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iSaaS Technology has launched ‘ePIsource Legal’, a medico-legal solution designed to improve expert witness independence in low value personal injury claims and redress the imbalance within the sector which predisposes evidence to favour the instructing party. The solution uses technology to support the administrative function carried out by medical reporting agencies (MROs), delivering objectivity and transparency by separating the evidence procurement process from the expert analysis.

Part of the remit of the imminent MoJ consultation on whiplash will be to look at options for ensuring the independence of medical experts and the issue of referral fees and commissions. MROs and the experts on their panels are too close to the instructing parties. Current practices for obtaining whiplash medical reports can lead to allegations of biased, poor quality evidence, driven by the fact that medical experts have become reliant on MROs for their livelihood and MROs have a commercial relationship with the instructing party. These interdependencies can impact not only on the selection and training of experts, but also on the time available to the medical expert to produce high quality forensic evidence. This combination significantly impacts the effectiveness of whiplash medical reports.

ePIsource Legal disrupts these established medico-legal practices, addressing concerns raised by the Association of British Insurers and claimant practices, in advance of the MoJ consultation. In order to deliver improved independence, demonstrable transparency, objectivity and higher quality evidence, the management and composition of ePIsource Legal’s medical expert panel will be guided by the Association of Personal Injury Reporting Experts (ASPIREX). ASPIREX is a non-profit independent association, which requires its doctor members to submit to randomised peer review and continuous professional development through the UK’s leading expert witness training organisation, Bond Solon.

Founder of ASPIREX, Dr Rowland Whale says, “ASPIREX was set up to provide a voice for the medical experts committed to the highest standards of medical reporting. Until now the only voice has been that of trade bodies such as AMRO (the Association of Medical Reporting Organisations), which clearly represents MROs, not doctors. Whilst those organisations provide an undoubted contribution, it is right that doctors, who strive to deliver the best possible standards of evidence, are represented in this important debate.”

Alive to the regulatory environment, iSaaS Technology will be playing an active part in the upcoming MOJ consultation on whiplash evidence.  iSaaS has worked with regulatory specialists from Weightmans to ensure ePISource Legal is compliant both with the The Legal Aid Sentencing and Punishment of Offenders Act 2012 (LASPO) changes and the SRA Code of Conduct, including the ban on payment or receipt of commissions for medico-legal instructions from April 2013.

Adam Tulk, CEO of iSaaS explains: “MROs continue to perform an important role in administering and improving efficiency in the acquisition of medical evidence.  However, the link between the instructing party and the expert panel must be separated from this administrative function. It is not the role of the MRO to be training, peer reviewing or selecting the medical expert panel. Any attempt to do so by MROs, or their trade body, will simply perpetuate the potential for bias because of the obvious commercial interests at play. ePIsource Legal will uniquely separate expert selection or panel membership not only from MROs, or instructing parties using its software, but also from itself. We are aware of no other attempt to directly encourage expert objectivity and independence that goes this far. We would encourage MROs to adopt a similar stance.”

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Covéa Insurance, the business created from the merger of MMA Insurance and Provident Insurance, has been launched today.

Covéa Insurance is a new name to the UK and reflects the company’s membership of one of Europe’s leading mutual insurance groups. Covéa is the number 1 for property and liability insurance in France in 2011, serving nearly 11 million policyholders and generating more than 14 billion euros in premiums.

James Reader, Chief Executive of Covéa Insurance commented: “With the support of such a strong mutual group, Covéa Insurance is perfectly placed to deliver the quality, consistency and financial reassurance that our broker partners and customers value.  As a combined entity, Covéa Insurance will provide a broad range of general insurance products to over 1 million customers in the UK, generating revenue of over £420m and employing over 800 staff across eight locations.

“We’ve been working very hard this year to bring together Provident and MMA to create a new force in the UK insurance market.  So I’m delighted to announce that, as of 1st October, we have united as a single company under our new name; we are now Covéa Insurance.

“We’ve built Covéa Insurance upon the long-established strengths and expertise of both Provident and MMA.  So whilst the name has changed, we’ll continue to offer the same great products, delivered by the same great team of people – a team that really understands insurance and the needs of our broker partners.

“We have a great foundation on which to build. We are ambitious and absolutely committed to capitalising on the significant strengths of both Provident and MMA to the benefit of our customers, employees, brokers and other business partners. In our case, two plus two will very definitely equal more than four”.

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Aria Assistance has teamed up with travel management specialists ALTOUR (www.altour.com) in an agreement that gives the Aria Assistance team direct access to the ALTOUR’s back office and Global Reservations Systems for 24/7, 365-day ticketing and administration.

This innovative agreement means that Aria Assistance advisers can make confirmed travel arrangements at any time of the day or night for people requiring international travel under their medical assistance cover. Working with ALTOUR, which has over 70 global offices, Aria Assistance enjoys global search and booking facilities, and can easily accommodate last minute changes and unusual requirements.

