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A senior figure monitoring Britain’s National  Health Service (NHS) detailed “harrowing” cases of the neglect of elderly  patients in a report released Tuesday.

One patient died without her husband by her side because he had been  “forgotten” in a waiting room, Health Service Ombudsman Ann Abraham reported.    Another was left in urine-soaked clothes held together with paper clips.    And half the the people studied in her report had not received adequate  food and water during their hospital stay.

The state health service was “failing to meet even the most basic standards  of care”, said Abraham after in-depth review of 10 serious complaints against  the NHS.    Some patients were not given help eating and bathing while others were left  distressed after mismanagement of their discharge from hospital.

One cancer patient, who was too dehydrated to speak, was left in pain and  in need of the toilet for several hours while waiting for his daughter to pick  him up so he could return home to die.    “These often harrowing accounts should cause every member of staff who  reads this report to pause and ask themselves if any of their patients could  suffer in the same way,” Abraham said.    “I know from my caseload that in many cases the answer must be ‘yes’,” she  added.    British charities urged the government to consider the report’s findings  and take action.

“The inhumane treatment of older people described in this report is  sickening and should send shockwaves through the NHS and government,” Michelle  Mitchell, of Age UK, said.    Katherine Murphy, chief executive of the Patients Association, said the  findings mirrored their own research findings.

Nigel Edwards, chief executive of the NHS Confederation, said the cases  were “completely unacceptable,” but defended the health service.    “It is of course important to put these 10 examples in perspective. The NHS  sees over a million people every 36 hours and the overwhelming majority say  they receive good care,” he said.

London, Feb 15, 2011 (AFP)

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Specialty insurance company HCC has confirmed it will continue with its sponsorship of the SailEAST series – supporting the 2011 race season.

Established in 1998, the SailEAST series has become an extremely popular event attracting over 80 boats each year.

Charlotte Dartford, Marketing Manager of HCC said: “We are delighted to be sponsoring SailEAST again for 2011. We share many of the same values as the competitors – teamwork, excellence and a desire to be the very best, so working with Martin and the rest of the team makes sense of so many levels for us”.

SailEAST chairman Martin Wiggins said: “The series, held throughout the year from Felixstowe to Ramsgate provides the largest inshore regatta series of its type on the East Coast – attracting entrants from the quickest Class 1 yachts to those in Class 4 who are new to racing. Overall the series is now very well established and well regarded, as is HCC, so there is an obvious synergy there that continues to work well. We are looking forward to this years series of regattas and with HCC on board things are shaping up for another great year.”

Source : SailEAST Press Release

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Each day during last December’s record freeze and heavy snow, insurers dealt with over 12,000 claims at a cost of £38 million, to customers who suffered damage to their homes, businesses, and vehicles.

During the month, insurers dealt with some £900 million in property damage claims, helping customers get through the coldest December since records began in 1910. This was the highest payout yet made for damage caused by a bout of freezing weather and heavy snow in the UK.

The figures show that during the period:

– Insurers dealt with 467,000 claims for damage to homes, businesses and vehicles.
– 190,000 claims were for damage to homes and businesses, at a cost of some £900 million (75% domestic; 25% commercial). In Scotland, which was particularly hit, there were 31,000 property damage claims costing some £90 million.

– Of the property claims, 103,000 were for burst pipe damage. The cost of these claims, at £680 million, (average claim costs from £6,500 to £7,200) was up 35% on the amount paid out for burst pipes during the whole of last winter. The large number of burst pipes in Northern Ireland resulted in 6,400 claims worth £40 million.

– There were 278,000 claims from insured motorists for vehicle damage costing £530 million. Many of these claims were for low speed collisions, as motorists struggled on icy roads.

Nick Starling, the ABI’s Director of General Insurance and Health, said: “Insurers always respond quickly to the large numbers of claims that often follow from bad weather, and helped thousands of customers get through a very tough December. The big freeze highlighted that when bad weather strikes there is no substitute for insurance.

“During a similar bout of freezing temperatures the previous winter, insurers paid out £700 million in weather-related claims. Despite the last couple of winters being costly, insurers will continue to do all they can to ensure that the market remains as competitive as possible for consumers.”

Source : ABI Press Release

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Fitch Ratings has affirmed PrismaLife’s (PL) Insurer Financial Strength (IFS) rating at ‘BBB+’, Long-term Issuer Default Rating (IDR) at ‘BBB’ and senior bond rating at ‘BBB’. The Outlooks on the IDR and IFS ratings are Stable.

PL’s ratings reflect the unit-liked life insurer’s risk-averse insurance approach with limited insurance and investment risks as the policyholder carries the risk of falling equity markets. Remaining mortality and disability risk is largely reinsured, which Fitch views positively.

PL’s business approach has little regulatory capital requirement under the Solvency I regime, which resulted in a regulatory solvency position of over 1000% over the past years. However, Fitch expects that with the introduction of Solvency II, PL’s regulatory solvency margin will decrease significantly as the new regime reflects other sources of risk besides insurance risk, such as operational risk, asset risk and foreign exchange risk. Fitch views the company’s capitalisation as strong and recognises that PL’s capital position shows resilience in Fitch’s stress tests.

Fitch notes that concerns of decreasing new business as well as rising lapse rates did not materialise in the years after the financial crisis for PL, and gross premiums remained at EUR180m in 2009. At Q3 2010, gross premiums had increased by 9%, which reflects the recovering customer demand for unit-linked products.

Fitch notes that PL’s distribution mix is gradually moving away from its strongest distribution channel, AFA International AG, which is owned by Sky Tower Holding, which also majority owns PL. Fitch views this as credit neutral to date since a more widespread sales channel mix reduces dependencies. However, PL is able to exert greater control over the AFA channel than over independent brokers.

From 2008, PL changed the financing of acquisition costs. Acquisition costs were excluded from insurance premiums and their payment is governed by a separate contract among policyholders and their advisors. This changed PL’s earnings profile and led to a period of subdued earnings in 2009 and 2010. However, 2010 showed a trend of recovery of earnings generation and Fitch expects this to continue in 2011 and beyond.

Fitch notes that financial leverage remains high, although with a decreasing trend since PL’s capital increases as a result of retained earnings and limited dividends to date. Furthermore, the company reduced its amount of outstanding senior debt to EUR16.1m in 2010 from EUR20m, which positively affected debt leverage. Interest coverage dropped significantly in 2009/2010 as earnings decreased but show signs of improvements.

Other offsetting factors include PL’s dependency on unit-linked products and the lack of geographic diversification since 98% of the company’s revenues are within Germany. The rating is also constrained by the company’s limited scale and relatively short track record.

Continued improvement in franchise, diversification and scale of the company in conjunction with a decrease in financial leverage could lead to an upgrade. Significant and prolonged reduction in demand for PL’s unit-linked insurance policies leading to a deterioration of the company’s business profile would lead to a downgrade. An increase in leverage or a decrease in interest coverage would also lead to downward pressure on the ratings.

Source : Fitch Ratings Press Release

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Four U.S. banks were closed by regulators on Friday in Florida, Michigan, Wisconsin and California, cutting a new, $145 million hole in the Federal Deposit Insurance Corp. fund as the credit crunch continues to claim victims.

