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Brit Insurance, announces the appointment of Jon Sullivan as Head of Property Treaty.

He is anticipated to take up his position in the autumn and will report to Jonathan Turner, Chief Executive of Brit Reinsurance, the group’s specialist reinsurance business unit.

The move will combine the company’s North American and International Property treaty reinsurance teams into a worldwide specialist Property operation. Jon Sullivan joins from Torus where he was Senior Vice President, International Reinsurance.

Commenting on the appointment, Jonathan Turner, Chief Executive of Brit Reinsurance said:

“We are delighted to welcome Jon to the team – he has a wealth of experience and skills from over 20 years in the market, as a broker and as an underwriter in both London and Bermuda. I am certain he will play an instrumental part in the continued development and focus of our property treaty portfolio.”

Source : Brit Insurance

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To mark Brit Insurance National Cricket Day, five volunteers went along to a London primary school on Thursday 23rd June to assist with the creation of a “Dream Cricket School”.

Along with a host of cricket-related VIPs, the volunteers, including Dane Douetil, helped teachers to hold cricket-themed lessons across the curriculum. This was one of ten flagship events, held as far afield as Cornwall and County Durham, to showcase Chance to Shine. Brit Insurance volunteers also took part in events in Birmingham, Leeds, and Manchester.

Johanna Primary School near Waterloo played host to England fast bowler Chris Tremlett, who ran a PE class, Minister for Sport and The Olympics Hugh Robertson, who took assembly, and Bank of England Governor and President of Chance to Shine, Sir Mervyn King, who helped to teach a cricket-themed maths lesson for year three pupils. Other assistant teachers included cricket broadcaster and Chance to Shine co-founder Mark Nicholas, ITV weather presenter Lucy Verasamy, former England wicket keeper Jack Russell and the Barmy Army’s Billy “The Trumpet” Cooper.

Dane, who was assisting in the classroom at Johanna Primary as part of our Employee Volunteering Scheme, commented:

“Brit Insurance is proud to support Chance to Shine, helping them reach into classrooms and deliver cricket skills to children from all cultures and backgrounds. It makes sense to use our influence in the sport as the catalyst to make a positive difference in local communities.”

Chris Tremlett, who swapped his professional England duties for teaching youngsters cricket skills, spoke passionately about Chance to Shine:

“It’s a great cause. I was lucky that I had a PE teacher who loved cricket and I could play the game at a state school, but the opportunities to play matches were limited. Getting kids out there and being active is good for them and good for the game too.”

The Chance to Shine programme provides an ideal opportunity for employees to get involved in their local community. Individual and team volunteering opportunities are available through local schools and cricket clubs.

Source : Brit Insurance

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Today’s UCAS figures show that there are currently 670,000 students set to start a higher education course in the autumn this year.

Commenting on the announcement Michael Ossei, personal finance expert at uSwitch.com, says: “While starting university is an exciting time, students face a lifetime of debt when they finish. A future blighted by student debt and poor job prospects means it takes graduates a whopping 11 years just to clear their student debts of £21,198. With fees hitting £9,000 a year from September things are set to go from bad to worse for future generations.

“But a bleak financial situation isn’t the only unfortunate hangover from university – nearly four in ten graduates have been forced to put their life on hold because of debt. One in three (30%) put off starting a family, while over a quarter (29%) have put marriage plans on hold. Of those who have been forced to put life plans on hold, three in ten (29%) had to postpone their plans to start a family by at least 5 years while over a quarter (27%) put off getting by married by the same amount of time.

“These stats clearly show just how important it is for today’s youngsters to plan ahead and to be as savvy as possible when it comes to their student finances. Being aware of the best options when it comes to student accounts and interest rates as well as charges on student loans, credit cards and overdrafts are just some of the things that can have a major impact on their financial position when they leave university.”

Other key facts:

– Bleak future: six in ten recent graduates (56%) have had to wait to start saving, while nearly half (48%) have put off buying a home

– Financial reality: over two thirds of graduates (68%) underestimated the amount of student debt they would incur – one in five (21%) would now potentially consider bankruptcy as a result of their debt mountain

– Uneducated students: four in ten (40%) graduates don’t know the rate of interest charged on their student loan and 14% have no idea what they are being charged on their overdraft.

Source : uSwitch.com

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Aon Benfield releases its Reinsurance Market Outlook – June & July 2011 Reinsurance Renewals Update report, which highlights the trends witnessed during both the June 1 and July 1 reinsurance renewals periods.

The report reveals that the renewals brought meaningful rate changes to regions affected by the significant catastrophe events of the first quarter, including the March 11 earthquake and tsunami in Japan, and the February 22 earthquake and aftershocks in New Zealand.

However, while the market and other reinsurance intermediaries reported price increases of up to 15 per cent in less- or non-affected areas, Aon Benfield achieved rates of flat to -5 per cent for its clients. On U.S. programs with co-broking arrangements, reinsurance pricing at renewal was significantly less favourable on average compared to those accounts where Aon Benfield acted as sole broker.

The different outcomes are a result of Aon Benfield’s extensive analytical work into catastrophe events and their financial implications, and the strength of its advocacy in the reinsurance markets on behalf of its clients.

