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Following Lloyd’s approval, specialist Lloyd’s insurer Jubilee Managing Agency Limited (Jubilee) has merged its motor Syndicate 1231 and property and personal lines Syndicate 5820 for the 2010 year of account.

The merger will enable Jubilee to streamline its operational platform, provide capital efficiency and create a flexible operating structure that can accommodate the introduction of other new business lines.

The combined larger Syndicate 5820 – Jubilee Managing Agency – will have an overall stamp capacity for 2010 of £138.9 million, an increase of £18.8m over the combined capacity of the two separate Syndicates in 2009.

The combined Syndicate 5820 will be led by Active Underwriter Chris Biles who was previously Active Underwriter on the former property and personal lines Syndicate.

Commenting on the launch of the merged Syndicate 5820, Andreas Loucaides, Chief Executive Officer of Jubilee said: “As a result of the Syndicate merger, Jubilee is now in an excellent position to continue its growth plans.”

Norman Topche, Director of Underwriting at Jubilee, said: “This is another important step towards delivering on our expansion strategy. The merger will enable us to employ our capacity flexibly to enable the introduction of new business classes”

Kate Lewis, Group Finance and Operations  Director of Jubilee Managing Agency commented: “By utilising greater operational efficiencies, we are evolving our business towards a service orientated multi-line insurer.”

Jubilee’s life Syndicate 779, which has a capacity of £27m for 2010, will continue to be managed separately by the managing agency as it is not possible to merge a life Syndicate with another class of business.

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The Financial Services Authority has banned the director of a Manchester based mortgage and general insurance firm from holding senior positions in the financial services industry after his failure to comply with client money rules resulted in the loss of approximately £85,000 of his customers’ money.

Matthew Sixsmith was the director of Bridgewater House UK, which dealt mainly in the sub prime mortgage market, but also arranged life and critical illness insurance in connection with those mortgages.

When Bridgewater sold an insurance policy, it would charge its customers two years’ insurance premiums upfront, and then add this amount to the mortgage. The firm agreed with its customers that it would hold this money and then pay the insurance premiums to insurers on their behalf.

However, Sixsmith failed to separate his customers’ money from that of the firm, and used only one bank account under the name of Bridgewater to administer both his business and the premium payments customers had entrusted to him.  As a result, when Sixsmith’s firm ceased trading in September last year, approximatly £85,000 of customers’ money was lost.

As Bridgewater’s sole director, it was also Sixsmith’s responsibility to ensure that any insurance premiums that customers had lodged with the firm were passed on to the insurers when payments became due. However, approximately 700 policies lapsed because, until May 2008, Sixsmith kept no record of when these payments should begin or end for each of the firm’s customers and therefore he failed to ensure that premiums were paid when due.

Sixsmith failed to take reasonable steps to ensure his business complied with the FSA’s regulations, and therefore breached Statement of Principle 7. He also failed to ensure that adequate systems and controls were in place to safeguard the firm’s client money.

Margaret Cole, director, enforcement said: “Sixsmith was incompetent and his actions posed serious risks to customers who trusted him with their money and expected him to pass that money on to insurers.

“Individuals who look after client money must act in accordance with the rules. Where they fail to comply, we will not hesitate to take enforcement action against them.”

The FSA would have imposed a penalty of £25,000, but this would have placed Sixsmith in serious financial hardship. Sixsmith will not be able to hold senior positions in the financial services industry.

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    O2 today announces the next stage in the development of its financial services arm with the launch of travel insurance from O2 Money. Launching this week, O2 Travel Insurance will bring a fresh approach to the market with three products designed to take the stress out of holiday and travel planning. It follows the successful launch of the Cash Manager and Load & Go Visa cards from O2 Money in 2009.

    The first product, O2 Flow, is distinctive in the travel insurance market, offering flexibility, personalisation of cover and added value. It has the key ability to combine the flexibility of single trip cover with the added value and multi-trip benefits of annual cover. The key benefits of O2 Flow include:

    • The ability to increase or decrease cover as required – for instance, if a customer is going skiing in February, they can pay for ski cover in that month, not for the whole year.
    • A rolling, one month contract that can be stopped at any time after the first six months. Frequent travellers don’t have to worry about forgetting to take out cover when they go away.
    • The ability to pay monthly, spreading the cost throughout a year as you can do for car or home insurance
    • Customers can change various elements of their Flow cover after purchase, for free.

    In future, O2 intends to make full use of mobile technology and data to provide enhanced customer benefits.  For example, customers could choose to have travel insurance automatically set up whenever they take their phone abroad or be offered the opportunity to switch on cover quickly and easily using SMS.

    O2 Travel Insurance is powered by Mondial Assistance, one of the world’s leading providers of travel insurance and assistance. In addition to the O2 Flow product, O2 will offer standard single trip and annual travel insurance cover.

