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According to News Assurances’ sources the current Managing Director of QBE in France is to retire in March of 2012. He will be replaced, by Jean-Philippe Pagès, current Managing Director at broker Marsh, the source says.

According to reports confirmed by several sources familiar with the matter, John Bassett, general manager of the insurer QBE has recently asserted his right to retire. After 15 years in the Australian company’s French offices, the man interviewed a few weeks ago (see our video in French) officially leaves in March 2012.

According to an anonymous source, Jean-Philippe Pagès, managing director at Marsh broker since 2009 will replace Mr. Basset by mid-January 2012. He previously held the position of managing director for the broker’s Marine and Energy lines since 2002.

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The latest Friends Life Visions of Britain 2020 report shows the education system in the UK is felt to have failed to provide recession hit Britons with now-needed financial knowledge. The Pensions Reform report has been compiled on behalf of Friends Life by The Future Foundation and is entitled “Pensions: The Root Problem”.

Some 83% of the UK population believes not enough is being done to educate people in financial matters, according to the study. And 63% said they wished they had received financial education lessons in school. Similarly, 65% thought that “financial advice should be provided in the workplace.”

The study by think tank the Future Foundation found that as a result of this lack of financial education only one in five people believe the nation’s children will be more savvy about money matters than previous generations, with nearly half (48%) disagreeing.

The study also found that this lack of financial awareness has had the knock-on effect that increasing numbers of school leavers and graduates have no idea where to find advice on pensions, for example, with over 65% of 18-24 year olds not knowing how to get this advice.

Martin Palmer, Head of Corporate Benefits Marketing at Friends Life, said:
“It is clear from our findings that there is a desire from the younger generation to have better knowledge on how to deal with their money matters. We are advocates of personal responsibility, but think more could be done in schools. However, we believe the workplace is the best and most effective place to provide financial education as people actually have some pay to spend and more choices to make.

“The current economic climate is not helping the situation and people will have other financial commitments or priorities, but we need to help individuals get to a position where they see the real value of putting money aside for the short, medium and longer term.”

Engagement and communication with the younger age groups is also an issue as more than a third (34%) of 18-24 year olds and over a quarter (26%) of those aged 25-44 said they found pensions “too boring” to interest them.

Palmer of Friends Life continued:
“The challenge is to start using different forms of media to communicate with people. We need to try to communicate less information but to do it in a more effective way. At the moment, as an industry, we tend to bombard people with loads of information leaving them unable to see the wood from the trees.”

Source : Friends Life

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Charity Family Action today gives an insight into how low income families prepare for Christmas with the launch of its report Breaking the Bank : A Cut Price Christmas for Low Income Families. The report, based on the views of a snapshot of families the charity supports, shows that parents are under increasing pressure from the commercialisation of Christmas although they generally expect to spend at least two’thirds less than the national average on Christmas this year with some of the poorest families saying they will spend less than £100 extra on Christmas food and gifts.

Family Action has spoken to parents about what they thought families in Britain should be able to afford to enjoy a basic minimum standard or cut’price Christmas.

But with families already struggling with the cold weather, buying warm winter clothes and heating their homes there are fears that this Christmas will be harder than ever for those at the bottom.

The Key findings of the Breaking the Bank: A Cut Price Christmas Report show:

– The cost of a Cut Price Christmas is £182 based on buying basic lines in local shops for a family of two adults and two children. This is less than a third of what a family expect to spend on Christmas. In reality just over half the families are set to spend between £100 and £200 with some paying less than £100.

– Parents on the lowest incomes will have to spend up to two’and’a’half weeks of any cash they have left over after paying for essential basics (like food, bills, transport) to afford the cut’price Christmas, and this is only if they are not faced with any emergencies.

– On top of this the parents in the focus groups are paying a poverty premium on Christmas because lacking bank account overdrafts or credit cards to spread the cost they have chosen to budget in advance using options like vouchers, loyalty points, and Christmas Clubs

– Some parents say they feel pressurised into buying gifts more expensive gifts for their children than they could afford. Parents blame this primarily on the media and retailers and older children’s expectation of electronic goods like MP3 players, mobile phones or branded items.

– Over half the parents we spoke to intend to spend less this Christmas compared to last year. The most popular reason for lower Christmas spending was a lack of money with many parents saying they “just can’t afford it.”

A Cut Price Christmas highlights the challenge of being a parent on a low income: not wanting to crush your kid’s sense of fun but not being able to escape the reality of up’to’the wire budgeting and debt.

The report shows that some parents dread Christmas because of the potential to disappoint their children. Child peer pressure and consumerism are bearing down on parents and low income parents in particular are bearing the brunt of this.

For example as part of Cut price Christmas low income families consider that £50 is the maximum that should be spent on children’s toys. With the top toys recentlypromoted by the Toy Retailers Association ranging in price from £20 to £130 many families will feel the pressure of not being able to give their children the gifts they see in the media and on TV or hear their friends talk about in the play ground.

