Tuesday, November 26, 2024
Home Authors Posts by Barbara karouski

Barbara karouski

Profile photo of Barbara karouski
1629 POSTS 0 COMMENTS

    0 0

    Fearing a nuclear meltdown in quake-hit  Japan, Canadians living on the Pacific Coast are ignoring health authorities  and emptying pharmacies of anti-radiation medicines, media said Tuesday.

    “There is definitely a panic,” pharmacist Cristina Alarcon told public  broadcaster CBC.    Health officials dismissed the risk of radiation spreading from the  crippled Fukushima nuclear plant in northeastern Japan to Canada’s westernmost  province of British Columbia.

    And they urged people to cease stockpiling potassium iodide after a run on  pharmacies in Vancouver and Victoria.    British Columbia’s health officer said it would take up to six days for  winds to carry nuclear particles across the Pacific Ocean and most of the  radiation would have dispersed into the atmosphere by then.

    “The consumption of iodide tablets is not a necessary precaution as there  is no current risk of radiological exposure,” provincial health officer Perry  Kendall said in a statement.

    “Even if radiation from Japan ever made it to British Columbia, our  prediction based on current information is that it would not pose any  significant health risk,” Kendall said.    The UN’s health agency said iodine pills are “not radiation antidotes” and  offer no protection against radioactive elements such as caesium, stressing  they also carried health risks for some people, including pregnant women.

    Ottawa, March 15, 2011 (AFP)

    0 0

    Japan’s Premier Naoto Kan on Saturday urged  calm among people living near a nuclear power plant hit by an explosion and  vowed the government would do its best to protect public health.

    “By taking firm measures, we will do our best not to have even a single  person suffer from health problems,” the centre-left premier said, after tens  of thousands of residents were evacuated from around the Fukushima No. 1 plant.    “From the bottom of my heart, I would like everybody to listen to the  government and to media reports and to act calmly,” he said in a televised  press conference on the quake and tsunami calamity.

    Tokyo, March 12, 2011 (AFP)

    0 0

    Munich Re said Thursday that the Christchurch earthquake in New Zealand will  cost it about one billion Australian dollars (726 million euros, $1.0 billion).

    The February 22 quake caused substantial damage and disruption to New  Zealand’s second largest city and is believed to have killed more than 200  people.    Munich Re’s estimation “is subject to uncertainty,” it said in a statement.

    When the cost of floods in Brisbane, Australia and damage done by cyclone  Yasi in northwest Australia were included, the bill comes to around 1.5  billion Australian dollars, the insurance group said.    Munich Re retained its net profit target of around 2.4 billion euros for  this year but warned that “it will only be able to achieve this target if  random major losses remain below the average level to be expected in the  further course of the year.”

    A comparable net profit was expected in 2012.

    Last year, the re-insurance giant also posted a net profit of 2.4 billion  euros, including 467 million euros earned in the last quarter.

    Gross premiums gained almost 10 percent to 45.5 billion euros and the group  forecast a further increase to 46-48 billion euros this year.

    Frankfurt, March 10, 2011 (AFP)

    0 0

    National insurance and income tax could be merged under radical plans to simplify Britain’s tax system, according to a report commissioned by chancellor George Osborne from experts.

    In its second report, the Office of Tax Simplification, which was created by the chancellor last summer, recommends the most radical shake-up of taxation since the birth of the welfare state.

    “The overwhelming conclusion is that genuine and long-lasting simplification can only be brought about through major structural change to the UK tax system,” the report says.

    National insurance was established to fund the state pension, and later the National Health Service, but the distinction between it and income tax has increasingly broken down over recent decades, and the OTS points out that only six state benefits now depend on a worker’s accumulated national insurance contributions.

    Businesses frequently complain that administering the two parallel systems adds to the complexity of their payroll. “Our aim is to develop practical ideas that will make things easier for small businesses when it comes to their tax responsibilities,” said John Whiting, the former PricewaterhouseCoopers accountant who led the study.

