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Aon Benfield releases its analysis of the severe weather events to impact the U.S. during the months of April and May this year.

Published by Impact Forecasting, the firm’s catastrophe model development center of excellence, the United States April and May 2011 Severe Weather Outbreaks report reveals that losses during the two month period alone reached an estimated USD15.0bn – nearly three times the 1990-2010 annual average for severe weather losses. Total economic losses during the same period were estimated at USD21.65bn.

The report examines the active stretch of severe weather that occurred across areas east of the Rocky Mountains, where at least eight separate timeframes saw widespread severe weather activity – including five separate outbreaks with losses in excess of one billion dollars (USD).

Of the eight timeframes examined in this report, the two most notable stretches occurred between April 22-28 and May 21-27.

The late-April period witnessed the largest tornado outbreak in world history, comprising 334 separate tornado touchdowns which led to catastrophic damage throughout the Southeast and the Tennessee Valley. The city of Tuscaloosa, Alabama, was directly impacted by a high-end EF-4 tornado that caused huge devastation, and at least three EF-5 tornadoes, the strongest grade of tornado on the Enhanced Fujita Scale, touched down during this outbreak.

Steve Jakubowski, President of Impact Forecasting, said: “”The late-May stretch was highlighted by an outbreak that spawned a massive EF-5 tornado that destroyed a large section of Joplin, Missouri. The tornado led to 154 fatalities in the city, becoming the deadliest singular tornadic event since the National Weather Service officially began keeping records in 1950. In addition, it is worth noting that the Tuscaloosa and Joplin events will go down as two of the costliest singular tornadoes ever recorded.”

As of mid-June 2011, at least USD15.5bn in U.S. severe weather insured losses had been recorded since the start of the year – 303 percent above the 1990-2010 annual average of USD5.11bn.

In addition to examining the outbreaks, the Aon Benfield study further analyzes potential reasons for the high number of tornado fatalities, and highlights some of the numerous records set during the early April to June 1 period. It also provides historical information regarding U.S. tornado statistics, including fatalities, number of tornado touchdowns and the costliest tornadoes on record.

Source : Aon Benfield

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Taken to coincide with Neighbourhood Watch Week, a survey of 2000 adults shows that homeowners have a greater tendency to be friendly with neighbours. This data suggests that if renting becomes more and more common, not only ownership will be at stake. Indeed, 28 per cent of renters admit to not having ever introduced themselves to their neighbours, compared to 12 per cent of homeowners.  Furthermore, while almost two thirds (64%) of homeowners know their neighbours’ names, the same applies to just 39% of renters.

Almost half (49%) of homeowners have been inside their neighbours’ home compared to just 28% of renters while almost a third (32%) of homeowners have lent something to their neighbours versus 19% of renters. Almost one in five (19%) homeowners offer to help their neighbours while they are away by feeding pets, watering plants or clearing post, twice the proportion of renters (8%).

Table 1: Interactions with our neighbours

  Renters Homeowners
I have been inside their home 28% 49%
I have invited them into my home 27% 43%
I have lent them something 19% 32%
They have lent me something 19% 29%
I feed their pets / water plants / clear their post when they are away 8% 19%
They feed my pets / water plants / clear my post when I am away 7% 17%
We’ve been to them / they have come to us for a BBQ 5% 15%
I keep their spare house keys 5% 14%
They have my spare house keys 5% 12%

Stuart Beattie, Head of Secured Lending, at HSBC comments:

“The difficulty in taking a step onto the property ladder for many first-time buyers has meant that many are remaining in rented accommodation for longer. However, just because you do not own your own home does not mean that you cannot get to know those living around you.”

Source : HSBC

 

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Beatriz, the second storm of the Eastern Pacific Hurricane Season, has strengthened to hurricane status after it has formed off the coast of South-western Mexico on Sunday morning.

The storm made landfall early this morning northeast of the city of Manzanillo. According the 8 AM PDT advisory from the National Hurricane Center, Beatriz is now slightly offshore and is located 55 miles south-southeast of Cabo Corrientes, Mexico. It is moving 14 mph in a northwest direction and packing maximum sustained winds of 80 mph.

“Beatriz is currently projected to maintain Category 1 hurricane status as it moves along the coast before making a turn to the west-northwest and farther out to sea later today,” said Dr. Tim Doggett, principal scientist, AIR Worldwide. “The storm slowly weakened from a peak maximum sustained wind speed of 90 mph as a result of its interaction with land. Rapid weakening is expected after 24 hours as the storm moves into cooler waters, and the current forecast track does not include another landfall.”

