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VALENTINE’S DAY CAN BE A COSTLY BUSINESS

Press Release   •   Feb 12, 2016 10:49 GMT

More than one in four women can expect to receive jewellery as a gift on Valentine’s Day and for some that could be an expensive engagement ring.

Allianz Insurance has found that the average cost of an engagement ring is £573.00 but one in five women can expect to receive a ring costing between £750 to over £3,000.

Protecting an engagement ring in case it’s lost, damaged or even stolen will be far from the mind of a nervous proposer, but according to Allianz’s research it is worth thinking about both before and after the question is popped because:

  • More than one in ten women (12%) have had to replace an engagement ring completely
  • 72% of those women who replaced their engagement ring said they had either lost it or the ring was damaged
  • More than half of women take their rings off before they swim or do the gardening
  • Jewellery is covered by home contents insurance but only while actually in the home and as jewellery, such as wedding and engagement rings, are worn virtually all the time, people should think carefully about purchasing extra cover so that these items are protected.

    Alan Gairns, Allianz’s product manager, commented: “Engagement rings are precious items both emotionally and financially so it makes sense to arrange adequate insurance cover. When the claim is the result of something happening in the home, insurers will generally have a limit on what they will pay for a claim on a *single item like a piece of jewellery. So if you are burgled and the ring or some other item of jewellery is stolen having the right level of cover is important.

    “With an item of jewellery you wear a lot, like an engagement ring, it makes sense to extend the cover to outside of the home. As we found many people take their jewellery off when they go swimming, participate in sports or go to a Spa. Again a limit will apply to a **single item and you should discuss this with your insurer.”

    It is clear from the research that there are likely to be many women who risk having inadequate cover for their engagement ring. Allianz found that 83% of woman who have an engagement ring had no idea how much it’s currently worth.

    Allianz’s research found that not everyone can expect an item of Jewellery. The traditional Flowers (78%) and Chocolates (69%) are the most likely Valentine’s Day gift but clearly men do not always get it right which explains why more than one in five women who described themselves as a “bit disappointed” in their Valentine’s Day gift.

    The research also found that some people like to give their loved one a rather more ‘unusual’ gift.It can only be imagined how the women felt who received a gift from the list below although we are sure it was given with the best of intentions:

    1. A musical chicken

    2. New teeth

    3. A wooden bucket

    4. A pineapple

    5. A shopping trolley coin

    ENDS

    Notes to editors:

    1. Allianz carried out the research on 2000 people during 21 - 25 January 2016.
    2. *Allianz’s limit for a single item covered in the home is 15% of the total sum insured. For Cover outside of the home, Allianz has a **single item limit of £1000 but this can be increased up to £10K.
    3. Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide. Around 85 million private

      and corporate customers rely on Allianz's knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2014, over 147,000 employees in more than 70 countries achieved total revenues of approximately 122.3bn euros.

    For further information contact:

    Amy Yorston

    Media Relations Officer

    amy.yorston@allianz.co.uk

    01483 552632

    07794266474

    Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide.

    Around 85 million private and corporate customers rely on Allianz's knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2014, over 147,000 employees in more than 70 countries achieved total revenues of approximately 122.3bn euros.

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