    A spokesman for George Osborne said he would respond formally to the OTS’s report in his budget on 23 March, but had an “instinctive sympathy” with the simplification plans.

    The OTS also recommends that the government reform the controversial “IR35” tax rules. IR35 controls who must be treated as an employee of a company for tax purposes, and affects many small family firms.

    There are three proposals in the report: suspend IR35 altogether, with a view to eventual abolition; leave the legislation in place but improve the way HM Revenue & Customs administers it; or introduce a new “business test,” which would radically reduce the number of taxpayers captured by the IR35 rules.

    Chris Bryce, chairman of the pressure group PCG, which represents freelance contractors, said: “Should the chancellor accept the recommendation to abolish IR35 this would be a major advance towards honesty, transparency and fairness for the freelance community.”

    The OTS is chaired by ex-Tory Treasury minister Michael Jack, and led by Whiting, with four advisers from accountancy firms.

    Source : Guardian

    0 1

    XL Group today announced preliminary net loss estimates for the earthquake that struck Christchurch, New Zealand on February 22, 2011.

    The Company’s preliminary loss estimates related to the New Zealand Earthquake, pretax and net of reinsurance and reinstatement premium, range from approximately $70 million to $85 million, the majority of which is attributable to XL’s reinsurance segment.

    The Company’s estimates are based on its review of individual treaties and policies expected to be impacted and client data received to date and has taken into account current total insured market loss estimates, both from published sources and the Company’s internal analysis. These preliminary loss estimates correspond to expected insured market losses for the New Zealand Earthquake in the range of $8 billion to $12 billion. Given there is currently a wide range of estimates for the extent of total economic and insured industry losses, the Company’s loss estimates involve the exercise of considerable judgment and are accordingly subject to revision as additional information becomes available. Actual losses may differ materially from these preliminary estimates.

    Source : XL Group Press Release

    0 1

    Specialist insurer Hiscox has strengthened its UK Technology and Media team with the appointments of Jiveen Lal as Senior Technology & Media Underwriter – North, and Matthew Webb as Senior Technology & Media Underwriter – South. Both roles will report to Alan Thomas, UK & Ireland – Head of Technology & Media, and will focus on providing a full range of insurance cover to businesses of all sizes in the technology and media sectors.

    Jiveen Lal, who will be based in Hiscox’s Manchester office, will also support the company’s Glasgow and Leeds offices. He joins from Chubb where he covered life science risks; prior to that he underwrote professional indemnity and technology products at AIG (Chartis).

    Matthew Webb, who will be based in Colchester and will also support the Maidenhead and Birmingham offices, has been with Hiscox since joining as a Contingency Underwriter in 2005 after previously working for a Lloyd’s broker. Most recently he has been writing professional indemnity risks within Hiscox’s commercial division in London.

    Commenting on the appointments, Alan Thomas said: “Recognising the specialist nature of the technology and media sectors, we have continued to invest significantly to make sure we remain the insurer of choice when it comes to helping technology and media businesses understand and manage their risks. The appointments of Jiveen and Matthew will develop our regional underwriting capability and further enhance our reputation in the technology and media sectors.”

    Source : Hiscox Press Release

    0 0

    Bailed-out insurance giant AIG repaid  $6.9 billion of a US government bailout Tuesday, using proceeds from the sale  of its stake in industry rival MetLife, the US Treasury said.

    A Treasury statement said that American International Group used $6.6  billion of the $9.6 billion it received from the March 2 Metlife sale to make  the repayment to the Troubled Asset Relief Program (TARP).    The Treasury said that it also received from AIG $300 million the company  had retained from an earlier transaction involving Metlife.

    The repayment “will be used to reduce an equal portion of Treasury’s  remaining preferred equity interests in AIG, which, after today’s repayment,  stand at $11.3 billion,” the department said.