Family Action Chief Executive Helen Dent said: “We work with amazing parents who are doing the best for their kids and being resourceful in really difficult circumstances; and the Cut Price Christmas is a minimum standard that low income families themselves think is acceptable for a happy Christmas for their children. But even this Cut Price Christmas could cost low income families two’and’ a half’weeks’ income after paying for the necessities, and this is only if no emergencies or crises like broken boilers add extra costs.

“With families facing near unprecedented squeeze on their finances – particularly low income groups – this minimum standard will sadly still be too much for some families. Families are facing cuts to welfare support, rising food and fuel inflation and this is before the majority of the worst cuts to support have come in.

“For many Christmas is a time for a bit of luxury,, a time away from it all to celebrate the season with family and friends. For some of the most disadvantaged families this image of Christmas is far removed from the daily struggle they face.”

Family Action thinks that for many parents they will have spent the night before Christmas worrying about their housing or when their fuel bill will land rather than being full of festive cheer.

The report also highlights how:

– Some families wrap up essential items such as presents to put them under the tree. All the parents Family Action talked to said that they would use Christmas as an opportunity to buy their children essential items that they needed such as clothes, coats and shoes.

– Parents budget year’round to pay for a Christmas celebration for their children.

– But children’s expectations are still in stark contrast to the money worries of their parents

– The Cut Price Christmas allows for little luxury or alcoholic consumption

Source : Famlilly Action

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In the first two days of December, unusually strong Santa Ana winds have brought extensive tree damage and large power outages to the South of California.

A state of emergency has been declared in Los Angeles County.  The Los Angeles Department of Power and Water reported that 87,000 customers lost power at the peak of the storm. Power failure at Los Angeles International Airport resulted in flight delays, while debris on runways resulted in flight diversions.

 “As of this morning, South California Edison reported that 300 households are still without power,” said Margaret Joseph, catastrophe response analyst at RMS. “Downed trees have been a noticeable feature of the storm across the region, and Griffith Park – one of the largest urban parks in the U.S. – closed as a result of fallen trees and debris.”

In Los Angeles, the foothill cities in the northern San Gabriel Valley were hardest hit by the winds. A local state of emergency has been declared in the city of Pasadena, where 46 housing units have been red-tagged (40 of which are in the same apartment buildings) as a result of damage. A city statement reports that approximately 600 trees have fallen, or were damaged.

According to the National Weather Service, Santa Ana winds are forecast to affect Los Angeles County and Ventura County in California on Monday and Tuesday, bringing potentially damaging wind gusts to the Los Angeles and Ventura County Mountains, the Santa Clarita Valley, and the Santa Monica Mountains.

Source : RMS

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Coca-Cola says there is no “product quality issue” with its Pulpy Milky drinks, after a boy who had consumed the product died and three others fell ill. 

Stores around the country pulled bottles of the fruit-flavoured milk drink from their shelves after a boy died and his mother fell into a coma in the northeastern Chinese province of Jilin.

Two other people, a mother and daughter, were also hospitalised after drinking a bottle of Pulpy Milky, but have since recovered and returned home.

Investigators have said the drinks were tainted with organic phosphorous, a toxic pesticide, the China News Service reported on Wednesday.

“This case does not involve a product quality issue,” said Joanna Price, Coca-Cola’s China-based spokeswoman, without elaborating.

“Our company takes the recent incidents … very seriously. Our thoughts are with the two affected families and we have reached out to them to express our concern and compassion.”

State media have said police in the city of Changchun, capital of Jilin are treating the case as a murder, meaning criminal intent is suspected in the poisonings.

“To ensure public health and safety, our company is fully and actively cooperating with work of the local authorities,” Price said, adding that the company had temporarily pulled bottles of strawberry-flavoured Pulpy Milky from shelves in Jilin. Pulpy Milky is made by Coca-Cola subsidiary Minute Maid.

The Jilin government said nearly 60,000 bottles of the suspect drink had been removed from store shelves as of Friday.

According to press reports, stores in several other Chinese cities including Beijing and Shanghai have also stopped selling the drink. Police in Changchun refused to comment on the investigation when contacted by AFP.

Beijing, Dec 2, 2011 (AFP)

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XL Group has announced Greg Hendrick to replace Dave Duclos as CEO of XL’s insurance segment. Mr. Hendrick, currently XL’s Executive Vice President, Strategic Growth, will assume the new position on January 1, 2012. Mr. Duclos, whose retirement becomes effective on December 31, 2011, will continue as a consultant to XL through 2012 to advise on and assist with the transition.

Commenting on the transition, XL’s Chief Executive Officer Mike McGavick said: “I want to thank Dave for his dedication and leadership throughout his tenure at XL. In an ever changing industry, Dave has played an integral role in guiding and positioning XL for the future. We are sorry to see him go, but wish Dave well on his well-deserved retirement and in all future endeavors.”

