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Life insurance is relatively cheap for most people but can make a huge impact on the lives of loved ones we leave behind. And, unlike almost all other types of insurance, premiums on life cover are falling as life expectancy increases at a rapid rate. For instance, a 35-year-old male non-smoker can get £100,000 worth of cover on a 20 year level term policy starting at around £10 per month. Yet many people – married and single – choose to go without this most basic of insurance policies.

The main time life insurance – also known as assurance – is bought is at the same time as a house purchase. The extra financial responsibility that a mortgage brings tends to focus the minds of borrowers on what would happen if they – or their partner – died. People in full-time employment are perhaps the most obvious group who need a policy. Without your income, your family may be unable to support themselves or could be hit with unmanageable debts. In a worse-case scenario, they may be unable to cover mortgage costs and be forced to leave the family home.

In the longer term, a payout from life insurance could help provide for your children’s future and cover costs such as university fees. Even if you’re not the main breadwinner, your family may struggle to cope financially should something happen to you. For instance, AXA insurance puts the value of a stay-at-home parent at £23,000 per year.

Types of cover

Policies can run for the whole of life or for a set term, such as 20 or 25 years. Level-term insurance pays the same whenever you claim. A decreasing term policy sees the benefit reduce over the course of the policy and the premiums are slightly lower than with a level-term arrangement. Decreasing term is popularly sold alongside mortgages as the idea is that as you pay down the amount owed on the home loan the money you need the insurance to pay out also reduces.

Do I need cover?

Even if you have life insurance, it’s important to re-evaluate your level of cover in the event of any major life changes. For example you may need different protection if you take out a joint policy with your spouse and the relationship ends.

A new job or even a promotion could also be justification to re-examine your policy. A higher salary will almost certainly equate to an improved quality of life and therefore a more difficult readjustment without your income.

How much do I need?

Ideally, the payout should free your dependents from the burden of current debts and if possible, provide enough to maintain their lifestyle.

When buying a policy, it’s important you plan ahead. Life insurance can be set up with a longer term than usual in many other types of insurance, so it’s important that a policy is able to meet your needs today and in the future.

If your main priority is to cover existing debts such as your mortgage, taking out a policy for your total debt should be sufficient. However, if you want to ensure your family is comfortable financially there are a number of things to consider.

– How much would your family income drop?

– What are the family expenses and how much would they change?

– How far will your savings go?

– How much cover do you receive from your employer or company pension?

– Are there any state benefits that provide extra support for your family’s needs?

If you feel that you can’t afford the premiums on providing large sums of cover then look at your family’s priorities. Even £50,000 may be enough cover for them to be able to ride out the financial storms that could follow your death, giving them vital time to sort out their financial future.

Top tips for buying life cover

By setting up your policy in a trust you could avoid paying inheritance tax – which could be as high as 40 per cent.

– Don’t forget to investigate any death-in-service benefits offered by your employer; this may reduce the amount of life insurance cover that you need.

– If you are a smoker, giving up will reduce the cost of your premiums; however, don’t lie as insurers may investigate and this could lead to a payout being invalid.

– Shop around for the best price and cover; your mortgage provider or bank will be only one provider amongst dozens that you can try.

Source : The Independent

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Aon Corporation, the leading global risk management and human capital solutions firm, today announced that Schirmer Engineering, has been rebranded Aon Fire Protection Engineering. Aon’s fire protection engineering, building code consulting, life safety and security consulting group was acquired in 2001 and serves its clients through 19 offices worldwide.

By associating more closely in name with Aon, clients and project partners of Aon Fire Protection Engineering will realize added value, such as single-source access to an integrated team of knowledge leaders available locally in 500 offices across 120 countries, and expertise covering all aspects of risk management, including property risk control and business protection.

“The Aon brand better represents our growing global presence and will help to increase our clients’ awareness of the numerous solutions Aon provides as well as the benefits of our strong financial foundation,” said Mark Rochholz, chief operating officer for Aon Fire Protection Engineering. “As we transition to Aon Fire Protection Engineering, our clients will continue to receive the quality service and timely deliverables to which they are accustomed from our professional engineers and consultants.”

“Clients are seeking access to a strong long-term partner, the best talent in the industry, technical innovation and problem-solving experience across a range of disciplines and in all geographies,” said Neil Harrison, group managing director of Aon Global Risk Consulting. “Aon Fire Protection Engineering meets each of these needs while effectively and efficiently protecting people and property.”