    Once the world’s largest insurer, AIG received more than $180 billion from  US taxpayers to help cover investments that collapsed amid the 2008-2009  financial crisis.

    The Treasury made a total cash investment in AIG of approximately $68  billion through TARP, while the Federal Reserve provided loans to keep the key  financial firm afloat.

    AIG obtained the Metlife stake last year when its sold its American Life  Insurance Company (ALICO) to MetLife for $16.2 billion, including about $7.2  billion in cash.

    The remaining $3 billion of proceeds from the MetLife stake sale were  placed in escrow and may be used later to repay the Treasury.    “Based on current market prices, Treasury estimates that taxpayers will  ultimately recover every dollar that the US government invested in AIG,” the  Treasury said Tuesday.

    With AIG’s $6.9 billion repayment Tuesday, taxpayers have now recovered  $287 billion, or 70 percent, of the total TARP financial aid, Treasury said.

    “We’re optimistic that as we continue to wind down TARP, our temporary  investments in private companies will ultimately result in little or no cost  to taxpayers taken as a whole,” Tim Massad, acting assistant secretary for  financial stability, said in the statement.

    Washington, March 8, 2011 (AFP)

    0 0

    Jelf Employee Benefits announces the appointment of Anna Lopez as International Account Manager.  She joins the team reporting into International Healthcare Director Sarah Dennis, and will be responsible for managing international accounts.

    Lopez comes from Enrich and has a successful track record in account management for large corporate PMI schemes.  Her remit at Jelf Employee Benefits is to look after existing international clients as well as develop new business.

    Commenting on the appointment Sarah Dennis said:  ‘international is an extremely specialised area within healthcare, and as the market becomes ever more important for us, a new pair of hands to help look after this growing market is very welcome.  Anna has some great experience and I’m looking forward to working with her.’

    Source : Jelf Press Release

    0 1

    Aviva’s fifth quarterly Real Retirement Report, which reviews the finances of the UK’s over-55s, finds that over the last year, average incomes have fallen by 4%, mortgage debt has risen by over £10,000, and the number of households with savings pots of less than £500 has jumped from 21% to 30%.

    The quarterly report reviews the finances of the three different ages of retirement – pre-retirees (aged 55-64); retiring (65-74); and long-term retired (75 and over).

    Summary of financial changes for the over-55s in last 12 months

    Expenditure Feb-10 Feb-11
    Mean monthly income £1,284 £1,236
    % with a monthly income of less than £750 21% 20%
    Median savings pot £11,590 £11,427
    Mean house price £232,985 £235,590
    Mean mortgage debt £54,567 £65,107
    Mean amount saved each month £127 £133
    % of people with savings pots of less than £500 21% 30%
    % of people saving nothing each month 39% 43%

    Change in incomes
    Since the new Coalition Government came to power in May 2010 it has made a raft of changes in order to address the deficit, some of which have had an impact on the finances of the over-55s. Since February 2010, the mean monthly income of the over-55 households failed to keep track with inflation (+5%) and fell by 4% from £1,284 to £1,236.

    Out of the age groups tracked, the long-term retired (over 75) saw the most significant dip (£1,136 to £1,057) followed by the pre-retirees (55-64) who saw their income fall to £1,361 (February 2011) from £1,433 (February 2010). The income of the retiring (65-74) remained relatively stable at £1,385 (February 2010) and £1,386 (February 2011). Despite this, the percentage of over-55s whose monthly income is less than £750 has fallen only marginally from 21% (February 2010) to 20% (February 2011), suggesting that the economic turmoil has hit the “middle earners” rather than low income earners.

    Mortgage debt increasing
    While the number of over-55s who own their own home (either with a mortgage or outright) has only fallen by one percentage point to 80% (February 2011), the average mortgage debt has risen to £65,107 (February 2011) from £54,567 (February 2010). This might indicate that the recent economic turmoil has badly affected some over-55s’ abilities to repay. It could also suggest that we may see more people taking mortgage debt into retirement in the future.

