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Aon Benfield releases its latest Monthly Cat Recap report, which provides an analysis of global natural perils in November.

Published by the company’s Impact Forecasting team, who evaluate global natural hazards for the re/insurance industry, the report highlights that the first winter weather event of the season occurred across Europe and had notable affects. Heavy snow and sub-zero temperatures left 40 people dead across parts of the UK, Germany, Poland, France, Italy, Russia, Albania, Spain, Norway, Denmark, Portugal, the Czech Republic and the Balkans. The event created travel chaos and caused an estimated economic loss of at least USD2 billion in Britain alone due to productivity interruption.

Also in Europe, heavy rains in parts of France and Belgium led to floods that killed at least five people. Belgium’s Hainaut and Brabant provinces were worst affected, with Belgian officials declaring the floods the worst in 50 years.

Later in the month, a separate flood event inundated Britain’s Cornwall region and more than 1,000 homes, businesses, schools and bridges were damaged. According to the Association of British Insurers (ABI), total insured losses were GBP10 million (USD15.5 million), and total economic losses were in excess of GBP16 million (USD25 million).

The United States also experienced its first winter storms of the season, with the Northeast, Upper Midwest, Pacific Northwest and the Rockies all being affected by heavy snows and gusty winds.

Severe thunderstorms in association with the storm systems also caused tornado damage across the Southeast, Great Lakes and the Mid-Atlantic States. Total economic losses were in excess of USD100 million, with insured losses expected to top USD25 million.

Meanwhile, after passing through the Windward Islands, Hurricane Tomas crossed parts of Hispaniola and Cuba, killing 55 people from the end of October through the first week of November. Total economic losses from Tomas in St. Lucia, the Leeward Antilles, St. Vincent and the Grenadines, Barbados, Trinidad and Tobago and Haiti were listed at USD588 million.

Steve Jakubowski, President of Impact Forecasting, said: “While the 2010 Atlantic Hurricane Season has officially come to an end and the United States did not see a landfalling hurricane for the second consecutive year, the season will go down historically as the third-most active on record. Hurricane Tomas’ effects in the Caribbean and the USD12.8 million in payouts following the event by the Caribbean Catastrophe Risk Insurance Facility (CCRIF) further show the heightened importance of insurance and re/insurance in today’s marketplace.”

Flooding and landslides continued to inundate parts of South America in November, including in Venezuela, Peru and Colombia. In Venezuela, the worst floods in 40 years affected the states of Vargas, Miranda and the Capital District, killing at least 31 people.

The rains destroyed over 56,000 homes and submerged large swaths of agricultural crops, airports, roads and bridges and forced the shutdown of several oil refineries.

In Asia, Cyclone Jal made landfall just north of Chennai, India and submerged at least 214,486 homes, nearly 2,500 kilometers (1,553 miles) of roads and over 350,000 hectares (864,868 acres) of agricultural land. Jal left at least 54 people dead and caused total economic losses of INR10 billion (USD224 million).

Flash flooding also left significant damage in parts of Thailand, India and Vietnam. In India and Thailand alone, combined economic losses from separate flood events totaled USD1.72 billion. Over 530,000 homes were destroyed along with wide swaths of crops and transportation infrastructure.

In Oceania, record rains fell across parts of the city of Melbourne in Australia – prompting several rivers to reach and surpass flood stage. The Victoria State Emergency Service (SES) reported having received over 1,000 damage reports primarily due to flooding and fallen trees.

Source : Aon Benfield Press Release

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    Five Taiwanese companies are bidding for US insurance giant AIG’s local unit, Nan Shan Life, with offers of between two and three billion US dollars, the bidders and media said Saturday.

    Chinatrust Financial, Fubon Financial, Cathay Financial as well as a consortium of Ruentex Group and Pou Chen Corporation were among the bidders, said the Economic Daily News, citing unnamed sources.

    The fifth — a surprise inclusion — was the Goldsun Group, which was said to be working with Hong Kong-based Primus Financial Holdings, whose previous bid for Nan Shan Life was rejected by local authorities, the report said.

    The companies were offering between two and three billion US dollars. Chinatrust, Goldsun and the Ruentex-Pou Chen consortium were the highest bidders, it said.

    All companies, except Fubon and Goldsun, have confirmed in statements posted on the Taiwan Stock Exchange that they are in the running, but have not elaborated.

