These are bountiful times for members of
NFU Mutual, as the nation’s largest rural insurer announces a significant discount for its policyholders.
Announced earlier today, the firm revealed all of the Mutual’s general insurance customers – which accounts for in excess of three quarters of the UK’s farms, as well as several other businesses and homes – will receive a bonus from 13.5%-18.5% as part of their renewal premium from July.
Speaking to Farming Life, group chief executive Lindsay Sinclair explained that the discount rate has been enhanced thanks to strong financial results.
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“Prudent management, benign weather and strong investment performance helped deliver our success, the result of which will ultimately mean the vast majority of the UK’s farmers will be in line for a discount which for some will be worth thousands of pounds,” she explained.
“This will help shelter our members from Insurance Premium Tax increases and government changes to how injury compensation is calculated, which will see many people’s insurance premiums rising.”
According to Sinclair, the Mutual Bonus is an “important way of showing appreciation” as the mutual is owned by its customers.
“Insurance premiums vary from person to person and business to business but a £500 insurance premium renewal from July 01 will be reduced by £67.50 for someone renewing for the first time,” she said.
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