    Negative impact on savings
    The impact of rising inflation on the cost of living has also impacted on people’s ability and willingness to save. There has been an increase in the percentage of people saving nothing each month (up from 39% to 43%) with the number of over-55s with savings pots of under £500 rising from one in five (21% February 2010) to almost one in three (30% February 2011).

    Spending on necessities
    As incomes failed to keep pace with inflation, over-55s have cut back spending, not just on luxuries but also necessities. Spending on entertainment, recreation and holidays fell by five percentage points from 12% (February 2010) to 7% (February 2011). In addition, while food prices rose 5.88% over the period, spending on these items fell from 24% (February 2010) to 17% (February 2011) as people chose to cut down on their weekly spending.  Any money saved was quickly put towards increases in the cost of housing (+5% points to 21% – February 2011) and public/private transport (+4% points to 11% – February 2011).

    Clive Bolton, ‘at retirement’ director at Aviva said: “The fifth Real Retirement Report provides a valuable opportunity to look back at how the finances of the over-55s have changed over the last 12 months. The picture it reveals is concerning, as while incomes have fallen and savings pots grown smaller, mortgage debt has increased and inflation has hit key expenditure pressure points.

    “However, this age group is slightly more optimistic than they were about the rising cost of living over the next five years than they were in 2010, possibly because they have experience of living through a recession in the past. And with the UK economy showing some signs of recovery, the future is brighter than it might appear.”

    Source : Aviva Press Release

    0 1

    The increasing popularity of e-books, iPads, and other digital publishing technology is fundamentally altering the way publishers and content providers address the way they approach credit control risks, attendees at the second Electronic Media Forum will hear.

    The Forum, hosted by Aon Risk Solutions’ Trade Credit team and P&A Receivables Services will explore how the new and emerging distribution technologies will affect the publishing sector and how business will be transacted in the digital economy.

    Hugh Burke from Aon’s Trade Credit team commented: “The shift in the way people consume media, whether that be books, newspapers, magazines or television shows is accelerating, forcing publishers to speedily engage new suppliers, content providers and other third parties in their efforts to supply the growing demand.

    “While it would be an overstatement to say that an entirely new rule book needs to be written to deal with credit risks in the new world of digital publishing, there is only limited experience in this developing space, so we are still working with insurers to work out the best criteria to judge credit risks and ultimately help our clients sleep a little more soundly.”

    Laurie Beagle, divisional director at P&A Receivables Services and founder of Electronic Media Forum, commented: “This is a new sector and while the sales and marketing sides of publishing companies are familiar with the new products and business models, the finance people are not. It’s important that understanding grows rapidly to support future sales and the new business models that are being introduced to cope with demand. The EMF provides a vehicle where these new challenges can be discussed with peers and industry experts and find the answers that will help support this new Digital world.

    A speaker at the Forum, Dominic pride, founder and managing director, The Sound Horizon, commented: “Publishers are now competing for the customer’s attention and spend on the same platforms as all other content industries. They are also exposed to the same disruptive forces which are re-shaping the landscape for music, film, TV and magazine publishing.

    “As publishers look for new distribution opportunities, they will engage with partners in consumer electronics, internet access and advertising. Credit control and risk management will play a key role, as traditional publishing transforms to meet these innovative and demanding partnerships.”

    Source : Aon Press Release

    0 0
    New claims for US unemployment insurance  fell last week, extending a downward trend suggesting an improving jobs  market, official data showed Thursday. Initial jobless claims dropped to 368,000 in the week ending February 26,  the lowest level since late May 2008, the Labor Department reported.    Claims were down 5.2 percent from the prior week’s level.    The less volatile four-week moving average fell by 12,750 to 388,500.

    After hitting a peak in August, initial jobless claims fell below 400,000  in the week ending December 25 and have hovered around that level since then.