    The bidding came after American International Group’s earlier comment that it was considering other options after the collapse of a planned 2.15 billion US dollar sale of Nan Shan Life to China Strategic Holdings.

    The Hong Kong-listed company and its partner Primus Financial Holdings called off the deal in September after it was rejected by Taiwan’s Investment Commission.

    Taiwanese authorities said they feared the Hong Kong consortium lacked the experience needed to manage an insurer and argued it had failed to provide a long-term management commitment — claims dismissed by the consortium.

    The rejection of the bid came as a blow to AIG, once the world’s largest insurer, which has been selling assets to pay back US government loans since its rescue from collapse during the 2008 financial crisis.

    Taipei, Dec 4, 2010 (AFP)

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    Aon Corporation, provider of risk management, risk and reinsurance brokerage, and human resources consulting and outsourcing, recently won six prestigious industry accolades at Reactions magazine’s annual awards ceremony in New York, highlighting the firm’s extensive and diverse global capabilities it delivers to clients every day.

    Aon Risk Solutions, the firm’s global risk management business, was named Best Global Broker, while Aon’s reinsurance intermediary and capital advisor, Aon Benfield, was named Best Reinsurance Broker. The two Aon divisions received further awards in the following categories.

    – Best Global Insurance Broking Firm for Property – Aon Risk Solutions

    – Best Global Reinsurance Broking Firm for Property – Aon Benfield

    – Best ILS Adviser – Aon Benfield

    – Best Global Reinsurance Broking Firm for Analytics – Aon Benfield

    The awards are the result of the Reactions editorial team canvassing the market through informal interviews with underwriting executives, broking executives, equity analysts and other industry observers and then making editorial choices on which companies and people were the most deserving in 2010.

    “Being named best global broker and best property broker by Reactions is a tremendous tribute to our Aon colleagues and demonstrates the enormous power that a united Aon can bring to clients,” said Steve McGill, chairman and chief executive officer of Aon Risk Solutions.

    Dominic Christian, co-chief executive officer of Aon Benfield, added: “We thank the Reactions judging panel for naming Aon Benfield the world’s best reinsurance broker, and for nominating our firm as having the best ILS, analytics and property broking capabilities. We see these awards as a reflection of our inherent strengths – the talents we share, the personalized approach we hold dear and our preparedness to invest in our future and that of our clients by better understanding risk.”

    Source : Aon Press Release

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    With Britain in the grip of freezing temperatures and snow, the ABI warns that damage caused by frozen and burst pipes and leaking water could top £650 million this winter – that is over £7 million every single day during the winter. Last winter, the coldest for thirty years, insurers paid out £644 million to homeowners and firms following damage caused by escape of water.

    To reduce the risk of frozen and burst pipes during this winter, the ABI is advising householders to:

    – Ensure that loft water pipes and water tanks are insulated.
    – Know where your stopcock that turns of the incoming water supply is, and make sure that it works.
    – If you will be away from the home on holiday or on a Christmas break ensure that it is kept as warm as possible. If you are away for a long time it may be worth draining your cold water system.

    If a pipe freezes:

    – Thaw out the pipe using gentle heat such as towels soaked in warm water or a hairdryer. Don’t use a heat gun or blow torch.
    – Remove furniture and carpet (where practical) near to the frozen pipe. This will minimise damage if the pipe bursts.
    If a pipe bursts:
    – Turn off the water at the stopcock.
    – Switch off the central heating to avoid further damage.
    – Open all taps to drain the system.
    – Contact your home insurer for advice. Most provide 24 hour emergency helplines that will arrange for repairs to be carried out as soon as possible.

    Nick Starling, ABI’s Director of General Insurance and Health, said:

    “Freezing winter weather may have arrived early this year, but insurers are ready to deal with the misery and disruption it can cause. As well as offering advice on how to keep your home safe this winter, insurers are poised to come to the aid of homeowners and businesses that have to face the often considerable damage that a burst pipe can cause.”

    Source : ABI Press Release

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    ING Groep NV, the biggest Dutch financial-services company, said the separation of its banking unit from the insurance business, which it’s planning to divest, is proceeding as scheduled.

    Today was the deadline for managers of 100 business units in 50 countries to sign off on having insurance and banking operate “at arm’s length,” Eric Robles, who’s in charge of the separation, told reporters in Amsterdam.

