UK Post Office to sell Car Insurance

The Post Office has started to sell car insurance and hopes to capture 5 per cent of the competitive UK market within three years. It is the second product after personal loans to be launched as a result of the Post Office’s recently launched joint venture with the Bank of Ireland, through which it aims to become a significant force in the financial services market. The Post Office is already the market leader in foreign currency exchange for consumers, with a 20 per cent share, and is the largest independent supplier of travel insurance through a link-up with the Bank of Ireland. The Post Office is under pressure to diversify now social security benefit checks are no longer paid through its branches but directly into claimants’ bank accounts.