Hurricane force winds extend outward up to 25 miles from the center of the storm, and tropical storm force winds extend up to 105 miles. Dr. Doggett commented, “Although limited wind damage is expected to well-built structures at Beatriz’s observed wind speeds, the storm is expected to bring torrential rainfall, with total accumulations of 6 to 12 inches over several coastal states in southwestern Mexico. The heaviest rainfall, up to 20 inches, can affect mountainous regions of the coast, creating a risk of deadly flash flooding and mudslides.”

Large and destructive waves are expected to batter a long stretch of coast, creating the potential for widespread coastal flooding. Local authorities have closed several ports, including ones in Acapulco, Manzanillo and Zihuatanejo. Flooding has been reported in Acapulco, where authorities say some 100 homes have been damaged, and in downtown Zihautenejo. A hurricane warning is in effect along several hundred miles of the coast from La Fortuna to Cabo Corrientes.

Beatriz’ windfield is currently over a sparsely populated portion of the state of Jalisco. According to AIR, exposure value in this region is relatively low, although many hotels line the beaches. The storm is not currently expected to affect Puerto Vallarta, a popular resort town with a high concentration of high-value exposure. Mexico has no significant oil or gas platforms in the Pacific.

Dr. Doggett concluded, “In advance of the season, forecasters from the National Hurricane Center called for a 70% probability of a below normal Eastern Pacific hurricane season, with 9 to 15 named storms expected (compared to the long-term average of 16), and 5 to 8 hurricanes expected (compared to the long-term average of 9). The main reasons behind the below average forecast include ongoing conditions (including warmer Atlantic waters, enhanced West Africa monsoon system, and suppressed convection over the Amazon Basin) that have suppressed activity in the Eastern Pacific since 1995  and neutral El Nino Southern Oscillation (ENSO) conditions expected during the peak months of the season.”

AIR will continue to monitor the progress of Hurricane Beatriz as it moves along Mexico’s southwestern coast. Updates will be provided if warranted by events. At this time, AIR does not expect significant insured losses from this storm.

Source : AIR Worldwide

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EIOPA announced that Michaela Koller, from Germany, and Kay Blair, from the United Kindom, have been elected respectively Chair and Vice-Chair of the Insurance and Reinsurance Stakeholder Group. Furthermore, Chris Verhaegen and Benne van Popta were elected Chair and Vice-Chair of the Occupational Pensions Stakeholder Group.

The two EIOPA stakeholder groups were established in March to facilitate EIOPA’s consultation with stakeholders in Europe on issues such as the development of regulatory and implementing technical standards, as well as the guidelines and recommendations that apply to the insurance and occupational pensions industry. Members of the stakeholder groups can submit opinions and advice to EIOPA on any issue related to its work. Furthermore, the stakeholder groups are expected to notify EIOPA of any inconsistent application of European Union law as well as inconsistent supervisory practices in the different European member states.

Each stakeholder group consists of 30 representatives of companies, consumer groups, trade bodies and academics. Within the Insurance and Reinsurance Stakeholder Group, Michaela Koller is a representative of the insurance industry, while

Kay Blair represents consumer interests. In the Occupational Pensions Stakeholder Group, Chris Verhaegen and Benne van Popta are both industry representatives.

Source : EIOPA

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The British Insurance Brokers’ Association (BIBA) welcomes the new warning letters that will be sent as of today to registered keepers identified as having an uninsured vehicle under the new Continuous Insurance Enforcement (CIE) Law.

The new CIE law makes it is an offence to keep an uninsured vehicle, unless it has a Statutory Off Road Notification (SORN) or is exempt and is in addition to the existing offence of driving without insurance.

Graeme Trudgill, BIBA Head of Corporate Affairs, said: “The enforcement of the new law is a bold move to tackle uninsured driving and will make the roads safer. Anyone receiving this new letter should check the Motor Insurance Database at the ask.MID website and speak to their insurance provider to see if their vehicle is recorded correctly on the database. If insurance is required they can contact the BIBA Find a Broker service at www.biba.org.uk or 0870 950 1790.

“BIBA is delighted to have been involved in this important change to motor insurance law, this is a big step forward for the industry and for road safety.”

Both consumer and broker guides on Continuous Insurance Enforcement are available on the BIBA website.