    ING agreed to split the units by the end of 2013 to gain European Commission approval for a bailout that included 10 billion euros ($13.1 billion) of state aid and the transfer of 21.6 billion euros of U.S. mortgage assets. The firm, which traces its roots to 1743, also agreed to separate its U.S. online banking unit, ING Direct USA, and some Dutch retail banking assets.

    Last month, ING said it had changed its “base case” to holding two insurance initial public offerings instead of one, getting separate listings for the U.S. operations and the European and Asian units. The IPOs are likely to take place in 2012, though they may come as early as in the fourth quarter of next year if conditions are favorable, Chief Executive Officer Jan Hommen said at the time.

    The company is assessing the effects of the revised scenario, which may lead to additional costs, Robles said today. The 54-year-old in August took over as head of the project that started at the end of 2009, after his predecessor Frans van Houten left to become CEO of Royal Philips Electronics NV.

    ING has said it doesn’t plan to divest ING Direct USA, which has been separated from the insurance operations, until 2013. Even so, preparations have been made, according to Robles.

    “The design for splitting ING Direct USA from the bank is ready, but won’t be executed for now,” he said.

    Source : Bloomberg

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    Giles Insurance Brokers has announced the acquisition of RA Rossborough Limited and its general insurance broking companies.

    Rossborough is the largest broker in the Channel Islands and has key offices in Southampton and the Isle of Man. Across the group, Rossborough employs around 180 people.

    The company, established in 1936, is one of the country’s leading general insurance brokers with an additional specialism in healthcare.

    Giles said the acquisition provides it with a market leading presence in the Channel Islands, a new territory for the group, and further strengthens its branch network in the UK via the addition of Rossborough’s Southampton office.

    Chris Giles CEO of Giles, said: “We are delighted to announce the acquisition of Rossborough, a move which will see us expand our business into key geographical locations which have been of interest to us for some time. This is the largest acquisition in our history and reflects the strategic opportunity Rossborough provides both geographically and within the healthcare sector. They are a leading insurance broker with a well regarded brand and we look forward to working with the team.”

    Steve Wigglesworth, current chairman of Rossborough who will be remaining as a consultant, said: “Giles is one of the UK’s leading independent brokers and I believe that under its ownership there is significant potential for further development of the Rossborough business. Rossborough is a leading brand the team look forward to growing the business further with the support and infrastructure of Giles.”

    Source : Post Online

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    The 2010 Atlantic Hurricane season, which officially ended on November 30, had the second highest number of hurricanes since records began in 1851, according to analysis by Risk Management Solutions (RMS). The season saw the formation of 12 hurricanes, five of which intensified to major hurricane status (category 3 to 5 on the Saffir-Simpson hurricane intensity scale). Only 2005 had more events, with a total of 15 hurricanes. The year 1969 also had 12 hurricanes, tying 2010 for the second highest number in a single season.

    The total number of named storms for the season reached 19, which is the third highest on record together with 1995 and 1887. The only seasons with more named storms were 2005 and 1933 at 27 and 21 respectively. The numbers of storms, hurricanes and major hurricanes are almost twice as high as the long-term averages since 1950 and higher than the averages since 1995, indicating that the Atlantic remains in a period of heightened hurricane activity.

    Mexico was struck by two hurricanes — Karl, which reached category 3 and Alex, a category 2 storm — while Belize was hit by Hurricane Richard, a category 1. The U.S. experienced a tropical storm landfall, but was spared any hurricane landfalls. This was due, in part, to a specific pattern of steering currents that managed to keep the storms away from the U.S. during the peak months of August and September. It is unlikely that this represents a long-term change in the proportion of hurricanes that make landfall in the U.S. since the patterns vary from year to year.

    “Only 1969 and 2005 have seen 12 or more hurricanes in the Atlantic and both of these years experienced U.S. hurricane landfalls,” said Neena Saith, director of catastrophe response at RMS. “While there have been other periods of high basin activity and a lack of U.S. landfalls, the 2010 season is unique in having had such a high number of hurricanes without any striking the U.S.”

    Hurricane Earl, which formed in the Cape Verde Islands in August, skirted the U.S. east coast and Canada, bringing tropical storm winds. Had it tracked 20-30 miles to the west, as originally forecast, North Carolina and New England would have been exposed to hurricane-strength winds.

