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International financial regulators on Friday issued new recommendations to toughen up regulation of the industry, including the mortgage sector, in a bid to prevent a repeat of the global credit crisis.

“There are some key recommendations in this report that, once implemented, will reduce those gaps and strengthen regulation of the financial system,” said John Dugan, who chaired the group of regulators until the end of 2009.

The list of 17 recommendations covers the banking, insurance, securities, mortgage and hedge fund sectors.

Under the new guidelines, lenders offering “teaser-rate mortgages” — home loans that allow very low initial monthly payments — should no longer use the lower rates as the basis when calculating borrowers’ ability to pay.

They also “should not consider future house price appreciation as a factor in determining the ability of a borrower to repay a mortgage,” the Joint Forum group said in a statement.

The Joint Forum is made up of the central bankers group, the Basel Committee on Banking Supervision, the International Organization of Securities Commissions and the International Association of Insurance Supervisors.

Subprime or higher risk US home mortgages have been blamed for triggering the financial crisis during which once-venerable banks such as Lehman Brothers went bust.

Lenders had approved loans for people with a poor credit history, often enticing them with low interest rate payments for the initial months.

However, when interest rates suddenly shot up, borrowers were unable to meet their higher monthly payments. With the ensuring collapse in housing prices, borrowers were also unable to refinance their mortgages, sending the problem into a vicious circle which led to the worst global slump since the 1930s.

The poor quality subprime mortgages were packaged and then sold on to investors as securities by mainstream banks, with subsequent defaults sparking a global credit crunch.

In its recommendations, the Joint Forum called for standards that “focus on an accurate assessment of each borrower’s capacity to repay” their loans.

The Joint Forum also broadened the regulatory scope to cover the hedge fund industry, asking that these groups be required to identify sources of systemic risk and to allow for monitoring.

“Hedge funds have been clearly identified as one of the most significant group of institutions in the ‘shadow’ banking system,” it said.

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Aviva today announced that it is continuing to offer 30% initial commission on all new age-related international solutions business covering up to 99 lives incepting on or before 30 June 2010. Renewal commission is paid at 15%. This means that Aviva continues to offer one of the most generous commission levels in the market.

Launched in October last year, international solutions enables individuals and businesses to tailor their cover to suit their needs and budget whilst complementing the healthcare provision available in their country of residence.

Andrew Turner, international manager, Aviva UK Health said: “We are extremely proud of our International Solutions product and its success to date. Its comprehensive benefits and innovative, modular structure have been welcomed by the market and, despite market conditions being challenging, we have already written a significant volume of business.

“We want to thank intermediaries for their continued support and recognise the additional work they are doing to win new business, particularly in the SME market.  International PMI is a key focus for Aviva in 2010 and initiatives such as this demonstrate our appetite to compete in this market.”

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AXA Equitable Life Insurance Company has announced that it is now launching Retirement Cornerstone, a variable annuity with a dual-account investment platform expected to transform how investors will view the uses and benefits of variable annuities.

AXA Equitable said that Retirement Cornerstone is a tax-deferred investment platform that supports two interactive but distinct accounts, one focused on the opportunity to maximize investment performance through money managers, the other, an optional account focused on providing retirement protection.

Christopher Condron, chairman and CEO of AXA Equitable, said: “The extreme volatility of the recent past drove many investors into overly conservative positions at the worst possible moment. The unique value of Retirement Cornerstone is the simple way it can give people the confidence they need to once again invest for growth, but without giving up the comfort of having a reliable guarantee – all on one platform.”

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Tender Board has awarded Takaful International company insurance coverage tender of several ministries and governmental organizations for three successive years. The tender provides a number of insurance coverage with various risks worth more than BD 275 million.

This operation was carried out through the Tender Board under standards of high quality and transparency. Nine insurance companies participated in this tender, among them Takaful International who was awarded for providing the best technical and insurance conditions.

Mr.Younis Al Sayed CEO, Takaful International Company is pleased to have fulfilled all the terms and conditions of this tender, which emphasize upon the company’s competitive ability in the local market, adding that such success is the result of the hard work of Bahraini qualified staff of Takaful International professionally and academically wise.

Mr. AlSayed considers the tender an added value to the company business profile which through the years has assured the company’s strength and futuristic vision. Being awarded this tender is a good start for the new year 2010.

He also added, Takaful achievements are based on careful and comprehensive studies on tenders and capacity to meet competitive standards. Our expert team thoroughly goes through the tender’s conditions to ensure best insurance coverage. In addition to the coordination with major globally classified reinsurance companies that are capable of handling high risks which enhances Takaful strength in the insurance market locally and internationally.