Source : BIBA

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Southern Cross, the troubled owner of 750  care homes in Britain, said it had reached an agreement with  creditors and landlords to ensure that “care to all 31,000 residents will be  maintained”.

The firm, which recently revealed plans to cut 3,000 jobs, also said it was  formulating a “consensual solution to the company’s current financial  problems” to be delivered over the next four months.

“At a meeting today, Southern Cross, its lenders and the Southern Cross  Landlords’ Committee reached an agreement to ensure that the continuity and  quality of care to all 31,000 residents will be maintained,” a company  spokesman said.

The troubled carer is grappling with a £230 million (262 million euros,  $378 million) annual rent bill and recently warned it was in a “critical  financial condition” as it unveiled a £311 million loss in the six months to  March 31.

It recently announced it would slash rent payments by 30 percent over the  next four months, while major creditors Barclays and Lloyds are believed to be  owed £50 million.

“The company and the landlords will work towards a consensual solution to  the company’s current financial problems which will be delivered over the next  four months,” added the spokesman in a statement.

“The business, including the delivery of care, will continue to be the  responsibility of the Southern Cross Board, management team and staff who have  the full support of both the landlords and lenders in the delivery of this  important task,” the spokesman confirmed.    The company, based in the northeast of England, employs 44,00 staff and is  set to axe more than 300 nurses and 1,275 care staff as part of its  restructuring programme.

London, June 15, 2011 (AFP)

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Since the financial crisis, intermediaries report an increasing demand for advice concerning pensions, according to a survey from Aviva. The survey, of over 300 pension advisers, compares the perception of clients’ attitudes to pensions before the economic turmoil (2006) with the current situation (2011).

Aviva found attitudes towards retirement funding have been profoundly affected by the crisis, with clients now 61% more likely to come to advisers with their concerns than they were before the financial crisis (2006).

Those most affected have larger than average pension pots, with more than 50% of those with pension pots of £125,000 or more now more likely to ask for advice than they were five years ago. Significantly, advisers claim that none of these clients are now less likely to seek pensions advice.

Impact of last five years on clients asking for pensions advice (by size of pension)

£125,000-£149,999 £150,000-£174,999 £175,000-£249,999 £250,000-£274,999 £275,000-£299,999 £300,000+
More 53% 72% 61% 75% 50% 67%
The same 47% 28% 39% 25% 50% 33%
Less 0% 0% 0% 0% 0% 0%

Intermediaries also report that the concept of retirement is evolving, with the number of clients intending to work beyond the standard retirement age increasing by 71%.

The findings also suggest that clients are now more aware of the impact of external factors on their pension pots due to the financial crisis. Intermediaries say 34% of clients are now more likely to think about the effect of inflation on their finances, and 40% have greater concerns about taxation than they had in 2006.

Increased awareness of risk and rewards:

One change to emerge as a result of the crisis is that advisers are reporting their clients have become more aware of financial risks and rewards, with 42% apparently now seeking further advice for investing in asset classes that carry risk, but greater reward. Just how willing appears to be dependent on the size of their existing pension pot, with advisers reporting those with pension pots of less than £100,000 are more likely to be willing to invest, whereas those with pots greater than this remain cautious with no change in investment attitudes.

On average 70% of clients say they are now more worried about how they will pay for their retirement than they were prior to the financial crisis. Almost all clients (95%) with small pension pots (up to £25,000) admit having greater concerns than five years ago, and 71% of those who already have large pots (over £300,000) say they feel more worried.

Proportion of clients reporting increased concern about retirement income – by size of pension pot

The events of the last five years have had a negative effect on people’s attitudes towards both financial services companies and the Government; however conversely it has increased receptiveness towards professional financial advice.

While 76% of clients say they trust the Government less and 47% say they trust financial services firms less than they did in 2006 it is better news for advisers. The percentage of clients who say they trust intermediaries more than five years ago is up by 22%, compared to 72% who haven’t changed their opinion and just 6% whose opinion has worsened.

Clive Bolton, ‘at retirement’ director at Aviva, said: “The financial crisis has focused clients’ minds on their pension savings; increasing awareness of the need to provide for themselves in retirement and the need to protect what they already have.

“The turmoil has left many clients feeling anxious about the future and a greater number are now expecting to have to work beyond the ‘standard’ retirement age.