Port Orange, Fla.-based Sunshine State Community Bank, which had $116.7 million in deposits as of Dec. 31, was closed, the FDIC said in a statement. The bank’s failure will cost the deposit-insurance fund $30 million, the FDIC said.

Troy, Mich.-based Peoples State Bank was also closed. The bank had $389.9 million in deposits as of Dec. 31, the FDIC said, and its failure will cost the deposit-insurance fund $87.4 million.

Cassville, Wis.-based Badger State Bank, which had $78.5 million in deposits, was closed. Badger State Bank’s failure will cost the deposit-insurance fund $17.5 million, the FDIC said.

In addition, Palm Springs, Calif.-based Canyon National Bank was closed. Canyon National Bank had $205.3 million in deposits as of Dec. 31, and its failure will cost the deposit-insurance fund $10 million, the FDIC said.

Source : Marketwatch

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Europe’s continent-wide emergency call number might save lives if anybody knew about it. But after years of existence only one out of four European Union citizens are aware of the 112 hotline.

On 11/2, the date chosen by the EU to spread the word on 112, the European commission cited a survey showing only 26 percent of the 27-nation bloc’s half a billion citizens knew the number to call police, firefighters or medical services anywhere across the union.

In Britain, Greece, Italy and Cyprus the proportion slumped to one in 10. EU telecom rules dating back to 2003 require 112 be available from fixed and mobile phones free of charge — though a German tourist calling in Finland would need to speak Finnish, Swedish or English to get help fast for that vital 10-second span that can save a life. Alternatively, the caller could wait for an interpreter. Over the years, the EU has taken action against countries not working to get 112 up and running, but sending the message to Europeans has been even harder — in 2008, 22 percent of citizens were aware of it compared to 26 percent now.

In 2009 the EU ruled that citizens travelling with mobile phones while roaming across Europe be told by SMS about 112 free of charge. But the survey released Friday says 81 percent of travellers claim not to have received the information. Currently several countries are using 112 as their national emergency number — the Netherlands, Portugal, Romania and Sweden — and it can also be picked up outside the EU, in Croatia, Montenegro and Turkey. “112 saves lives but only if people know about it,” said commissioner Neelie Kroes. “Member states must do more.”

Brussels, Feb 11, 2011 (AFP)

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A US study published Tuesday suggested that early stage breast cancer patients who have a small amount of lymph node removed fare as well as those who get more extensive surgery.

Researchers examined data from women whose breast cancer had spread to a nearby lymph node and studied survival rates among those who had the first lymph node, or sentinel lymph node, removed compared to those who had lymph nodes from the armpit removed, known as axillary lymph node dissection (ALND).

Their results showed that “do not benefit from the addition of ALND in terms of local control, disease-free survival, or overall survival, and that ALND may no longer be justified for certain patients,” the study said.

“Implementation of this practice change would improve clinical outcomes in thousands of women each year by reducing the complications associated with ALND and improving quality of life with no diminution in survival.”

The California-based study included 891 patients who were followed from 1999 to 2004.

The limited surgical intervention resulted in five-year overall survival rates of 92.5 percent compared to 91.8 percent among those who had more lymph nodes taken out.

Disease-free survival was also similar across the two groups, with 83.9 percent in the sentinel node group and 82.2 in the group that had more extensive intervention.

The research was published in the Journal of the American Medical Association.

Washington, Feb 8, 2011 (AFP)

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Boredom is provoking as many as a third of drivers to take unnecessary risks at the wheel, a new study has found.

Researchers at Newcastle University found that drivers who didn’t find the highways taxing enough were more prone to speeding or overtaking as they sought excitement. As a result the researchers suggest that making roads more complicated by building in more obstacles could actually make them safer.

The study of 1,563 drivers published in Transportation Planning and Technology, highlights to planners that efforts to make roads safer could unintentionally provoke more accidents as people take risks to liven up their journey.

Edmund King, President of the AA and Visiting Professor of Transport at Newcastle University said: “As cars come fitted with more gadgets to make driving easier and planners remove more of the distractions it comes as no surprise to me that some people are finding that driving has become a bore. With that comes an increase in the risks drivers take as they mentally switch-off instead of focussing on the road. Drivers need to stay alert at all times.”

Nervous/easily bored

In the study drivers are put into four groups. The first category, made up of nearly a third of drivers (31%) included those who are easily bored, nervous and ‘dangerous’i.e. more likely to have an accident. More younger drivers came into this category but more women were also found to be in this group, looking for driving thrills.

Enthusiastic

The largest group, making up 35% of the driving population, are described as ‘enthusiastic’. The Newcastle University researchers found that they were less likely to have a crash because they find driving more challenging or intrinsically interesting. This kind of motorist enjoys driving, is calmer and therefore less likely to have an accident.

Slow/dislike driving

More than one in five drivers (21%) were categorised as slow and as disliking driving. While unlikely to get fined for speeding they also drove the least.

Safe and slow

The smallest group – just 13% of motorists – were labelled as safe and slow. Admitting to driving slowly in cities they were also most positive about life in general.

Lead researcher Dr Joan Harvey said: “It would be nice to think that we could train people to be better drivers but we think that those people who would most benefit from training are the least likely to take part. So we’ve considered the other options and contrary to what you might expect when driving, hazards can actually increase our attention to the road so this may well be the way forward for planners.

“In towns we may need to start considering some radical schemes such as removing kerbs so there are more hazards – like pedestrians – around your car. Our research suggests that this might actually improve people’s driving.”

The Newcastle research team including Dr Neil Thorpe and Simon Heslop asked 1,563 UK drivers aged 17 to over 66 years old to complete a questionnaire about their driving style and personality. They were also asked to estimate the speed they would drive on four different road types. This information formed the basis for identifying clusters of people as drivers based on their boredom levels. These boredom-based clusters were then compared in terms of age, sex, personality, attitude, emotions and accident and offence data.

Source : The AA

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Romance has blossomed for more nearly a quarter (23%) of holidaymakers, according to new research from AA Travel Insurance.

Those aged between 25 and 34 are most likely to have enjoyed a holiday ‘fling’ (25%) although such romantic encounters seem rarely to stand the test of time.

In fact, more than two-thirds (68%) of those who did experience a holiday romance never met their partner again, even though some kept in touch for a time.  Of them, half described their relationship as a ‘five-minute wonder’ and the other half said it was ‘fantastic’ to have a ‘no-strings’ affair.

Some (13%) said they fell ‘madly in love’ and met did meet again, but still the relationship didn’t develop further.

Teresa Brewer, manager of AA Travel Insurance, suggests that for many, it’s not just the pressures of home and work that are left behind, but inhibitions too: opening the doors to a romantic encounter.

“It’s clear that most holiday romances are just that – they don’t go any further because things you might share when on holiday just wouldn’t or couldn’t work when you get home.

“But occasionally a spark is struck that turns into the long-term flame of love – in fact, nearly a fifth (18%) went on to form a long-term relationship while a surprisingly high number (7%) say they met their lifetime partner while on holiday.”

In fact, older respondents are most likely to have made the most of a holiday romance when younger, with just over 11% of those aged 60 or over saying they had met their lifetime partner during a holiday.