Key observations during the June and July renewals periods include:

– June 1 catastrophe renewals consisted mainly of Florida and New Zealand programs – the pricing of Florida renewals was flat to -5 percent for Aon Benfield clients, which was directly in-line with the firm’s guidance published April 1. New Zealand renewals pricing at June 1 increased more than 100 percent due to the large and still uncertain losses from the series of events in Christchurch.

– Florida accounts where clients opted for co-broking services averaged increases of 10 percent. Clients where Aon Benfield served as sole broker averaged decreases of 7.5 percent.

– July 1 catastrophe renewals consisted mainly of national U.S. insurers, Australian insurers and those Japanese insurers that had extended their April 1 programs by three months.  The trends of June 1 continued into July with Aon Benfield achieving pricing of flat to -5 percent for its U.S. insurer clients, which was again directly in line with the firm’s guidance published April 1.  Japanese programs renewed with price increases ranging from 30 to 50 percent.  Australian insurers’ price increases ranged from 15 to 70 percent.

– Included in the results are certain anomalies – for example, reinsurers were not willing to reward insurers that cut exposure in key catastrophe zones with rate decreases that matched the pace of the decreasing exposures.  Reinsurers, however, were willing to increase pricing at a rate lower than the pace of growing catastrophe exposures for insurers that wrote more business. These anomalies were more noticeable in programs requiring significant capacity.

Bryon Ehrhart, chairman of Aon Benfield Analytics, said: “There was real debate in the approach to the June and July renewals periods about whether western European and U.S. insurers should pay more for their catastrophe capacity due to the significant loss activity seen in countries such as New Zealand, Australia and Japan. Based on our extensive analytical work, and the work we have undertaken on the ground in affected regions to achieve the most comprehensive perspective on the losses, we believed that these insurers should not pay more, and we were the sole voice advocating this position on behalf of our clients. By focusing on the facts, the capital position of the reinsurance industry, and not the emotion stirred in the market, we were able to navigate through a turbulent period and achieve differentiating client results.”

Aon Benfield forecasts that pricing of U.S. property catastrophe renewals for the remainder of the year will be flat, assuming no additional occurrences of substantial insured and reinsured catastrophe losses.

The firm notes that the reinsurance market for renewals for the remainder of the year will be more sensitive to additional losses than last year given reinsured loss experience in 2011 to date.

Source : Aon Benfield

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According to Swiss Re’s latest “World insurance in 2010” sigma study, world insurance premium volume increased 2.7% on an inflation-adjusted basis. Life premiums rose by 3.2%, non-life by 2.1%. Premium growth in emerging markets accelerated. The industry’s capital and solvency improved, while low interest rates weighed on investment income.

 

The insurance industry is back to growth, as shown by Swiss Re’s annual assessment of global insurance markets for 2010. Premium volume grew in three quarters of the 78 markets covered in the publication. Growth was particularly strong in emerging markets. At the same time capital and solvency in the insurance industry improved robustly but low interest rates still had a negative impact on profitability.

Global life premiums rose by 3.2%

Life insurance premiums globally grew 3.2% to USD 2 520 billion in 2010. Growth was especially strong in Asian emerging markets and robust in some large European markets. In the US and the UK, premiums declined, though at a more modest pace than 2009. While low interest rates negatively impacted life insurers’ profitability, they contributed to a strong improvement in the life industry’s accounting capital position by increasing the value of life insurers’ bond portfolios.

Daniel Staib, one of the authors of the new sigma study, says: “The dominating picture is that the industry is on the way back to the long-term growth trend. In fact, in some continental European countries, growth in the past year could be said to be very strong because sales of single premium products with comparatively attractive guarantees increased strongly.”

In emerging markets, life premiums rose by 13%. South & East Asia was the region that had the strongest growth, at 18%, led by China, with strong demand for both traditional and investment-linked products. Latin America and the Caribbean were not far behind, at 12%, led by Brazil.

Non-life premium increased by 2.1% in 2010

Global non-life insurance premiums rose by 2.1% in 2010. In emerging and newly industrialised Asian countries, the strong economic rebound increased demand for insurance cover. Premium volume rose in Europe and the US as well. Industry capital continued its positive development and rose to a record high in 2010.

Underwriting results deteriorated by most in the US and turned negative in large European markets, in the latter case due to dismal motor results. In the eight largest markets, premium income did not fully cover claims payments and other costs for the second year in a row. “The average combined ratio of these leading markets worsened to 103%, compared to 101% in 2009. Given recent catastrophe loss events, it is clear that global underwriting results will deteriorate further in 2011. This indicates that prices are inadequate. In some markets, such as Italy and the UK, rates began to mount, most notably in the personal motor business, signaling that the underwriting cycle is at long last beginning to turn,” says Staib.

Outlook: Strong focus on growth in 2011

Despite lingering uncertainty, the economic recovery should continue and bolster premium growth in the life and non-life sectors globally in 2011. However, investment income in both life and non-life sectors will remain low given that interest rates will only rise slowly, at best.

“In terms of the mature markets, growth in life insurance is expected to turn positive in the US, while in Western Europe, premium growth could slow down slightly, as rising interest rates will make life policies with interest rate guarantees less attractive,” says Staib. Over the longer term, the fact that our ageing societies increasingly need provisions for old age continues to be positive for life insurers. In non-life, the trend is towards higher premium growth in 2011. This trend will strengthen as premium rates begin to get adjusted upwards.

