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09 Jan, 2008

James Phillipps - 08-Jan-2008

NFU Mutual says renewing customers will see annual general insurance premiums reduced by between 6 per cent and 10 per cent this year.
The mutual says despite a difficult year, which saw it pay out a record £112m in flood claims in 2007, the savings are being passed on through its mutual bonus scheme.
The scheme, which was launched in 2000, is expected to payout over £80m in total this year.
The size of the payouts received will depend on how long customers have insured with the firm. Individuals making their fifth or more renewal will receive a payout cutting their premium by 10 per cent. This falls to 9 per cent for customers making their fourth renewal, 8 per cent for their third renewal, down to six per cent for a first renewal.
NFU chief executive Ian Geden says: "Although last year was the worst for flooding claims in our 98-year history, our underlying financial strength means we can continue to return money to loyal customers through mutual bonus discounts.
"As there are no shareholders taking profits from the business, NFU Mutual set up its mutual bonus scheme to enable policyholders to benefit in years when its investment returns and claims experience allowed."

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