Consumers are abandoning non-compulsory motor and home insurance in an effort to cut costs in the recession.

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The current financial slowdown has not had any impact on insurance renewals. Figures being thrown up by most insurance companies have shown that the renewal premiums went up significantly during the last one year, and the number of those surrendering dipped.

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American International Group Inc. is in talks to sell its personal car insurance unit to Zurich Financial Services , according to a report in the online edition of The Wall Street Journal.

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