    Fraser Campbell, Head of O2 Money said: “Up until this point, travel insurance has traditionally been restrictive for consumers and we know from our research that nobody’s travel plans are ever a one-size-fits-all affair. We are responding to customer insights with the most flexible product on the market which will ensure customers neither over-pay nor find they have inadequate cover while travelling.”

    “Since the launch of O2 Money this year, we have already seen thousands of people make huge changes to the way they connect with and manage their money; we are keen to repeat this success with our new travel insurance products.  It’s another major move for our portfolio of financial services.”

    O2’s Travel Insurance products will offer some of the best levels of cover available with benefits including O2 Passenger Protection (scheduled airline failure cover); new for old replacement (for personal belongings); and up to £15m cover for medical expenses.

    Ben Smart, Director of Travel at Mondial Assistance in the UK adds:  “O2 Travel Insurance has been created with a single objective, to deliver a versatile solution that reflects the diverse lifestyle and travel aspirations of people today.  Whether customers take advantage of O2 Flow or single or annual trip cover, they can holiday with the confidence that they have the right level of protection paid for in a way that best suits them.”

    The launch of travel insurance follows the successful launch of Cash Manager and Load & Go from O2 Money. With 100,000 applications in the first seven weeks, they represent the fastest acquisition of new customers for a UK card launch. The two fee free, pre pay Visa cards were designed to help people better manage their spending money by never going overdrawn and with real time balance updates sent to their mobile phone after every purchase.

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    Standard Life will launch a national marketing campaign at the end of January to support the active money lifeplan, an enhanced and expanded retirement proposition which includes the new active money personal pension. Driven by extensive consumer insight, the campaign will target a new younger audience who are reluctant to think about their ‘future money’ planning.  The campaign will include sponsorship of the Dave TV Channel, advertising across outdoor, press, retail, online advertising, social media activity and PR.

    Agencies working on the fully integrated campaign include VCCP, Meteorite, MediaCom, Realise, EGS and Forward. VCCP are responsible for the above the line consumer creative including the Dave sponsorship idents; Meteorite for the intermediary creative and below the line activity including adviser resources and direct marketing; MediaCom for media planning and buying; Realise for the campaign site build; EGS for the media strategy; and The Forward Group for content creation for the campaign website and ongoing engagement materials.

    While the Standard Life active money lifeplan is designed to adapt with you throughout your life, this campaign is specifically targeting people aged between 28 and 40 years with the active money personal pension.  Standard Life has identified these people as not being engaged with saving for their futures and for whom the active money personal pension is likely to be the most relevant entry point.

    Through observing some of the more unusual ways people hope to secure their financial futures, Standard Life has created an approach across the campaign to encourage consumers to reality check their future financial plans and talk to a financial adviser.

    Jo Coomber, Head of Marketing Operations, Standard Life commented: “Through customer research we know consumers think a pension is a good way to save, but at the moment they don?t believe pensions can fit their lifestyle and be as flexible as they need. We needed an entirely new way to talk to what will be our ‘customers of the future’ and help them engage with saving.  We are really keen to understand and talk to this target group and have planned the campaign accordingly.  Around a third of the total media spend will focus on digital channels as we know this is how this group prefer to engage with brands.

    “The active money lifeplan campaign represents our new approach, developed with marketing communication agencies that have the creativity and experience to help us make it a success.”

    The campaign to support the active money lifeplan will launch from Saturday 30th January 2010.

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    US President Barack Obama Thursday sharply warned lawmakers, including those in his Democratic Party, that they must answer to voters if they balk at passing his long-delayed health reforms.

    Obama, seeking to reinvigorate his ambitious change agenda in a treacherous political year, said that a jobs bill should take priority in Congress, but then lawmakers must get back to his stalled health legislation.

    “We have to move forward on a vote,” Obama said, adding that he was prepared to sit down with Democratic and Republican lawmakers and health experts to work out what would work and what could pass.

    But he warned, apparently especially referring to majority Democrats, that if a bill did not pass, they would have to explain why voters were deprived of what he says is improved access to health care and lower insurance costs.

    “If Congress decides we are not going to do it … then the American people can make a judgement as to whether Congress has done the right thing for them or not,” Obama told members of his Organizing for America grass roots operation.

    “There will be elections coming up,” Obama said, referring to mid-term congressional polls in November, adding that voters “will be able to make a determination and register their concerns one way or the other — that’s how democracy works.”

    Though Democrats have large majorities in Congress, the loss of liberal icon Edward Kennedy’s former Senate seat in Massachusetts last month stripped away their 60-seat Senate supermajority.

    This means Senate Republicans can frustrate or thwart Democratic efforts to pass bills through filibuster delaying and obstruction tactics.