ALTOUR is currently ranked within the 14 largest US business travel agencies and Aria Assistance is to date the only major UK assistance customer to have access to its back office systems. This means customers benefit from direct access to market leading fares and relationship support at the most senior levels within key suppliers to address any issues when really needed.

ALTOUR works closely with Aria Assistance quickly to identify carriers with facilities to cater for emergency medical needs during transit. It has all the required contacts in place to facilitate medical clearance and escorted flight bookings. It can assist with stretcher, wheelchair and oxygen requirements as appropriate on a case by case basis. In addition to flight, rail and ferry bookings, ALTOUR also benefits from being an American express preferred partner which provides preferential access to over 30,000 hotels around the globe.

The announcement of Aria Assistance’s partnership with ALTOUR is an example of the newly-independent assistance company’s strategy of working with best-of-breed providers to deliver superior services to Aria Assistance customers. IT integration ensures that the Aria Assistance promise that customers have just one number to call, whenever and wherever they need help, always stands.

Earlier this month Aria Assistance also unveiled an agreement with Pannone Affinity Solutions for the provision of legal advice and services. Pannone is the white-label arm of Pannone, one of the UK’s best-known law firms.

Aria Assistance Director of Operations David StClair said ”These are both names with great pedigree that underpins the value that Aria Assistance enables its business partners to add to their own brand.  For the end user, the service will be seamless, and it can be delivered via our business partners’ brand as a white label service.”

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Employment Minister Mark Hoban has welcomed another fall in unemployment as figures showed private sector employment has risen by more than one million since May 2010.

Figures published by the Office for National Statistics (ONS) showed the number of people in employment rose by 236,000 in the three months from May to July compared to the previous quarter – including 100,000 more people in full-time posts. Unemployment fell by 7,000 during the same period.

The number of people in private sector employment rose by 275,000 in the last quarter and is now nearly 1.2 million higher than in May 2010. The quarterly increase more than offset a 39,000 fall in public sector employment. These figures are adjusted for the effect of further education colleges being reclassified by the ONS from the public to the private sector.

The number of people claiming Jobseekers Allowance was down 15,000 to 1.57m in August – despite policy changes, including the reassessment of incapacity benefit claimants and rules on lone parents claiming income support, meaning more non-working people are transferring to Jobseekers Allowance from other benefits. The total number of people claiming the main out of work benefits is now 140,000 lower than in May 2010.

The number of 18 to 24 year olds in employment also rose by 58,000, and the number of young people claiming Jobseekers Allowance fell by 10,900 in August. However, there was a slight rise in unemployment among this age group of 7,000. Excluding full-time students, there are 716,000 16 to 24 year olds who are unemployed.

Of the increase in employment of 236,000, there was a rise of 91,000 in London, accompanied by a 22,000 fall in unemployment, suggesting the Olympics may have added to the boost. But the number of people claiming Jobseekers Allowance fell in every English region as well as Wales and Scotland, and employment rose in all but two regions.

The UK unemployment rate of 8.1% is considerably lower than the Eurozone average of 11.3%, European Union average of 10.4% and lower than France (10.3%) and Spain (25.1%).

Mark Hoban said: “British businesses deserve great credit for continuing to create jobs even in these tough economic times, and now we have one million more people working in the private sector than in May 2010.

“With 140,000 fewer people on the main out of work benefits, there are also real signs that our welfare reforms are working.

“Today’s fall in unemployment is further welcome news but we know there are still challenges ahead. We will continue to work hard to create the conditions for businesses to grow and provide people with the support they need to get back into work.”

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Members of the British Insurance Brokers’ Association (BIBA) will receive increased commission levels from 10 per cent to up to 15 per cent when they place trade credit insurance through the UK Export Finance initiative, with immediate effect.  

Lord Green, Minister for Trade and Investment, Patrick Crawford CEO of UK Export Finance and Eric Galbraith, Chief Executive of BIBA, addressed a joint reception hosted by UK Export Finance last night at the Foreign and Commonwealth Office.

Lord Green underlined the importance of driving British exports through broker involvement and the Government backed trade credit facility.

He also announced that a number of regional advisers have been appointed to ensure that support is provided to exporters and businesses on a local level. BIBA is ensuring that its regional executives co-ordinate with the business advisers to ensure consistency of message, access to information and targeted support.

Steve Foulsham, BIBA’s Head of Technical Services, said: “BIBA welcomes this initiative which enables members to find trade credit protection for their SME clients looking to export into emerging markets where traditional trade credit insurers cannot always help.”

Eric Galbraith, added: “The increased commission level is a positive step forward. Other areas of equal importance that are being addressed are around clarity and simplification of the policy wording and application pack. Last night’s event is clear evidence of the energy that is gained by working together and we are looking forward to building on that momentum.”

Brokers interested in signing up to the initiative can obtain more information from BIBA’s Steve Foulsham.

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Reviewing our backpacker product recently, we found that the average cost of medical claims has increased from £370 to £750 in the last two years. This follows the recent announcement from the Foreign and Commonwealth Office (FCO) which found that one-in-four of 16 to 24-year-olds travelled without insurance and only 25% made health-related preparations before going overseas. These statistics, when combined, paint an alarming picture for young travellers.