Aon Fire Protection Engineering remains an integral part of Aon’s Global Risk Consulting practice.

Source : Aon Press Release

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Specialist underwriting agency DUAL Corporate Risks has appointed Tim Grant as Head of e-business.  Grant’s appointment follows the previously communicated decision to develop an e-trading SME business.

Grant, appointed into the newly created Head of e-business position, will be responsible for developing an e-trading proposition for DUAL and will report to Steven Price, Director Property & Casualty. Steven Price commented: “Tim is an experienced industry professional with specific skills in the e-business and internet trading environment that we do not have elsewhere is DUAL. He has a proven track record with insurance and financial services organisations.

“Tim will lead our strategy to develop e-trading SME business, this is an area that historically delivered strong profit for underwriters and, as such fits closely with DUAL’s ambitions of driving profitable business.”

Tim Grant joins DUAL Corporate Risks from Brit Insurance where he was Head of UK Distribution. Prior to joining Brit Insurance, Mr. Grant’s career included senior positions at AIG (Chartis as is now) and Nationwide Building Society.

Source : Hyperion Insurance Group Press Release

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AA Drive Smart eco-driving tuition helped a motoring journalist from The Sunday Times set a new world record for the longest distance travelled by a production car on a single tank of fuel.

The record of 1,526.63 miles broke the previous one by more than 67 miles and was set in a standard Volkswagen Passat Bluemotion 1.6 diesel, which has a 70 litre fuel tank. Drive Smart was established by the AA’s charity to give at-risk new drivers a refresher in road safety and eco-driving. Before the challenge, AA Drive Smart instructor Chris Watkinson coached journalist Gavin Conway on how to improve his fuel economy, achieving a 25% gain after just one test run.

Chris says: “Although Gavin is a very experienced driver, I was able to remind him of a few simple techniques – such as block changing the gears, for example from first to third; keeping to less than 2,000 revs; and removing excess weight – that anyone could benefit from.

“While it’s true that the Passat has a big fuel tank, it’s still a large, fairly heavy vehicle, so it really is some achievement to get most of the way round France on a single tank. To put it in perspective, a normal diesel car gets around 45 miles per gallon on average, and they managed to double that to 90mpg.”

To ensure all the rules of the challenge were adhered to, the AA also provided scrutineers: Donald MacSporran, the AA’s Head of Technical Performance and Training, sealed the filler flap at the start and travelled over to France for the finish; and patrols Paul Leather and Kevin Jones followed them all the way in a patrol van to continue the scrutineering and in case of any technical issues.

The record-breaking route started at the Maidstone Services on the M20 before crossing the Channel on Eurotunnel. In France, they racked up the miles on the autoroutes doing a huge circuit of the country – from Calais, passing Rouen, Caen, Rennes, Nantes, Bordeaux, Toulouse, Narbonne, Montpellier, Nîmes, Lyon, Dijon and Reims – before eventually running out of fuel not far from Arras, heading northbound towards Calais.

The trip broke a record held for eight years by John and Helen Taylor, an Australian couple who drove 1,459 miles in a diesel Peugeot 406 from Melbourne to Rockhampton, Queensland. The pair offered their “hearty congratulations” on the new record.

“This is what it’s about for us,” says John. “Encouraging everyone on the planet to go out and break records and learn how they can save fuel.”

The full route can be viewed on Google Maps and the Sunday Times feature appeared on 3 October. Although the Passat officially has a 70 litre fuel tank, when brimmed after being completely drained by a specialist AA Fuel Assist technician, it actually held 77.25 litres (16.99 gallons) of fuel. Therefore, covering 1,526.63 miles using 16.99 gallons gives an average fuel economy of 89.85 miles per gallon (mpg), equating to 6.17p per mile.

The average fuel economy for a diesel car is typically around 40-45mpg. The ‘official combined’ fuel economy figure for the Passat is 64.2mpg. To put the record distance in context, 1,526 miles is slightly further than John o’Groats to Plymouth and back (759 miles one-way). The record was set in August but wasn’t published in The Sunday Times till 3 October after waiting for verification from Guinness World Records.