    Democrats have several options to merge rival bills that have passed the House and Senate, but each one poses substantial political risks, on legislation which polls show is now largely unpopular with the public.

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    Insurer Standard Life, the country’s fifth-biggest insurer by market value and the first to detail sales for the full year, beat expectations with a 7 percent drop in sales during 2009, as a market recovery during the second half helped soften the impact of crisis-hit UK consumers cutting back on savings.

    • Life and pensions net inflows excluding bulk bond deals 57% higher at £3.2bn1 (2008: £2.1bn)
    • Standard Life Investments third party net inflows 67% higher at £5.7bn (2008: £3.4bn)
    • SIPP assets under administration 36% higher at £11.8bn2 (31 December 2008: £8.7bn)
    • Group pensions assets under administration 24% higher at £17.9bn (31 December 2008: £14.4bn)
    • Wrap assets under administration more than doubled to £3.6bn (31 December 2008: £1.7bn)3
    • Standard Life Investments third party assets under management 25% higher at £56.9bn (31 December 2008: £45.5bn)
    • Life and pensions net inflows over three times higher at £1.3bn (Q4 2008: £0.4bn)1
    • Life and pensions sales of £4.2bn significantly higher than both the prior year and the third quarter (Q4 2008: £3.2bn, Q3 2009: £3.0bn)4

    Chief Executive David Nish said: “Standard Life has delivered an impressive performance in 2009, a year of challenging market conditions. Third party assets under management in our investments business have reached record levels and we have seen increased net flows across our life and pensions operations, particularly in the fourth quarter. We have also achieved good growth in our customer base and assets under administration in our core propositions. This momentum, coupled with the recent recovery in market levels, will benefit the Group’s future profits and cash flow.

    “Our priority now is to execute our growth strategy in order to accelerate the performance of Standard Life as a long term savings and investments business. In addition, we will increase our focus on building valuable relationships with our customers through our brand, service and product propositions.

    “We recently announced changes to the executive structure of the Group, which are an important first step in transforming how we operate. Our transformation will focus on increased investment to grow our business and improving our speed to market, underpinned by continued efficiencies in our operations. We are confident about the future prospects for Standard Life.”

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    Millions of cheated holidaymakers will now be able to take legal action against tour operators, travel agents or hoteliers for breach of contract without worrying about the legal fees, as travel insurance provider InsureandGo has launched a holiday dispute cover service that provides insurance cover for legal action taken against holiday service providers.

    New research1 reveals that one in four British adults (24%), over 11 million people, have suffered from breaches of contract such as hotels that weren’t fully built, swimming pools with no water in them and “sea views” onto building sites, yet only 5 per cent of these people took legal action against the offending companies in order to claim compensation. InsureandGo has set up the new service to offer support to those victims of contract breaches who are too worried about legal costs to pursue a compensation claim.

    The victims of these holiday nightmares put an average value of around £776 on the breaches of contract they suffered, totalling an estimated £8.68 billion worth of compensation, most of which has never been paid to its victims.

    Perry Wilson, founder of InsureandGo, commented: “Holidaymakers are potentially losing out on a lot of money by not pursuing their holiday complaints. At least 12 per cent of breaches of contract that occur are estimated to be worth over £1,000, yet a lot of us either don’t complain at all, or let ourselves be fobbed off by the offending company because we are scared of how much it will cost to pursue our complaint in the courts.

    “Our research shows that of those people that do take legal action, 95 per cent received compensation and the average amount won was over £1,500, so it’s often well worth pursuing a claim. Hopefully our new service will give people the peace of mind to pursue holiday companies that don’t deliver what they promise.”

    The most common breach of contract suffered was a misleading description of location or accommodation, experienced by one in ten (10%) adults. Around 8 per cent of adults have suffered from non-functioning or faulty facilities, 2 per cent have suffered accidents or injuries because of unsafe equipment or facilities, and 2 per cent have experienced a swimming pool with no water in it. Around 3 per cent of adults have been provided with the wrong make or model of hire car on holiday.

    The research reveals that while most people suffering a perceived breach of contract will make some form of complaint whilst on holiday (54%), only one in twenty take legal action (5%) and one in five (20%) don’t make any form of complaint at all. Of those who have made some form of complaint, 61 per cent thought the company’s response was poor, compared to only 18 per cent who thought the response was good.

    InsureandGo’s holiday dispute cover covers customers’ legal costs for claims against tour operators, travel agents, car hire companies, airlines, ferry or train providers, cruise liners or hoteliers. If cover is bought at the same time as your insurance policy, the supplementary cost is £4 for a single trip and £7 for an annual multi trip policy.