    “The track that Earl was forecast to take looked remarkably similar to Hurricane Bob, which grazed the Mid-Atlantic states in 1991. Bob tracked approximately 35 miles from the North Carolina coastline as a category 3 hurricane prior to making landfall on Rhode Island as a category 2 hurricane,” said Ms. Saith. “RMS estimates that if Hurricane Bob reoccurred today, the insured damage from wind and storm surge would be around $1.6 billion.”

    Storm damage

    In total, RMS expects that total insured losses from the 2010 Atlantic hurricane season will be less than $500 million. Reports suggest that damage in Mexico from Hurricane Alex and Hurricane Karl reached around $7.5 billion, though only a minority of this is expected to be insured (Axco estimates that Alex caused around $200 million of insured damage). In Central America, Hurricane Richard is believed to have caused approximately $25 million of economic damage, according to unofficial reports.

    PCS reported an insured loss of $120 million from Tropical Storm Hermine in Texas, which was primarily attributed to rain-induced flooding.

    The Caribbean Catastrophe Risk Insurance Facility (CCRIF) – the risk pooling facility of 16 Caribbean governments – was triggered by two storms this year. It made a payment of just over $4 million to the Government of Anguilla in September from Hurricane Earl, and $12.8 million to the governments of Barbados, Saint Lucia and Saint Vincent and the Grenadines following Tropical Cyclone Tomas.

    RMS will issue a comprehensive review of the 2010 hurricane season in a white paper in January 2011. A fully upgraded suite of hurricane models for the Atlantic basin will also be released by RMS early next year. New models will be introduced for the east coast of Canada, Bermuda, Mexico and Central America, including Belize, Costa Rica, Guatemala, Honduras, and Nicaragua.

    Source : RMS Press Release

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    Aegis Group plc (“Aegis”), the media and market research group, today announces that Synovate, its market research business, is expanding its presence in Russia by signing an agreement to acquire a majority stake in COMCON.

    Synovate’s existing Russian business and COMCON, Russia’s leading independent market research agency, will combine their capabilities and resources to leverage Synovate’s global reach with a view to establishing one of the largest market research players in Russia. The new combined company will be majority owned by Synovate and the agreement allows for a 100% acquisition of the business by Synovate in 2015.

    COMCON, established in 1991, has approximately 200 employees based in Moscow and St Petersburg, and produced revenue of $18.9 million in 2009. The business, which is currently wholly owned by COMCON management, has significant custom and syndicated research capabilities and a high quality established customer base in a number of key industry sectors, including healthcare, FMCG, financial services and media.

    Jerry Buhlmann, CEO of Aegis Group, said:

    “COMCON is an exciting acquisition which will significantly enhance our position in the Russian research market and thereby support us in taking advantage of further growth in a fast-growing region. The transaction is fully aligned with our acquisition strategy of targeting transactions which will increase our scale in certain regions, provide us with additional innovation and complement our existing service propositions, with a specific emphasis on faster-growing regions.”

    Robert Philpott, CEO of Synovate, said:

    “The acquisition of COMCON provides Synovate with increased scale and resources, a wider range of management expertise and a more diverse client base in the Russian research market. Looking ahead, our significantly broader footprint in Russia will enable us to assist domestic clients to expand internationally and to support global clients in gaining access to the Russian market. This transaction therefore consolidates Synovate’s position as a leading market research provider within the Eastern European region.”

    Source : Aegis Press Release

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    Andrew King has joined Aon, leading risk and human capital solutions advisor, to enhance Aon’s Claims Consulting practice in the UK, and to contribute to the development of services across Europe, Middle East and Africa (EMEA). He will be based in London.

    Joining from Marsh, King will be working across all industries and focusing on claims preparation and management, and business interruption insurance reviews, as well as forensic accountancy.

    King will leverage existing Aon resources and add new team members to bring a comprehensive range of services including forensic accounting services, business interruption valuation and claims advocacy, to clients.

    Rory Moloney, managing director of Aon’s Global Risk Consulting team for EMEA, commented: “Developing a claims management and advocacy unit is the next step in building Aon’s already comprehensive risk consulting offering in EMEA, and completes the globalization of our offerings in this space by replicating highly successful practices already in place in the US and Asia Pacific. I am very pleased to welcome Andrew to Aon.”