Mr. McGavick continued: “At the same time, I’m thrilled to announce that one of XL’s sharpest talents, Greg Hendrick, will be assuming the leadership of our insurance segment, following Dave’s retirement. With over 17 years at XL, as an underwriter, a head of one of our most successful reinsurance businesses, and most recently as the head of strategy for the entire enterprise, Greg has distinguished himself. For the past year he has led the Fresh Start review of each of our underwriting businesses, examining and helping align the strategy for each book. In this new role, I believe that Greg’s continued influence on our insurance operations will serve us well as XL’s success continues.”

During his career with XL, Mr. Hendrick has held various senior leadership positions including President and Chief Underwriting Officer of XL’s Bermuda-based reinsurance company, Senior Vice President and Chief Property Underwriter for Bermuda reinsurance operations and Vice President and Underwriter of XL Mid Ocean Re.

As the Head of XL’s Office of Strategic Growth since October 2010, Mr. Hendrick has been responsible for guiding XL’s strategic planning, focused on enhancing the Company’s operational efficiencies and further growing XL’s underwriting businesses. The strategy portfolio will be shared among Mr. Hendrick, Sarah Street, XL’s Chief Investment Officer and Jamie Veghte, Chief Executive of XL’s reinsurance segment.

Mr. Duclos has served as Executive Vice President and Chief Executive of XL’s insurance operations since 2008. Prior to this position, Mr. Duclos was Chief Operating Officer for XL’s insurance operations, Executive Vice President of Global Specialty Lines and Senior Vice President responsible for US Program operations. Prior to joining XL, he worked for over three years at Kemper Insurance Company in various senior level positions.  Mr. Duclos began his career with CIGNA Corporation where he spent 21 years in various regional and national management roles in the field and home office.

Source : XL Group

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DUAL Corporate Risks has teamed up with Aspen Managing Agency Limited (Syndicate 4711) and Pembroke Managing Agency Limited (Syndicate 4000) to provide additional capacity for directors’ & officers’ liability.

The two syndicates add to the existing capacity provided by Hiscox Underwriting Limited (Syndicate 3624). Together, the three syndicates provide DUAL Corporate Risks with £10m of excess capacity in D&O, including employment practices liability, pension trustees liability and corporate liability.

This additional capacity will be used in conjunction with DUAL Corporate Risks’ existing Arch/Hiscox facility on an excess, coinsurance or standalone basis.

The new capacity also allows DUAL to providing underwriting for clients domiciled worldwide with several additional territories which are excluded under the existing Arch/Hiscox binder. These territories are Argentina, Belize, Brazil, Cape Verde Islands, French Polynesia and Honduras.

The additional scope of coverage available under the new arrangement also allows DUAL to underwrite a broader range of risks including those associated with publicly traded hi-tech organisations such as those in pharmaceuticals, biotech and telecommunications with a full limit of £10m/$10m/€10m which was previously limited to £3m/$3m/€3m.

DUAL can also underwrite companies with US assets up to 35% of total assets, compared with a previous cap of 25%.

Russell Kilpatrick, Executive Chairman of DUAL Corporate Risks, said: “This additional capacity represents a fantastic opportunity for us to further our dominance of the mid-market sector and will enable Jeremy and his team to profitably grow our Management Liability programme whilst maintaining our tradition of providing our clients with access to quality capacity.”

Jeremy Isaacs, Underwriting Manager for directors’ and officers’ liability at DUAL Corporate Risks said: “These are exciting times at DUAL. With our new management liability product and the additional capacity now in place we will continue to grow both regionally and internationally.”

This is the latest in a number of new initiatives from DUAL, it includes the appointment of Paul Russell as director and senior underwriter of financial lines, the creation of a financial lines division in London and the launch of a new management liability product wording.

Source : DUAL Corporate Risks

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Review of 2011

Investors have had a difficult year. With stubbornly high inflation to contend with in the Eurozone, the UK and the US, weak macroeconomic data and a rise in market volatility, achieving a real return on capital has been a challenge. Stock markets have fallen around the world and yields have risen in many credit and government bond markets.

The award for the most surprising winners of 2011 must be UK and US government bonds, which have been the beneficiaries of an increasingly narrow definition of what constitutes a safe haven in the investment world. Far from falling in value due to worries that quantitative easing (QE) would result in runaway inflation, as some feared in January, many investors have favoured them because the UK and the US can print the money needed to repay debt, unlike the Eurozone countries.

Driving the disappointing stock market returns have been disappointing economic data and a slow policy response to events in the Eurozone. Global growth has been steadily revised down, from what were in any case modest initial projections (see graph below), while the Eurozone debt crisis has got to such a level as to threaten the sustainability of the single currency itself. Across the Atlantic in the US, still the world’s largest economy and with one of the world’s most flexible labour forces, we appear to have a serious structural – not a cyclical – unemployment problem.