Says Teresa Brewer: “I believe that is a reflection of changing opportunities to develop a romance.  When those aged 60 were young, they didn’t have the benefit of social websites or the club scene that we have today so a holiday presented a good opportunity to meet someone special.”

However, things don’t always turn out so well with a few (3%), mostly women, saying that it was the ‘worst thing that could have happened’.

“Holidays really can throw up the unexpected – including the possibility of meeting your perfect partner.  But whether that happens or you just enjoy a short holiday encounter, you’ll want to be sure you can enjoy your hard-earned leisure time and make the most of the opportunities that come along.  For most, that will be simply enjoying new experiences and seeing new sights.

“However, it really is important to make sure you have decent travel insurance because sometimes the unexpected may be less welcome: and that’s when insurance can make a real difference.”

Key findings

– 3,000 interviews were carried out by One Poll for AA Travel Insurance in December, 2010.

– 22% of respondents had experienced a ‘holiday romance’, the 25-34 age group (25%) most likely to have done so.

– 39% said it was a ‘five minute wonder’ and went no further

– 29% had a ‘fantastic’ fling and kept in touch for a time but didn’t meet their partner again

– 13% ‘fell madly in love’ but it didn’t last

– 9% ‘fell madly in love’ and went on to form a long-term relationship

– 7% met their lifetime partner on holiday

– 11% said it was ‘the best thing that could have happened’

– 3% said it was ‘the worst thing that could have happened’

– 2% had property or money stolen off them by the person they met

Differences between men and women

– Men (24%) are more likely to have enjoyed a holiday romance than women (20%)

– Women (8%) are more likely to have met their lifetime partner while on holiday than men (5%)

– Women (4%) are twice as likely to admit that a holiday romance was ‘the worst thing that could have happened) than men (2%)

– Men are more likely to have had property or money stolen off them (2% against 0.3%)

Age differences

– Those aged 55-59 (49%) are most likely to have enjoyed a ‘five-minute wonder’

– Those aged over 60 (31%) are overwhelmingly likely to say their holiday romance was the ‘best thing that could have happened’ and are also most likely to have had a ‘no-strings fling’ and kept in touch, but never met again (19%).  This age group is also most likely to have met their lifetime partner (11%) while on holiday

– The 18-24 age group are most likely to have fallen in love and formed a longer-term relationship

– The youngest respondents, aged between 18 and 34, are most likely to have regretted their holiday romance (4%), almost twice as many as any other age group.  This age group exclusively had property or money stolen off them.

Source : The AA

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Greek doctors began a four-day strike Monday against an overhaul of health care dictated by the European Union and the IMF to aid the debt-ridden country, which will be voted in parliament this week.

Some 7,000 doctors working for the country’s largest social security organisation IKA, which covers 5.3 million Greeks, walked off their jobs, while dozens of doctors staged a sit-in on the grounds of the health ministry.

Athenian doctors will be followed later this week by colleagues in Salonica, Greece’s second biggest city after its capital.

The reform, which will be voted in the Greek parliament on Wednesday, aims to reorganise the country’s failing health coverage, open up the medical profession and modernise its services, which are often clogged by bureaucracy.

The strikes came as a group of EU and International Monetary Fund experts began an audit of finances that will determine whether Athens will receive the next tranche of a 110-billion-euro ($149-billion) loan package agreed last May.

Greece has so far drawn 38 billion euros of the loan package by the EU, IMF and the European Central Bank, dubbed the troika, that saved it from bankruptcy last year.

The experts will determine whether it will be granted the fourth instalment, worth 15 billion euros.

Pharmacists went on strike Monday as well to protest against their sector’s deregulation, also part of austerity measures prescribed by the three backers.

Athenes, Feb 7, 2011 (AFP)

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In a private letter obtained by The Sunday Telegraph, the association instructed its board members to prepare for a judgment by the European Court of Justice that using a person’s sex to calculate insurance premiums is illegal.

However, in a fresh twist, the association also acknowledged that the ruling could apply to existing insurance contracts – in a move that experts fear would immediately push up the costs of motor insurance premiums for women by a quarter.

The changes could also apply to male retirement incomes as men typically benefit from higher annuity rates than women.

In the letter, Maggie Craig, acting director general at the insurance trade body, said the judgment is expected at the beginning of March: “After careful consideration, our firm advice is that member companies should make the necessary preparations for a judgment by the ECJ that as a general principle differences in premiums and benefits in insurance contracts based on gender are illegal.

“We cannot safely determine whether the judgment will apply to existing contracts. However, we advise member companies to include in their preparations the possibility that the judgment may apply to existing contracts.”

Related Articles

The UK insurance industry has feared the end of gender- specific insurance policies since receiving a legal analysis from the law firm, Slaughter and May, earlier this year

They are advised that “any attempt to influence the ECJ would be at best useless and probably counter-productive”.

Adrian Webb, a spokesman for insurer Esure, which owns the female-orientated Sheilas’ Wheels brand said: “We could soon be facing a new law that will hit millions of women through artificially increased premiums for car insurance with prices that no longer accurately represent the risk drivers actually represent.

“The fact that men and women pass their driving tests at very similar rates at age 17 but within the next three years 25 young men will be prosecuted for dangerous driving for each young woman is an indication that bad driving is
a choice, not something ingrained in gender.”

Source : The Telegraph

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Cyclone Yasi may have cost Australia up to $5 billion in damages after ripping through the country’s northeast, destroying towns and key crops, catastrophe modeller EQECAT estimated Friday.

Damages could cost Australia, still recovering from unprecedented floods, $3-$5 billion (2.2-3.7 billion euros), said the firm, which is heavily relied on by the insurance industry.

Yasi hit the Australian coast Wednesday at Mission Beach, between the cities of Innisfail and Cardwell, which lie in a heavily populated agricultural and tourist region near the world famous Great Barrier Reef.

The most powerful cyclone to hit Australia in a century, Yasi packed winds of 290 kilometres (181 miles) per hour across a front that was hundreds of kilometres wide, with a seething eye measuring about 35 kilometres in width.

It was later downgraded to a category two storm.

A separate modelling firm, AIR, put the estimate much lower at $340 million to $1.49 billion (250 million to 1.1 billion euros).

EQECAT and AIR use historical data and complex mathematical formula to measure the potential impact of natural disasters. Major insurance companies use their estimates to reduce their exposure to the most expensive risk.

Yasi destroyed 20 percent of Australia’s sugar cane production and 85 percent of banana supplies that were harvested in Queensland, the hardest hit region.

Paris, Feb 4, 2011 (AFP)

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Aon Corporation today reported results for the fourth quarter and full year ended December 31, 2010.

Net income attributable to Aon stockholders increased 17% to $231 million or $0.67 per share, compared to $198 million or $0.69 per share for the prior year quarter.  Net income attributable to Aon stockholders from continuing operations increased 63% to $232 million or $0.67 per share, compared to $142 million or $0.49 per share for the prior year quarter.  Net income per share attributable to Aon stockholders from continuing operations, excluding certain items, decreased 13% to $0.84 compared to $0.96 for the prior year quarter reflecting the merger with Hewitt, including $37 million in additional intangible asset amortization and a higher effective tax rate.  Certain items that impacted fourth quarter results and comparisons with the prior year quarter are detailed in the reconciliation of non-GAAP measures on page 12 of this press release.