    Andrew King, head of risk accounting and claims consulting for EMEA, commented: “Companies making major claims face the challenge of securing full and fair indemnification at a time when insurers are looking hard at all components of the cost of loss. Expert, professional consulting services are the key to ensuring an insurance policy responds as intended. Our team will take a multiple-discipline approach to the complex issues involved.”

    Source : Aon Press Release

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    Confused.com, the home insurance specialist, has revealed the results of new research that found that 72% of Brits feel more at risk of burglaries at Christmas, yet only one in four increase home security during this expensive time of year. Research shows a 63% increase in burglaries during the winter months at an average cost of 2,623 pounds.

    Generous Brits are expected to spend an average of 250 pounds on presents this Christmas and, according to research, the most likely hiding place for all these presents is under the bed (34%). However, with more luxury gifts and food and drink in the house than at any other time of the year, the average home very quickly becomes a tempting place for opportunistic burglars.

    To help homeowners be security savvy this Christmas, Confused.com Home Insurance have enlisted ex-burglar and home security expert Michael Fraser to offer tips and advice on how to keep the home safe.

    Michael Fraser commented: “There are simple measures homeowners can take to minimise the risk of burglaries. For instance, the research revealed that the living room is the most valuable room in their house (49% of Brits cited in the survey); it’s also a popular target for burglars. So I would advise people not to put presents under the Christmas tree until the last possible moment and closing the curtains can also help. Think carefully about where you place your valuables, make sure that they are secure and your home insurance covers you for any losses should the worst happen.”

    Gareth Kloet, Head of Home Insurance for Confused.com said: “It may sound basic but simple steps taken to protect your home could save you money and possible heartbreak at Christmas. Homeowners should be aware each home insurance provider has their own set of conditions, so make sure your items are valued correctly to avoid any unhappy faces on Christmas Day.”

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    Japan began slaughtering about 23,000 chickens Tuesday at a poultry farm in western Shimane prefecture where an outbreak of bird flu was discovered, the local government said.

    The local government of the prefecture, 600 kilometres (about 370 miles) west of Tokyo, started killing the 23,300 birds at the farm where five chickens were found dead Monday, local officials said.

    Preliminary tests confirmed that the chickens had died of the H5 subtype of the avian flu virus, the officials said.

    In an effort to prevent a larger outbreak, the local government decided to slaughter all the chickens at the farm while setting up nine checkpoints for disinfection and banned any movement of chickens within 10 kilometres.

    Tokyo, Nov 30, 2010 (AFP)

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    One of the most significant savings envisioned in the new health-care law – limiting payments to the private health plans that cover 11 million older Americans under Medicare – is, so far, bringing little of the turbulence that the insurance industry and many Republicans predicted.

    The law, which sets in motion the broadest changes to the U.S. health-care system in decades, will hold down the amount of money the government gives to Medicare Advantage plans, which are available to patients who prefer a managed-care version of the program. The savings is forecast to amount to $145 billion by the end of the decade.

    Whether the payment changes are warranted was a contentious subplot in the protracted debate over the legislation. Democrats argued successfully that the private plans were being overpaid and could withstand the changes. Republicans warned that such plans would raise prices, lower benefits or cause defections from the program, stranding the elderly people who rely on them.

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    Aviva is warning businesses of the dangers of structural damage to premises due to significant weight loads as a result of heavy and repeated snow events.

    Alistair Smith, property risk manager at Aviva, said: “Last winter saw the coldest and most severe snow conditions in three decades, with no time for the repeated snow falls to melt. This meant a build up of layers created immense pressure on roofs and in some cases caused considerable damage to property and interruption to the day-to-day running of businesses.

    “Insurance has a vital role to play in supporting recovery but forward planning can reduce the risk of some incidents occurring as well as the effect of such events on the day-to-day running of a business.

    “Before winter sets in, check roofs are in a state of good repair now before the more extreme weather hits. Then keep an eye on the weather forecasts and look out for visible signs that the roof may be under stress. A deflection of the roof or cracking, splitting or twisting in the joists, beams and girders could indicate a problem.

    “The safety of staff and others within the building is of utmost importance so if there is any doubt about the integrity of a roof then the building or area should be evacuated until professional advice can be sought.”