“Aviva believes the retirement industry needs reform so it can better serve the needs of tomorrow’s retirees. Aviva’s report – Rethinking Retirement in the UK – calls on the industry to adopt a number of practical measures such as making annuity comparison easier and making the process more streamlined and informative.”

Source : Aviva

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Seven children were hospitalised in  France with E. coli infections after eating meat that manufacturers said could  come from Germany, where an outbreak of the bacteria has killed 37 people.

The children, the youngest of whom is 20 months old, had eaten defrosted  hamburgers made by the French company SEB which said the meat was taken from  animals slaughtered in three European countries and processed in France.

The cases come after a major E. coli outbreak that killed 38 people — all in Germany except for one woman who died in Sweden after visiting Germany —  and sickened 3,300 people in 16 countries.    Officials said the infection was a rare strain of the E. coli bacteria and  was not linked to the similar outbreak in Germany.    “There’s meat from Germany, there’s meat from Belgium and from Holland” in  the burgers, SEB chief executive Guy Lamorlette told AFP.

“There are several suppliers. We will have to await the test results to say  which is contaminated.”

A spokesman for the Regional Health Agency (ARS) in Lille, northern France,  where six of the children were hospitalised on Wednesday, told AFP: “They are  in a serious but not worrying state. Their lives are not at all in danger.”

A seventh child was taken to hospital on Thursday, authorities said.    The “Steak Country” burgers were bought in French branches of German  supermarket Lidl. SEB said it had recalled them and Lidl said it had removed  them from its shelves in France.

The ARS official said the children had suffered from bloody diarrhoea, a  symptom that also struck victims of the outbreak in Germany which has been  blamed on infected vegetable sprouts.    The French infections “have no link at present with the recent epidemic in  Germany,” the official added, however.

In Brussels, the European Commission said it had been informed of the  outbreak but “the origin of the meat has not been confirmed,” said Frederic  Vincent, spokesman for Health Commissioner John Dalli.

“There’s no need to compare with Germany, because this isn’t the same  strain of the E. coli bacteria. This is different, even if it’s as strong,”  Vincent said.

SEB boss Lamorlette said that the origin of the illness had yet to be  confirmed.

“I’m not saying it’s false (that the contamination came from the burgers),  just that for now nothing is confirmed. It’s a possibility, that’s all. We  have to await the test results before saying anything.”

Lamorlette insisted that the suspect meat had been subjected to stringent  tests and declared fit for human consumption, suggesting consumer negligence  such as under-cooking or refreezing could be to blame.

Lille, France, June 16, 2011 (AFP)

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Aviva announces that John McFarlane will become a non-executive director on 1 September 2011. He will then become deputy chairman on 1 January 2012 and take up the position of chairman from Lord Sharman of Redlynch at the end of June 2012.

John McFarlane is currently a non-executive director of Royal Bank of Scotland Group plc and Westfield Holdings Limited and was for ten years chief executive officer of Australia and New Zealand Banking Group Limited (ANZ), one of Australia’s top five companies, and one of the world’s major banks.  Amongst other senior positions, he was also group executive director at Standard Chartered plc, head of Citibank in the UK and Ireland, a non-executive director of the London Stock Exchange and a member of the Auditing Practices Board and The Securities Association (UK securities regulator).

John McFarlane will step down from the board of the Royal Bank of Scotland by 31 March 2012 and will relocate from Australia to the UK for the purpose of carrying out his duties as chairman of Aviva.

Lord Sharman of Redlynch, chairman of Aviva, said:

“John McFarlane’s extensive experience as both an executive and non-executive director in international financial services will be invaluable to Aviva.  Under his leadership ANZ became one of Australia’s most respected and best performing companies. I am very pleased that John is joining Aviva – he is an exceptional addition to an already strong board and will continue our focus on delivering shareholder value and serving all of Aviva’s constituents.”

John McFarlane said:

“I am delighted to be joining Aviva in such an important role.  Aviva is a great company and an excellent brand and recent results show that the hard work over the last few years is paying off. I’ve been impressed with the people I have met and look forward to working with them.  Aviva has a very promising future and I will be pleased to contribute to its ongoing success.”

Richard Karl Goeltz, senior independent director, said:

“Aviva has benefitted significantly from Lord Sharman’s deep understanding of international business and public policy and his decisive, sagacious leadership which has been invaluable in the recent tough economic times. With the succession from Lord Sharman to John McFarlane, Aviva will see one highly experienced business leader succeeded by another.”