Source : AA

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    German insurer Allianz has set aside a billion euros (1.37 billion dollars) for future acquisitions but will take its time and shop carefully, chief executive Michael Diekmann said in an interview published on Monday.

    One of the world’s biggest insurers wants to wait until the effects of new European capital rules for insurance companies, known as Solvency II, have become clearer, Diekmann told the Financial Times. Allianz is looking meanwhile at property and casualty insurance companies that would help fund the development of its life insurance activities, he said.

    “What I would like to do is find cash-producing entities from the P&C side to fund growth on the life side,” Diekmann explained.

    “Life needs a lot of capital to fund growth and you need to have a balancing mechanism within the portfolio,” he added.

    Allianz has not made any major purchases in years, and in 2008 it sold its loss-making banking division Dresdner Bank to the second biggest German bank, Commerzbank.

    Frankfurt, Oct 4, 2010 (AFP)

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    Prudential should sell its American business before hiving off its Asian assets, a confidential strategic review designed to appease investor concern about its inherent value has found.

    The review, undertaken by bankers at Goldman Sachs at the behest of the company’s besieged management, found that if the British insurer needed to dispose of an asset, it should be its US operations ahead of its much-vaunted Asian business.

    Although the work found that it would make sense to hive off the high-growth Asian business at some stage in the future – perhaps through an initial public offering – doing so in the current environment would not create any extra value for shareholders.

    The strategy document, details of which can be revealed by The Sunday Telegraph for the first time, essentially backs the aims of Tidjane Thiam, chief executive.

    Mr Thiam was responsible for the company’s $35.5bn (£22.5bn) deal to buy AIA, the Asian business of American International Group, a deal which collapsed after he lowered Prudential’s offer after shareholder concern at the initial price. The cessation of the deal, however, sparked anger about the group’s strategic direction.

    Since then, however, Mr Thiam has made it clear he is keen to continue to use Prudential’s low-growth UK arm to fund continued expansion in Asia, which the company pinpointed in its interim results in August as “the region with the best potential for high and profitable growth”.

    The US life insurance and annuities business, Jackson National Life, accounted for £667m of Prudential’s £1.75bn embedded value in the first six months of 2010, against £636m from Asia and £449m from UK operations. Embedded value is a key indicator that measures the future profitability of existing business.

    Details of the review are expected to be discussed at the company’s investor meeting at the end of November, as the company attempts to placate shareholders after the rebellion that followed the AIA withdrawal.

    At the time, investors including Schroders and Jupiter Asset Management expressed significant concern about the board’s decision making, with anger turned first at Mr Thiam, and then, and more concertedly, at Harvey McGrath, Prudential’s chairman.

    Goldman, Prudential’s broker, undertook the work at the behest of Mr Thiam following feedback from investors in a series of meetings with himself, Mr McGrath and James Ross, the company’s senior independent director.

    It is understood the conclusion was that based on current market dynamics – not least the state of the global economy and the number of insurance assets currently up for sale –
    it would not be sensible for Prudential to begin a sales process.

    The review also looked at the potential value of fund manager M&G, which acts as Prudential’s own asset manager in Europe as well as having a retail fund business.

    It is believed that were M&G to be hived off in the future, the Prudential assets would be retained within the group, leaving a much leaner M&G to be divested.

    News of the strategic review comes as Prudential is known to have lodged the names of two potential non-executive directors with the Financial Services Authority for regulatory approval.

    The two – previously reported to have been Paul Manduca and Sir Howard Davies, ex-head of the FSA – should be cleared by the regulator by mid-October.

    Company insiders believe that Sir Howard may be in the running to replace Mr McGrath as chairman when the time comes for him to depart.

    A number of investors further down Prudentials’ shareholder list, including Fidelity, which owns a 1.17pc stake, are known to remain angered by his continued tenure and still blame him for the AIA bid process, which cost the company some $450m.

    However, attempts to gain support from major shareholders have floundered, not least because of the insurer’s 13pc share price rise since its AIA aspirations came crashing to a halt at the start of June. A Prudential spokesman declined to comment.

    Source : Telegraph

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      Aon Corporation today announced that it has completed its merger of Hewitt Associates, Inc. with a subsidiary of Aon, creating Aon Hewitt, the world’s premier human capital solutions firm.