    Standard (Silver) Prices

    Europe, including 17 days winter sports
    Annual, one adult up to three under 18s = £38
    Annual, two adults up to six under 18s = £68

    Worldwide including US/CAN and 17 days winter sports
    Annual, one adult up to three under 18s = £54
    Annual, two adults up to six under 18s = £84

    1: 2051 GB adults aged 18 years and over were interviewed online by ICM, between 20th – 22nd November 2009. Surveys were conducted across the country and the results have been weighted to the profile of all adults.  ICM is a member of the British Polling Council and abides by its rules.

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    England Rugby stars Mark Cueto, Nick Easter and Toby Flood were in the City of London today to help specialist business insurer QBE launch its partnership with the RFU, as the Official Insurance Partner of England Rugby.

    QBE’s four-year deal with the RFU, which starts immediately, will bring significant advertising, hospitality and business development opportunities to the specialist business insurer. QBE is also Official Insurance Partner of the Guinness Premiership.

    Cueto, Flood and Easter were on hand to meet and greet brokers and employees in QBE’s European head office in the City of London and to discuss their thoughts ahead of the upcoming centenary tie with Wales this weekend.

    England winger Mark Cueto said: “It’s great that QBE has come on board with the RFU. Its help will go a long way to developing the game.” Fly-half Toby Flood added, “Sponsorship is vital for investment in the game, and it is superb news that QBE will be assisting the RFU over the next four years, in what will no doubt prove a pivotal era for England Rugby.”

    Steven Burns, CEO QBE European Operations, commented: “We undertook the partnership with the aim of raising brand awareness and growing our business. Partnering with the RFU not only provides us with high-profile opportunities to showcase our specialist capabilities, but also provides a wealth of new business opportunities.”

    Burns added, “It was great to have three top England players at Plantation Place. It certainly generated a lot of excitement in the office and we look forward to seeing how they all get on at the game on Saturday.

    Helena Christopher, Head of Corporate Communications, commented: “This partnership is an important step toward building our profile within rugby union and we are delighted to be working with the RFU, especially as we are able to become involved in all levels of the game.”

    Paul Vaughan, Business Operations Director at the RFU, said: “Bringing QBE on board is a great acquisition for the RFU. Their specialist knowledge and commitment will help us deliver on our commitment to developing the game, at both the grassroots and elite level”.

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    Employers are putting their workers at risk of driving without insurance by encouraging them to use their cars for work but not warning them of the need for business use cover on their car insurance.

    According to new research by insurance comparison site Gocompare.com, 72% of UK workers have used their own car for business use in the last year but 35% of UK workers do not have business use cover on their car insurance. Furthermore, only 38% of workers say their employer has talked to them about the need for business use cover on their car insurance when using their own car on company business. Each month workers drive on average 251 business miles or 3,012 miles a year – the equivalent of driving from London to Helsinki and back again.

    Typically, private car policies provide cover for motorists driving to work or the station car park, but drivers will need to extend their insurance to include business use if they drive to company sites other than their usual place of work. If their car is not insured for business mileage their insurer may refuse to pick-up the bill for any claims incurred while they were at work.

    The survey revealed that the top five business journeys made in a private car, which would not be covered by a typical private car insurance policy, were:

    • Travelling to a training course (41 per cent)
    • Going to the bank (41 per cent)
    • Driving to the Post Office (32 per cent)
    • To drive to another office (31 per cent)
    • Attending company away days (22 per cent)

    The survey also revealed that over five per cent of workers currently using their own car for business use once had a company car but it was either withdrawn or they decided to give it up.

    Lee Griffin, business development director of Gocompare.com said: “More flexible working habits and multi-location workplaces mean that many workers now use their own vehicles for informal or ad-hoc company business. However, companies shouldn’t assume that workers with private car insurance are covered for driving their vehicle while at work. Employers have a legal responsibility to ensure that, irrespective of its owner, vehicles used on company business are safe to use – this includes being fully insured for business usage 1.

    “Extending your motor insurance cover to include business use can be relatively inexpensive, and some insurers do not even charge an additional fee for this cover. If workers use their own cars while on company business, no matter how infrequently, we would urge them to check their policy to make sure they are properly insured. And employers should talk to workers about the necessity of having the correct level of cover before they undertake any business journeys in a private car.”

    1: http://www.hse.gov.uk/pubns/indg382.pdf

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      A new furor erupted Wednesday as AIG revealed plans to pay 100 million dollars in bonuses a year after similar payments by the bailed-out insurance giant ignited a political firestorm.

      President Barack Obama was “frustrated and angry” about the hefty payouts, according to a spokesman, while the government’s pay czar in charge of compensation at bailed-out companies called the payments an “outrage” that were nonetheless legally binding.

      AIG said it would make the payouts under a deal in which employees agreed to accept less than they were owed in exchange for early payment.