The disappointing year…downgrades to 2011 GDP growth forecasts

Furthermore, in March a tsunami and a subsequent nuclear power plant explosion severely disrupted output in Japan, the world’s third largest economy. There were knock-on effects on supply chains around the world, particularly for the auto and technology sectors.

These themes were the driving forces behind the fall in growth expectations seen in 2011, particularly in the second half of the year, which in turn led to a lowering of corporate earnings growth forecasts.

Behind many of the macroeconomic problems lies a weak banking sector in Europe and the US, which is still suffering from the after- effects of the collapse of Leman Brothers in 2008, and is still struggling to rebuild balance sheets full of property-related and/or eurozone sovereign debt. The reluctance of European and US banks to lend into the ‘real’ economy has been a significant contributor to the disappointing growth after the initial recovery of 2009-2010, with lending to small and medium sized companies (which provide the bulk of employment growth within the OECD) severely restricted.

Unsurprisingly, by sector the weakest stocks on global stock markets have been financials, followed by other economically-sensitive sectors such as industrials and materials. These ‘high beta’ sectors tend to underperform when the broader market indices fell, and outperformed during periods of recovery. As a result they have provided trading opportunities for the nimble investor since the late summer, when many stock markets established broad trading ranges that have – by and large – persisted.

However, for the year as a whole, defensive sectors outperformed, with relatively slight losses from sectors such as consumer staples and healthcare. The blue-chip stocks in these sectors benefited from relatively high dividend yields (backed up by strong balance sheets) and a growing exposure to emerging market consumer demand.

Emerging market equities whole fell in line with developed markets, despite much more robust economic growth. The reasons were twofold: first, tighter monetary policy in the emerging markets as central banks sought to bring down inflation; and second, downgrades to GDP growth forecasts on the back of weaker growth in developed economies. Since the autumn there has also been an increasing problem in obtaining trade finance from European and US banks, as they seek to selloff assets in emerging economies in order to help rebuild their balance sheets.

2012 Outlook

At least one key event that troubled markets in 2011 will almost certainly continue to reverberate in 2012: the Eurozone debt crisis. Even if a definitive solution is soon found, the economic damage has been done and all the countries in Europe will suffer lower growth because of it. After years of lax fiscal policies, the planned cuts in debt-to-GDP ratios means a fiscal contraction of €150 billion in 2012, with more to follow in subsequent years. Growth will be fortunate to reach 0.5% and the reforms required to boost economic competitiveness will take years to bear fruit. The adjustment in the UK will be similar and with global growth weak the country cannot rely on exports to offset the domestic contraction.

It is outside of Europe that the outlook is a bit brighter. In the run-up to the US election, both fiscal and monetary policy is likely to stay expansionary. Investors remain indulgent about the country’s level of indebtedness as the Treasury market is still unrivalled in its size and liquidity. Japan will continue its recovery from the earthquake and tsunami. Elsewhere in Asia, growth will inevitably slow as trade with Europe drops, but GDP expansion will still outstrip any other region of the world. Latin America’s commodity exports to China will continue and rising internal demand will benefit both Brazil and Mexico.

High levels of risk aversion thanks to the Eurozone crisis means that traditional safe haven assets offer little potential return. Core sovereign debt yields are well below what expected nominal GDP growth rates would suggest is reasonable. For example, US ten-year Treasury yields have averaged about 50 bps more than nominal GDP since 1982 (when US inflation finally dropped below 5%). With the US economy forecasted to expand by at least 4% over the next five quarters (again, in nominal terms), ten-year yields should be much higher than their current levels around 2% (quantitative easing explains part of this divergence). Gold, which is traditionally seen as a hedge against inflation, is at risk because an escalation of the Eurozone crisis would likely be deflationary, and a rising dollar due to a flight to quality would also hurt gold prices.

The asset classes that we believe offer the best potential returns over the next year include higher yielding fixed income, such as emerging market debt (both USD and local currency), as generous coupons, falling risk aversion and appreciating currencies all argue for positive total returns. Corporate high yield debt also looks attractive as companies generally have sufficient cash to make interest payments and current spreads suggest a much higher default rate than we think is likely. Equities should recover some of their losses from 2011 as the outlook in Europe improves and valuations are attractive, but earnings growth will be hard to come by, moderating gains. Stocks with better dividend yields should provide some additional cushion.