    Ice forms in gutters and drainpipes which results in them becoming blocked and consequently any melting snow or rain is unable to drain away from the roof. Also, when heavy snow melts during the day, it can sometimes flow under the roof tiles, and then refreezes at night. After several melting-freezing cycles tiles may be displaced, and water may enter the roof space, damaging insulation and ceilings.

    Aviva has prepared some tips and advice to ensure property owners are prepared for heavy snow this winter:

    – Roof collapses occur when the snow load exceeds the design load for the roof. Large roofs can be a problem as they may be less well structurally supported but problems can also occur where the roof lines are staggered, resulting in snow building up, sliding or drifting onto lower levels. Be careful not to introduce additional weight to roofs, such as fixed machinery. Make sure the roof is properly maintained.  If the damage is as a result of normal wear and tear any claim may not be paid.

    – Any work on roofs and gutters will involve working at height so a full risk assessment should be carried out and a safe method of work established by a competent person.  The danger of going on to a roof should not be underestimated and only those qualified to do so should be undertaking such operations.

    – Inadequate roof drainage systems and those that are blocked by debris prevent rainwater and melting snow and ice from being able to freely drain away from roofs. Check drainage and guttering when the roof is checked. The recommendation is that roofs are checked and gutters cleared at least twice a year, again taking care to observe health and safety methods or call in expert advice.

    – Snow drifts in open areas can accumulate on properties such as farms and barns that may be situated in remote areas. Regular and systematic building inspection should be a key part of any maintenance programme to help identify problems promptly, especially if expensive equipment is stored there.

    – Repair or replace missing, slipped or broken slates and damaged or rusty cladding. Ensure there are no gaps or cracks in the cladding or flashing which could allow water to enter the property.

    – Moss, which retains moisture, needs to be removed since it can cause slate to split into thin layers and can gradually erode all metals, particularly lead work. A seasonal brushing down is often all that is required to prevent excessive build up.

    – Keep attics well ventilated to reduce the build up of snow and formation of ice dams. If portable heaters are being considered you should first seek approval from your insurance company and comply with any additional requirements that may be required. Ensure that fire risk assessments are updated to reflect the additional hazard.

    Smith concluded: “By ensuring that maintenance schedules are in place and employees are on the look-out for tell-tale signs, property owners can reduce the likelihood of damage to property and business interruption caused by heavy snow this winter.”

    Source : Aviva Press Release

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    Thousands of Britons are jeopardising their safety, and the validity of their travel insurance, by skiing or snowboarding while under the influence of alcohol.

    In a survey of 1,000 British skiers by Post Office Travel Insurance, 22 per cent admitted drinking heavily (more than 12 units in a single night) during a winter sports holiday, while 39 per cent said they had hit the slopes while suffering from a hangover.

    Should a doctor deem that alcohol was a factor in a skiing accident, it could invalidate the cover, leaving the patient to pay for medical and other expenses. On average, Britons drink 10 units of alcohol on a typical night in a ski resort, according to the study.

    “It can take approximately an hour to burn off a unit of alcohol, so those who are drinking 12 units at night could still have high amounts in their system the following morning,” said Dr David Bull, who analysed the Post Office’s survey. He added that high altitudes might also increase the effect of excessive alcohol.

    Last year Telegraph Travel reported that many resorts are targeting reckless or drunken skiers. A number in the United States now employ people to patrol the pistes in search of dangerous skiers, carrying out breath tests. In Colorado, drunken skiers face a $1,000 (£635) fine.

    According to the Post Office, 75 per cent of all winter sports insurance claims made last season were for medical expenses. It said that hospital treatment for a fractured leg could cost up to £10,000, while a serious head injury could lead to costs of up to £250,000.

    An air ambulance to hospital from a ski resort would cost £14,000 in Europe, or £40,000 in North America.

    Research by the Foreign Office has suggested that many British skiers do not take out travel insurance at all.

    A survey of 2,300 people revealed that almost a third do not take out cover before heading to the slopes, while nearly two thirds are unaware that many policies will be invalidated if an accident occurs off-piste, or is deemed to be the result of excessive alcohol.

    Half of those questioned mistakenly believed that a European Health Insurance Card (EHIC) would cover the cost of transport off the slopes, and air ambulance and medical repatriation.

    “We strongly advise those hitting the slopes to take out comprehensive insurance,” said Phil Lord, a Foreign Office spokesman. “Medical treatment and repatriation can leave you thousands of pounds out of pocket.”