      “The completion of this merger marks yet another important milestone in the history of Aon and is an industry-changing event that will create new standards in the human capital space,” said Greg Case, president and chief executive officer of Aon. “Through Aon Hewitt, we will provide our clients with a broader portfolio of innovative products and services focused on what we believe are two of the most important topics facing today’s global economy – risk and people.”

      Russ Fradin, chairman and chief executive officer of Aon Hewitt, added, “As Aon Hewitt, we are a stronger, more global industry leader, bringing innovative solutions and insights to organizations wherever they do business. Our focus remains constant—to serve clients exceptionally well every day. Clients can be confident Aon Hewitt has the expertise and experience to serve as a true partner, helping them with their most pressing business challenges.”

      Aon believes Aon Hewitt creates a global leader in human capital solutions and services, benefiting clients, colleagues and stockholders.

      Source : Aon Corporation Press Release

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      The Treasury Department and American International Group have finalized a deal aimed at restoring the troubled insurance giant to independence and repaying the massive taxpayer aid that rescued the company two years ago.

      “This is a clear milestone in the history of AIG,” the company’s chief executive, Robert Benmosche, said in an interview Thursday, adding that he has “a lot of confidence” that taxpayers ultimately will make a profit on their investment and that the arrangement also represents “a good deal for shareholders.”

      The plan that AIG detailed early Thursday, more than nine months in the making, has several parts: Most significant is that Treasury would swap its preferred shares in the company, worth about $49 billion, for about 1.7 billion shares of AIG common stock. The deal will leave the federal government with a 92.1 percent ownership stake in AIG, up from its current stake of 79.8 percent.

      Treasury expects to sell those shares to investors over time, meaning that AIG’s stock price ultimately will determine how quickly the government can pull out of the company and how much of the taxpayer investment it can recoup.

      “The exit strategy announced today dramatically accelerates the timeline for AIG’s repayment and puts taxpayers in a considerably stronger position to recoup our investment in the company,” Treasury Secretary Timothy F. Geithner said in a statement. “While there is a lot of work ahead to execute the terms of this agreement, today we are much closer to seeing a clear path out.”

      The transfer of Treasury’s preferred stake into common shares of AIG that it will sell isn’t unprecedented. The government took a similar approach with a portion of its stake in Citigroup last year, and it has since sold about 4.1 billion shares of Citigroup common stock for gross proceeds of about $16.4 billion. Treasury now owns 12.4 percent of the outstanding common stock in Citigroup and expects to continue selling its shares after the end of a blackout period set by Citigroup related to its third-quarter earnings.

      If successful, the approach could represent a triumph for AIG and the government, which committed more than $180 billion to rescuing the company during the financial crisis. Success depends heavily on AIG’s ability to convince investors that it can operate as a viable insurance company. In short, if the stock soars, taxpayers will reap the benefits. If it sinks, the government must either hold onto its shares or take a loss.

      Before the Treasury transaction takes place, possibly in the first quarter of 2011, AIG must satisfy more than $20 billion in outstanding loans from the Federal Reserve Bank of New York. AIG plans to complete the $15 billion sale of American Life Insurance Co., or Alico, to MetLife and make a public offering of shares in Asia-based American International Assurance, both within the next month.

      In addition, the New York Fed has a $26 billion stake in two “special purpose vehicles” that hold equity from Alico and AIA. Under the AIG plan, the company would draw down $22 billion of funds from the government’s bank bailout program to essentially buy out the Fed’s stake. AIG would then immediately transfer those interests back to Treasury, and apply proceeds from future asset sales to pay off any remaining debt to the Fed.

      Benmosche said government officials approached AIG early this year, asking for an exit plan.

      “Treasury came to us and said, ‘We have to figure out how we’re going to start getting out of here,'” Benmosche said. “That really began to get us to accelerate some of our thinking.”

      The effort stalled after an initial sale of AIA fell through earlier this year, and AIG considered waiting until November to finalize the exit plan. But Benmosche said officials recognized that the expiration of the government’s bailout program in early October could spark another round of bad publicity.

      “All of the negative headlines could have reemerged again,” he said.

      Clients and investors, he said, simply want assurance that AIG would be around in the future, and the deal with Treasury will help remove that doubt.

      “The debate now is not whether AIG is going to be a ward of the state, whether it will fall apart,” he said. Rather, it will be about “how much of a profit the government will make from AIG. . . . The fundamentals of the business are strong.”