    The report comes a day ahead of the Labor Department’s February jobs  numbers. Most analysts expect the report Friday to show the economy added  183,000 jobs and the unemployment rate ticked up to 9.1 percent from 9.0  percent.

    Washington, March 3, 2011 (AFP)

      0 0

      Curbing air pollution in major European cities  could save 19,000 lives per year, add almost two years to local life  expectancy and save 31.5 billion euros (43.4 billion dollars) in health costs  and work absenteeism, an EU-funded study said on Wednesday.     The nearly three-year probe, called Aphekom, looked at 25 cities in 12  European Union (EU) countries, encompassing nearly 39 million inhabitants.

      Only Stockholm was below the threshold of fine particulate pollution of 10  micrograms per cubic metre recommended by the UN’s World Health Organisation  (WHO), it found.

      At the other end of the scale, Bucharest notched up 38.2 micrograms,  Budapest 33.7 micrograms and Barcelona 27 micrograms per cubic metre.

      Among other cities, pollution in Rome was 21.4 micrograms per cubic metre,  while in Paris and London it was 16.4 and 13.1 micrograms per cubic metre  respectively.

      Fine particulates are tiny airborne grains that can be drawn deep into the  lungs, with the potential to cause respiratory and cardiovascular disease.

      The pollution comes from traffic exhausts, which means that it is  particularly pronounced near major roads.

      In a sub-set of 10 cities studied by Aphekom, scientists estimated that  between 15 and 30 percent of cases of childhood asthma could attributed to  living close to busy roads.

      Paris, March 2, 2011 (AFP)

      0 0

      More than one in five (22.3%) of the 94 UK charities surveyed by Aon Risk Solutions, the global risk management business of Aon Corporation, state they will need to re-evaluate whether their organisation can continue to operate financially, because of the government’s proposals for the Big Society.

      More than one in 10 (11.7%) of those surveyed stated they may have to consider merging with another charity in order to keep their organisation running in some guise, as part of the online survey conducted by Aon over the last two weeks.

      However, the greatest perceived impact on charities of the Big Society, is the necessity to shift focus away from the charitable acts toward fundraising in order to cover the shortfall due to government cuts, with nearly a third (32.9%) of respondents stating this as a worry as a result of the introduction of this policy.

      Do you think the government’s proposal for the Big Society will impact the way you run your organisation?
      Yes 48.2%
      No 51.8%
      If yes, how?
      I will need to rely more on volunteers 48.8%
      Staff reductions to cut costs 31.7%
      Conduct more fundraising activities to cover government cuts 68.3%
      Re-evaluate whether charity can afford to keep running 46.3%
      Re-evaluate whether charity should still operate, looking at possible mergers with other charities 24.4%

      Ed Huston, client relationship manager  with of Aon Risk Solutions commented: “The economic conditions of the last few years means many charities are already under a lot of strain just to keep going, and it seems the Big Society concept is heaping even more pressure on them.

      “While not usually top of mind for most, the impact of all these changes can have severe impacts on the operational activities of charities. It is vital that these businesses work with their insurance broker to ensure their constantly changing risk profile is covered under their insurance policy. Working with a broker such as Aon to manage these risks means charities can continue to concentrate on the good work they are there to do.”

      Source : Aon Press Release

      0 0

      For Christchurch  mother-of-two Nicky White, the city’s deadly earthquake has left no room for  delicacy as her family struggles with the basics of everyday life such as  finding a toilet.    Much of the city’s infrastructure was crippled after Tuesday’s  6.3-magnitude shake, which claimed at least 123 lives, forcing White and other  residents to rely on their own ingenuity.

      White, who has no lawn or garden in her apartment block in the suburb of  Woolston, has taken to lining her toilet with a large plastic bag.    “I had nowhere to dig so I put a plastic bag in the toilet bowl and when it  starts to fill I tie it up and put it in the rubbish bin,” she said, adding  that at times “it stinks the house out”.