Source : JP Morgan Press Release

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No more than half of students with a degree are landing jobs after their studies due to a lack of proper experience. The research of over 2,000 sixth formers and university students, commissioned by Lloyds Banking Group and carried out by ICM, shows that although young people understand the value of work experience as well as a University degree, the current climate means a range of factors beyond their control are damaging their employability:

– 70% of students acknowledge that prospective employers will be most impressed if they can demonstrate relevant work experience

– But 34% of students think a lack of the right personal connections means they won’t get the job they want

– While 29% haven’t got enough money to do unpaid work experience

– So only 48% of students have undertaken relevant work experience or holiday internships

The Lloyds Scholars Programme, which is designed to support and encourage students from below average income families to study at leading universities, will help students address these needs and get them fit for the world of work by providing them with a competitive employable edge. The first intake of students, who went through a challenging assessment centre and had to meet a number of criteria to be accepted onto the programme, takes place today with students from the Universities of Bristol and Sheffield.

Matt Young, Group Corporate Affairs Director, comments: “The number of applications received for this year’s pilot intake was very high and the calibre of those applying was exceptional. I congratulate the students who were selected as our inaugural Lloyds Scholars, they have already demonstrated huge ability and potential which we will help harness and develop further throughout the course of their studies.”

Just starting its pilot year, the scheme is designed to help students manage the cost of University and help ensure young people’s academic qualifications are enhanced by work experience and the skills that lead to a career by providing financial support, mentoring and volunteering opportunities. Unlike many established bursary programmes, students are not bound to join the Group once their studies have completed.

Welcoming Lloyds Scholars programme, Liam Burns, President, National Union of Students (NUS) said:  “This is truly a worthwhile initiative that provides a firm platform for widening participation to higher education for less well off families. We are particularly pleased that the scheme seeks to deepen participation through volunteering at university, ensuring that students not only receive the appropriate support through their mentoring scheme but are being positively encouraged to further develop themselves during their free-time with highly commendable initiatives all of which are designed to make students stand out from the crowd.”

Underscoring NUS’ view, the Confederation of British (CBI) Director Education & Skills, Susan Anderson said: “CBI firmly believes work placements offer important opportunities for students by helping them to develop a range of vital employability skills that sets them apart in the labour market. Students on the Lloyds Scholars programme will benefit greatly from this opportunity by developing the business skills they require while having access to financial support to help them complete their studies’.

Source : Lloyd’s Banking Group

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Struggling families need to be prioritised in order to strengthen the economy and get the Government back on track towards meeting its target to end child poverty by 2020, the Child Poverty Action Group has said in a letter to the Chancellor ahead of his Autumn Statement.

Chief Executive, Alison Garnham, said: “The Chancellor needs to throw struggling families a lifeline to prevent them falling into poverty because we know from the 1980s and 1990s that child poverty damages childhoods, destroys life chances and costs the economy billions every year in lost taxes, higher benefits and avoidable NHS and other public spending.

“Doing the right thing for struggling families would be doing the right thing for the wider economy. By sticking to its Family and Fairness tests and protecting the incomes of families facing hardship, the Government  can also protect demand in the economy and keep money flowing through the tills of Britain’s businesses.

On speculation about benefit and tax credit uprating, she added: “We now hear that benefits may not have a further cut, but that tax credits may be frozen to fund jobs for young people. It’s right to invest in jobs for today’s young people who are tomorrow’s parents, but it’s completely wrong to raid the incomes of hard-pressed families to fund it. The investment the economy needs to get back to growth and job creation simply does not exist in the pockets of the poorest.  The promise that the broadest shoulders will bear the greatest load must be kept.

“Despite real improvements in benefits for children in recent years, the poorest families have seen their incomes fall behind for decades, steadily detaching them and their children from national prosperity in the good times and leaving them totally exposed in the bad times.”

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As the Treasury prepares to increase Air Passenger Duty (APD) by double the rate of inflation, an ABTA survey for the ‘A Fair Tax on Flying’ campaign today reveals that 69% of the public think that they already pay too much tax when they fly from the UK. ABTA is urging the Government to listen to the public and rethink its intention to increase APD.  

The public is also becoming increasingly aware of the levels of tax they pay, with 65% of customers paying close attention to the amount of tax on their tickets, compared to 58% in 2010.
UK passengers pay the highest rate of air tax in the world, with a family of four flying to the USA paying £240 in economy class and rising to £480 in more expensive classes.

The Government intends to raise tax levels in April 2012 as a pure revenue raising exercise. This will not only negatively impact on economic growth, as passengers opt to fly long haul from the continent where there are lesser or no taxes, but may also prove counterproductive; 43% of passengers say that high taxes would put them off flying meaning that the Government may actually lower its total tax take.

Mark Tanzer ABTA Chief Executive said: “For too long successive governments have relied on public ignorance of Air Passenger Duty to steadily increase this damaging tax to the highest levels in the world. Our research shows that the public is wising up to this and is saying, enough is enough, no more increases.

“As well as affecting outbound traffic, high aviation tax levels are doing significant harm to the UK economy by contributing to a fall in visitor numbers and in 2012, the year of the Olympics, which offers an amazing opportunity to showcase the UK, putting the tax up even further sends out a message that the UK is closed for business.”