      Asked about the new bonuses, White House deputy press secretary Bill Burton said: “Obviously, the president is frustrated and angry that Wall Street continues to have the sense that excessive compensation should reward some of the excessive risk taking we’ve seen over… the last couple years on Wall Street, things that brought us to the brink.”

      Kenneth Feinberg, the pay czar designated under the Troubled Asset Relief Program (TARP), said the payments were part of legally binding contracts that must be paid despite the outrageous nature of the bonuses.

      “These are old grandfather contracts that have the legal force of law,” Feinberg said in an ABC television interview.

      He said that the government was working to recoup part of the payments under agreements reached with AIG employees.

      “We are making some progress,” he said. “I do not for a minute ignore the outrage out there which I share. But the fact of the matter is we’ve got to abide by the law, we’ve got to work as best we can to get as much of this money back as we can and frankly we are doing a very, very good job, I think, in getting as much of this money as we can pursuant to the rule of law.”

      US officials have argued that the government was unable to stop the legally binding payments to the employees at the troubled Financial Products division that nearly sank AIG after a meltdown in the US housing market.

      Nonetheless, news of the latest bonuses triggered fresh anger, including criticism of the Obama administration.

      Republican Senator Charles Grassley said of the latest bonuses, “AIG has taxpayers over a barrel. The Obama administration has been outmaneuvered.”

      American International Group said in a statement that about 97 percent of employees with its troubled Financial Products division “have volunteered to reduce their upcoming 2010 payment.”

      The moves will help achieve the company’s “giveback target” of reduced bonus payments in an effort to stem the type of blistering criticism that erupted a year ago.

      US officials say only about 19 million dollars has been returned from 2009 payments to AIG employees despite pledges to return 45 million dollars.

      AIG promised to work with those employees “to round out the remaining amount of our giveback target over the next few months.”

      The payments stem from employment contracts signed in 2007 that fall outside the jurisdiction of Feinberg, who oversees compensation at companies receiving bailout money from TARP.

      AIG neared collapse in September 2008, unable to meet its obligations for contracts written to insure mortgage securities and related assets without sufficient capital

      The Federal Reserve, fearing a shock to the global financial system in the event of an AIG default, provided a loan of 85 billion dollars to AIG in September 2008 in what would be the first portion of a staggering bailout worth some 180 billion dollars, some of which came from TARP.

      Separately, media reports said Bank of America had set aside approximately four billion dollars for bonuses to employees of its investment bank and global markets unit.

      The payouts will be 19 percent of the 23 billion dollars in revenue generated last year by those businesses.

      Bank of America is no longer governed by TARP pay restrictions, having repaid the government for its capital injection, but many critics say the big-bonus culture may encourage the type of risky activities that triggered the global financial crisis.

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        Swiss insurer Zurich Financial Services on Thursday reported a six percent increase in annual net profit in 2009 to 3.2 billion dollars (2.3 billion euros), promising a big dividend for shareholders.

        “2009 was an excellent year for Zurich,” chief executive officer Martin Senn said in a statement.

        Senn, who replaced James Schiro as Zurich boss on January 1, said that ZFS “emerged from a challenging year with one of our strongest balance sheets ever.”

        Gross premiums and policy fees in general insurance, the group’s biggest sector, fell by 8.0 percent compared to the previous year to 34.2 billion dollars.

        However, the group managed to underpin overall operating profit, which grew by 8.0 percent to 5.6 billion dollars, as an ongoing internal cost cutting drive “comfortably exceeded” a 900-million-dollar annual target.

        Zurich said it would recommend a gross dividend to shareholders of 16 Swiss francs per share, compared to 11 francs last year.

        “The dividend proposal reflects the board’s confidence in Zurich’s business strategy and the sustainability of its results,” said Senn.

        The group’s share price jumped 4.75 percent to 242.8 Swiss francs in early trading on the Swiss exchange.

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        Zurich Financial Services Ltd (Zurich) announced today that the Board of Directors will propose to the 2010 Annual General Meeting of shareholders on March 30 the election of Josef Ackermann (age 61, Swiss) to the Board of Directors. As already announced at last year’s Annual General Meeting, Philippe Pidoux is retiring from the Board of Directors and will not stand for re-election.

        Manfred Gentz, Chairman of the Board of Directors of Zurich, said: “My colleagues and I are delighted that Josef Ackermann accepted our nomination. In light of his wide-ranging experience in the international financial services industry, he will be an excellent addition to our Board following the retirement of Philippe Pidoux.”

        Josef Ackermann studied Economics and Social Sciences at the University of St. Gallen, and in 1977 – after obtaining his doctorate – he joined Schweizerische Kreditanstalt (SKA). In 1990, Ackermann was appointed to the Executive Board of SKA, becoming its President in 1993.