The global market share of emerging countries is expected to continue to increase strongly from today’s 14% over the next ten years. China is likely to become the second largest insurance market within a decade (in 2010 it is the sixth largest).

The main risks to the outlook are an escalation of the euro sovereign debt crisis or a major oil shortage caused by turmoil in major oil producing countries.

The study is the first public assessment of the performance of global insurance markets in 2010. The 78 markets, where data or estimates for 2010 are available, account for 98% of global premium volume. Overall, the report is based on 147 insurance markets.

Source : Swiss Re

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BCIS has announced that Co-operative Insurance has adopted its ReAsses tool to calculate its re-insurance risk exposure.

ReAssess provides reinsurance analysts with a consistent approach to calculating ‘Value at Risk’ and an independent and authoritative data source to quote during compliance checks.

Lee Mooney, Head of Home Insurance at The Co-operative Insurance, said: “We’re looking forward to working with the ReAssess system as we believe it will help us to continue purchasing accurate levels of reinsurance to reduce the volatility of underwriting results.”

Andrew Thompson, International Development and Data Director at BCIS explains:

“ReAssess will provide analysts with the rebuilding cost of residential properties across entire books of business using BCIS rebuilding cost models already accepted as standard by surveyors and loss adjustors.  The data, compiled over the last 40 years, is developed and maintained by in-house construction industry experts to ensure that it is always up-to-date and in line with building regulations. ReAssess will enable The Co-operative to accurately assess its ‘Value at Risk’ rather than relying on internal models or the sum insured provided by the policyholder.”

Source : BCIS

 

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Muammar Gaddafi is welcome to live out his retirement inside Libya as long as he gives up all power, Libya’s rebel chief told Reuters on Sunday in the clearest concession the rebels have so far offered.

Gaddafi has fiercely resisted all international calls for him to go and vowed to fight to the end, but members of his inner circle have given indications they are ready to negotiate with the rebels, including on the Libyan leader’s future.

Gaddafi is still holding on to power, five months into a rebellion against his 41-year rule and despite a NATO bombardment and an International Criminal Court arrest warrant for crimes against humanity.

“As a peaceful solution, we offered that he can resign and order his soldiers to withdraw from their barracks and positions, and then he can decide either to stay in Libya or abroad,” rebel leader Mustafa Abdel Jalil said in an interview.

“If he desires to stay in Libya, we will determine the place and it will be under international supervision. And there will be international supervision of all his movements,” said Jalil, who heads the rebels’ National Transitional Council.

Speaking to Reuters in his eastern Libyan stronghold of Benghazi, Abdel Jalil, Gaddafi’s former justice minister, said he made the proposal about a month ago through the United Nations but had yet to receive any response from Tripoli.

He said one suggestion was that Gaddafi could spend his retirement under guard in a military barracks.

Turkey, which had close economic ties to Gaddafi before the uprising, pledged $200 million in aid for the rebels on Sunday, in addition to a $100 million fund it announced in June.

The rebels say they need more than $3 billion to cover salaries and other needs over the next six months.

“Public demand for reforms should be answered, Gaddafi should go and Libya shouldn’t be divided,” Turkish Foreign Minister Ahmet Davutoglu said in Benghazi, adding he saw the rebel council as the “legitimate representative” of the people.

DEADLOCK

The conflict in Libya is close to deadlock, with rebels on three fronts unable to make a decisive advance toward the Libyan capital and growing strains inside NATO about the cost of the operation and the lack of a military breakthrough.

Previous attempts to negotiate a peace deal have foundered, but some analysts say Gaddafi’s entourage — if perhaps not the Libyan leader himself — may look for a way out as air strikes and sanctions narrow their options.

Gaddafi’s daughter Aisha said last week her father would be prepared to cut a deal with the rebels though he would not leave the country, and his son, Saif al-Islam, has said Gaddafi would step down if that is what the people of Libya want.

Libyan Prime Minister Al-Baghdadi Ali Al-Mahmoudi — part of a hardline camp which has clashed with Saif al-Islam on policy in the past — said the Libyan people did not want Muammar Gaddafi to go.

“I am a Libyan citizen ultimately, and he (Gaddafi) is my leader and he has been our leader for more than 40 years,” Al-Baghdadi told Al-Arabiya television channel when asked if the Libyan leader would step down.

“You see everyone, from small children to old men, all of them love Muammar Gaddafi, they all love him,” he said.

Gaddafi last week threatened that Libyans would descend on European countries like “like a swarm of locusts or bees” to exact revenge for the NATO attacks on Libya.

U.S. Secretary of State Hillary Clinton responded by saying instead of making threats he should step down from power.

Libya’s Jana news agency said on Sunday Gaddafi had sent a message to German Chancellor Angela Merkel to mark Germany taking over the leadership of the U.N. Security Council, without giving further details. Germany said it had no knowledge of any such a letter.

Away from the rhetoric, both sides continued to slug it out in a battle which has seen many casualties but, for the past few weeks, only small parcels of land changing hands.

