acquisition will also allow Barclays customers to continue to benefit from Aviva’s leading underwriting and home insurance claims expertise.
“It is an important strategic step in growing our direct personal lines portfolio and achieving our One Aviva ambitions.”
Ben Carey-Evans, senior insurance analyst at GlobalData, added: “GlobalData’s 2022 UK Insurance Consumer Survey found that Aviva was the leading household insurer in the UK with a share of 11.2% across all forms of household insurance. It was closely followed by Admiral with 10.9%, with a significant drop to LV= in third place (5.1%). Barclays held a share of 2.4% in 2022, making it the 14th largest player in the UK. This share will now be moving to Aviva. With Aviva already underwriting these policies for Barclays, the move should not place too much extra strain on the insurer.”
Barclays UK’s home insurance business currently includes 350,000 clients.
It is expected to be completed by next month, with Barclays UK’s policies changing to Aviva from 31 August.
Aviva has been acting as a strategic partner to offer underwriting and servicing and claims management for Barclays home insurance customers for 18 years.