        In 1996, Ackermann joined the Management Board of Deutsche Bank. In 2002, he became Spokesman of the Management Board and Chairman of the Group Executive Committee. On February 1, 2006, he was appointed Chairman of the Management Board.

        Ackermann is a member of the Supervisory Board of Siemens AG, Germany, of Royal Dutch Shell plc, Holland, and of Belenos Clean Power Holding Ltd, Biel. He is a member of the International Advisory Council of Zurich Financial Services Group, and he also plays an active role in, among other things, the “Initiative Finanzstandort Deutschland” (member of the Initiators’ Group), the Institute of International Finance (Chairman of the Board), the World Economic Forum (Vice-Chairman of the Foundation Board), the St. Gallen Foundation for International Studies (Chairman) and the Metropolitan Opera New York (Advisory Director). Since 2007, Ackermann has been a Visiting Professor in Finance at the London School of Economics. In 2008, he was named Honorary Professor at Frankfurt’s Johann Wolfgang Goethe University and was appointed to the Honorary Senate of the Lindau Meetings of Nobel Laureates. Furthermore, Josef Ackermann is an Honorary Fellow of the London Business School and holds an Honorary Doctorate from the Democritus University of Thrace in Greece.

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        Aviva Spain, the country’s second-largest life insurer, today launches its new corporate website (www.aviva.es), in keeping with the Aviva group’s global corporate image.

        The new website has incorporated the site of the asset management unit Aviva Gestión into the institutional website of the Aviva Group in Spain. This is the first step in the merging of Aviva Spain’s public websites at all levels: technical, administration and management, design, etc.

        With the aim of informing and advising all types of users as effectively as possible, this initiative has optimised the structure and content of the site, as well as introducing new features designed in response to the interests of the public.

        One of the major advances of the new site is the incorporation of RSS feeds, to spread and share information. With this means of distributing web content, Aviva will have subscribers to which it will be able to send regularly updated information and exclusive content.

        Another aspect that has been significantly improved is accessibility, in line with the group’s goal worldwide. The new site has been designed so that any user can access its content with equal ease. The company’s objective is to raise the level of the architecture, programming and navigation of its website to “Double-A Accessibility”.

        In the opinion of José Manuel Jiménez, Aviva Spain’s marketing manager, said: “This website brings major advantages for users. Not only is it more comprehensive, but it’s much easier to use too. It will allow us to keep our clients, and visitors in general, informed about everything related to the Aviva group in Spain.”

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          Car insurance premiums soared by nearly 20% during 2009 as the UK’s growing compensation culture pushed up insurers’ costs, research has shown.

          The cost of comprehensive motor insurance jumped by a record 18.7% during the year, rising by 7.2% in the final quarter alone, to leave average premiums at just over £1,000, according to a leading car insurance company.

          The group warned that premiums looked set to continue rising during the coming year as insurers struggled to cope with exhausted reserves and steep increases in claims costs.

          It blamed the situation on a sharp rise in personal injury claims, with people now pursuing compensation even for minor injuries, which they would not have claimed for in the past.

          It said they were being encouraged to do so by personal injury claims lawyers whose costs, as well as the compensation they gained for clients, were being met by insurers.

          The group warned that the desire for compensation was becoming “increasingly embedded” in British culture and was ultimately feeding back into higher premiums.

          The cost of individual claims has also been rising, despite a fall in the number of accidents on roads, and some commentators estimate that insurers’ payouts are outstripping premium income by up to 20%.

          At the same time, rising fraud is costing insurers around £2 billion a year, the equivalent of £44 per household.

          A spokesperson for the car insurance company, said: “As a result (of these factors) many insurers are reporting record underwriting losses.

          “The situation is clearly unsustainable and the inevitable result is that premiums increase, despite the extremely competitive nature of the market.”

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          Motorists taking out an M&S Car Insurance policy, exclusively through number one comparison site moneysupermarket.com, will benefit from a free car wash every month for an entire year, worth up to £84.

          Following the success of this offer last year M&S have decided to repeat it for all new customers purchasing in February. The ‘Car Wash Incentive’ is available for one month only, running until Sunday 28th February 2010. Customers taking advantage of the deal will receive a booklet of 12 vouchers entitling them to one free car wash per month, redeemable at any ARC IMO location nationwide**.

          Other features of M&S Car Insurance include:

          • UK and European Breakdown Cover, covering you and not just your car*
          • Guaranteed car hire for up to 14 days after an accident, fire or theft;*
          • Keycare, giving you up to £1,000 towards new keys, locks and locksmith services;*
          • £100,000 Motor Legal Protection to help you claim for any uninsured losses;*
          • M&S Car Insurance Premier cover has been Five-Star Rated for features and benefits by Defaqto, an independent research company

          Steve Sweeney, head of motor insurance at moneysupermarket.com said: “We strive to offer our customers the best car insurance deals and value for money, so we are delighted to announce the return of the ‘Free Car Wash’ offer with M&S Insurance, which is not available through any other comparison site.