A rebel spokesman in Misrata, about 200 km (130 miles) east of Tripoli, said two rebel fighters had been killed on the outskirts of the city, where they are struggling to push back government forces and advance on the capital.

“The (pro-Gaddafi) brigades heavily bombarded Dafniyah and Bourouia last night. Two revolutionaries were martyred and 12 others wounded,” the spokesman, who identified himself as Oussama, said from Misrata.

On the front closest to Tripoli, in the Western Mountains region, NATO aircraft dropped leaflets on the government-controlled town of Garyan, warning residents to stay in their homes, said a rebel spokesman called Mohammed.

The alliance last week launched air strikes on the town, which lies on the edge of rebel-held territory.

The rebel spokesman also said there was fighting with heavy weapons on Saturday between rebels and government forces around the village of Ghezaya, in the mountains near the border with Tunisia.

OIL FACILITIES

In Tripoli, a senior source in Gaddafi’s government said there was reliable intelligence indicating the rebels were planning to attack oil export terminals in the eastern towns of Brega and Ras Lanuf.

“The Libyan government will do whatever (possible) to prevent such attacks,” the source, who did not want to be identified, told Reuters.

“It urges international oil companies as well as international insurance companies to put pressure on their governments to force the rebels, who are supported by NATO, to stop their destructive operations,” said the source.

The conflict has already halted oil exports from Libya, helping push up world oil prices to over $110 per barrel. Most oil facilities have escaped major damage in the fighting.

Western governments and the rebels had hoped that African Union leaders would use a summit this weekend to join international calls for Gaddafi to quit.

But they did not do that, and also agreed that the African Union’s 53 member states would not execute the international arrest warrant for Gaddafi, according to a document seen by Reuters.

While that may irk the West, it does leave open the possibility that Gaddafi could end the conflict by opting for exile somewhere in Africa.

Source : Reuters

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Numbers show that some 6 million Britons admit to paying for cleaners, gardeners, handymen and other forms of domestic help.

New research from Churchill Home Insurance reveals that despite the challenging economic climate, hired help is no longer confined to the nostalgic world of Upstairs, Downstairs and Downton Abbey.  Almost a quarter (24 per cent) of those who pay for domestic help admit to doing so because they simply “don’t like doing domestic chores”. For others it’s a question of convenience, as almost a third (31 per cent) employ domestic help because they don’t have time to complete the tasks themselves, rising to nearly half (48 per cent) for those aged 18-34.

According to the research, one of the most sought-after domestic workers are cleaners, employed by around 2.5 million people in the UK, which accounts for around a third of all hired help. Nearly a third (64 per cent) of these Brits employs their cleaner to come in at least once a week. Gardeners are equally as popular, and are also employed by 2.5 million Brits who are reluctant to get their hands dirty.

With more and more parents returning to the rat race within a year of having children, nannies, once the preserve of the upper classes, have now become an integral member of the family for around 500,000 parents.

Perhaps reflecting a reluctance or inability to complete many basic household tasks, the research also reveals that around one million Britons currently employ a handyman to carry out basic DIY tasks, whilst a further 500,000 admit to hiring someone to help out with laundry and ironing.

Martin Scott, head of Churchill Home Insurance, said: “Even in these difficult times, house-proud Britons are finding the extra cash to help keep their homes pristine.  With millions of people working long hours, employing domestic help is increasingly seen as a necessity to ensure a good work-life balance.”

Source :  Churchill

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People trying to quit smoking are twice as  likely to succeed when they get mobile-phone text messages to encourage them,  according to a study reported on Thursday by The Lancet medical journal.

British doctors recruited 5,800 smokers and randomly assigned them either  to a group that received specially-tailored SMSes or to a control group.

The first group received five messages a day for the first five weeks and  then three per week for the next six months. The messages — developed with the help of smokers themselves — gave  advice for keeping weight off while quitting and encouraged participants to  persevere.

“This is it! – QUIT DAY, throw away all your fags [cigarettes],” was an  example of what they received on the day they started cessation. “TODAY is the  start of being QUIT forever, you can do it!”

Volunteers in this group also had a personalised system in which, at times  of need, they got help by texting the word “crave” or “lapse”.  They would receive this kind of reply: “Cravings last less than 5 minutes  on average. To help distract yourself, try sipping a drink slowly until the  craving is over.”

In response to the “lapse” text, they would get this response: “Don’t feel  bad or guilty if you’ve slipped. You’ve achieved a lot by stopping for a  while. Slip-ups can be a normal part of the quitting process. Keep going, you  can do it!”

In contrast, smokers in the control group received bland SMSes every  fortnight thanking them for taking part or requesting confirmation of contact  details or other messages that were unrelated to smoking.

Throughout the trial, volunteers in both groups sent off samples of their  saliva by post.

These were tested for cotinine, a chemical found in tobacco, to see if they  were still smoking or had given up.

After six months, 10.7 percent in the SMS support group had been  continuously abstinent, but this was only 4.9 percent in the control group.  Success was similar across all ages and social groups.

The researchers say the “txt2stop” trial demonstrated a powerful, low-cost  tool for combatting smoking addiction — and one that could be adapted around  the world.

In 2009, more than two-thirds of the world’s population owned a mobile  phone and 4.2 trillion text messages were sent.

