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NU returns £10m of unclaimed cash to customers

Norwich Union has returned £10m worth of unclaimed cash to over 3,500 customers.

The insurer announced last year it intended to return £40m of unclaimed assets held in life and pension policies to 40,000 customers, dating back as far as the 1950s.

Norwich Union says it is currently handing back over £1m a month and has located another 10,000 customers to whom it will return a further £25m.

It has hired tracing agency, Assets Reunited, to help it find customers who have not yet claimed their money.

Chief operating officer Cathryn Riley says other insurers should follow Norwich Union’s lead and take decisive steps to address the issue of unclaimed assets.

She says: “We have given good news about old policies to over 3,500 customers at a time when money worries are on the increase. We have made contact with a further 10,000 customers and are in the process of reuniting them with an additional £25m.

“We have added a dedicated tracing agency to our team to help us reach as many people as we can. The issue of unclaimed assets affects the whole industry and it is not going to go away on its own. We are taking decisive steps to address the matter and we encourage the rest of the industry to follow our lead.”

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