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HSBC pulls out of motor insurance

HSBC Insurance has pulled out of underwriting motor insurance business through its two operations HSBC Insurance (UK) and HSBC Insurance Management Services.

The companies will stop underwriting new motor insurance business with immediate effect but will continue to service existing policyholders until their policy is due for renewal. The businesses look after around 400,000 policies.

HSCB Insurance’s Norwich office will close on December 1. Its two other sites in Birmingham will remain open.

The insurance broking partners of HSBC are also being individually mailed today with details of the announcement.

HSBC said it wanted to focus on life, pensions and investments insurance and business rather than automotive.

In a statement HSBC Insurance said: “Following a strategic review undertaken earlier this year, HSBC Insurance has today announced that it will cease to underwrite motor insurance business through its two insurance operations, HSBC Insurance (UK) (HIUK) and HSBC Insurance Management Services.

“The companies will cease to underwrite new motor insurance business with immediate effect, but will continue to service existing policy holders until their policy is due for renewal.

“In addition, any quotes that have been issued prior to September 2 will be honoured for 30 days from the date of issue.”

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