“Text messages are a very convenient way for smokers to receive support to quit,” said Caroline Free of the London School of Hygiene and Tropical  Medicine, who led the experiment.

“People described txt2stop as like having a ‘friend’ encouraging them or an  ‘angel on their shoulder’. It helped people resist the temptation to smoke.”

Txt2stop is the latest investigation of mobile-phone messages as medical  tools. In a study published last November, HIV-infected patients in Kenya who  received text reminders about taking daily AIDS drugs were 12 percent likelier to achieve full adherence to their drug regimen than counterparts in the  non-text group.

Smoking kills more than five million people each year, and two out of three  British smokers have said at some point they would like to quit, according to  figures quoted in the study.    Previous research has found that SMSes encourage smoking abstinence, but  these experiments only lasted six weeks, as opposed to six months, and the  results were self-reported by the volunteers, rather than checked in lab tests.

Paris, June 30, 2011 (AFP)

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A partnership between BMW Financial Services and Allianz Insurance will provide BMW and MINI customers in the UK with car, home and travel insurance.

This partnership completes the portfolio of products currently supplied to customers.

These products include Shortfall, Income Protection and Tyre Insurance, as well as Insured Warranty and Emergency Service and BMW Motorrad Insurance.

Under this new arrangement Allianz will underwrite the customer’s car, home and travel insurance products. The customers will be able to tailor their insurance products by choosing a core cover and selecting from a range of additional cover levels.

Leanne Thames, sales development manager for insurance and banking at BMW Financial Services, said: “This announcement is the realisation of a strategic project to consolidate the range of BMW insurance products with one partner. Having worked successfully with Allianz since 2009, we are fully aware of their ability to deliver first-class insurance products and service levels to our customers. We look forward to growing our customer base substantially during the course of this relationship.”

Allianz Insurance will provide a branded sales, service and claims capability for all new business from 1st July 2011 – for Home insurance this will be 1st October 2011 – and will also be processing policy renewals from 1st July.

Jon Dye, general manager for Allianz Retail, said: “BMW is a partner of key importance to our overall strategy. The broadening of this relationship is a reflection of our ability to deliver profitable and sustainable trading models and our success in living the BMW brand. We look forward to providing tailored Car, Home and Travel Insurance products that will help us to deliver the profitable growth that BMW is looking for in these sectors.”

Source : Allianz

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British bank Barclays announced  it had agreed to sell a package of private equity interests, worth 520 million  euros ($753 million), to an affiliate of French insurance group Axa.

“Barclays bank plc has signed a definitive agreement to dispose of a  520-million-euro portfolio of US and European private equity interests held  and managed by Barclays Capital to AXA Private Equity,” it said in a statement.

“The portfolio includes investments in private equity funds as well as  several direct private equity interests held by (investmen banking division)  Barclays Capital.”

Barclays added that the purchase price exceeds the book value, while the  sale is expected to result in a small profit and an increase in the bank’s  core tier one capital.

The British lender, unlike many of its rivals, survived the global  financial crisis without taking government support.

London, June 30, 2011 (AFP)

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According to catastrophe modeling firm AIR Worldwide, Tropical Storm Arlene became the first named storm of the 2011 Atlantic hurricane season early this morning after its winds strengthened overnight. Currently about 115 miles east of Mexico’s east coast city of Tampico, and with winds of about 50 miles per hour, Arlene is expected to increase in intensity to near-hurricane strength before making landfall near Tampico early tomorrow morning.

According to the 11:00 am (EDT) National Hurricane Center (NHC) Public Advisory, Tropical Storm Arlene is moving toward the west-northwest at near eight mph and its tropical storm force winds extend outward up to 140 miles. “The main threat Arlene poses is heavy rain that could bring life-threatening flash floods and mudslides in the mountains inland from Tampico,” said Dr. Tim Doggett, principal scientist, AIR Worldwide. “Heavy rain is also expected in southernmost Texas near Brownsville and along the Rio Grande Valley.”

The Government of Mexico issued a hurricane watch for the northeastern coastal area from Tuxpan north to La Cruz, while a tropical storm warning is in effect from Barra de Nautla northward to Bahia Algodones. The National Weather Service in Brownsville has issued a Coastal Flood Watch for Cameron, Willacy, and Kennedy counties until 7:00 am Friday.

Dr. Doggett continued, “Arlene formed from a persistent disturbance that tracked from the western Caribbean into the Bay of Campeche over the past week. While sea surface temperatures in this region are now warm enough to support the development of hurricanes, moderate wind shear has hindered the strengthening of Arlene over the past several days and, until last night, its circulation remained ill-defined. As this environmental shear weakens during the next twenty-four hours, some further strengthening of Arlene is likely, probably to just below hurricane strength by early Thursday, the time of expected landfall.”

Storm surge from Arlene could raise sea levels up to two to four feet above normal in many areas, and the storm is expected to produce rainfall accumulations of four to eight inches in parts of the Mexican states of Tamaulipas, Veracruz, and eastern San Luis Potosi. Over the inland mountains, as much as 15 inches of rain could fall in isolated areas.