      Emergency supplies of portable toilets, food and petrol were being rushed  into the city, where more than 62,000 homes have no water supplies and 100,000  properties have lost their connection to the sewers.

      As residents battle to bring a sense of normality to their lives,  authorities were closely monitoring the health situation in the city.    One of the main concerns has been toilets for people in the most devastated  eastern areas, which remain without power and water.    More than 350 people had to be removed from one of the welfare centres  housing earthquake refugees because of fears there could be an outbreak of  measles or diarrhoea and worries about sanitation.

      The city’s road network has been clogged with vehicles since the deadly  quake as people head to the less affected western suburbs to stock up on food  at supermarkets and to drain service stations of petrol supplies.

      Civil defence officials said 200 portable toilets had been placed in the  city and a further 600 were on their way.    In the suburb of Avonside, one resident — who has refused to leave her  damaged home, which was earmarked to be rebuilt after a 7.0 earthquake last  September — said the portable toilets cannot arrive soon enough.

      “I’ve been using a bucket as a makeshift toilet and buried the contents in  the garden,” she said.    Christchurch mayor Bob Parker said he knew residents were going through a  difficult time.    “This will not get easy in a hurry,” he told a media conference.

      “The next few days as we try to work as hard as possible on restoring  services, we need to ask that you support us with your understanding of what  we are doing.”    In areas without electricity, residents have fired up their barbecues to  use as community kitchens, prompting one energy company to offer free refills  of LPG gas bottles.    The line of people at one service station stretched for more than 50 metres  (yards) as people took advantage of the offer.    Owner Robert Wales said he was filling a bottle a minute and some of the  people arriving were giving him supplies and donations to pass on to people  who were struggling.

      “Someone gave us NZ$100 ($75), others NZ$10, and I’ve told them we’ll pick  out the people who are really affected and give it to them.”    Officials said food and petrol supplies were now reaching Christchurch and  there was no need to panic buy.    Supermarket manager Justin Blackler said people had been coming from all  over Christchurch to his store in the Western districts where they were mainly  buying bulk supplies of essential items including food, water, candles.

      Christchurch, New Zealand, Feb 26, 2011 (AFP)

      0 0

      Friends Provident International is launching three new mirror funds that can help shelter investors from global inflationary pressures and continuing stock market and currency volatility.

      The addition of the PIMCO GIS Real Return Fund (USD) gives investors access to a fund, which invests its underlying assets in a globally diversified range of high quality inflation-linked sovereign bonds. These types of bonds provide investors with a cushion against inflation and greater diversification benefits compared to traditional bonds.

      The arrival of the Castlestone Aliquot Gold Bullion Fund (USD) is also a unique addition, as it is 100% invested in physical gold bullion. The latest results (wave 3 – January 2010) of the FPI Investor Attitudes Report identified physical gold as the preferred asset class amongst Asian and Middle Eastern investors. This strong local demand, combined with the current geopolitical risks and currency volatility, suggests physical gold will continue to be viewed as the ultimate safe haven asset and also provide meaningful diversification for long term investors. This is an exclusive* new share class set up by Castlestone for FPI, which provides added security by holding the physical gold in what is described as ‘allocated’ accounts with major banks (HSBC and Barclays).

      The Investec GSF Multi-Asset Protector Fund (USD) is a multi-asset investment solution that aims to protect against the risk of a decline in the fund’s share price below 80% of the highest US dollar price ever achieved. This is the type of fund that will appeal to investors that are unwilling to accept full equity market risk, but are looking for more attractive growth potential than bonds or cash.

      Jim Henning, funds marketing and research manager at Friends Provident International, said:

      “The implications of rising commodity prices, geopolitical risks, strong capital inflows into emerging markets and continued significant stimulus measures in the Western economies, create an uncertain backdrop for investors. These new funds will allow investors to better position themselves for the many challenges ahead in 2011.”