Source : Aviva

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Aon Corporation announced that Kevin White, president and chief operating officer of Aon Risk Solutions’ Construction Services Group, has been promoted to the role of chief executive officer.

White assumed this role as of June 13th. He replaces Peter Arkley, who has left the firm to pursue other opportunities.

Additional members of the Construction Services Group leadership team, Bill Marino, Geoff Heekin and Henry Lombardi, remain in place and will continue to serve clients and colleagues in their current roles.

“These impressive executives have contributed to make Aon Risk Solutions’ Construction Services Group the industry leader in this space, and their proven performance will ensure the continued delivery of the most thoughtful and effective risk solutions for our clients,” said Steve McGill, chairman and chief executive officer of Aon Risk Solutions.

White joined Aon Risk Solutions in 1993 and was named COO in 1997, when he assumed direct responsibility for operations and finance of the Construction Services Group. In addition to his experience managing the practice’s broking of property and casualty insurance as well as overseeing surety operations, including both contract and commercial bonds, White has served on the Americas Executive Board of Aon Risk Solutions since 1999.

“As we approach the next generation of Aon Risk Solutions’ Construction Services Group, I couldn’t ask for a better leadership team than this outstanding group of accomplished professionals,” added White. “We are excited and committed to working with our thousands of colleagues across the globe to deliver contractors, developers and owners unparalleled expertise in all facets of construction-related risk management.”

Source : Aon

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Fitch Ratings believes that Solvency II, the new regulatory regime for European insurers from 1 January 2013, is set to transform how insurers invest their assets and could lead to asset reallocations impacting pricing or demand in several asset classes. European insurers are the largest investors in the European financial markets, holding EUR6.7trn of assets including more than EUR3trn of government and corporate debt.

The new rules will force insurers to value asset and liabilities at market value in determining their solvency position and to hold explicit capital to reflect short-term volatility in the market value of assets. This means that insurers’ asset allocations will be heavily influenced by Solvency II capital charges reflecting the price volatility of each asset class – a fundamental change from current asset allocations, which are driven by expected long-term investment returns.

“If the current Solvency II proposals were fully implemented on 1 January 2013, insurers would be expected to carry out significant changes to asset portfolios to optimise their capital position under the new rules,” says Clara Hughes, Director in Fitch’s Insurance team. “This would have ramifications for certain segments of the European debt markets. The main impacts would be a shift from long-term to shorter-term debt; an increase in the attractiveness of higher-rated corporate debt and government bonds; diversification of large asset holdings; an increase in the attractiveness of covered bonds; a preference for assets based on the long-term swap rate and a shift from short-dated paper to deposits.”

“Fitch expects to see better duration matching with derivatives such as swaps and floors and an increase in downside protection to mitigate the impact of the new capital charges,” says Aymeric Poizot, Senior Director in Fitch’s Fund and Asset Management team. “Fitch also anticipates an increase in financial engineering to create Solvency II-friendly assets such as reverse repos and structured notes, which can optimise return on capital.”

However, Fitch considers it unlikely that large-scale reallocations will happen in the short term as transitional arrangements are likely to phase in implementation of Solvency II over several years.

“Transitional arrangement may give insurers up to ten years to adapt their business and investment strategies to the new regime,” says Hughes. “The calibration of Solvency II is still under discussion, so the capital charges for asset risk and price volatility may not be as onerous as the current draft, mitigating the impact on investment markets.”

Insurers will also have the option to calculate their capital position using an internal model rather than the proposed standard formula. This could offset the impact of any capital requirements in the standard formula that do not accurately reflect the risk in insurers’ portfolios.

Fitch will issue a full report on this topic later this month, and will hold conferences in Frankfurt (16 June 2011), London (24 June 2011) and Paris (27 June 2011) to discuss the subject.

Source : Fitch Press Release

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Zurich Financial Services said Wednesday it  is selling part of its non-core businesses to reinsurer Swiss Re, which will  allow it to unlock and redeploy $1.5 billion (1 billion euros) in capital.

“One of Zurich’s non-core subsidiaries in the UK, Zurich Specialties London  Ltd, will transfer its run off insurance business to Swiss Re at book value,”  said the Swiss insurer in a statement.

“Zurich will transfer approximately $950 million in gross assets and  liabilities to Swiss Re,” it said, adding that these comprised of mainly US  and British commercial casualty insurance policies.

The move would allow Zurich to free up and redeploy $1.5 billion in capital  and would eventually result in the repatriation of about $360 million from its  London subsidiary to the group.