“Heavy bands of rain will also affect southern Texas, beginning as early as Wednesday morning,” commented Dr. Doggett. “Rainfall in the upper Rio Grande Valley will vary between one to three inches, and between two to four inches in the lower Valley. In isolated areas as much as six inches of rain may fall, accompanied by gusting winds as high as 35 mph.”

According to AIR, Insured residential properties in Mexico overwhelmingly are of confined masonry construction, while insured commercial properties are dominated by confined masonry and reinforced masonry construction. Both construction types should fare well against Arlene’s wind speeds; structural damage should be minimal. Poorly constructed homes and commercial structures (agricultural barns, green houses, and similar buildings) may suffer minor damage to roof and wall claddings. Low-rise non-engineered commercial structures and residential dwellings may suffer isolated instances of roof and wall cladding damage.

Source : AIR Worldwide

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A report from the NHS shows that hundreds and thousands of people with diabetes, including young people, could face complications and substantial hospital care in the future.

Around 800,000 people have dangerously high blood sugar levels which could lead to serious problems, including kidney failure, limb amputation and stroke, according to the National Diabetes Audit 2010 for England and Wales.

The report warned that the number of both type 1 and type 2 diabetes cases is on the rise, with many of those affected being young and middle aged.

Almost 300,000 children and under-54s with diabetes have blood sugar levels so elevated as to put them at high risk of complications.

Children and younger adults with diabetes are also much more likely to be obese than older patients, causing further health risks, the report noted.

Around 2.5 million people in the UK are diagnosed with type 2 diabetes and up to a million more are thought to have the condition without knowing it.

The increase in cases of type 2, which is linked to obesity and unhealthy lifestyles, is particularly marked in deprived areas.

A further 300,000 people have type 1 diabetes, which usually develops in childhood.

Bob Young, the lead clinician on the audit, said the results should “ring alarm bells”.

“They show that younger people make up a quarter of all those with diabetes yet have the highest risks of potentially preventable complications,” he said.

“If these risks could be reduced, much future disability and shortened life expectancy could be prevented.”

The research also found that nearly half of patients were not getting the basic checks needed to control their blood sugar levels. Patients under 54 were less likely than those aged 55 to 69 to receive the checks.

The audit, which includes data for more than 80 percent of diagnosed diabetics in England, also identified big variations in the types of treatments offered by hospitals.

Barbara Young, chief executive of Diabetes UK, said: “This highlights the need for urgent action to ensure that people with diabetes start to receive all the basic care processes, otherwise there will be more amputations, more people going blind and more cases of kidney failure, heart disease and stroke.”

The audit comes after media reported last week that an extreme low-calorie diet could offer a “cure” for type 2 diabetes, according to a medical study.

But the NHS warned against exaggerating the significance of the findings, which it said were based on a preliminary study in only 11 obese people, adding that “much further research is required”.

London, 29 June, 2011 (AFP)

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Increasing globalisation increases the risk  that a major event such as a disease outbreak of financial collapse will prove  more disruptive to the world economy while also making them more likely, the  OECD said on Monday.

The OECD, which groups the world’s most advanced economies, warned that  greater international connectivity and the speed with which people, goods and  data travel will make such events much more troublesome in future.  The report, entitled “Future Global Shocks,” identified five major risk  categories — a pandemic, cyber attacks, a financial crisis, civil unrest and  geomagnetic storms which would disrupt satellite communications.

The Paris-based Organisation for Economic Cooperation and Development cited  events such as the 2003 SARS outbreak and last year’s wildfires in Russia to  illustrate a world where disasters resonated more widely.

The SARS outbreak “spread quickly from Hong Kong around the world as  travellers caught the virus and then flew home,” the report said.    Accordingly, “new antibiotics are desperately needed to keep pace with the  rising development of bacteria that are drug-resistant,” the OECD said.    The fires in Russia led to price spikes in global food markets, which  “eventually triggered social unrest in the Middle East,” it argued. The OECD suggested that countries increase cooperation and early-warning  systems to fight the new face of global disaster and disruption.

Policy makers should “take an internationally coordinated approach that  reduces or stops threats before they proliferate worldwide,” the report  suggested.

Paris, June 27, 2011 (AFP)

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Gocompare.com commissioned a new study which shows a vast majority of UK drivers use more information than just the price of the premium of the motor insurance. Another 42 per cent say that they know much more about the details of their policy now that they buy it online.

The study shows 8.5 per cent of the 2030 drivers who took part in the survey said they knew more about their policy when they used to arrange it over the phone and just 5.5 per cent felt better informed when they bought it through a broker. 11 per cent of respondents have only ever bought their car insurance online.

These results will come as a surprise to those who suggest that consumers only look at the price when comparing insurance online rather than considering the cover the different policies provide.

However, despite 52 per cent of UK consumers feeling that financial companies do not reward loyalty, less than 23 per cent regularly compare their financial products to ensure they are getting the best deal and 6 per cent never check them once they’ve set them up.

Gocompare.com also warns that more drivers should take better notice of their car insurance renewal document for increases in premiums and reductions in cover. The study found that only 32 per cent check their renewal documents carefully for changes and 38 per cent assume that if they simply renew their existing insurance they will have the same cover they had last time. However it would seem that this is not always the case.