“In Risk Solutions, we posted our strongest rate of organic revenue growth in three years and expanded operating margin 70 basis points,” said Greg Case, president and chief executive officer.  “We begin 2011 in a position of strength, as the leading global professional services firm focused on risk and people.  The integration of Aon Hewitt is well underway and client reaction has been exceptional.  Cost savings related to our restructuring programs and operational initiatives are expected to drive significant margin improvement, and our strong cash flow generation provides financial flexibility as demonstrated by the repurchase of $150 million of Aon stock in the quarter.”

FOURTH QUARTER FINANCIAL SUMMARY

Total revenue increased 40% to $2.9 billion from the prior year quarter due to a 41% increase in commissions and fees resulting from acquisitions, primarily Hewitt, net of dispositions and a 2% increase in organic revenue, partially offset by a 1% decrease from foreign currency translation.

Total operating expenses increased 36% or $655 million to $2.5 billion due primarily to the inclusion of operating expenses related to the merger with Hewitt, partially offset by benefits related to the restructuring programs and an estimated $28 million favorable impact from foreign currency translation.

Depreciation and amortization expense increased 92% or $61 million to $127 million compared to the prior year quarter due primarily to the inclusion of $37 million in intangible amortization and $26 million of depreciation expense related to the merger with Hewitt.  The Company expects intangible asset amortization related to the Hewitt merger to be approximately $241 million in 2011, $310 million in 2012, $288 million in 2013 and to continue to decline each year from 2014 through 2023, resulting in total intangible amortization related to the merger with Hewitt of approximately $2.0 billion.

Restructuring expenses were $57 million in the fourth quarter compared to $175 million in the prior year quarter.  In the fourth quarter, the Company incurred $52 million of costs under the Aon Hewitt restructuring program and $5 million of total costs under the Aon Benfield and 2007 restructuring programs.  The total expected cost of the Aon Hewitt restructuring plan is $325 million.  The Company has completed all restructuring activities and incurred 100% of the total costs for the 2007 program and has incurred approximately 88% of the total costs necessary to deliver the remaining savings under the Aon Benfield program.  An analysis of restructuring-related expenses by segment and type are detailed on page 13 of this release.

Restructuring savings in the fourth quarter related to the 2007 restructuring program are estimated at $128 million compared to $108 million in the prior year quarter.  Of the estimated restructuring savings in the fourth quarter, $107 million were related to the Risk Solutions segment primarily from workforce reductions.  Before any potential reinvestment of savings, the 2007 restructuring program is expected to deliver cumulative cost savings of $536 million in 2011.

Restructuring savings in the fourth quarter related to the Aon Benfield restructuring program are estimated at $27 million compared to $17 million in the prior year quarter.  Before any potential reinvestment of savings, the Benfield restructuring program is expected to deliver cumulative cost savings of $122 million in 2011.

Restructuring savings in the fourth quarter related to the Aon Hewitt restructuring program are estimated at $4 million.  The Aon Hewitt merger is expected to deliver cumulative cost savings of $355 million in 2013, including $280 million related to the restructuring program and $75 million in areas such as information technology, procurement and public company costs.

Currency fluctuations in the fourth quarter had no material impact on adjusted net income from continuing operations per diluted share when the Company translates prior year quarter results at current quarter foreign exchange rates.

Effective tax rate on net income from continuing operations increased to 32.8% in the fourth quarter compared to 25.4% in the prior year quarter due primarily to certain deferred tax adjustments and changes in the geographical mix of income following the completed merger with Hewitt.  The Company anticipates an effective tax rate on net income from continuing operations of 30.0% for 2011.

Discontinued Operations after-tax loss was $1 million in the fourth quarter compared to an after-tax gain of $56 million or $0.20 per share in the prior year quarter.  The prior year quarter primarily reflects the recognition of a foreign tax credit carryback related to the sale of Combined Insurance Companies of America (CICA).

Average diluted shares outstanding increased to 346.7 million in the fourth quarter compared to 287.8 million in the prior year quarter due primarily to the issuance of 61 million shares of common stock related to the merger with Hewitt, partially offset by the Company’s share repurchase program.  The Company has approximately $15 million remaining under the share repurchase program which began in 2005 and $2 billion under the share repurchase program previously authorized in 2010.

FOURTH QUARTER SEGMENT REVIEW

Certain noteworthy items impacted operating income and operating margins in the fourth quarter of 2010 and 2009.  The fourth quarter segment reviews provided below include supplemental information related to organic revenue, adjusted operating income and operating margin which is described in detail on the “Reconciliation of Non-GAAP Measures – Organic Revenue” on page 11 and “Reconciliation of Non-GAAP Measures – Operating Income and Diluted Earnings Per Share” on page 12 of this press release.

RISK SOLUTIONS (Formerly known as Risk and Insurance Brokerage Services)

Less:
(millions) Fourth Quarter Ended Less: Acquisitions,
Commissions, Dec 31, Dec 31, % Currency Divestitures, Organic
Fees and Other 2010 2009 Change Impact Other Revenue
Retail $ 1,417 $  1,347 5% (1)% 2% 4%
Reinsurance 336 339 (1) – – (1)
Subtotal $ 1,753 $  1,686 4% (1)% 2% 3%
Investment Income 12 14 (14)%
Total Revenue $ 1,765 $  1,700 4%

Risk Solutions total revenue increased 4% to $1.8 billion compared to the prior year quarter due to 3% organic growth in commissions and fees and a 2% increase from acquisitions, primarily Allied North America, net of dispositions, partially offset by a 1% unfavorable impact from foreign currency translation and a 14% decline in investment income.

Retail organic revenue increased 4% and reflects the highest rate of organic revenue growth since the second quarter of 2007.  By geographic region in Retail, the Americas organic revenue increased 3% due to strong growth in Latin America and modest growth in U.S. retail.  U.K. organic revenue increased 6% due primarily to strong new business growth and growth in the Affinity business.  EMEA organic revenue increased 5% due to strong new business growth in Continental Europe.  APAC organic revenue increased 7% reflecting strong new business growth in Australia and New Zealand.  Reinsurance organic revenue decreased 1% due primarily to soft pricing in the U.S. for treaty placements, partially offset by strong growth in capital market transactions and advisory business.

Fourth Quarter Ended
(millions) Dec 31, Dec 31, %
2010 2009 Change
Revenue $  1,765 $ 1,700 4%
Expenses
Compensation and benefits 958 1,099 (13)
Other expenses 433 407 6
Total operating expenses 1,391 1,506 (8)
Operating income $    374 $    194 93%
Operating margin 21.2% 11.4%
Operating income – adjusted $     387 $    361 7%
Operating margin – adjusted 21.9% 21.2%

Compensation and benefits for the fourth quarter decreased 13% or $141 million compared to the prior year quarter due primarily to a $129 million decrease in restructuring related costs, benefits related to the restructuring programs and a $14 million favorable impact from foreign currency translation.  Other expenses for the fourth quarter increased 6% or $26 million as the prior year quarter benefitted from certain insurance recoveries, partially offset by a $28 million decrease in restructuring related costs, benefits related to the restructuring programs and a $6 million favorable impact from foreign currency translation.