In the last few years, we have seen a rise in the number of backpacker claims that are not covered. For example, many younger travellers will rely on the off-the-shelf annual family policy which may not provide adequate cover for the activities they engage in or the destinations they visit.

The industry has a responsibility to provide a product that reflects the risks that backpackers face when travelling, including cover for more unusual sports and activities, travel delay for internal connections, problems with visas and entry to remote destinations as well as help following imprisonment abroad.

Although many Brits turn to the UK government for help if they get into trouble while overseas, the British embassy can only help contact family or friends but will not fly them home or pay for hospital bills or legal fees. With adventure sports such as quad biking, jet boating and white water rafting becoming increasingly popular, it is vital that travellers are sufficiently prepared for any accident that might happen while taking part.

It is not just the cost of their health that backpacking or gap year travellers should be worried about. With the increase in expensive gadgets such as iPads, laptops and smart phones, many are travelling with these types of personal effects and need to be prepared for the cost if they are lost or stolen.

The insurance industry needs to recognise and address the needs of these travellers by offering more choice and flexibility in policies by constantly updating their offering to keep up with evolving travel trends. A greater amount of collaboration between the insurance industry and official bodies, such as the FCO, could help identify which aspects of foreign travel need new or improved insurance solutions.

Writen by Greg Lawson, Head of Retail at Columbus Direct

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According to catastrophe modeling firm AIR Worldwide, Isaac has finally reached hurricane strength. Isaac is a large tropical cyclone with maximum sustained winds of about 75 mph. It is located about 75 miles south-southeast of the mouth of the Mississippi River—a region that could benefit from the rain, as the prolonged hydrological drought this year has caused the river to drop to historic lows and ground cargo ships. Isaac is also about 160 miles to the south-southeast of New Orleans, and is moving slowly northwestward at about 10 mph.

Favorable wind shear conditions and warm sea surface temperature conditions, as reported by AIR’s ClimateCast Atlantic Hurricane Conditions, facilitated the intensification of the system to a category 1 hurricane. Landfall is currently forecast for somewhere along the Louisiana or Mississippi coast in the early hours of tomorrow.

“Isaac’s sustained winds have increased to 75 mph and the storm, as expected, is now a hurricane,” said Dr. Tim Doggett, principal scientist at AIR Worldwide.  “Data from Hurricane Hunter aircraft indicate that maximum winds are closer to the storm’s center. These data also indicate that the storm has wobbled on a generally westward course during the past few hours, which is expected to be a temporary deviation from its northwestward movement. Isaac is expected to move into a weakness in the subtropical ridge near the north-central Gulf Coast and slow its forward speed even more during the next couple of days as a ridge builds slightly to the northwest of it. Later, it should turn northward and northwestward into the Ohio Valley region.”

“The speed has slowed, which may hold Isaac over water for an extra six to 12 hours longer than previously thought. Thus the center of the storm should come on shore about 8:00 a.m. tomorrow and push inland over New Orleans during the day.  Given this track and the slow forward speed, surge into Lake Pontchartrain is still a threat, even if Isaac remains only a marginal hurricane.”

According to AIR, the majority of single-family residential structures along the U.S. Gulf Coast are of masonry construction. Since there is a possibility of Category 1 or weak Category 2 wind speeds, these structures can experience moderate damage to the roof, roof covering, with little damage to masonry walls expected. Failure of roofing components often occurs because of improper fastening between the roof system and building frame. At Category 1 wind speeds, there may also be numerous cases of damage due to downed trees, exacerbated by saturated soils, or from loose building debris such as shingles or roofing tiles. It should be noted that the vulnerability of mobile (manufactured) homes and light metal structures is much greater than that of other construction types; these buildings could experience structural damage.

According to AIR, Mobile home exposure accounts for 2% of the overall exposure in the impacted states.  Engineered structures, such as reinforced concrete and steel buildings, should experience less damage compared to residential wood-frame and masonry structures; they may exhibit isolated instances of nonstructural damage, such as that to windows and roof coverings.  However, damage to contents and internal finishes could result from nonstructural damage.

AIR estimates the total insured exposure (buildings) in coastal counties within Isaac’s expected impact area (within the NHC cone of uncertainty) totals USD 480 billion, or roughly 21% of the insured exposure in the three states altogether.

In addition, it is important to note that building vulnerability can change significantly through changes in building code and code enforcement, changes in material and construction practices, and structural aging. Similarly, the awareness surrounding building practices in Louisiana, Mississippi, and Alabama increased after Hurricane Katrina.

According to AIR, dangerous storm surges of up to 12 feet, heavy rainfall of up to 20 inches in areas, and strong winds are expected to extend well away from the center and to affect a large portion of the northern Gulf Coast. Heavy rainfall and flooding are also expected to spread inland over the Lower Mississippi Valley region during the next few days.