Furthermore, 22 per cent of drivers have noticed that their excesses seem to be increasing and 22 per cent have noticed that cover they expected to be standard has become an optional extra.

 

Lee Griffin, of Gocompare.com commented, “It’s so important that drivers make an informed choice about the cover they need rather than simply choosing on price so it’s great to see that UK consumers now feel much more knowledgeable about the car insurance they buy. This research shows that drivers feel they now have a much greater understanding and awareness of cover levels and excesses than when they used to buy it over the phone or through a local broker and that can only be a good thing.

“But drivers who don’t routinely shop around at their renewal and don’t read their renewal notices carefully, could be missing out on considerable savings and may be unaware of their excesses increasing or their cover shrinking”.

Source : Gocompare.com

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John Schofield has been appointed as new Director of Group Internal Audit and Compliance for specialist insurer Ecclesiastical.

This is a new role within the company and will have responsibility for leading the insurer’s Internal Audit and Compliance functions across the Group.  In his role, John will take oversight for these teams and functions in all Group companies, including Australia, Canada & Ireland as well as Ecclesiastical’s broker subsidiaries, Lycetts and SEIB. John will also oversee the technical claims and underwriting audits and be the company’s central point of contact with the FSA.

John has over 19 years internal audit experience within the Financial Services sector and most recently held the position of Head of Internal Audit for Old Mutual Wealth Management (previously Skandia). Before joining Old Mutual Wealth Management, John was an Executive Director at St James’s Place, having led their Internal Audit, Risk Management and Compliance functions.  He has also been Head of Audit for both The London Stock Exchange and NatWest Life Assurance. As an FSA Approved Person, John has extensive experience of working closely with the FSA.

Michael Tripp, Group Chief Executive for Ecclesiastical, said: “This new role is the result of an internal review of the Internal Audit and Compliance functions carried out earlier this year. With an incredible amount of change going on in and affecting the insurance sector, we felt the Group would benefit from a closely aligned and an even stronger management of these crucial business functions. John’s knowledge and extensive background in the financial services sector will be a great asset for all Ecclesiastical’s Group companies, so we’re very pleased to have him onboard.”

John will be based at Ecclesiastical’s headquarters in Gloucester and will start in his role on 27th June.

Source : Ecclesiastical

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Friends and family appear to be the top influencers when it comes to financial advice says Aviva concerning UK consumers.

Nearly three-quarters (70%) of 18-24 year olds would first turn to friends and family for financial advice rather than consulting a professional adviser, while only  a quarter (24%) of over-65s would do the same.

Over half (52%) of 18-24 year olds said they’d use the internet for information about their finances, compared to less than a quarter (23%) of over-65s. However, 28% of over-65s would make an IFA their first port of call for financial advice.

With the Retail Distribution Review (RDR) less than two years away, the Aviva Value of Financial Advice report examines consumers’ attitudes towards their finances and the value they place on professional financial advice.

The report found there is strong evidence to show that those who do use an IFA place great value on the advice they receive. Some 95% of people who consult an IFA reported that they had benefited from the experience and felt more comfortable with how they managed their money (44%), and more confident that they were making the right decisions (42%).

Adviser Charging Guide – helping advisers communicate the value of advice to clients

The publication of the report from Aviva coincides with the launch of a new guide aimed at financial advisers preparing to make the transition from commission to adviser charging.  Adviser charging will become compulsory from 2013 as part of the Retail Distribution Review. The guide, available on the Aviva for Advisers website, gives advisers useful information about successfully taking their clients through changes to the way they will pay for financial advice.

Graham Boffey, distribution director, Aviva, UK Life said:

“It’s a concern that so many people are relying on friends or family and the internet for financial advice, and  that they are not aware of what an IFA could offer them. But it’s also quite evident that those people who take professional financial advice find it adds value and gives them confidence in their decisions.

“Aviva recognises the value of professional financial advice and is committed to highlighting the value that advisers deliver to consumers. Creating a deeper understanding of the benefits to consumers and the value of professional advice is increasingly important as we approach the implementation of the RDR late next year.

“Our new guide is intended to help advisers successfully make the transition to the new way of charging for financial advice required by RDR, and along with our Financial Adviser Academy and Future Adviser Programme, is part of our commitment to supporting advisers through the changes and challenges of the next few years.”

Source : Aviva

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Google on Friday announced that it is  pulling the plugs on free Health and PowerMeter services that haven’t won  legions of users.

“We’re going to retire two products that didn’t catch on the way we would  have hoped, but did serve as influential models,” Google Health senior product  manager Aaron Brown and Green Energy Czar Bill Weihl said in a blog post.    “While they didn’t scale as we had hoped, we believe they did highlight the  importance of access to information in areas where it’s traditionally been  difficult,” they said.

A PowerMeter service for tracking home electricity use will shut down on  September 16.

Google Health service for storing and selectively sharing personal medical  records online will “retire” on January 1 but users will be able to download  their information through the following year.    “Both were based on the idea that with more and better information, people  can make smarter choices, whether in regard to managing personal health and  wellness, or saving money and conserving energy at home,” Brown and Weihl said.

Google Health launched in early 2008 and PowerMeter software made its debut  in late 2009.