In May, the insurer said its first quarter net profits had slumped 32  percent to $637 million.

Zurich, June 15, 2011 (AFP)

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News research from Prudential shows 79 per cent of UK pensioners, with private or company schemes, are taking tax-free lump-sums out of their pension funds with an average of £21,500 at retirement.

The average tax-free lump-sum has fallen by 11 per cent since 2008 when pensioners were taking £24,154, suggesting that the effects of the recession have hit pension funds and pay-outs.

However, the study shows that an increasing number are spending the money on luxuries and DIY – or even giving it away – potentially reducing the monthly income they get from their pension fund dramatically as a result.

In addition, significant numbers are using the tax-free cash to clear debts – 19 per cent used part of the windfall to pay off some or all of their mortgage, while 17 per cent used the money to clear credit cards or loans.

More than half (52 per cent) of those who have taken a lump sum put at least some of this money in a savings account – a figure which hasn’t changed since 2008. Making home improvements was the second most popular option, up 3 per cent from 2008 to 33 per cent. The most notable increase, however, was the number who chose to spend some or all of their lump-sum on a holiday – an increase of 13 per cent since the recession to 31 per cent. In addition, a fifth of pensioners (19 per cent) bought a car and a generous one in five (18 per cent) gave some or all of the cash away to family or relatives.

Most popular ways for spending
Lump-sum cash		 2011 2008
Put it in savings for the future 52% 52%
Used it for home improvements 33% 31%
Went on holiday 31% 18%
Invested in stocks, shares or investment trusts 26% 24%
Bought a new car 19% 17%
Paid off all or some of the mortgage 19% 22%
Paid off credit card/unsecured loans 17% 17%
Gave some money to my children 15% 13%
Treated myself to things I’d always wanted 13% 14%
Gave some money to other relatives/dependents 4% 4%
Bought a second home/holiday home 3% 2%
Paid school fees for children/grandchildren 1% 1%

Vince Smith-Hughes of Prudential said: “The effects of the recession have made the majority of people in Britain more financially aware and cautious with their money. It’s understandable that people are keen to enjoy the money they’ve worked so hard to earn when they retire – and pensioners are certainly doing that this year – but it is important to assess how this will impact on their long-term financial health before committing a significant part of their lump-sum. It should also be remembered that there are several methods which can be used to convert the lump-sum into an additional source of income.

“A high proportion of pensioners are choosing to spend their lump-sum on luxuries, despite the fact that the cost of living is rapidly increasing, so we’re urging people to think carefully about how they are going to use this money and avoid making impulse purchases that may ultimately put them under financial strain. Consulting a financial adviser will help to determine the different options available.”

Men appear to be more inclined to invest their lump-sum or pay off debts, with 31 per cent having chosen to buy shares, stocks or put money into an investment trust, compared with 20 per cent of women. Twice as many men (24 per cent) as women (12 per cent) used the money to take care of mortgage debts, and only 13 per cent of women used their cash sum to clear credit card and other unsecured loans, compared to 21 per cent of men.

Source : Prudential

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Specialist engineering and construction insurer HSB Engineering Insurance Limited has appointed Peter Tingus as head of HR.

Peter has joined the UK operations from HSB’s Hartford office in the US, where he was director of talent, training and leadership development. In his strategic role within HSB Peter will responsible for implementing human resource practices to reflect business strategies and providing a high-performance culture that emphasises empowerment, quality, productivity and goal attainment.

Prior to HSB in the U.S. Peter worked at AIG where he delivered core leadership programmes worldwide to accelerate the development of high potential leaders.

HSB’s CEO Stephanie Watkins said: “It is a real coup to recruit someone of Peter’s substantial talents and track record. His appointment will be of great benefit in growing the business and is part of our investment and commitment to the long term development of our staff.  Peter will drive the alignment of our people strategies to match the aggressive demands of our business priorities and customer expectations. In short, his work with the existing HR team will help develop programmes which will greatly enhance our ability to execute business strategies.”

Source : HSB

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Hearts and minds are the focus for the Association of Medical Insurance Intermediaries (AMII) 2011 Exhibition & Conference, which takes place on 30 June at the Park Inn, Heathrow.

Key topics during the day will cover: whether private medical insurance has a role to play in the Big Society and cancer cover in the employer-paid PMI market.