Offshore oil and gas operators in the Gulf of Mexico are evacuating platforms and rigs in the path of Tropical Storm Isaac.

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According to catastrophe modelling firm AIR Worldwide, a swarm of low to moderate magnitude earthquakes has hit Southern California, approximately 30 miles north of the Mexican border. Concentrated in Imperial County a few miles north of the city of Brawley, CA (population estimated at around 25,000 in 2010), over 120 events of magnitude 2.5 or greater have struck since Sunday morning, local time. Due to the low magnitude of these earthquakes and California’ stringent building codes, insured losses are not currently expected to be significant.

The strongest of these—a M5.5 (depth of 9 km) and a M5.3 (depth of 12.3 km)—hit in the early afternoon on Sunday, according to the United States Geologic Survey (USGS). No deaths or serious injuries have been reported, and damage caused thus far has been minor. Data from the USGS indicates that the swarm activity has subsided since yesterday.

“A seismic swarm is defined by the USGS as a localized surge of earthquakes, with no one magnitude being conspicuously larger than all other magnitudes of the swarm,” said Dr. Bingming Shen-Tu, senior principal scientist at AIR Worldwide. “In contrast, earthquakes in a main shock/aftershocks sequence typically involve a large main shock, followed by much smaller aftershocks. The current earthquake sequence in Southern California is, therefore, considered by seismologists to be a swarm.”

“This swarm is located in the Brawley Seismic Zone, which connects the southern end of the San Andreas Fault to the Imperial Valley Fault Zone. The two major strike-slip faults in the north (San Andreas Fault) and south (Imperial Valley Fault) form a right-step in the Salton Sea area. Most of the events in this area have extensional or trans-extensional faulting mechanisms.”

Dr. Shen-Tu continued, “The Salton Sea and the Brawley Seismic Zone are known for volcanic and geothermal activity along the great San Andreas Fault Zone, a geological condition not conducive to the accumulation high seismic energy. Instead, low to moderate magnitude earthquake swarms are relatively common. The previous swarm was in 2005, and before that in 1981 (during which the largest recorded event in the Brawley Zone, a magnitude 5.8, occurred). Historically, swarm activity in this region has not been followed by large earthquakes on nearby faults.”

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The US Federal Reserve said Thursday it had sold the last of its investment in insurer AIG, turning a $17.7 billion profit for the public from its 2008 bailout.

The New York Fed’s final sale of its American International Group-related assets made a net gain of about $6.6 billion, the central bank announced.

“The total net profit to taxpayers from the New York Fed’s assistance to AIG and AIG-related facilities was $17.7 billion,” it said in a statement.

“The completion of the sale of the Maiden Lane III portfolio marks the end of an important chapter — our assistance to AIG — that was undertaken to stabilize the financial system in the midst of the financial crisis,” William Dudley, president of the New York Fed, said.

“I am pleased that we were able to achieve our principal goal, which was to protect the US economy from the potentially devastating effects of AIG’s failure, while demonstrating sound stewardship of taxpayer interests.”

AIG, once the world’s largest insurance company, was closely involved in the risky derivatives at the centre of the 2008-2009 financial crisis. The Fed and the US Treasury rescued it from bankruptcy with a record $182 billion bailout.

As part of the financial market bailout, the Fed took unprecedented actions, creating three limited liability companies known as Maiden Lane, to absorb toxic assets from AIG and other financial institutions at risk.

The first Maiden Lane was created to help the merger of JPMorgan Chase and Bear Stearns; the remaining two were aimed at easing capital and liquidity pressures on AIG, which was reeling under soured bets after the collapse of US housing market bubble.

Over time the Fed has recovered its loans to the Maiden Lane companies and also sold off the assets they held. Maiden Lane III repaid its loan, including interest, finally on June 14.

The final sale of Maiden Lane III assets Thursday closes the Fed’s involvement in AIG.

The Treasury still holds a 53 per cent stake in AIG’s capital and plans to gradually sell its shares in an effort to recover the $24.2 billion remaining in its investment.

Given that AIG shares closed at $33.76 Thursday, up 47.1 per cent from a year ago, the Treasury may be able to turn a profit on its rescue.

Under Fed rules, the central bank hands over the bulk of its profits to the Treasury.

Washington, Aug 23, 2012 (AFP)

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Arc Legal Assistance has secured two legal expenses schemes for e-Underwriting, the new division of OIM Underwriting Limited, to provide cover as part of its household and property owners portfolios.

Arc Legal’s Family Legal Protection product offers a full suite of covers including consumer pursuit and defence; personal injury; and criminal prosecution defence.  The legal expenses insurance and rent guarantee (LERG) product for landlords covers disputes with tenants; non-tenancy related property disputes; criminal prosecutions; and rent cover when a tenant defaults.

Frank O’Malley, Director of Arc Legal said: “Our selection by e-Underwriting strengthens our position as one of the leading market providers of legal expenses insurance and rent guarantee (LERG) insurance for landlords. It also demonstrates our commitment to delivering market-leading products and service.”