      Benmosche said that before federal officials agreed to the new plan, they conducted a detailed examination of what the company was worth and spent hours with the board of directors discussing AIG units and future expectations.

      The government largely nationalized AIG in September 2008, when the New York Fed extended an $85 billion emergency loan and took an 80 percent stake in the company. The recent collapse of Lehman Brothers investment bank had left markets reeling, and AIG was teetering on the edge of bankruptcy, largely because of a troubled portfolio of exotic financial derivatives written by a subsidiary. That bailout eventually grew to the figure of more than $180 billion, though the company’s actual tab has decreased over the past year.

      Shares of AIG closed Thursday at $39.10, up more than 4.41 percent for the day.

      Source : Washington Post

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      Stephanie Smith moves from her position as the Company’s senior Retail IT manager to take the role. She will manage all aspects of Retail Operations in the UK and India and will have responsibility for the sales and service functions of all Retail product lines including Petplan, key Corporate Partner accounts such as VW and Allianz’s new direct motor insurance product, Your Cover. Stephanie will remain a member of the Allianz Retail mananagement board, but in a different capacity.

      Commenting on her new position, Stephanie said: “Allianz Retail launched three years ago and is now well into a number of challenging change initiatives that will transform its insurance offering for Allianz UK. Looking forward, the change agenda remains significant and I relish the responsibility of ensuring the business continues to deliver superb levels of operational performance and customer experience, through sustained technology development and process change.”

      A chartered mechanical engineer, Stephanie joined Allianz in 2009 from British Airways where she had held a number of roles, latterly as head of change management for inflight services.

      Source : Allianz Press Release

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      Bulgaria’s government named a top official from the doctors’ union as its new health minister Thursday, just as the union was preparing to take to the streets to protest a lack of funding for hospitals.

      Stefan Konstantinov, a 44-year-old gynaecologist, will replace Anna-Maria Borisova who quit after a disagreement with Prime Minister Boyko Borisov over how to handle an insurance fund crisis that has landed hospitals in debt. The appointment now has to be formally approved by parliament. Doctors in Bulgaria complain that the national health insurance fund has pushed hospitals into debt by delaying reimbursements.

      Konstantinov’s union calculates the fund owes the hospitals about 163 million leva (82 million euros, 110 million dollars), leaving them short of medicines and only able to treat emergency cases. The union is planning nationwide protests for October 11, with a mass rally to be held in Sofia four days later.

      Borisova, who was only appointed health minister in April, had proposed that patients pay 20 percent of the value of medical services they received. But the prime minister rejected the idea and Borisova handed in her resignation on Wednesday. The opposition socialists are preparing a motion of censure against the government because of its public health policy. Konstantinov will be the government’s third heath minister this year. Borisova’s predecessor Bozhidar Nanev resigned in April amid charges for wasting public funds.

      Sofia, Sept 30, 2010 (AFP)

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      Aon Benfield, the world’s premier reinsurance intermediary and capital advisor, today launches its Risk & Capital Strategy team to advise clients on capital and reinsurance optimization by analyzing the links between risk, volatility, capital and value.

      Building on numerous successful engagements over the last five years, the global Risk & Capital Strategy team will coordinate the technical and actuarial aspects of capital calculations and work with local Analytics professionals to deliver strategic business advice to clients’ senior management.  As part of Aon Benfield Analytics, the newly formed team will utilize Aon Benfield’s capital modeling software ReMetrica, coupled with the full breadth of Aon Benfield expertise in catastrophe modeling, non-catastrophe risk parameterization and rating agency expertise.

      The creation of the new team is driven by today’s evolving capital challenges.  Macro-economic instability and a softening underwriting cycle are testing the ability of insurance companies to effectively manage their capital.  Additional capital uncertainty is being driven by regulatory changes, impending Solvency II capital requirements and the potential for changes in IFRS/GAAP accounting standards.

      Parr Schoolman will head the team globally and in the Americas, Marc Beckers and Paul Maitland will lead the team in the UK and Europe, Middle East and Africa, and Will Gardner will lead the Asia Pacific-based team.