Fourth quarter operating income increased 93% to $374 million.  Adjusting for certain items detailed on page 12 of this press release, operating income increased 7% or $26 million to $387 million and operating margin increased 70 basis points to a record 21.9% compared to the prior year quarter due primarily to an increase in organic revenue and benefits related to the restructuring programs, partially offset by certain insurance recoveries that benefitted the prior year quarter.

HR SOLUTIONS (Formerly known as Consulting)

(millions) Fourth Quarter Ended Less: Less:

Acquisitions,
Commissions, Dec 31, Dec 31, % Currency Divestitures, Organic
Fees and Other 2010 2009 Change Impact Other Revenue
Consulting Services $    579 $    299 94% (1)% 93% 2%
Outsourcing 580 51 1,037 (1) 1,040 (2)
Intersegment (8) – N/A N/A N/A N/A
Subtotal $ 1,151 $    350 229% (1)% 230% -%
Investment Income – – N/A
Total Revenue $ 1,151 $    350 229%

HR Solutions total revenue increased 229% to $1.2 billion compared to the prior year quarter due to acquisitions, primarily Hewitt, net of dispositions, partially offset by a 1% unfavorable impact from foreign currency translation. Organic revenue in Consulting Services increased 2% primarily reflecting strong growth in global compensation consulting and investment consulting, partially offset by the impact of weak economic conditions on retirement consulting.  Organic revenue in Outsourcing decreased 2% due primarily to a decline in project-related revenue and price compression in Benefits Administration, partially offset by new client wins in Benefits Administration and growth in point solutions revenue in HR Business Process Outsourcing.

Fourth Quarter Ended
(millions) Dec 31, Dec 31, %
2010 2009 Change
Revenue $  1,151 $    350 229%
Expenses
Compensation and benefits 737 210 251
Other expenses 328 81 305
Total operating expenses 1,065 291 266
Operating income $      86 $      59 46%
Operating margin 7.5% 16.9%
Operating income – adjusted $    157 $       73 115%
Operating margin – adjusted 13.6% 20.9%

Compensation and benefits for the fourth quarter increased 251% or $527 million from the prior year quarter due primarily to the inclusion of operating expenses related to the merger with Hewitt, a $40 million increase in restructuring related costs and $11 million of costs related to changes in certain employee benefit plans, partially offset by benefits related to the restructuring programs.  Other expenses increased 305% or $247 million from the prior year quarter due primarily to the inclusion of Hewitt operating expenses, a $37 million increase in intangible asset amortization expense and $18 million of integration costs, partially offset by benefits related to the restructuring programs.

Fourth quarter operating income increased 46% to $86 million.  Adjusting for certain items detailed on page 12 of this press release, operating income increased 115% or $84 million to $157 million reflecting the merger with Hewitt.  Operating margin decreased 730 basis points to 13.6% versus the prior year quarter due primarily to an increase in intangible asset amortization expense related to the merger.

INCOME FROM CONTINUING OPERATIONS

Fourth Quarter Ended
(millions) Dec 31, Dec 31, %
2010 2009 Change
Risk Solutions $     374 $     194 93%
HR Solutions 86 59 46
Unallocated revenue – 29 (100)
Unallocated expenses (38) (41) (7)
Operating income from continuing operations before tax $     422 $     241 75%
Interest income 6 5 20
Interest expense (65) (35) 86
Other (expense) income (3) 7 (143)
Income from continuing operations before tax $    360 $     218 65%

Unallocated revenue declined $29 million compared to the prior year quarter.  The prior year quarter reflected revenue related to the Company’s equity ownership in certain insurance investment funds acquired with Benfield.  Unallocated expenses of $38 million include $3 million of transaction costs related to the merger with Hewitt.  The prior year quarter included $5 million of costs associated with the Company’s equity ownership in certain insurance investment funds.  Interest expense increased $30 million to $65 million due primarily to an increase in the average amount of debt outstanding following the merger with Hewitt.  Other expense was $3 million in the fourth quarter compared to other income of $7 million in the prior year quarter.  The fourth quarter includes an $8 million loss related to the early extinguishment of debt primarily acquired in the merger with Hewitt, partially offset by gains from investments.  The prior year quarter primarily included gains from investments and the sales of certain businesses.

2010 FULL YEAR SUMMARY

Total revenue for 2010 increased 12% to $8.5 billion due to a 12% increase in commissions and fees resulting from acquisitions, primarily Hewitt, net of dispositions and a 1% favorable impact from foreign currency translation, partially offset by a $49 million decline in revenue from certain insurance investment funds and a $19 million or 26% decline in investment income.  Risk Solutions total revenue increased 2% to $6.4 billion and HR Solutions total revenue increased 67% to $2.1 billion.

Net income attributable to Aon stockholders for 2010 decreased 5% to $706 million compared to $747 million for the prior year.  The prior year includes the recognition of a foreign tax credit carryback related to the sale of CICA and a $43 million after-tax gain on the sale of Automobile Insurance Specialists (AIS).  Net income attributable to Aon stockholders from continuing operations increased 15% to $733 million compared to $636 million for the prior year.  Net income attributable to Aon stockholders, excluding certain items, increased 3% to $929 million compared to $906 million for the prior year.  Certain items that impacted full year results and comparisons against the prior year are detailed in the reconciliations of the impact of non-GAAP measures on page 12.

Net income attributable to Aon stockholders for 2010 decreased 8% to $2.37 per share compared to $2.57 per share for the prior year.  Net income attributable to Aon stockholders from continuing operations increased 12% to $2.46 per share compared to $2.19 per share for the prior year.  Net income attributable to Aon stockholders, excluding certain items, was similar at $3.12 per share compared to $3.11 per share for the prior year.  Certain items that impacted full year results and comparisons against the prior year are detailed in the reconciliations of the impact of non-GAAP measures on page 12.

During 2010, the Company repurchased approximately 6.1 million shares of common stock for $250 million at an average price of $41.17 per share.

Source : Aon Press Release

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Insurance Australia Group Limited (IAG) today provided an update on its calendar 2011 catastrophe reinsurance programme, in light of recent severe weather events including Tropical Cyclone Yasi and last month’s storms and floods across Queensland, Northern New South Wales and Victoria.

IAG Managing Director and Chief Executive Officer, Mr Michael Wilkins, confirmed the Group’s comprehensive reinsurance arrangements for the 2011 calendar year were structured similarly to the programme that operated in 2010 and include:

– A main catastrophe programme, which covers losses from $250 million up to $4.1 billion;

– A three-year arrangement that reduces IAG’s maximum event retention (MER) for a first event to $150 million;

– Additional covers that reduce the MER for a second event to $125 million, and for a third event to $50 million; and

– An aggregate cover of $150 million excess of $150 million, which provides protection for accumulated losses arising from events larger than $15 million, across IAG’s operations, capped at a maximum of $50 million per event.

While assessments of the recent severe weather events in Australia are still ongoing, natural peril claim costs from the storms and floods in South-East Queensland and Northern New South Wales are currently estimated to total $110 million – $130 million, while those from the severe weather in Victoria are expected to total $25 million – $40 million.