Natasha Pettet, Underwriting Manager of e-Underwriting said: “Arc Legal has strong and proven product propositions across their personal and landlord legal expenses portfolios. Their service-oriented approach and clear understanding of the needs of the landlords was an important factor in selecting them.”

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Aon Benfield has expanded its Aon Benfield Research academic and industry research collaboration with new partner Ambiental to enhance the firm’s flood model development capabilities.

Ambiental, a flood risk assessment consultancy, is working with Impact Forecasting – Aon Benfield’s catastrophe model development centre of excellence – to improve the mapping of flood extents using their advanced hydrodynamic modeling capability. The Ambiental approach describes the real physical behaviour of flood phenomena with improved accuracy, thus enhancing probabilistic catastrophe models and construction of historical event footprints.

Petr Puncochar, flood model developer at Impact Forecasting, said: “Developing model components that are compatible to high resolution elevation data is a complex task. Our approach is enhanced by using Ambiental’s latest generation of hydrodynamic models for flood extent determination. Working with Ambiental means we can access their knowledge and advanced technology to both support the initial model development work and generate more accurate outcomes for the insurance industry. Also, this cooperation enabled Ambiental to join Aon Benfield Research where flood related partnerships are now playing an important role on par with other longer-established perils such as earthquake and windstorm.”

Dr. Justin Butler, Managing Director at Ambiental, commented: “We are very enthused by this, our latest collaboration within the global insurance market. Working with Aon Benfield will empower Ambiental’s unique technology to reach new valuable areas within the flood risk and insurance communities for national-scale flood mapping and modeling. “It is always rewarding to see how the results of our flood knowledge and technology can be used practically to benefit the insurance industry, especially considering the scale of losses from recent extreme flood events internationally. Our hydrodynamic modeling tools use the latest computational techniques to increase processing speed whilst maintaining accuracy and stability so as to meet the demands of insurers, brokers and reinsurers for cost effective, high resolution flood mapping.”

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Insurance sector specialist firm, Plexus Law, has announced the appointment of highly experienced Fiona Heyes as a Partner in the Professional Indemnity team.

Heyes, who has built a market-leading reputation in handling claims against a wide range of professionals during a 20-year career at City firm Pinsent Masons, joins a growing practice at Plexus Law.

“I’m delighted to be at the heart of a firm whose entire focus is insurance and to be part of a wider group which is ambitious to lead the way in developing services in the insurance sector,” said Heyes.  She joins a professional indemnity team of 13 partners and 40 solicitors.

Independently rated by both Legal 500 and Chambers, Heyes handles claims against solicitors, accountants, brokers, construction and IT professionals and is particularly known for defending claims against solicitors arising out of corporate, tax and property transactions.

Head of Professional Indemnity at Plexus Law, Nigel Plant, commented: “Fiona brings a great depth of experience and expertise to our growing team. Her appointment underscores the specialist nature, quality and high value of PI work we are handling and which we see developing in the coming months. We are delighted to welcome her.”

Fiona Heyes is the latest in a series of specialist appointments to be announced by Plexus Law which include Ken Silk and Graham Brown and Master Mariner Martin Watson. Ken Silk, specialises in marine, aviation, transport and Specie claims advising on both reinsurance and insurance matters; Graham Brown is a reinsurance and coverage specialist with over 25 years’ experience.

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According to the half-year 2012 edition of EMEA Deal Drivers, the first two quarters of 2012 closed with 2,307 announced deals worth €269bn in the EMEA region, representing an 18% decline in volume and a 10% decline in value against the same period last year. Deal values have been highest in the Germanic countries (28.4%) and the UK & Ireland (25.7%); the most significant deal volume came from the UK & Ireland (24.1%), Germanic countries (17.7%), Nordic countries (13.6%) and France (11.3%).

Published by mergermarket in association with Merrill DataSite, EMEA Deal Drivers provides an extensive review of M&A activity in the EMEA region, offering analysis of sector-specific activity – including league tables – and identifying emerging trends for the next six month period.

“Non-core asset disposals have been an important driver of M&A in 2012, particularly in the financial services sector,” says Elizabeth Castro, an Editor with The Mergermarket Group’s research and publications division. “This type of activity should continue through the remainder of the year, as will strategic M&A deals that offer access to emerging markets. Western European acquirers know the growth prospects at home will be limited for some time, and they are hoping to offset this by pursuing M&A in faster-growing CEE and Asia-Pacific countries.”

Morgan Stanley and Deutsche Bank topped the financial advisory league tables in H1 2012 with €130.3bn and €124.1bn worth of M&A transactions, respectively. The most active advisers by volume were Rothschild, Goldman Sachs and Morgan Stanley.

Some key findings in the report include:

– Private equity activity fell by 27% in volume and 7% in value to hit 441 transactions worth a collective €37.7bn, and exits fell 26% in volume and 33% in value to reach 254 worth €43.1bn.

– The energy, mining & utilities sector represents the lion’s share of M&A value in Europe (32.1%), followed by financial services (11.9%) and industrials & chemicals (11.6%).