But it is the theme of the Big Debate this year that will focus on Hearts and Minds, two other high cost areas of healthcare – heart conditions and psychiatric treatment. The debate will ask whether it is actually better for consumers to have “grey areas” or discretionary cover in PMI, rather than trying to be completely black-and-white.  Should PMI actually be covering these conditions at all or does the NHS do the same job?

 

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In response to independent research carried out by the Institute of Fiscal Studies (IFS), William Baker, which commissioned the work, said:

‘The research shows low-income households spend more than twice as much of their budget on energy when compared to the highest income groups. This means they live in colder houses, face unmanageable levels of debt and may even be forced to make budgeting decisions as stark as whether to heat or eat. Inflation rates for fuel are already higher than for other goods, and double digit price increases will push millions more on low incomes into fuel poverty.

‘The research reinforces the need for Government and the independent Hills fuel poverty review to identify measures that take full account of the real choices the poorest households have to make. A coherent set of measures that address the particular circumstances of the fuel poor must lie at the heart of reforms of the energy market and the benefits system.’

Consumer Focus would like to see a number of measures introduced to help tackle fuel poverty:

– Energy suppliers need to do more to offer competitive deals that are not paid for by direct debit or are only available online- low income groups tend not to benefit from these types of deals

– Energy companies should take account of the high proportion of low income budgets that is spent on fuel when setting tariffs and agreeing policies such as how to recover arrears

– Government should recognise the spending patterns of low income households when up-rating benefits and tax credits (instead of the current method of using the average basket of goods bought by all consumers). Up-rating should recognise that inflation rates for essentials such as fuel have been much higher than overall inflation rates in recent years – a trend that is forecast to continue in the future.

– The Government should put in place a ‘road map’ that outlines integrated action to tackle the three main causes of fuel poverty: poor energy efficiency, low incomes and high fuel prices.

– Some future price rises will happen due to the cost of replacing Britain’s decaying energy infrastructure and the Government’s policies to de-carbonise the economy. Every step possible must be taken to minimise the impact on low income consumers.

Source : Consumer Focus

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Medical experts in Britain called Monday for  sweeping changes to planned reforms of the state-run National Health Service,  an issue that has inflamed tensions in the coalition government.

The NHS Future Forum, an independent body which has carried out a two-month  consultation on the proposals, said “genuine and deep-seated concerns” about  the plans had to be addressed amid mounting criticism.

Prime Minister David Cameron will respond to the recommendations on Tuesday  but is expected to agree to make amendments after signalling last week that  there would be “real changes”.    Ministers took the rare step of halting the passage of the legislation  through parliament earlier this year to launch a so-called “listening  exercise”.

Monday’s report recommended that competition be used in the NHS but only  when it would improve quality and that the pace of reforms should be varied  depending on when the health service was ready.    It also recommended specialist doctors and nurses should be involved in  commissioning health services. The government’s original proposals suggested  only family doctors should commission health care.

“There is no doubt that the NHS needs to change,” Steve Field, chairman of  the forum and himself a family doctor, told reporters at a press briefing in  London.

“However, during our listening we heard genuine and deep-seated concerns  from the NHS staff, patients and the public which must be addressed if the  reforms are to be progressed.”

Many of the recommendations in Monday’s report echoed suggestions made in  Cameron’s speech last week.

The reforms have faced growing criticism from doctors’ unions while also  exposing divisions between Cameron’s Conservatives and their junior coalition  partners the Liberal Democrats.    The plans angered many lawmakers in the centrist Lib Dems and Deputy Prime  Minister Nick Clegg, the party leader, will later Monday claim victory in his  fight to alter the reforms, telling his party their “voice was heard”.

The Lib Dems are struggling to win back ground after they lost support in  recent local elections and were defeated in their campaign to persuade voters  to back a historic change to the voting system in a referendum.

But the decision to roll back the health reforms has angered the  Conservative rank-and-file, many of whom backed the original changes and feel  Tory health minister Andrew Lansley has been abandoned by Cameron to appease  the Lib Dems.

London, June 13, 2011 (AFP)

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XL Insurance announces the opening of a new underwriting office in Birmingham.

As part of the opening, Gary Waterfield has been appointed as senior casualty underwriter, Middle Markets. Mr. Waterfield has nearly 20 years of underwriting and broking experience with a focus on SMEs and larger corporate risks. He joins from Zurich Financial Services in Birmingham where his most recent role was Regional Construction Manager with responsibility for underwriting and business development.