Commenting, Virgin Atlantic Chief Commercial Officer, Julie Southern, said: “We are very concerned that the Chancellor has failed to rule out retrospective rises in Air Passenger Duty. Hundreds of thousands of customers could be affected. We urge the Government to take our advice and not increase this ridiculously high tax any further.”

Air Passenger Duty paid by a family of four now and estimated amounts after double inflation increase

  2011
Economy 		 2011
Premium 		 April 2012
Economy 		 April 2012
Premium
Spain £48 £96 £53 £106
USA £240 £480 £264 £528
Caribbean £300 £600 £330 £660
Australia £340 £680 £374 £748

ABTA’s research also revealed there is still a lingering perception that APD is a green tax, 9% of those surveyed believe that the tax is used for environmental purposes. Since APD was introduced in 1994 not one penny has ever been used to benefit the environment.

 

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The extreme winter weather between October 2010 and February this year caused damage to 6 per cent of Brit’s homes, which represents three million homes. Worst affected were householders in Yorkshire and Humberside (14 per cent) and the North East (12 per cent), where twice as many properties were damaged than the national average.

Churchill Home Insurance saw a 45 per cent increase in the number of claims for escape of water caused by issues such as burst and frozen pipes during winter 2010/ 2011 compared with the previous winter.

As the country shivered in the grip of the coldest winter weather on record, with average temperatures of -1C°, the snow and freezing temperatures took their toll on people’s properties. Nationwide, over a third (35 per cent) of householders who suffered damage to their property saw damage to their roof, while a third (33 per cent) reported frozen or burst pipes.

Another 16 per cent of affected Brits said their central heating failed and 15 per cent said their boiler failed during the extreme winter weather. Nearly one in ten (eight per cent) of affected householders even had to move out of their home as a result of weather-related damage.

Highest percentage of winter weather home damage cases:

Damaged roof    35%
Frozen/ burst pipes     33%
Damage to fencing/ garden wall  27%
Central heating failed  16%
Boiler failed   15%
Interruption to power supply    14%
Damage to external walls        12%
Damage to external paving       12%
Damage to external windows      9%
Other   13%

Best practice is to have boilers serviced once a year but, despite the experiences of last year, two thirds (66 per cent) have not had their boiler serviced in preparation for this winter.

While three quarters (74 per cent) of Brits have not cleared their gutters, less than one in four (22 per cent) have checked that their loft insulation is thick enough and only 11 per cent have lagged pipes.

However, one in five (19 per cent) have stocked up on candles or torches in preparation for any power cuts, and one in ten (9 per cent) have pruned back trees or branches that could cause any damage to their property.

Martin Scott, head of Churchill Home Insurance, commented: “A huge number of people experienced damage to their homes last year, particularly as a result of escape of water caused by frozen and burst pipes.  It’s essential to plan ahead to avoid potential problems.

“Having home insurance in place will ensure you’re covered for damage caused by escape of water, but also consider taking out Home Emergency insurance to cover the cost of emergencies such as boiler repairs.”

Churchill Home Insurance has the following tips to help homeowners ensure their property is not vulnerable to the winter weather this year:

– Prepare pipes for icy weather by insulating them with lagging. Don’t forget the corners. You can do those bits by cutting a 45-degree angle in the lagging, and remember to cover all of the joints with duct tape. Make sure you’ve lagged any pipes you might have outside.

– Check to make sure your loft insulation is thick enough. It should be around 10 inches deep.

– Find your main stopcock and make sure that you can turn it on and off.

– If you have any taps that have a tendency to drip, now’s the time to fix them. Also check to make sure your boiler has been serviced by a Gas Safe professional.

– Try and insulate your home – fit draught proofing to any gaps in windows or doors and make sure wall cavities are well insulated.

– If you’re away from home for a few days during the cold weather, keep your heating on at a low level – at about 15 degrees – throughout. If you’re away for a longer period of time it might be wise and more cost-effective to shut down the system completely, turn off all the mains stopcocks and drain down pipes, toilets and radiators.

– If your pipes do freeze, turn the water off, drain the system and leave the taps open.

– A good way to thaw out frozen pipes is to carefully use a hairdryer (if safe to do so) or to use a hot water bottle tied to the pipes with a towel. If you’ve found a leak, put something underneath to collect water. Never use a naked flame, such as a blow torch, to thaw your pipes as this could cause some serious damage.

– If your pipes have burst and you need help, you can call our 24-hour Emergency helpline and our team will talk you through what to do.

Source : Churchill

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Huber Dixon, in partnership with Sterling Insurance Group, are now providing renewable energy cover to their specialist household and commercial customer base.

Huber Dixon specialises in providing cover for individuals, firms and organisations involved in renewable technology, including wind, wave, solar, tide, anaerobic digestion, bio mass and hydropower. They are passionate in their beliefs around sustainable power sources and are committed to providing superior service and unique products to their chosen markets.