These events have triggered components of the reinsurance programme, such that the maximum net claim cost the Group could incur in respect of Tropical Cyclone Yasi is $125 million. It is too early to determine whether the event will reach this level.

“Our priority is to make sure those affected get the right help as quickly as possible,” Mr Wilkins said.

“We’ve already ensured additional assessors and claims staff are available to move into the affected region as soon it is safe to do so, and we’re ensuring key suppliers, including builders, and hire cars and emergency accommodation are available for our customers.

“I am extremely proud of the dedication and commitment shown by our people who are working around the clock to assist our customers.”

Source : IAG Press Release

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The Global Fund Against AIDS, TB and Malaria said Friday it was reinforcing its financial safeguards after donor Germany suspended payments following allegations of corruption.

In December the fund said that its auditors had found that a total of 34 million dollars had gone missing or been taken in four African countries before it reached the community aid programmes that needed the funding.

The fund said in a statement that it was taking “a number of measures to reinforce its financial safeguards and increase its capacity to prevent and detect fraud and misuse in its grants.”

They include greater monitoring of expenditure in destination countries and strengthened financial controls there, and more staff for financial control.

Nonetheless, 10 days ago, the fund’s executive director Michel Kazatchkine, had underlined its “most rigorous” anti fraud controls and vowed zero tolerance.

“That is why we need to have the strongest possible financial safeguards and fraud prevention measures in place and are responding aggressively when instances of fraud or misappropriation are detected,” he added on Friday.

The Global Fund is the world’s biggest single source of funding to tackle three of the world’s greatest killer diseases, with an overall budget of 21.7 billion dollars drawn from 150 countries and private donors.

Geneva, Feb 4, 2011 (AFP)

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The 25-country membership of the International Credit Brokers Alliance (ICBA) advises exporting companies in BRIC and MAVINS countries to protect themselves from both trade and political risk from their Western counterparts. ICBA’s ability to combine local service with global coordination to provide trade, credit and political risk insurance solutions for multinational companies drives success for ICBA clients in developing economies. ICBA is meeting today in Johannesburg for its Annual General Meeting.

“While economies in America and Europe continue to experience headwinds, growth is increasing in Brazil, Russia, India and China (BRIC) and the surging economies in Mexico, Australia, Vietnam, Indonesia, Nigeria and South Africa (MAVINS) as well as Colombia and Turkey,” says ICBA Operating Chairman Emmanuel Portier, who is also Partner at ICBA France. “The world’s emerging multinationals need to adopt the best practices of more established multinationals regarding trade and political risk, and ICBA brokers are here to help.”
Each of the BRIC countries is predicted to become one of the six largest economic powers by surpassing traditional economic powers, including Germany, England, France and Italy, by 2050, and the MAVINS could easily equal 60 percent of America’s current economy by as early as 2020, over 200 percent by 2050, stated the Korea Times in an article published last month.

ICBA offers trade credit and political risk insurance, and reliable, innovative solutions that meet 2011 business requirements. “ICBA brokers have a financial rather than a basic insurance background. This is a critical differentiator in the industry as trade credit insurance coverage becomes increasingly driven by banking and financial rules, such as European IFRS and Basel II protocols,” says Portier. “and to generate an insured’s cash capacity, based on receivables secured, is also a primary concern when building a credit insurance policy that works for a company.”

The ICBA serves over 7000 clients globally, including 320 multinational companies, and this number continues to increase. Business successes come by way of collaboration and multi-lateral agreements among ICBA global members. The ICBA broker network combines local service with global coordination to provide trade, credit and political risk insurance solutions for multinational companies in every sector. ICBA entrepreneurs intend to build rapport and collaboration deeper into the ICBA alliance – this is one of the strongest features and the future of the organization.

Also in Johannesburg this week, Russian and Japanese insurance brokerages will make presentations as they seek membership in the ICBA.

Source : ICBA Press Release

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The AA’s British Insurance Premium Index shows that over the last three months of 2010, car insurance premiums jumped by a further 6.4%: adding £51 to the cost that drivers typically pay for an annual comprehensive car insurance policy.  Over the year premiums have risen by a third (33.2%), or £210, to £843.

For home insurance, the typical cost of a buildings policy also rose by £10 or 7.7% over the quarter (10.2% over the year) to £143, while premiums for contents cover fell marginally to £72.

Car insurance continues to rise steeply, according to AA Index :

There is little sign of a let-up in car insurance premiums a further 6.4%, or £51, was added to the typical Shoparound* premium recorded by the AA’s benchmark British Insurance Premium Index, during the fourth quarter of last year.

Although these rises are less than the previous quarter, it is nevertheless bad news for hard-pressed motorists, coming on top of fuel duty and VAT increases in January, as well as a 1% increase in Insurance Premium Tax.  However, the AA believes that this marks the beginning of a slow-down in price rises.

Over 2010, the average Shoparound premium rose by a third (33.2%), from £633 in January 2010 meaning that, on average, drivers who shop around for their cover can still expect to find that their premiums have increased by around £210.

Third party, fire and theft (TPFT) insurance, most commonly bought by young drivers for old cars, is being offered by fewer and fewer companies and can be more costly than comprehensive cover.  It rose by 26.6% over the quarter, and 71.9% over the year, to £1,390.

Although comprehensive premiums have risen for everyone, young drivers have suffered the brunt of the increases: 17-22 year olds have seen premiums rise by 15.1% (more than 5% per month) and by 58.3% over the year, to £2,251.

Simon Douglas, director of AA Insurance, says: “There has been no let-up in premium increases as insurers struggle against losses from 2009, when for every £100 taken in premiums, £123 was being paid out in claims.

This has led to the biggest annual premium increases we have seen since the AA Index began in 1994.”

The sharp rises recorded by the Index prompted a House of Commons Transport Committee inquiry into the car insurance market.

“MPs at the inquiry learned premium increases have been fuelled by fraud; injury claims; exaggeration of claims; organised ‘cash for crash’ scams; uninsured driving and poor investment returns because of the recession.

“A sharp growth in the number of accident management and personal injury claim firms has helped to develop a hard-sell system in Britain that encourages people to claim, even if they have not suffered an injury,” Mr Douglas says.

According to the Association of British Insurers, there are 108 fraudulent motor insurance claims amounting to a combined value of £1.12million, detected every day which Mr Douglas believes is ‘just the tip of the iceberg’.  He adds that some estimates put the cost of fraud at £80 for every honestly bought car insurance policy.

“I hope that as a result of the inquiry, the Government is able to help the motor insurance industry stem haemorrhaging costs.  Swiftly introducing the Jackson reform of rogue accident management firms and increasing police resources to help tackle insurance fraud would be welcomed,” Mr Douglas says.  He points out that for smaller claims, such a whiplash injury: for every £1 paid in compensation a disproportionate 87p is paid in legal costs**.

On 11 January, Mike Penning MP, Under-Secretary of State, Department for Transport, told the Inquiry that from 1 April 2011, continuous insurance enforcement (CIE) would become law, while insurers should be given access to the DVLA database as part of the insurance application process, later this year.

