Apart from all the other costs associated with having children Abbey National are warning parents that home insurance is essential so as to be covered for likely accidents.
Each year, according to a new Abbey National study, children cause damage costing more than GBP500 million across 2.5 million homes in the UK. It is the toddlers who are the ones to watch, as the study revealed those aged between 1 and 5 cause nearly a quarter of all the household accidents.
The Abbey National data also showed boys to be twice as troublesome as girls in the household damage stakes, while the most common home insurance claims for damage caused by children are on paint or wallpaper, furniture and items being broken.
The Prudential has named its new chairman as Harvey McGrath, previously the chairman at leading hedge fund company Man Group. Mr McGrath retired from that position late last year but has clearly felt the need to return back into the financial services sector with this new appointment.
The role will be a non-executive one for which he will receive a fee of GBP500,000 annually. Mr McGrath felt that the Prudential combined a very strong history with an exciting future and as such seemed the perfect choice for him. He also meets the requirements of investors who wanted to see a chairman who was based in the UK but also brought experience of the international arena.
Mr McGrath has plenty of experience to draw upon and is looking forward to the challenge, with lots of background and hands on knowledge of many things the Prudential are currently dealing with.
Specialist insurance provider Hiscox as selected Michael Gould to be the new Chief Operating Officer, the role commencing on June 9.
Mr Gould leaves his post at Aon to go to Hiscox, where he spent 5 years, latterly as Corporate Division CEO. He also has a background in the credit card market, with a number of posts held at Amex where he worked for 14 years.
As Chief Operating Officer at Hiscox Mr Gould will take responsibility for Operations, IT and Property Services across the group, reporting directly to the CEO. Hiscox insurance will be part of the remit, though only as part of the whole group organisation.