      Source : Friends Provident Press Release

      0 0

      In a report published by Moody’s Investors Services, European insurance companies must be cautious concerning new regulations and macro-economic tendencies.

      Their focus should be on profitable underwriting and defensive balance sheet management. The rating agency said a cause of concern for the sector was its exposure to both European sovereign and bank fixed-income securities, both assets that are experiencing a period of stress.

      A Moody’s statement exposes a possible downturn if one or more contradictory scenarios imagined by the agency were to occur. Limited losses are expected for the insurance sector despite market volatility. This will be a major focus for 2011, particularly if contagion risk spreads to a greater number of peripheral European countries with a cascading effect on the banking sector.

      Such a scenario would be unlikely, yet it would have a severe impact on capitalisation of the insurance sector with an obvious negative effect on insurers ratings. Solvency II will continue to be a predominant topic, particularly following the publication of QIS5 results in March 2011.

      Despite this widespread caution, Moody’s expects a recovery in the sector’s consolidation late 2011 and early 2012. This resurgence would be due to new market growth in Asia to offset the slow growth in many European markets.

      0 0

      Leading international insurance think tank, The Geneva Association (www.genevaassociation.org), today issued an open letter to the Finance Ministers and Central Bank Governors of the G-20 following an observer meeting of the International Association of Insurance Supervisors (IAIS). The letter highlights the key findings of The Geneva Association’s recent and ongoing research on systemic risk in light of regulatory discussions around systemically important financial institutions (SIFIs).

      The text of the letter is as follows:

      Core insurance activities do not cause systemic risk

      The Geneva Association, the leading international insurance think tank, has a great interest in contributing to the IAIS and FSB work on systemic risk and financial stability, but remains very concerned about the political decision taken to develop a list of insurance SIFIs. This view is shared by the world’s leading insurers given that the core activities of insurers do not pose a systemic risk.

      Extensive Geneva Association analysis published in 2010 and recently refined demonstrates that core insurance activities are not a threat to the stability of the financial system. This is a result supported, not only by the global insurance industry, but also by prominent government leaders, politicians, national regulators and industry experts.

      The same research indicated that there are two non-core insurance activities that have the potential, in certain circumstances, to be systemically risky (derivatives speculation/financial guarantees and the mismanagement of short-term funding). New analysis shows that a focus on activity-based indicators (not institutions) will target these potential sources of systemic risk whilst also reducing the regulatory resources required for supervision and the scope for regulatory arbitrage.

      Indicators of potential systemic risk activity

      The Geneva Association welcomes the opportunity to engage with the IAIS in developing systemic risk indicators. These indicators must be embedded in a sound methodology that first identifies systemically risky activities. They then need to measure these activities in a targeted and effective way. Today, The Geneva Association published a methodology that achieves this whilst providing a framework that matches the stated aims of the IAIS and the Financial Stability Board (FSB).

      The Geneva Association believes that insurance expertise needs to be directly involved at all times for making well-informed decisions about a potential SIFI status. The IAIS is best placed to coordinate macro-prudential surveillance and indicator-based standards but should rely as far as possible on group supervision and industry input into the current process. The insurance industry is supportive of The Geneva Association methodology and believes that it will contribute in a constructive way to the setup of an effective and efficient process for identifying potentially systemically risky activities and the institutions undertaking them.

      Source : The Geneva Association Press Release

      0 1

      Promising advances have been made in the  testing of possible vaccines to prevent the mosquito-borne dengue virus, which  kills 25,000 people every year, researchers said Thursday.

      “We have some very exciting leads on different types of vaccines that are  in various stages of clinical trial that hopefully can be implemented with a  reasonable period of time,” said Anthony Fauci, director of the infectious  diseases division of the US National Institutes of Health (NIH).

      Regional health researchers met Thursday in the Puerto Rican capital to  discuss progress and treatment of dengue, which is transmitted to humans by  the female Aedes mosquitoes.    Dengue causes a severe flu-like illness for most victims that lasts about a  week. There are four strains, one of which is a potentially lethal type.    Dengue has reemerged in recent years as a serious public health threat in  tropical regions.