San Francisco, June 24, 2011 (AFP)

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Greek holders of the country’s huge sovereign debt such as banks and social security funds are “available” to participate in  a rollover to reduce payments pressure, the finance minister said on Thursday.

“It is clear that there is an availability among Greek holders of Greek  public debt, but also banks and social security funds, to participate in this  procedure,” Finance Minister Evangelos Venizelos told a news conference.

“We encourage Greek banks to take part,” he said, adding that the process  could involve bonds maturing until 2015.

“It is a completely voluntary procedure, it is not directed and it is not  imposed,” Venizelos said. “Governments are not handling these issues.”    And he added that the call did not just involve domestic debt holders.    “This is not an initiative for Greek holders, it’s for everyone …  Everybody has an interest (in participating),” he said.

“The biggest share of the debt is held by foreign institutions,” he added.    Venizelos was referring to a package along the lines of a deal on Romanian  debt agreed in Vienna in 2009, whereby private banks agreed to buy new  government bonds to replace ones that matured.

This debt rollover idea is now gaining traction in Europe to also help  Greece cope with its debt of over 350 billion euros ($504 billion).    But many European officials are also wary after warnings by rating agencies  that even a voluntary rollover of Greek debt could be regarded as a technical  default and possibly have grave repercussions for the broader eurozone.

Venizelos was speaking after a first round of talks with top EU and IMF  officials on crucial details of crash budget action to fight the debt crisis,  and noted that the negotiations would continue.

“They are upstairs and they are waiting for us to return,” he said.

The EU, IMF and the European Central Bank, which are effectively keeping  Greece afloat, have said they will not release the next funding tranche of 12  billion euros from a debt rescue agreed a year ago unless the latest measures  are signed and sealed.

They also demand action on a 50-billion euro sale of state assets to help  reduce the debt, and want to see the implementation of a five-year plan to  economise an additional sum of over 28 billion euros from savings and cuts.

The minister, who assumed his duties on Friday after a broad government  reshuffle, said he had to finalise measures worth around 5.5 billion euros  with the so-called “troika” of creditors.

“We had to propose solutions to cover pending issues worth around 5.5  billion,” he said.

He announced an emergency contribution of five percent of income to be  levied on lawmakers and other public officials, terming it a “moral  responsibility” towards the Greek people after a year of sacrifices.    “When measures are imposed on the Greek people, we must be the first to  sustain cuts,” Venizelos said.

Many Greeks are angry at the prospect of four more years of austerity after  a massive effort last year failed to meet deficit reduction targets because of  a deeper-than-expected recession.

Thousands have gathered outside parliament in the past three weeks to  reject the government’s policies, with many calling for the abandonment of the  recovery effort under EU-IMF rules.

At stake is a new possible bailout to cover Greece’s payment needs, as  continued jitters over its economic recovery have made it impossible for the  government to raise new loans on the open market.

Venizelos said on Thursday that the existing EU-IMF loan, worth 110 billion  euros to 2013, could “seep” into the next aid package.

But he declined to name a sum that will cover Greece’s needs for the  foreseeable future. Figures talked of generally have ranged up to 100 billion  euros.

A new law to put the 2011-2015 reform plan into effect will be introduced  to parliament on Monday, Venizelos said.

The government has pledged to adopt the reforms by the end of the month,  ahead of a eurozone ministers meeting on July 3 that is expected to determine  whether Athens will be given a new bailout.

Athens, June 23, 2011 (AFP)

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A survey commissioned by Sterling Insurance among its brokers across the UK gives Sterling Insurance quality scores when rating their flexibility and professionalism. On the online survey conducted by an independent research company during the months of April and May, 85 per cent of the surveyed rated these as excellent.

Key findings include:

– Product satisfaction – the commercial Executive products launched in 2010 received excellent ratings across all categories.

– Claims service – received particularly impressive reviews, with the majority of brokers saying the service was ‘excellent’ compared with other companies in the market.

– Communications – 80% of respondents praised the quality of communications as excellent. Feedback suggests that email is the most effective type of communication.

– Business optimism – a new question was added this year to gauge broker’s view of the future. Brokers were asked to state whether they thought business would deteriorate, stay the same or improve – for their overall business and for business from personal and commercial lines. The results suggest that brokers feel positive overall and also for business derived from commercial lines. However, more than half of respondents said that business from personal lines will either stay the same or deteriorate.

David Sweeney, director of commercial lines at Sterling, said: “This survey is something that we are committed to carrying out each year with our broker clients and builds on our recent ‘Sterling on the Road’ events.

“In the last few years, we have dedicated a great deal of resources to make it easy for brokers to do business with us, enhance their customers’ experience with our firm and live up to the Sterling reputation for superior customer service.

“The strengths identified in the survey reflect our commitment to service as well as our flexibility and access to decision makers across both the household and commercial lines of business. The results are really encouraging as we continue to build our business with the assistance of our broker partners.

Sweeney added: “A few areas for improvements were suggested include; more regional training events and improving some aspects of Sterling’s schemes offering, which will be priorities for 2012.

“The question around broker’s optimism for the future also reflects the fact that 2010 was a tough year in the personal lines market with severe weather patterns and a competitive arena which makes it even more important that we concentrate our efforts on delivering great service and competitive rates to the market.”

Source : Sterling Insurance

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