      Stephen Mildenhall, CEO of Aon Benfield Analytics, said: “Insurers are under pressure to maximize enterprise value.  Aon Benfield has launched the Risk & Capital Strategy team to deliver practical advice on how to achieve this goal.  The risk and capital needs of insurers vary across the world, so the team will adopt country-specific strategies with an emphasis on local issues. Regulatory and rating agency capital requirements will also be a core element of all analyses.”

      Parr Schoolman, global head of the Risk & Capital Strategy team, added: “In the current environment, insurers need to rationalize the link between their risk tolerance, their risk capacity and the compensation received for taking risk.  We have had several successful projects helping clients address this need, from setting catastrophe capacity limits to cost of risk allocations and reserve risk quantification.  Building upon our track record, the formalized team will allow us to replicate these capabilities globally and help clients navigate the challenges they will face during Solvency II implementation.”

      Marc Beckers, head of Aon Benfield Analytics for EMEA, added: “All European re/insurers are gearing up for Solvency II and our expertise in understanding and modeling insurance risk will be extremely valuable for our clients.  The requirements under Pillar 2 of Solvency II will drive companies to better understand how risk and volatility drive value and Aon Benfield is ideally placed to advise re/insurers on those issues.”

      Source : AON Benfield Press Release

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      Confused.com has welcomed five new brands to its already comprehensive list of motor insurance providers. The price comparison site now compares polices and prices from 90 insurance providers.

      As well as Santander appearing for the first time on Confused.com, make-specific providers, including Honda, Nissan and Renault now also feature.  The price comparison site has also added Magic Quote, a brand from the Adrian Flux insurance group, to its panel. Magic Quote offer solutions for difficult or high risk customer such as young drivers, high performance car drivers and people with a poor claims history.

      John Cooper, Commercial Manager at Confused.com, says: “As one of the leading price comparison sites we’re constantly striving to add new insurance providers to our panel, so that we can offer the widest range of choice for our customers.

      The new additions strengthen our position and customers can feel assured they will get a competitive quote and a policy that is right for them.  We only feature providers who we feel will provide a good service to our customers, picking brands that customers can trust.

      Source : Confused.com Press Release

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        Liberty Mutual Group today announced that it is postponing the initial public offering of stock in Liberty Mutual Agency Corporation.

        The company said the stalled economic recovery, volatile stock market and undervalued property and casualty insurance stock prices create an unfavorable environment for receiving appropriate value for the business.

        “The delay will not impact our business or our day-to-day operations, said Edmund F. Kelly, Liberty Mutual Group chairman and chief executive officer. “While we still believe this transaction is a useful step in giving the Group additional capital flexibility, we have more than adequate capital to conduct our business successfully.”

        Source : Liberty Mutual Press Release

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        Laws that ban texting while driving are ineffective at best and could even be counter-productive because they lead to surreptitious behavior behind the wheel, according to a study funded by the US auto insurance industry.

        The nonprofit Highway Loss Data Institute (HLDI) said Tuesday that its research found no reduction in auto crash claims after bans on texting while driving went into effect in four US states.

        Such regulations are the law of the land in a majority of the country’s 50 states, as well as in Washington DC, the first jurisdiction to enact such a ban. The group said its research actually found a slight increase in the frequency of collision insurance claims filed from crashes in which texting played a role after the laws were enacted.

        “Texting bans haven’t reduced crashes at all. In a perverse twist, crashes increased in three of the four states we studied after bans were enacted,” said Adrian Lund, president of the HLDI.

        “It’s an indication that texting bans might even increase the risk of texting for drivers who continue to do so despite the laws,” he said. The findings were presented at an annual meeting of the Governors Highway Safety Association. Lund surmised that the reason crashes increased after the bans is that drivers engaged in even riskier behavior by surreptitiously texting behind the wheel.

        “Clearly drivers did respond to the bans somehow, and what they might have been doing was moving their phones down and out of sight when they texted, in recognition that what they were doing was illegal,” he said in a statement.

        “This could exacerbate the risk of texting by taking drivers’ eyes further from the road and for a longer time,” Lund said.

        The research tabulated the number of collision claims in various US states, including California, Louisiana, Minnesota and Washington State, immediately before and immediately after bans on texting while driving went into effect.

        Lund said the findings “call into question the way policymakers are trying to address the problem of distracted driving crashes,” Lund added. He noted that in its earlier research, his car insurance industry group found that banning handheld cellphones also failed to reduce car crashes.

