NU looks to young drivers for next big revenue stream

Norwich Union (NU) has extended its Pay As You Drive (PAYD) policy, after introducing a number of changes to the scheme.

Since the launch of PAYD insurance in October 2005, the insurer has introduced a young drivers policy for those aged between 18 and 23, and extended the age limit on the adult policy from 65 to 70 years, so that the age group covers those from 24 to 70 years.

Kay Martin, head of PAYD, commented: "The new offerings reflect the success of the launch in 2005. The sales in the f