The proposition with Sterling offers a unique market-leading cover for Huber Dixon’s commercial and individual clients who have such renewable energy equipment at their place of business or their higher value homes. The many benefits available to policyholders include cover for breakdown of the equipment as well as the material loss or damage. Business Interruption and loss of income cover is also included as standard, should breakdown or damage occur.

Rupert Dixon, managing Director of Huber Dixon, said: “We have many years experience in this market and want to ensure that this venture offers the highest standards of quality in both the products and the service we provide.  This policy is a modern and up-to-date insurance providing very attractive levels of cover to this important market segment.”

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The OFT has today published guidance which sets out the standards it expects from credit brokers and intermediaries.

The guidance sets out the OFT’s view on unfair practices relating to advertising and sales, refunds of fees and complaints handling. It also outlines the responsibilities of businesses that use the services of credit brokers and intermediaries.

The guidance is designed to tackle unfair practices including:

– charging up-front fees and then not delivering the promised service

– unauthorised debiting of customer accounts

– inappropriately asking customers to use premium rate phone numbers, and/or keeping customers who have called a premium rate service on the line for unreasonably prolonged periods

– failure to refund, or delay in refunding, brokerage fees, in circumstances where a refund is due.

The guidance makes it clear that credit brokers and intermediaries need to be transparent about their status, whether independent or otherwise, the payment of fees, the consumer’s right to refunds, and commission.

It also addresses a number of the issues highlighted in Citizen Advice’s super-complaint earlier this year, including cold calling by telephone or text without the consent of the borrower and taking up-front fees from a borrower’s bank account without the prior informed consent of the borrower.

David Fisher, Director of the OFT’s Consumer Credit Group, said:

‘The number of complaints in this area has risen significantly and is a cause for concern. Credit brokers and intermediaries must comply with our guidance. Any business that fails to do so will face the risk of enforcement action, which may include revocation of its licence.’

Source : OFT

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New claims for US unemployment insurance rose only slightly last week from seven-month lows, offering a sign of stabilization in the troubled job market, official data showed Wednesday. 

Initial jobless claims rose to 393,000 in the week ending November 19, the Labor Department said. The prior week’s number was downwardly revised to 391,000 claims, the lowest level since April.

The number of new applications for unemployment benefits have signaled stabilization in recent weeks amid a tough job market where the unemployment rate is at 9.0 per cent and economic growth too anemic to spur job creation.

The four-week moving average of initial jobless claims, which helps to smooth out week-to-week volatility, fell for the fourth straight week, to a level only 1.5 per cent higher than the lowest point of the year, in March.

The average dropped by 3,250 to 394,250 claims.  Since May 2009 the jobless rate has been stuck at 9.0 per cent or higher, except for two months this year, in February and March.

Washington, Nov 23, 2011 (AFP)

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In a new study from Hiscox across six countries, British SME’s show the most understanding of insurance. Some 53% of UK SMEs say they are fully aware of the range of insurance options available compared to an average 40% for the five other countries which are the US, the Netherlands, France and Spain.

The study – ‘DNA of an Entrepreneur’ – commissioned by specialist insurer Hiscox, also found that following the August riots, 15% of UK SMEs identified civil unrest that causes damage or interruption to their business as a major risk but one that they did not currently insure against.

The research, which surveyed 500 UK SMEs as part of a wider study of 3,000 European and US SMEs, also indicated that nearly a third (30%) of small to medium-sized businesses only buy the minimum essential cover required (whether for their property and transport, or insurance required by law such as employers’ liability).

SMEs also listed the major risks to their business that they do not currently insure against. The risk of not being paid by clients came top at 57% (this was particularly high for the IT and media sectors at 71%). Being sued by a client (23%) was the second highest uninsured risk on their list, with damage to premises or stock, and death or disability of key staff both at 18%.

Commenting on the findings, Alan Thomas, small business expert, at Hiscox said: “The insurance industry in the UK has a strong heritage and it is good to see that our SMEs are ahead of the game globally in their understanding of risk and insurance. However the industry still needs to work hard to effectively communicate risk management information to SMEs, particularly in these tough economic times. Only 11% of UK SMEs in the research said they currently look for risk management advice from their insurer and broker – revealing a great opportunity to become the go-to point of contact for entrepreneurs on how to mitigate risk.

“It is also worrying that some SMEs are taking big risks with some of the more traditional threats to their business such as not insuring against the loss of equipment or stock (20%). This might well be a feature of the downturn as firms look to cut back on operating costs, but it is a false economy should the worst happen.

“Given the huge role that the SME sector will play in the UK’s economic recovery we must, as an industry, do more to help SMEs fully understand and manage the wide range of risks they face.”