“Both measures are very welcome.  They will help insurers start to get a grip on costs,” Mr Douglas says.  “CIE legislation will make it an offence to keep any vehicle that is either not insured or is subject to a Statutory Off Road Notice (SORN).  Detection will be easy, combining the records of  on both DVLA and Motor Insurance Database records and should sweep out hundreds of thousands of uninsured cars.

“Access to DVLA database information will help to prevent ‘economy with the truth’ and identify innocent mistakes, although the provisions will be voluntary.”

Mr Douglas points out that some insurers have taken cost control to the extreme, by exiting the car insurance market altogether while others are becoming increasingly choosy in the risks they underwrite.

“For example, more than half of insurers will no longer insure young drivers and many are also withdrawing TPFT cover.  As a result, premiums for them have risen to a point where they are becoming unsustainable.

“Although young male drivers are ten times more likely to have a car crash than older drivers, it is nevertheless important that the industry finds ways to help young people start their driving career safely, responsibly and affordably.”

*The Shoparound index is an average of the cheapest three quotes from around 50 insurance companies, brokers and schemes for each of a basket of risks representative of the UK population.

** ABI survey of over 50,000 low value motor accident claims between Sept 2009 and March 2010


Key findings – car insurance :

Average Premiums (Motor) January 2011
Market Summary
Average Premium Jan-11 Oct-10 % Change Jan-10 % Change Jul-94 % Change
Comprehensive £1,332.13 £1,249.71 + 6.6% £1,031.47 + 29.1% £384.50 + 246.5%
TPFT Fire & Theft £1,452.18 £1,246.41 + 16.5% £1,026.76 + 41.4% £333.39 + 335.6%

Shoparound Summary
Average Premium Jan-11 Oct-10 % Change Jan-10 % Change Shoparound only

recorded since 2004
Comprehensive £842.69 £791.82 + 6.4% £632.65 + 33.2%
TPFT Fire & Theft £1,389.97 £1,097.72 + 26.6% £808.79 + 71.9%

Aggregator Average Premiums (Motor) January 2011
Market Summary
Average Premium Jan-11 Oct-10 % Change Jan-10 % change Aggregator prices only recorded since January 2010
Comprehensive £949.99 £888.84 + 7.2% £673.73 + 41.0%
TPFT Fire & Theft £1,142.87 £1,068.70 + 6.9% £683.69 + 67.2%
Shoparound Summary
Average Premium Jan-11 Oct-10 % Change Jan-10 % change
Comprehensive £618.59 £592.08 + 4.5% £501.75 + 23.3%
TPFT Fire & Theft £761.87 £764.77 – 0.4% £602.33 + 26.5%

Annual Shoparound motor movements by age and gender
Sex Age Average Premium Shoparound
Jan-11 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Annual
Male 17 – 22 £2,750 9.60% 2.80% 14.70% 13.50% 11.93% 49.80%
23 – 29 £1,341 15.40% -1.40% 11.20% 10.70% 12.57% 36.63%
30 – 39 £687 8.80% 0.00% 11.10% 7.30% 5.66% 25.96%
40 – 49 £621 10.30% -2.50% 7.90% 10.30% 6.90% 24.05%
50 – 59 £504 16.00% -6.10% 8.40% 8.10% 6.57% 17.27%
60 – 69 £446 9.00% -0.80% 7.80% 11.80% 6.02% 26.75%
70 + £564 9.40% -0.10% 11.40% 11.70% 8.69% 35.12%
Female 17 – 22 £1,682 9.90% 7.00% 16.90% 15.50% 18.23% 70.81%
23 – 29 £868 12.20% 3.10% 11.40% 10.50% 9.49% 38.96%
30 – 39 £544 10.90% -0.70% 7.30% 8.70% 6.31% 23.13%
40 – 49 £532 13.80% -2.20% 6.90% 12.20% 6.53% 24.97%
50 – 59 £462 13.90% -4.00% 8.10% 11.40% 6.53% 23.15%
60 – 69 £376 9.20% -1.60% 6.90% 8.20% 6.04% 20.69%
70 + £401 4.20% 1.40% 9.90% 2.30% 3.59% 18.10%
All 17 – 22 £2,251 9.70% 4.20% 15.40% 14.40% 15.10% 58.33%
23 – 29 £1,098 14.10% 0.40% 11.30% 10.60% 11.01% 37.19%
30 – 39 £617 9.70% -0.30% 9.40% 7.90% 5.99% 24.73%
40 – 49 £577 11.90% -2.40% 7.50% 11.10% 6.72% 24.40%
50 – 59 £481 15.00% -5.10% 8.20% 9.80% 6.55% 20.13%
60 – 69 £413 9.10% -1.10% 7.40% 10.20% 6.03% 24.11%
70 + £475 7.00% 0.60% 10.70% 7.10% 6.02% 26.46%

Home insurance: Cost of buildings cover reaches record high, AA Index finds :

The AA’s latest benchmark British Insurance Premium Index shows that the cost of home insurance rose sharply over the last three months of 2010, as insurers become increasingly concerned with growing numbers of weather-related claims.

The Shoparound* average premium for buildings cover is now a record £143, an increase of 7.7% over the quarter and 10.2% over the year.

The cost of contents cover, however, fell slightly (by 0.8%) to £72.  Nevertheless, over the year the average Shoparound premium rose by 8.3 per cent.

The cost of a combined buildings and contents policy rose by 3% (4.9% over the year) to £200.

Simon Douglas, director of AA Insurance, says that insurers are beginning to build reserves to meet future weather-related claims.

“Flood claims are both increasing in number and unpredictability.  In just the past quarter we have seen severe weather in Cornwall, Hampshire, Sussex, the Isle of Wight and elsewhere, in places where there is no flooding history

“In addition, the early winter brought a huge increase of snow and ice related claims for the second year running – in fact the Association of British Insurers estimates that the industry is paying out £7m per day for burst pipe claims.

“There does seem to be a pattern of weather extremes developing.”

In the Autumn spending review, investment in flood defences was effectively reduced and the Government is facing pressure to explain how it will continue to protect flood-prone properties.  In 2013, an agreement between the Government and the insurance industry, known as the ‘statement of principles’ and designed to ensure that properties in such areas can continue to obtain insurance cover, comes to an end.

“The industry, including the AA, is discussing with the Government ways to meet the future insurance needs of people affected by flooding.  In is vital that a solution is found before the risk becomes a crisis: otherwise, I fear there will be thousands of properties up and down the country that will become uninsurable and thus unmortgageable,” Mr Douglas says.

The Environment Agency estimates that there are 2.5 million homes in the UK that are in areas known to be at risk from flooding.

However, the home insurance sector continues to be competitive and this is reflected in the slight fall recorded in the cost of contents cover, which continues to represent extremely good value for money.  Mr Douglas points out that since the Shoparound index started in 2004, the average cost of contents cover has fallen by 4.7% while buildings cover has increased by 47.2%.

Mr Douglas says that unpredictable weather patterns should act as a warning to householders to ensure that their home cover is up to date.  “A recent industry estimate suggested that a third of homes are under-insured which means that in the event of a major claim, insurers may pay out a percentage of the claim relative to the amount of underinsurance.