          “For motorists looking for car insurance with an impressive incentive this is a great offer. The chance to keep your car clean for a year, for free, is a good way to make the most of your cash.”

          A spokesman for M&S Car Insurance said: “We are really pleased to offer this exclusive extra to our car insurance policy through moneysupermarket.com. M&S Car Insurance is designed to make sure customers stay mobile and keep inconvenience to a minimum. Cover includes UK and European breakdown, even if you’re only a passenger in another car. Furthermore, all repairs are carried out by approved suppliers and guaranteed for three years.”

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          AXA Insurance announces that David Vincent has joined the company as head of travel underwriting for the personal lines intermediated business.

          In his role, David Vincent will be responsible for leading and setting the personal lines intermediated (PLI) travel underwriting strategy and working with existing and new providers to improve performance and generate new business. David reports into PLI underwriting director, Neil Mercier.

          Prior to joining AXA, David was involved in travel underwriting as part of the product management team at RBS Insurance for over 9 years. He also has experience on the claims side having worked in firms handling third party travel claims.

          David  commented: “I am delighted to join the AXA team and look forward to developing new opportunities for the mutual benefit of our partners and AXA.”

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          Friends Provident announced today a review of its with profits bonus rates.  The key points are:

          • A good year for with profits
          • All final bonus rates either increased or unchanged
          • With profits payouts generally higher
          • Regular bonus rates maintained
          • Gross investment return on the With Profits Fund of 9.3% in 2009
          • Market Value Reductions removed from almost all lines of business

          Friends Provident is committed to treating the holders of its 1.1 million with profits policies fairly and this bonus announcement ensures payouts from the With Profits Fund reflect the value of the underlying investments.

          Andy Carr, Friends Provident chief actuary, said: “Investment markets continued to be volatile in 2009, as they were for much of 2008, but staged a recovery in the second half of the year. Thanks to this, payouts for the majority of our policyholders have increased compared to last year. To illustrate this, the experience of most policyholders will be that the cashable value of their plans will have increased by around 10% in February 2010 compared to February 2009.

          “The recovery in the second half of 2009 has also meant Market Value Reductions (MVRs), reintroduced in October 2008, have now been removed on virtually all products”.

          0 0

          President Barack Obama on Tuesday highlighted his new top domestic priority of curbing unemployment, unveiling a 30 billion-dollar loan program to help small businesses hire workers and reinvest in their companies.

          Obama went to the northeastern state of New Hampshire to talk up the program, which he hopes will create thousands of jobs by freeing up capital via tax credits and community-based bank loans.

          “Today one in ten Americans still can’t find work. That’s why jobs has to be our number one focus in 2010. And we’re going to start where most new jobs start — with small businesses,” Obama said.

          The US leader noted that small enterprises have created roughly 65 percent of all new jobs over the past decade-and-a-half.

          “These are the companies that begin in basements and garages when an entrepreneur takes a chance on his dream, or a worker decides it’s time she becomes her own boss,” Obama said.

          “We need to make it easier for them to open their doors, to expand their operations, to hire more workers.”

          The president’s proposed tax credit would affect more than one million small businesses that hire new workers or raise wages, while also providing tax incentives to enable businesses to invest in new plants and equipment.

          The program also would eliminate capital gains taxes on small business investment, freeing up capital for hiring and reinvestment.

          The funds for the loans are to come from money repaid by big Wall Street banks, and will be used to create a lending fund to be used by “community banks on Main Street,” according to Obama.

          “It’s the small local banks that work most closely with small businesses.

          They usually provide them their first loan and watch them grow through good times and bad,” the president said at a “town hall” forum in the city of Nashua.

          “The more loans these smaller banks provide to credit worthy small businesses, the better deal we’ll give on them from this capital fund we’ve set up,” he said.

          The White House said the money will be transferred from the 700 billion dollar Troubled Asset Relief Program, which was used to bail out failing banking, insurance and auto giants.

          The program came under fire from Republicans in Congress.

          “That proposal violates the law!” a red-faced Senator Judd Gregg of New Hampshire lectured Office of Management and Budget Director Peter Orszag, who testified at a US Senate budget committee on Obama’s 3.834-trillion-dollar

          2011 budget.

          “You should at least have the integrity to say that this will increase the deficit,” Gregg told Orszag.

          Orszag said that Congress would need to first amend the law, but defended the measure as  generating jobs.

          The initiative comes with the US president newly focused on lowering America’s soaring 10 percent unemployment rate, after his previous domestic priority, healthcare reform, stalled.

