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Norwich returns £10m of unclaimed cash

Insurer aims to give back £40m altogether

Insurer Norwich Union has returned £10 million of forgotten money
to its customers since the beginning of the year.

Life insurance and friendly societies

Tracking down forgotten life insurance can could be tricky

The group, which is part of Aviva, said the cash was from life insurance policies that had matured but had not been claimed by policyholders. Visit the Which? site for an explanation of life insurance

Norwich hopes to return a total of £40 million of so-called unclaimed assets to 40,000 customers, and has appointed a dedicated tracing agency to assist it in finding policyholders.

If you think there may be some unclaimed money owed to yourself or someone you are acting on behalf of, trace it via the Norwich Union website

In addition to the consumers who have now received their money, the group said it had made contact with a further 10,000 people and was in the process of reuniting them with £25 million.

It said many of the policies belonged to people who had forgotten about them and then failed to inform the insurer when they moved house.

Forgotten policies

Cathryn Riley, chief operating officer at Norwich Union, said: “We are starting to see some fantastic progress in returning the money to customers who haven’t claimed.

“We are currently returning more than £1 million a month to our customers. There’s often a good reason the money has remained unclaimed, such as changes of address or lost policies.

“Despite this, we’ve given good news about old policies to more than 3,500 customers, providing them with some much-needed peace of mind, at a time when money worries are on the increase.”

© Press Association 2008

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