– The consumer sector shined in the first two quarters, thanks to successful private equity exits and strategic M&A deals aimed at geographic expansion. Noteworthy deals include the €2.7bn sale of CVC Capital portfolio company StarBev LP to the the Molson Coors Brewing Company and the €9.0bn acquisition of Pfizer Nutrition by Nestle SA. Consumer M&A represents 3.1% of total EMEA deal value and 10.1% of aggregate volume.

To view the full report, please click here:

http://www.mergermarket.com/PDF/Deal_Drivers_EMEA_HY2012.pdf

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Health advocates declared a “brave new world of tobacco control” following Australia’s historic packaging victory over the cigarette industry, but analysts warn that smoking is far from a dying trade. 

Tobacco products in Australia will be sold in drab, uniform packaging with graphic health warnings from December 1 after the nation’s High Court rejected a challenge to the policy, in a case being closely watched worldwide.

The World Health Organization hailed the ruling as a landmark victory for public health, with director general Margaret Chan hoping for a “domino effect… with so many countries lined up to ride on Australia’s coat-tails”.

“With Australia’s victory, public health enters a brave new world of tobacco control,” Chan said following Wednesday’s ruling.

The WHO estimates that six million people die every year from tobacco use and have warned that could reach eight million by 2030 without strong action. New Zealand could be the next domino to fall — it announced in-principle support for plain packaging in April and welcomed Australia’s High Court ruling.

Britain and Canada are also considering plain pack moves and the European Commission said Thursday it was mulling a similar proposal, with Norway and Turkey also said to be interested in such a policy.

Public health advocate and architect of Australia’s policy Mike Daube said he expected that tobacco would be logo-free in Europe in the “next few years”, describing Canberra’s win over the cigarette firms as hugely symbolic.

“Globally, for developed countries, it’s the biggest loss that tobacco companies have ever had because now other countries will follow,” Daube told AFP.

“They threw everything at (the court case) not because we’re little old Australia but because of the global implications. I think there will be a domino effect.”

The tobacco firms insist that the fight is not over — Australia is still facing action at the World Trade Organization over the plan from Ukraine, Dominican Republic and Honduras, and an investment treaty lawsuit in Hong Kong. But Daube said the High Court case was the must-win for big tobacco and the rejection of their intellectual property arguments was a significant blow.

Matthew Rimmer, a property and trade expert at the Australian National University, said the cigarette industry would be “thunderstruck” by the ruling and in “deep trepidation” at its enthusiastic reception globally.  “I think that Australia’s in a strong position and the tobacco industry has everything to lose,” he said of the WTO and Hong Kong battles.

Rimmer said the “heyday of big tobacco” was over and though smoking was still growing in developing countries such as India, Indonesia and China it was “only a matter of time” before anti-tobacco measures reached those places. But Daube said “well over” 500 million people would die from tobacco use in developing countries in the next century, with people still enthusiastically taking up smoking — particularly women.

A study of tobacco use in 16 countries that are home to 3 billion people published in the Lancet this month showed that 48.6 per cent of all men and 11.3 per cent of women are tobacco users, especially in poorer economies.

Russia topped the table, where 39.1 per cent of all people older than 15 used tobacco, followed by Turkey (31.2 per cent), Poland (30.3 per cent), the Philippines (28.2 per cent) and China with 28.1 per cent.

By comparison, prevalence in Britain was 21.7 per cent and 19.9 per cent in the United States.

Daube said he was “terrified” of the future of tobacco in developing nations, where cigarette advertising and event sponsorship continue unabated, yet there is little public health education.

“I think (tobacco companies) will be very, very worried by the plain packaging decision because the pack is so important to them as a marketing tool,” he said.  “But they’ve still just got huge markets ahead.”

Sydney, Aug 19, 2012 (AFP)

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The Insurance Fraud Bureau (IFB) has signed a new intelligence sharing agreement with the Government’s Vehicle and Operator Services Agency (VOSA).

VOSA – responsible for a range of licensing, testing and enforcement services including the regulation of garages issuing MOT certificates – will provide a new source of data for the IFB’s sophisticated counter-fraud software in the continued fight against organised motor insurance fraud.

Stephen Dalton, Head of Intelligence at the IFB, said: “IFB operational experience has identified a number of motivations behind insurance fraud. A vehicle reaching the end of its economic life is one such trigger and VOSA – as the regulatory body for MOT test centres – will provide a critical source of intelligence for the IFB over the coming months.

“The IFB uses world-leading counter-fraud software to interrogate 130 million records of insurance every day. The more sources of data we can cross-examine our investigations against, the deeper we can delve into the complex workings of criminal gangs targeting our industry.

“Intelligence sharing agreements grant the IFB unique access to a wealth of new data from partners across industry boundaries – it’s another example of the IFB tackling organised insurance fraud from all angles.”

IFB’s new partnership with VOSA brings the total number of intelligence sharing agreements to 24, including contracts with police, regulators and public sector law enforcement agencies.