      It killed 1,167 people in Latin America last year. Puerto Rico recorded the  largest outbreak in its history with 21,000 cases last year, according to the  US Centers for Disease Control. There were 69 cases in the Key West section of  the US state of Florida in 2010.    The Philippines recorded more than 730 deaths and Malaysia 134 in 2010,  according to figures from the World Health Organization, while India  experienced a 20-year high in infections.

      Harold Margolis, director of the CDC’s dengue center, said he’s hopeful  that a vaccine would soon be available.    “There’s been tremendous progress,” he said. “There are a number of  vaccines that are now in clinical trials and there’s now very exciting  information there, so we are finally getting (into the last process) but it  can take a while.”    Fauci, from the NIH, added: “We need a better understanding of the  relationship between the dengue virus and the vector, mainly the mosquito.”    Meanwhile, surveillance is vital.

      “The important factor is how good our surveillance is to pick up the  disease,” Margolis said. “I think right now we know where it is and now we  need to be creative with the new tools and research to try to make sure that  doesn’t go any further.”    The infectious diseases division of the NIH spent $45 million in dengue  research last year, up from $5 million in 2000.

      One theory for the resurgence is global warming, allowing the mosquitoes,  and hence dengue fever, to spread.    Drought conditions in some areas also have worsened the outbreak because  people have stored water in and near their living areas, creating breeding  grounds for mosquitoes that harbor the virus.    Authorities in Sri Lanka were so concerned about dengue last year that they  introduced heavy fines for people with standing water on their property, and  deployed troops to clean up public places.    The three-day summit in Puerto Rico was hosted by NIH, CDC and the Pan  American Health Organization.

      San Juan, Feb 17, 2011 (AFP)

      0 0

      The Czech doctors’ union  Wednesday said it was prepared to accept a new pay offer, as the government  moved to ward off a mass walk-out in the health sector.    Union leader Martin Engel told reporters the organisation was ready to  agree to a two billion koruna (83 million euro, 110 million dollar) package.     The final deal between the union and the centre-right government is due  next week.

      At the end of December, 3,800 of the Czech Republic’s 20,000 state-sector  doctors handed in their notice in protest over low pay.     Their resignations were due to come into force on March 1, and were  expected to spark havoc in the Czech health service.    The government, a proponent of fiscal rigour, said the pay deal hinged out  the doctors halt their protest action.

      Prague, Czech Republic, Feb 16, 2011 (AFP)

      0 0

      A 16 million USD IPO will be launched by Abu Dhabi’s Insurance house. This will occur on February 27, and is the first in the United Arab Emirates since two years.

      Sunday 27 February will be the opening day for subscription and will end 9 March. The UAE has not seen an IPO in about two years as the global economic downturn and Dubai’s debt crisis dented investors’ appetite.

      Finance House has subscribed to 36 percent of the founder’s share capital of 54 million dirhams ($14.70 million) or 45 percent of the capital.

      Mohammed al Oubaisi, Chairman of Finance House said that they are investing money and reputation in this new company and they are confident of the success of this IPO.

      The IPO is being advised by FH Capital, the wholly owned investment banking subsidiary of Finance House.

      Insurance House is set to commence operations within a record time from the date of completion of the IPO, the statement said without being more specific.

      Prev1...444546...82Next Page 45 of 82

      POPULAR POST

      Seroni Interactive is an independent publisher of information BtoC and BtoB sites in banking and insurance & specialist digital content. Our productions of brand content possible to affirm your image, positioning, demonstrate your expertise and create a traffic or a hearing and therefore advertising exposure for your brand.
      Contact us: contact@news-insurances.com

      SOCIAL

      34FansLike
      6Subscribers+1
      965FollowersFollow

      Popular category

      © Seroni Interactive