        Washington, Sept 28, 2010 (AFP)

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        According to Which? Money’s own research, seven-in-ten car insurance providers impose administration charges on policyholders for making small changes to their policies. YourCover insurance, the recently launched online motor insurer, is one provider who does not make a charge and also has a very competitive APR for policyholders wishing to pay by instalments.

        Extensive customer research carried out by YourCover insurance even before its launch revealed that consumers expect to be able to make changes to their policy without incurring administration charges imposed by their insurance provider. YourCover insurance listened and does not charge for changes made during the term of the policy.

        Using information provided by the independent financial research company, Defaqto, YourCover insurance can report that across a basket of well known motor insurance brands, the average adjustment fee charged to policyholders for making even the simplest of changes to a policy is £19.00! This rises to as high as £35.00 with one well known direct insurance brand.

        Your cover promises a ‘no admin charge’, and has an APR of 16.8%. The average leading providers is 24.0%, rising to as much as 29.5%.
        Neil Brettell, Director, Speciality and Direct said:

        “In these difficult financial times, customers don’t just want competitive premiums, they also don’t want to pay for making simple changes to their policies. Often, customers circumstances change and we don’t make any charge for mid – term adjustments. Additionally, our typical APR for paying your premium by instalments is one of the lowest in the market place.”

        Source : Allianz Press Release

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        Aegon today provides further details on the implementation of its plans, announced in June, to restructure and refocus its business in the United Kingdom. In keeping with its aim to sharpen its focus on the At-Retirement and Workplace Savings markets and reduce operating costs by 25% AEGON has considered how all its businesses fit with its new strategy. As a result it has decided to close its third party pension administration and its employee benefits software businesses as these businesses are not core to its future proposition.

        Aegon has explored the strategic options for its back-books of business and has decided to retain the closed book of business of Guardian Financial Services, which continues to provide a steady cash flow to the company. Aegon will also retain its life insurance and protection business, given that it supports the company’s aim to focus on the At-Retirement market in which Aegon maintains a leading position. A broad range of cost saving measures will be introduced across Aegon’s UK businesses. To support these measures, Aegon will implement a streamlined management and organisational structure which will be in place by the end of 2011. This will result in some changes to reporting lines and the loss of a number of senior management roles over the course of the year.

        In keeping with its statutory obligations under UK employment law Aegon will soon begin formal consultation with Aegis and Unite, the trade unions that represent its staff in the UK, regarding the impact of planned restructuring measures on employees. Consequently, Aegon is not in a position at this time to detail the number of positions affected.

        Commenting on progress within the UK business, Alex Wynaendts, CEO of Aegon N.V. says; “The measures we are taking in the United Kingdom are essential to our larger objective of improving returns and sharpening our focus on the long-term prospects for our business. By reducing costs, improving service levels and focusing on those market segments where we have leading positions, I am confident that we will create a more efficient organisation, better positioned to respond to market opportunities and the developing needs of our customers. The UK continues to be a key market for Aegon and we are committed to pursuing the future opportunities from a position of strength.”

        “The decisions we have announced today follow a thorough review of our businesses and how they fit with our new strategy announced in June. Our new approach will see Aegon concentrate on the At-Retirement and Workplace Savings markets, which are already positions of strength for us in the UK. It’s important that we continue to move forward with our restructuring programme to create a more efficient business, improve returns and ensure our long term success” Aegon UK Chief Executive Otto Thoresen said.

        Aegon has already taken a number of measures to restructure its UK operations, including the closure of its group risk business, its withdrawal from the bulk annuities market and the reorganisation of the company’s UK sales division. This reorganisation, announced earlier this month, will result in a net reduction of 106 roles.

        Aegon’s strategy is to increase long-term returns and focus on the opportunities developing within its core businesses: life insurance, pensions and asset management. Today’s measures follow a thorough review of Aegon’s businesses in the United Kingdom to ensure that it meets the company’s requirements in terms of earnings growth, cash flow generation, return on capital and focus on the life cycle needs of customers.

        Source : Aegon Press Release

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          Following the agreement reached back in February of this year with the Florida Office of Insurance Regulation allowing Hannover Re – as the first foreign reinsurer in the world – to qualify as a so-called “Eligible Reinsurer”, its subsidiary Hannover Re (Bermuda) Ltd. now also enjoys this status.