Philip Stokes, Head of Intelligence at VOSA, said: “VOSA are pleased to be working with the IFB to help combat motor insurance fraud and ensure that MOT garages are not allowing potentially un-roadworthy vehicle’s to be used on the roads. Joint working with other government agencies and organisations such as the IFB help VOSA to work towards its aim of ‘saving lives, safer roads, cutting crime and protecting the environment.’”

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Spain will modify a controversial plan to deny public healthcare to undocumented immigrants, maintaining care while billing their country of origin where treaties allow, the government said Friday. 

Under new legislation, foreigners living in Spain without residency permits were to be denied treatment at public hospitals unless they were under 18, pregnant, or in case of an accident or other medical emergency.

The law tightened the rules for immigrants to get the national health card that entitles them to treatment.

Previously they could get the card simply by registering as living in Spain, without a full residency permit.  A health ministry official told AFP Friday that the undocumented migrants would now be treated under the same system used for temporary foreign visitors to Spain.

“Treatment will be billed to their countries,” the official said, with the system applying to European countries and in cases “where there are bilateral agreements, as for example with Ecuador and Morocco.”

Under pressure to cut Spain’s deficit, the conservative government has said restricting free healthcare to undocumented immigrants and curbing “health tourism” by Europeans will save a billion euros ($1.2 billion) a year.

The health reform outraged immigrants’ rights groups and hundreds of doctors rebelled, saying they would continue to treat undocumented immigrants after the law comes into force in September.

People not covered by the health system in their countries of origin or whose countries do not have an accord with Spain “will be charged themselves, or their private insurance,” the ministry official said.

Media have estimated the number of undocumented immigrants in Spain at about half a million.

Madrid, Aug 10, 2012 (AFP)

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A.M. Best has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of ECIC saying the outlook for both ratings remains stable.

Roger Brown, Managing Director of ECIC said: “I am delighted to today announce that A.M. Best has affirmed its A- (Excellent) rating for ECIC. The last 12 months has seen strong growth for the business and, with new key appointments and the development of new products for contractors in specialist building services trades, I am looking forward to seeing that growth continue.”

A.M. Best Europe said ECIC’s risk-adjusted capitalisation is likely to remain excellent in 2012 and into 2013 in spite of a payment to be made in the second half of 2012 of an exceptional dividend of GBP 6 million. This payment is to help ECIC’s parent, the trade organisation The Electrical Contractors’ Association, meet cash calls in relation to a loss-making Lloyd’s syndicate, the interest in which has now been sold.

An offsetting rating factor is ECIC’s high reliance on third-party reinsurance, particularly quota share agreements, with the company having ceded approximately 40% of gross premiums written in 2011 (2010: 50%). However, this proportion is expected to reduce further in 2012, with subsequent reductions likely to take it to nearly 25% in 2014, thereby diminishing ECIC’s exposure to increased reinsurance rates and credit risk.

A.M. Best said that despite challenging market conditions in the United Kingdom, a good underwriting performance is anticipated for ECIC in 2012, with a combined ratio between 40% and 45%. ECIC has a strong underwriting record, which is underpinned by an excellent knowledge of its core market. In 2011, the company produced an exceptional combined ratio of 15%, due to a negative loss ratio since the decrease in net claims reserves was marginally greater than the amount of net claims paid. ECIC’s investment performance is less volatile than in the past after reallocations of a proportion of investments from equities to high quality fixed income securities during 2010 and 2011 and improved oversight of investment managers’ performance.

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An insurance fraudster who masterminded one of the UK’s biggest ‘crash for cash’ scams has received an unprecedented prison sentence of seven years and three months, following an investigation led by the Insurance Fraud Bureau (IFB).

Masi Naqshbandi (27, of Notting Hill) was found guilty of staging hundreds of road traffic accidents in order to make insurance claims which would have been worth over £6.5 million had the scam not been uncovered by IFB. Naqshbandi’s accomplice, Saboon Hillaman (24, of Greenford, Middlesex), was also found guilty of conspiracy to defraud and was sentenced to four years and ten months in prison at Croydon Crown Court on Friday.

Between 2007 and 2008, Naqshbandi and Hillaman submitted over 250 fraudulent insurance claims through their London-based accident management company – Real Accident Helpline. In some cases, vehicles were deliberately crashed or damaged to mimic a road traffic accident. In other cases, accidents were entirely made-up by presenting false names and paperwork. In all cases, credit hire, personal injury and inflated damage costs meant each claim was worth tens of thousands of pounds.

Aviva Insurance first alerted the IFB to the case after receiving a series of almost identical claims from Real Accident Helpline. At the same time, the IFB received intelligence through the industry’s Cheatline service from a member of the public reporting serious fraud at Real Accident Helpline.

Using world-leading technology, fraud analysts at the IFB researched and developed evidence linking Real Accident Helpline to over 250 fraudulent claims, worth in excess of £6.5 million. In the summer of 2008, the Metropolitan Police Service’s (MPS) Traffic Command Unit (Operation Catcher) arrested Naqshbandi and Hillaman in a series of dawn raids. Seizure of evidence during the raids and subsequent enquiries made by the Police, the IFB and 20 insurers affected by the scam saw Naqshbandi and Hillaman charged with conspiracy to defraud.