    Source : The Telegraph

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    National Insurance should be abolished when the government’s proposed universal state pension is introduced, a leading think-tank has claimed.

    The NI system has been abused by governments and is “riddled with anomalies, complexity and a lack of cohesion”, according to a report published yesterday by the Centre for Policy Studies.

    It called for the system to be scrapped if the government pushes through its plans to replace the current system of state pension contributions with a single universal pension of around £140 per week, with no means testing.

    To read more click here…

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    Rising fear of terror attacks in Germany is apparently spurring sales of insurance policies covering terror damages. Extremus, the country’s only insurer offering such policies, says it is experiencing increased demand.

    Based in Cologne, Extremus is a government-backed group of 16 insurers. It was founded after the Sept. 11, 2001, attacks in New York and Washington, covering losses above 25 million euros.

    Extremus executive Dirk Harbrucker says the company is in its yearly cycle of renewing policies and hasn’t had time to crunch the numbers yet. But there is “definite demand in a capacity, which we haven’t experienced before,” he told Deutsche Welle.

    Although the company got off to a lagging start in 2002, it fills a market gap left open after other insurance companies backed out. A large portion of Extremus’ policies apply to real estate, according to Harbrucker. Terror insurance, he explained, makes possible the financing of expensive properties and the establishment of real estate investment funds.

    While terrorism damages up to 25 million euros are generally covered by conventional insurance policies, that’s nowhere near enough to insure an airport, a skyscraper or an industrial facility, according to Harbrucker. All German airports are insured by Extremus.

    “If the properties are financed, then there is often pressure from the banks that all risks be covered,” he said. “It used to be that one could just say, ‘Well, okay, terror is an abstract threat. It could happen, but thus far we haven’t had it happen in Germany.'”

    Slow growth

    Operating in a niche market, Extremus has been slow to grow over the years, with 1,176 policies in 2004. Business today is slightly up, to 1,327 policies insuring 7,000 objects, some of which are bundles of multiple assets.

    The company only insures assets in Germany, where its government guarantee is valid.

    Pool Re, a British counterpart to Extremus, was founded in 1993 and has since incurred a total of 611 million pounds (724 million euros) in losses. In 2002, Pool Re removed exclusion clauses for chemical, biological, radiological and nuclear attacks.

    The need for terrorism insurance has become more apparent since the Sept. 11 attacks, which also damaged beyond repair the Deutsche Bank building adjacent to the World Trade Center. Deutsche Bank later found itself in a legal dispute with the Allianz and Axa insurance companies, which disputed the status of the building as a total loss.

    Some branches more exposed

    Katrin Ruter de Escobar, of the German Insurance Association in Berlin, says Extremus fills a vital role in creating a degree of certainty and encouraging investment into large projects.

    “Naturally, there are different risks associated with various (industry) branches and companies,” she told Deutsche Welle. “Companies that could be perceived as a symbol of the social order here have a higher risk of terror attacks. So for certain branches, it certainly makes sense. There are more exposed branches and less exposed branches.

    Recent warnings by the German government about a concrete terror plot against the country have spurred interest in the policies offered by Extremus. But given the conditions of the policies, the possibility for the company’s market expansion remains limited.

    Heike Trilovszky of Munich Re, one of the world’s largest reinsurance companies, recently said that interest in terror insurance remains low.

    “Apparently many are saying to themselves, ‘I have more significant problems, and if something happens then someone will step up, possibly the government,'” he told the German newspaper Die Welt.

    But Trilovszky warned against closing Extremus due to low demand. “The private insurance industry can’t repeat the mistakes made before 2001 and cover damages from terrorism itself,” he said.

    Source : Dw World

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    Europe banned baby bottles containing the chemical Bisphenol-A as of early next year over fears it may harm the health of children throughout the EU’s half a billion population.

    Parents across the European Union, the world’s biggest open market, “can be sure that as of mid-2011 plastic infant feeding bottles will not include BPA”, said John Dalli, commissioner in charge of health and consumer policy. “This is good news for European consumers.”

    The ban will see the “manufacture of polycarbonate infant feeding bottles with BPA” outlawed from March 1, 2011, and from June 1, 2011, “the placing on the market and the importation into the union of these bottles will be prohibited”, the commission underlined in a statement.