“A good new-year resolution might be to make sure that your home is properly covered for both buildings and contents,” he says.

*The Shoparound index is an average of the cheapest three quotes from around 20 insurance companies, brokers and schemes for each of a basket of risks representative of the UK population.


Key findings – home insurance :

Average Premiums (Household) January 2011
Market Summary
Average Premium Jan-11 Oct-10 % Change Jan-10 % Change Jul-94 % Change
Buildings £224.75 £213.55 + 5.2% £205.33 + 9.5% £165.15 + 36.1%
Contents £113.59 £112.01 + 1.4% £113.49 + 0.1% £105.02 + 8.2%
Combined £286.77 £279.84 + 2.5% £277.52 + 3.3% n/a n/a
Shoparound Summary
Average Premium Jan-11 Oct-10 % Change Jan-10 % Change Shoparound only recorded since 2004
Buildings £143.36 £133.16 + 7.7% £130.11 + 10.2%
Contents £72.43 £72.98 – 0.8% £66.85 + 8.3%
Combined £200.25 £194.45 + 3.0% £190.92 + 4.9%

Aggregator Average Premiums (Household) January 2011
Market Summary
Average Premium Jan-11 Oct-10 % Change Jan-10 % Change Aggregator premiums have only been recorded since January 2010
Buildings £165.60 £161.79 + 2.4% £160.87 + 2.9%
Contents £104.51 £102.77 + 1.7% £104.65 – 0.1%
Combined £230.74 £223.59 + 3.2% £231.55 – 0.3%
Shoparound Summary
Buildings Jan-11 Oct-10 % Change Jan-10 % Change Aggregator premiums have only been recorded since January 2010
Buildings £114.11 £114.17 – 0.0% £110.18 + 3.6%
Contents £66.52 £66.08 + 0.7% £66.41 + 0.2%
Combined £163.46 £165.20 – 1.1% £159.09 + 2.7%

Source : The AA


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Gabriel Bernardino will be the first Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA). Mr. Bernardino, 46, was elected by the Board of Supervisors of EIOPA on 10 January, 2011. His nomination followed a pre-selection of the European Commission and was confirmed by the European Parliament today after a public hearing held on 1 February, 2011. Mr. Bernardino is expected to assume his responsibilities on 1 March, 2011.

“I compliment the European Parliament, the European Commission and the Council of the European Union for their vision and support in establishing the European Supervisory Authorities. This fundamental change in the EU institutional landscape provides a huge opportunity for the European Union and its member states to ensure a convergent approach to supervision. There are great challenges ahead of us and I would like to thank the European Institutions along with EIOPA’s Board of Supervisors for their confidence and trust,” said Gabriel Bernardino, Chairman of EIOPA.

Mr. Bernardino added that “independence, objectivity, transparency and accountability will play a key role in making EIOPA a success story.” He added that “these principles will be applied in our day-to-day operations and in our relations with all stakeholders.”

Affirming his clear commitment towards the ambitious EIOPA objectives, Mr. Bernardino underlined that “I am committed to use the new powers in a proactive way with the ultimate goal to preserve financial stability and better protect EU consumers.”

Finally, referring to the importance of the new European System of Financial Supervision, Mr. Bernardino mentioned that “I am looking forward to work with my colleagues in EBA and ESMA to ensure cross-sectoral consistency in the context of the Joint Committee and I am delighted to be able to cooperate closely and on a regular basis with the European Systemic Risk Board (ESRB).”

Previously, Gabriel Bernardino was the Director General of the Directorate for Development and Institutional Relations at the Instituto de Seguros de Portugal (ISP). He represented EIOPA’s predecessor, CEIOPS, as Chairman between October 2009 and December 2010.

The Chairperson is an independent representative and chairs the meetings of EIOPA’s Board of Supervisors as well as the meetings of its Management Board. He represents EIOPA at the Council of the European Union, the European Commission and the European Parliament and is elected for five years. His term can be extended once.

Source : EIOPA Press Release

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Britain is having to buy new ambulances and upgrade others to cope with a growing number of overweight patients as an obesity crisis grips the country, a report said Thursday.

Every ambulance service in Britain has had to buy extra-strength wheelchairs and wider stretchers while reinforcing existing vehicles at a cost of millions of pounds, the BBC said, citing official figures.

Several fleets have also have also had to buy specialist ambulances costing up to £90,000 ($145,000, 105,285 euros) each, according to the figures, which the broadcaster obtained through a freedom of information request.

“The fact is patients are getting larger and larger and ambulances need to be able to respond immediately to what could be life-threatening situations,” Jo Webber, director of Britain’s Ambulance Service Network, told the BBC.

“Every service is having to invest money in this. It shows that some of the lifestyle changes we are seeing have a range of costs. It is not just about treating them, but the infrastructure costs as well.”

One service, the South Central ambulance trust, has spent more than £1 million in the last three years to upgrade nearly two thirds of its 180-strong fleet, it was reported.

The modifications allow ambulances to carry patients weighing up to 144 kilograms (318 pounds).

Britain has the highest obesity level in Europe, with 24.5 percent of adults classed as obese, according to a study released in December by the European Commission and the Organisation for Economic Cooperation and Development (OECD). The EU average is 14 percent.

London, Feb 3, 2011 (AFP)

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German re-insurance giant Munich Re posted Thursday a 2010 net profit of 2.43 billion euros ($3.35 billion) despite heavy losses from natural disasters and promised shareholders an improved dividend.

The result represented a slide of five percent from the 2009 figure of 2.56 billion euros but was in line with an average analyst forecast of 2.46 billion compiled by Dow Jones Newswires.

Shares in the re-insurance group showed a slight gain in early trading.   Total losses from natural catastrophes last year amounted to roughly 1.56 billion euros, more than seven times the 2009 figure of 200 million euros, a statement said.

“Despite weighty major losses, which also affected us at the end of the year, we are presenting a good result,” finance director Joerg Schneider was quoted as saying. “Our shareholders are to benefit without delay.”

Munich Re’s board will recommend an increased dividend of 6.25 euros per share, up from with 5.75 euros in 2009, he said.

The group also planned to buy back shares worth 500 million euros before its annual general meeting in 2012, the statement said.

Gross premiums written by the group last year gained almost 10 percent to 45.5 billion euros.

But the world’s biggest re-insurance company in terms of gross premiums was hit like its rivals by a series of natural disasters in 2010, the largest of which for Munich Re was “the devastating earthquake in Chile,” it said.

An earthquake in New Zealand and flooding in northeastern Australia lead to respective claims of 340 million euros and 270 million.

Looking ahead, Munich Re said only that in 2011, it “expects a somewhat better technical result than in 2010 and a consolidated result of around the same level.”

Digging into the data, Munich Re’s income from investments showed a gain of almost 10 percent last year to 8.6 billion euros.

Concerning the ERGO insurance group, in which Munich Re has concentrated its primary insurance activities, reported a profit of 355 million euros, more than double the 2009 figure of 173 million euros.

Shares in the group edged 0.13 percent higher to 117.50 euros in opening trading on the Frankfurt stock exchange, while the DAX index of German blue-chips was flat overall.

Frankfurt, Feb 3, 2011 (AFP)

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