Phil Bird, Director of the Insurance Fraud Bureau (IFB), said: “This unprecedented sentence sends a clear message to fraudsters – the insurance industry is fighting back and fraudsters will be caught and prosecuted no matter how big or complex their scam may be.

“This investigation demonstrates the sophistication of the insurance industry’s counter-fraud activity. It also shows how insurers are working together, through the IFB, to help the Police disrupt organised criminal activity.

“Fraud is not a victimless crime. As honest policyholders, we all pick up the bill for fraudsters like Naqshbandi and Hillaman. Around £50 is added to every insurance premium to cover the cost of fraud. The IFB has received nearly 9,000 reports of fraud through the Cheatline in the last couple of years – a clear indication that honest policyholders are no longer willing to pick up the bill for fraudsters.”

Part of Naqshbandi and Hillaman’s scam involved recruiting people from the local community to donate their cars to be damaged and used in the claims process. The pair used the proceeds of their crime to fund a lavish lifestyle, driving prestige vehicles such as Audi Q7s and BMW X5s and staying in Dubai’s famous seven star hotel, the Burj Al Arab.

Tom Gardiner, Head of Loss Prevention at Aviva, said:

“Aviva takes insurance fraud very seriously. We work in a co-ordinated manner with the wider market and key agencies such as the IFB to share information on suspected fraudulent activity.  We also have a range of sophisticated controls to detect both opportunist and organised fraud – including dedicated teams which are currently investigating over 200 motor fraud rings. The message is clear: if you commit fraud, the chances are you will be identified and prosecuted.”

Detective Inspector David Hindmarsh, Operation Catcher lead, said: “The MPS Operation Catcher team commenced this investigation almost five years ago, during which time we have worked in partnership with a number of agencies including the IFB and many UK insurance companies to bring about these successful convictions. I hope that today’s lengthy custodial sentences send a clear message to anyone involved in insurance fraud that the police will actively investigate them and where appropriate place them before the courts.”

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Dutch insurer Aegon on Thursday reported a 37 per cent slump in its second quarter net profit and said it was selling is share in a joint venture with Spain’s Banca Civica.

Net profit fell to 254 million euros ($314 million) from 403 million euros the same time last year, hit by a 265 million euros charge relating to improvements in insurance products, Aegon said in a statement.

The results however were better than the 181 million euros expected by analysts polled by Dow Jones Newswires.

Sales jumped 27 per cent year-on-year to 1.6 billion euros, Aegon said.  Chief executive Alex Wynaendts said the results were sold, despite “historically low interest rates, continued market volatility and stagnant growth affecting the world’s leading economies.”

The Hague-based group said it was selling its 50 per cent interest in a joint venture with Spain’s Banca Civica for 190 million euros to CaixaBank following a merger between the two banks.

Aegon said a cost reduction programme in the Netherlands remained on track, saving the company 62 million euros to date and reducing its cost base to a total of 100 million euros by the end of the year, compared to 2010.

The company, created in 1983 after the merger of two Dutch insurers, has about 27,000 employees and more than 40 million clients, mainly in the Netherlands, the United States and Britain.

The Hague, Aug 9, 2012 (AFP)

 

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Munich Re, the world’s largest reinsurer, said Tuesday it was raising its profit forecast for 2012 after a better-than-expected second quarter. 

“We are well on track to slightly surpass the originally envisaged profit for the year of around 2.5 billion euros ($3.1 billion),” chief executive Nikolaus von Bomhard said in a statement.

“We are optimistic for 2012, despite the difficult business environment.”  Full-year gross premium income was projected to reach “a range between 50-52 billion euros,” compared with 50 billion euros in 2011, the group said.

On the Frankfurt stock exchange, Munich Re shares were showing a gain of 0.47 per cent — in line with the overall market — at 118.15 euros. In the second quarter alone, Munich Re said it booked a 9.8-percent rise in net profit to 808 million euros on a 5.5-percent gain in gross premiums to 12.63 billion euros.

That meant first-half profit amounted to 1.59 billion euros on gross premiums of 25.897 billion euros.

“With a profit of 1.6 billion euros for the first half-year, we have achieved well over half of our target of around 2.5 billion euros,” von Bomhard said.

The group said that its claims exposure was lower than in the same period last year “with its exceptional burden from natural catastrophes” such as earthquakes.

Total major-loss expenditure fell to 716 million euros for the first six months from 3.64 billion euros a year earlier.

For the current year, Munich Re said it anticipated a net burden of around 160 million euros from crop failure due to the persistent drought in large agricultural areas in the United States.

Overall, the company said it believed that “the challenge of the still very low interest rate levels to be far greater than that of the volatility of the financial markets or the (weaker) global economy.”

Frankfurt, Aug 7, 2012 (AFP)

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