          This enables the company to write its non-life reinsurance business in Florida under improved conditions: while foreign reinsurers have hitherto been obliged to post collateral for 100 percent of the loss reserves, the required level for Hannover Re (Bermuda) Ltd. in property catastrophe reinsurance is now just 20 percent.

          “We welcome the decision of the Florida Office of Insurance Regulation and hope that other US states will also reduce the collateral requirements for foreign reinsurers”, Hannover Re’s Chief Executive Officer Ulrich Wallin stated.

          Florida is so far the only US state to approve a rule imposing lower collateral requirements on alien reinsurers that are highly rated and financially secure.

          Source : Hannover Re Press Release

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          Bupa’s plan is being launched on Tuesday and will offer three levels of cover giving employers the option to cover different employees at different levels within their organisation.

          Employees can claim back up to £2,295 a year towards the cost of their everyday healthcare expenses. The new cash plan provides up to £200 a year for optical care, £200 a year for dental treatment and up to £400 a year for consultations, scans and diagnostic tests for employees. It also offers up to £45 a year for prescriptions and £300 a year for medical appliances (such as the use of a wheelchair.)

          All levels of cover include access to a 24-hour helpline offering advice on medical, tax and welfare issues. With no underwriting and no upper age limit, employees can start claiming on their cash plan immediately using a straight-forward claims process which is often completed within two working days. The insurance can also be extended to provide cover for an entire family starting from an additional £1 per employee per week.

          Emma Exelby, sales manager at Bupa cash plan, said the choice and affordability of products had been extended enabling brokers to provide their clients with a comprehensive product to suit every healthcare budget.

          She said: “As well as appealing to employees, this product also helps employers to meet some of their duty of care requirements with our optical benefit which offers cash back for sight tests, glasses and contact lenses.”

          Source : ftadviser.com

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          Specialist underwriting agency DUAL Corporate Risks has teamed up with The Judge, a leading broker in Litigation Risk Transfer solutions, to become one of their specialist commercial After The Event Insurance underwriters.

          Dual will underwrite the insurance risks whilst The Judge acts as a broker and receives enquiries.  Dual will consider all types of cases and commercial disputes for After The Event cover including professional negligence, insolvency, competition, intellectual property, general commercial litigation, investment schemes and defamation.

          Jennifer Martin, Dual’s Underwriting Director – Financial Lines, commented: “We anticipate that there will be an increase in enquiries for After The Event cover as more lawyers become aware of its availability and more organisations aim to prevent exposure to the risks of litigation in these difficult economic times.

          “Dual is continually looking to expand our range of offerings and After The Event insurance offers an interesting diversification and complements our current financial lines products.”

          DUAL will be working with The Judge to offer After the Event insurance from the beginning of October.

          Source : Dual / The Judge Press Release

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            US insurer AIG said its Asian unit AIA would likely book an annual operating profit of at least two billion US dollars as the subsidiary prepares to list in Hong Kong.

            The Asian insurer would earn an operating profit that “is unlikely to be less” than two billion US dollars in the fiscal year ending November 30, AIG said in a statement at the weekend. Boosted by strong growth in Thailand and Korea, AIA’s insurance premium income climbed 11.3 percent to 9.32 billion US dollars in the nine months ended August 31, AIG said. Hong Kong accounted for the single-biggest share at 2.1 billion US dollars, up from 2.04 billion US dollars in 2009, according to the unaudited results.

            Last week, AIG won approval for a Hong Kong share sale of its Asian unit next month, worth up to 15 billion US dollars, in what could be the world’s second-biggest initial public offering this year, Dow Jones Newswires reported.

            AIG, which owes billions of dollars in US government bailouts, was forced to look again at the option of publicly floating AIA in Hong Kong after the collapse in June of Prudential’s 35.5-billion US dollar takeover bid.

            The US insurer may sell off as much as half of its Asian unit with an investor roadshow to start on October 6 and the shares to be priced on October 21. Agricultural Bank of China claimed the world’s biggest IPO in August when it confirmed it had raised 22.1 billion US dollars, after its shares debuted in Hong Kong in July. The monster sale beat the previous world record set by the Industrial and Commercial Bank of China, which raised 21.9 billion dollars in 2006.

            Hong Kong, Sept 27, 2010 (AFP)

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