Global comparison: I fully understand what insurance is available to me and what risks I can cover

All

United Kingdom

USA

Netherlands

Germany

Spain

France

43%

53%

43%

49%

37%

36%

36%

Source : Hiscox

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XL Group’s marine insurance unit has announced additional underwriting appointments. XL’s new Inland Marine Field team includes Michael Perrotti, Senior Vice President, Marine Field Operations based in Cleveland, Ken Mueller, Regional Vice President in Atlanta, and Ryan Faris, Marine Underwriter in New York. The objective for these appointments are to get

According to Richard DeSimone, President of XL’s US Ocean and Inland Marine unit, “New York, Cleveland and Atlanta are key trading hubs. With these appointments, we’re putting our inland marine underwriting expertise out in our key markets and in closer proximity to our clients. Now, brokers and businesses in these regions have direct access to XL’s local underwriting expertise which can also tap into our global insurance network as they need it.”

Mr. Perrotti joins XL from Zurich North America where he managed the expansion of the company’s Inland Marine and Marine Property & Casualty business. With close to two decades experience, he has held home office and field management marine underwriting positions with The Hartford Insurance Group, Travelers, and the Atlantic Mutual Companies. Mr. Perrotti is a graduate of St. John’s University School of Insurance and holds the Chartered Property and Casualty Underwriter (CPCU) and Associate Marine Insurance Management (AMIM) designations.

Mr. Mueller arrives at XL from Travelers where, as Regional Vice President, he was responsible for managing the company’s inland marine business in its southeast region which included Florida, Georgia, and Alabama. During his 20-plus years in the marine industry, he held various underwriting and management positions with Atlantic Mutual Companies and Crum & Forster. Mr. Mueller is a graduate of Texas Tech University.

Mr. Faris moved to XL’s new Inland marine field team as an Underwriter in 2011 from his previous position as an Underwriter for XL’s Offshore Energy department in New York. He started his XL career in 2005 as a claims adjuster for the Marine department in both XL’s Houston and New York office. He is currently working towards his CPCU designation.

Source : XL Insurance

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Clara Hughes, Senior Director and Nick Wright, Associate Director, in Fitch’s Insurance group will be speaking on Day Two of the Momentum Conference 2011 (1st December) on the following subject:

The UK Life Market in 2011 and Beyond – A Rating Agency Perspective

The talk is aimed at those members of the profession looking at alternative future careers and moving away from traditional insurance work. The speakers will consist of 4 speakers with life backgrounds now in very different fields and taking through their experience and how they made the move. The focus will be on how the move was researched, approach taken and the process. Overall designed to look at how the actuarial skill set is being moved into new areas and broadening the profession.

Harish Gohil, Managing Director of the Insurance group, and Andrew Murray, Senior Director in Financial Institutions, will be speaking on Day Three (2nd December) on the following subject:

Impact of IFRS4 Phase II – what does it mean for business?

Is the proposed new IFRS insurance accounting standard finally the “real thing”? Will it really increase consistency, comparability and understandability for users of accounts? Will it reduce the cost of capital for insurers and attract more investors? This session considers the potential impact on insurers, from an insurance analyst’s perspective.

Access full events programme here :

Venue : Hilton Deansgate, 303 Deansgate, Manchester M3 4LQ UK

Speaker :

– Clara Hughes, Director

– Harish Gohil, Managing Director

– Andrew Murray, Senior Director

– Nick Wright, Associate Director

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John Van Der Wielen has been appointed as Friends Life’s new Managing Director International. John will report directly to CEO Andy Briggs, and will become a member of the group executive committee.

Friends Life’s International division comprises Friends Provident International (FPI) based in the UK and the Isle of Man. The UK office supports business in Europe; the Isle of Man operation supports branch offices in United Arab Emirates, Hong Kong and Singapore. John will also oversee fpb AG, FPI’s German distribution company, Lombard the Group’s Luxembourg based leading pan European wealth planning business for ultra high net worth customers and AmLife, the life insurance subsidiary of AmBank Group, which operates in Malaysia, in which Friends Life owns a 30% stake.

John joins from ANZ Banking Corporation based in Sydney, Australia, where he was Managing Director, Wealth. He has over 20 years of international experience in the financial services industry covering life and pensions, general insurance, wealth management and banking, in particular as CEO of HBOS Financial Services.

John Van Der Wielen, managing director international at Friends Life said:
“I’m joining Friends Life at an interesting time and am looking forward to getting to grips with my new role. One of my first tasks will be to understand the strategy, get to know the businesses that make up the International division and to meet the staff.

“Despite the global economic turmoil the international business has seen good growth in the majority of its core markets most notably in North and South East Asia. These markets have developed well over the period with growth in regular and single premium business benefitting from the local economy being more buoyant than Europe. I’m keen to keep the momentum going.”

Andy Briggs, CEO at Friends Life said:

“I’m delighted that John is joining Friends Life and look forward to working with him. He has a wealth of experience in financial services, gained both in the UK and overseas. This means that he is able to hit the ground running and deliver on the objectives that have been set for the international business.”

Source : Friends Life

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