    Dalli’s spokesman Frederic Vincent told AFP that the commission successfully “tried its luck” by bringing forward a proposal originally intended for presentation in early 2011 and seek backing for a ban before a committee of national government experts already scheduled to meet Thursday.

    The decision does not require the approval of the European Parliament, which in any case called in June for such a ban.

    “This is the result of months of discussion and exchange of views between the commission’s services, the European Food Safety Agency (EFSA), the member states and the industry,” a delighted commission added.

    Canada became in October the first country in the world to classify Bisphenol-A as a toxic substance despite industry opposition.

    Only two EU countries, France and Denmark, had unilaterally imposed bans on baby bottles with the controversial substance. Danish authorities went a step further by extending the prohibition to all food products for children up to three years old.

    Bans are also in place in Australia, Canada and a few US states.

    EFSA issued in September an opinion by experts on the chemical, which said that Bisphenol-A was safe in very small quantities, but also pointed to areas of uncertainty.

    “It cannot be excluded that there might be an effect on the development, immune response or tumour promotion,” Dalli said in a statement on October 7.

    Brussels, Nov 25, 2010 (AFP)

    0 0

    A total of 11 bidders, including a group led by Woori Finance Holdings, have expressed interest in up to 57 percent of South Korea’s top financial services firm, the government said on Friday.

    The government closed the first round of bidding for its 57 percent stake worth about $6 billion, as it seeks to complete the privatisation of banks, which received billions of dollars of taxpayers’ money following the Asian financial crisis in the late 1990s.

    A spokesman for state-owned Korea Deposit Insurance Corp, the top shareholder of Woori, said 11 bidders have submitted their letters of intent. The official declined to reveal names of individual bidders.

    Woori, hoping to stand on its own feet and avoid being merged with a rival, publicly said earlier on Friday that its consortium led by employees had already submitted its letter of interest.

    Source : Reuters

    0 0

    A top health expert warned on Tuesday that Haiti could face as many as 200,000 cases of cholera in the coming three months and needs urgent supplies to treat an explosion of cases of the deadly disease.

    “Cholera is virtually everywhere in the country,” said Jon Kim Andrus, deputy director of the Pan American Health Organization.

    “We need to plan for enough supplies to treat as many as 400,000 cholera cases occurring over the next 12 months,” Andrus said, adding that almost four times the number of cases already seen could surface in the next quarter.

    “We need to plan for up to half of those cases occurring over the next three months because of the explosive nature of this cholera epidemic,” he told reporters.

    Andrus noted that the Haitian health ministry has reported 56,901 total cases of cholera treated in both hospital and as outpatients, with the diarrhea-causing disease now present in eight of Haiti’s 10 departments.

    The Caribbean nation ravaged by a catastrophic earthquake in January now battles a spiraling cholera epidemic that has killed 1,415 people and required 25,000 more to be hospitalized, local officials have said.

    Washington, Nov 23, 2010 (AFP)

    0 3

    More than 10,000 rescue workers sickened by toxic dust and other debris after the September 11 attacks in New York on Friday accepted a 625-million-dollar compensation payout, the government insurer said.

    “Over 95 percent of the eligible plaintiffs have accepted a settlement worth at least 625 million dollars in compensation, which will result in the dismissal of their claims,” the specially created insurer said in a statement.

    For the deal to go through, a minimum of 95 percent of the more than 10,000 plaintiffs had to accept the package, or there would have been no payment to anyone.

    Compensation is determined according to the severity of the illness and how sure it is that the condition is linked to the work done at the World Trade Center, which was destroyed by hijacked airliners on September 11, 2001, clogging lower Manhattan with toxic debris.

    That means someone who does not smoke and contracted a severe respiratory illness, like asthma, within seven months of exposure to Ground Zero can receive between 800,000 and just over a million dollars.

    Someone who is not injured but has a legal claim to fear of falling sick will receive 3,250 dollars. Someone whose cause of death is determined to have been linked to Ground Zero could receive about 1.5 million dollars.

    A lawyer for the victims, Paul Napoli, welcomed the deal, saying that the alternative was extended legal battles.

    “We negotiated for over two years to achieve this settlement for our clients, which we truly believe is the best result, given the uncertainty of protracted litigation,” he said.

    “This settlement is a fair and just resolution of these claims, protecting those who came to the aid of this city when we needed it most,” said Mayor Michael Bloomberg.

    New York, Nov 19, 2010 (AFP)

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