Denis Burniston, Chief Underwriting Officer UK Middle Markets, said: “The new Birmingham office is ideally placed to service our growing regional customer base, especially in the Midlands.

“Gary has the experience and contacts to further grow the business in the region, building on our established reputation of efficient underwriting and claims services. We continue to see growing demand for our offerings and will be looking to extend our underwriting capabilities in the future.”

Source : XL Insurance

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Fitch Ratings has announced that Stephen de Stadler, Managing Director, has been appointed to the newly created post of Regional Business Leader for Middle East & Sub-Saharan Africa following a strategic decision to combine the oversight and management of the two regions.

De Stadler joined Fitch in 2002, taking up responsibility for the business management of the Sub-Saharan Africa region operating from Fitch’s Johannesburg office. In 2006, he relocated to Dubai to take up additional responsibilities for establishing Fitch’s Middle East office.

Following the recent decision to merge oversight of the two regions, Stephen will now return to Fitch’s Johannesburg office where he will take up the new, expanded role of Regional Business Leader for the Middle East and Sub-Saharan Africa.

Roland Cooper, Director, in Johannesburg, and Jay Leitner, Senior Director, in Dubai will now undertake expanded business and relationship management roles in line with the move, with both continuing to report to de Stadler.

Fitch currently rates 255 entities and/or issuances within the region. These ratings extend across 17 countries, with the main business focus currently being on South Africa, Nigeria, Kenya, Egypt and the GCC States. The current ratings fall within the main areas of Fitch’s operations and expertise including sovereign and sub-sovereign entities, financial institutions, corporates and structured finance transactions.

Fitch has operated in both the Middle East and Sub-Saharan Africa since 2001 whilst companies which have subsequently been acquired by Fitch have been operating in the regions for a longer period of time. In line with its developing profile in these regions, Fitch has gradually expanded the number of analysts dedicated to the region.

Fitch now has 51 offices worldwide, and its operations span capital markets in over 150 countries globally.

Dual-headquartered in New York and London, Fitch Ratings is a global rating agency dedicated to providing value beyond the rating through independent and prospective credit opinions, research and data. Fitch Ratings’ global expertise draws on local market knowledge and spans the fixed-income universe. Fitch Solutions has offered a range of comprehensive data, analytical tools and risk services to fixed-income investors and other market participants.

Source : Fitch Ratings

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The Financial Services Authority (FSA) today agreed to temporary arrangements for Barclays, Lloyds Banking Group and RBS to handle Payment Protection Insurance (PPI) complaints.

The arrangements extend the time periods the firms have to deal with their backlog of stayed PPI complaints and the high volume of new complaints on PPI.  These arrangements have been put in place to ensure that the firms are able to handle the PPI complaints properly.

Under FSA rules PPI complaints have to be responded to within eight weeks. The extension agrees a timeframe for the firms to deal with the claims that have been put on hold and also agrees additional time for the firms to deal with PPI complaints received since the end of their involvement in the judicial review:

– PPI complaints still with the firm but put on hold during the judicial review will receive a decision by the end of August;

– PPI complaints received after the conclusion of judicial review but on or before the 31 August will be responded to within 16 weeks; and

– PPI complaints received on or after 1 September and before 31 December 2011 will be responded to within 12 weeks.

Strict conditions have been imposed on the temporary time extensions; the firms with the temporary time extension will have to:

– keep PPI complainants and their customers fully informed; and

– provide the FSA with regular reports on compliance.

The FSA expects all PPI complaints handling to return to the requisite eight-week standard by 1 January 2012 at the latest.

This arrangement only applies to the three named firms. All other PPI complaints are unaffected.

Margaret Cole, the FSA’s interim managing director of the Conduct Business Unit, said:

“We want to see all PPI claims for compensation dealt with swiftly and appropriately. However some firms are facing a huge backlog and now a surge of new complaints which has created a bottleneck. It is not in the interests of consumers to receive further poor handling of their complaints as a result. This temporary extension means that these firms can process these complaints properly and fairly.

“We will be monitoring their progress carefully to ensure the new deadlines are met, that complaints are dealt with as promptly as possible and the backlog is cleared as a matter of urgency.”

A number of firms decided to put some or all PPI complaints on hold when the British Bankers’ Association launched a judicial review of the FSA’s new PPI complaints handling measures. The FSA and the Financial Ombudsman Service won the case and the BBA decided not to appeal on 9 May 2011.

Source : FSA

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