          Obama’s health care overhaul program was put on hold after Republicans last month seized a Senate seat in liberal Massachusetts, making it unlikely that ruling Democrats would have a sufficient number of votes to pass the plan.

          The White House said in a statement that the new lending program, managed by the Small Business Administration, “will be targeted at community and smaller banks that lend the most to small businesses, and offer incentives for banks to increase small business lending.”

          While the financial system has stabilized after near collapse in 2008, small businesses complain that access to credit remains tight, which has hampered job growth.

          The president’s New Hampshire visit comes one day after he unveiled a 3.8 trillion dollar spending blueprint for fiscal year 2011, which begins October 1, that calls for an additional 100 billion dollars in spending to bring down unemployment and boost overall economic activity.

          0 0

          Lowest premium is key insurance buying factor as insurer and broker advice is undervalued according to QBE Survey.

          Key points

          • 75% of UK SMEs say competitive price is key factor in buying business insurance
          • A third would rather buy business insurance direct, rather than via a broker
          • Only 16% of UK SMEs will look to the insurance industry for advice in the first six months of 2010

          UK SME’s feeling the pinch

          QBE’s third survey of small and medium sized enterprises (SMEs) identified that the majority, 75%, of UK SMEs view a competitive price as the most important factor when buying insurance – a sentiment that perhaps indicates recession-related cost constraints are still driving UK business decision making.  This was highlighted by the survey’s finding that 71% of SMEs in the UK believe that they would find it difficult but manageable at best if current economic conditions were to persist.

          Lowest premium dominates thinking

          Focus on price was the priority for SMEs across the UK, except in the Midlands and Wales where the financial security of the insurer was their main concern.  In all other UK regions, including London, the financial security of the insurer was the second most important factor, after competitive price.

          The UK SME top seven

          Competitive price

          75%

          Financial Security

          68%

          Specialism in your industry

          54%

          Proven claims track record

          53%

          Broker recommendation

          45%

          Recognisable brand

          36%

          Additional no-cost benefits

          26%

          Benefits of the broker service unknown to 1 in 10 UK SMEs

          The survey found that a surprising third of UK SMEs would be happy to reduce the cost of buying business insurance by going direct to an insurer and thereby avoiding broker commission.  A further 1 in 10 were uncertain of the benefits of a broker service, suggesting that this is not being adequately explained by their current supplier.

          Few SMEs will look to the insurance industry for advice in 2010

          The survey found that only 16% of UK SMEs intend to look to the insurance industry for advice in 2010, with only 11% looking to insurance brokers and a mere 5% to their insurers.  This reluctance may indicate that, while SMEs may understand their legal commercial insurance requirements, many may not view their broker or insurer as a source of practical advice on mitigating risks to their business.

          Terry Whittaker, Managing Director, National Division, QBE European Operations, commented: “Given the current economic environment, it is unsurprising that price is the top priority for UK SMEs. However, as an industry there clearly is work to be done in explaining the added value that a quality insurance service from brokers and insurers can deliver.  With SMEs unable to absorb significant rate rises and insurers operating under a necessity to underwrite profitably, it is essential that insurers and brokers work together to promote the benefits of their offering.”

          Competitive price

          75%

          Financial Security

          68%

          Specialism in your industry

          54%

          Proven claims track record

          53%

          Broker recommendation

          45%

          Recognisable brand

          36%

          Additional no-cost benefits

          26%

          0 0

          Aon has made six new appointments to its General Aviation team, specialising in industrial aid and commercial aircraft. The appointments have been made to further improve business support and create a robust platform for revenue growth in 2010.

          The appointees will reinforce the existing team responsible for servicing and broking for clients, ranging from private aircraft owners and major commercial executive jet fleets to offshore support helicopters.

          Based in Aon’s offices in London, the new appointees are:

          • Jeremy Chase – specialist aviation broker who joined from Marsh with over 30 years’ aviation market experience.
          • Shannon Christie – client manager who joined from Willis with over twenty years experience in the insurance industry.
          • Matthew Morris – client manager with over thirty years experience in the aviation insurance and reinsurance market, who joined from Amlin.
          • Simon Brunsdon – client manager handling Americas based business who previously worked at Sturge, Gallaghers and Marsh.
          • James Whiter – aviation broker, joining Aon in February 2010 from HSBC where he has been for six years.
          • Lucia Cebrian – client manager and Spanish national, who began her career as a graduate trainee at Aon and joins from its marine team.

          Aon has now attracted 20 positions in the last nine months to its airline and aerospace team.

          Simon Knechtli, Aon Global UK aviation and aerospace practice leader, commented          : “Since creating our specialist general aviation team six years ago, we have steadily grown this sector of our business. Our new team members bring additional specialist understanding of the industry which will further drive our goal of providing the optimum performance and support for our clients.”

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