It is worth to mention that last year Tender Board awarded Takaful International an insurance coverage tender for insuring assets and properties of Ministry of Health worth more than 668,435 million U.S. dollars.Takaful International is the first insurance company in the region to provide insurance products and services in compliance with Sharia’a Principles; also the company has achieved “BBB” rating with a stable outlook from the international rating agency, Standard and Poor’s.

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QBE Regional Insurance has named Andy Doll as commercial lines senior vice president.

Doll served as vice president and chief actuary of commercial insurance for Fireman’s Fund. Before that, he spent 11 years at General Casualty/Winterthur Insurance Group in several roles including assistant vice president of commercial lines and chief actuary.

He holds an applied mathematics degree from the University of Wisconsin-Oshkosh and the Fellow Casualty Actuary Society designation, and is a member of the American Academy of Actuaries.

QBE Regional Insurance, based in Sun Prairie, Wis., specializes in property and casualty insurance through subsidiaries General Casualty (Sun Prairie), Unigard (Bellevue, Wash.), Farmers Union Insurance (Greenwood Village, Colo.) and QBE Agri (Lenexa, Kan.). QBE Regional’s operations recorded gross written premium last year of more than $1.4 billion and employ 2,400 people across the U.S. For more information, visit qberegional.com.

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Geneva-based activist shareholder Ethos said Friday insurers Swiss Reinsurance Co. and Zurich Financial Services AG  have agreed to arrange advisory polls of shareholders on the issue of executive pay and bonuses.

Zurich Financial and Swiss Re have accepted to submit their remuneration proposals, or salaries paid out last year, to an advisory vote of shareholders at their 2010 annual general meetings, Ethos said.

Zurich Financial will now let shareholders vote on its remuneration system for its executives and directors of the board, which includes details on bonuses, severance packages and performance-driven parts of the salary, Ethos Executive Director Dominique Biedermann said.

By contrast, Swiss Re will let shareholders have a say on salaries paid out in the previous year.

Ethos and eight other pension funds have urged several Swiss companies including Novartis AG (NVS) and Holcim Ltd to introduce such non-binding votes.

Binding votes aren’t currently possible under Swiss law.

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Members of the National Association of Insurance Commissioners (NAIC) are urging Congress to refine their proposals to overhaul the nation’s health care system. State insurance regulators say American consumers will benefit most from reform that ensures continued consumer protection and oversight of health insurance policies at the state level.

The NAIC notes current House and Senate bills would:

  • Extend guaranteed issue protections to the non-group health insurance market.
  • Eliminate pre-existing condition exclusions and annual and lifetime limits.
  • End the practice of rating policies based upon gender and health.

“The NAIC supports these measures, if they are paired with an effective individual mandate to mitigate the risk of adverse selection,” said NAIC President and West Virginia Insurance Commissioner Jane L. Cline in a letter to House Speaker Nancy Pelosi (D-CA) and Senate President Harry Reid (D-NV). “We also support the creation of state-based health insurance exchanges to streamline the process of purchasing coverage and make meaningful comparisons of health insurance plans much easier.”

In the letter, NAIC members urged Congress to:

  • Oppose the creation of a new federal Health Choices Commissioner and Health Choices Administration. Instead, regulators recommend health insurance exchanges be established and administered at the state level with the flexibility to meet the needs of local markets and consumers.
  • Ensure that all group policies be subject to the bill’s reforms at the end of a five-year grace period and ensure that any risk adjustment be applied to both grandfathered and newly-issued policies.
  • Impose stronger penalties under the individual mandate provisions.
  • Avoid any provision that could separate the regulation of premiums from the regulation of solvency.
  • Allow the federal government to quickly shut down fraudulent multiple employer welfare arrangements (MEWAs) that falsely claim to be exempt from state regulation.
  • Ensure that the effective dates of provisions in the new law are coordinated with implementation of the individual mandate and subsidies in order to mitigate the risk of adverse selection.
  • Insist that nationally-sold plans be subject to all statutes and regulations that apply to other plans being sold to the same population and that they remain subject to the oversight of state insurance regulators.

The NAIC also urged legislators to address health care costs, warning that unless spending is brought under control, all of these reforms will shift the financial burden from one group to another without reducing overall cost.

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Steve Sweeney, head of motor insurance at moneysupermarket.com, said: “Motorists should ready themselves and their vehicles for ice and snow before taking to the roads.

Abandoning your car
“In the unfortunate event that motorists do need to abandon their vehicle, insurers will still look into a claim if one is made – as long as the car is visible, it doesn’t matter where it is parked.  If motorists are at all unsure it’s worth speaking to the insurer ahead of any journey to clarify their stance on insurance for abandoned vehicles

Motor breakdown
“Comprehensive motor breakdown cover is a must for motorists to avoid being stranded in the cold. I advise Brits make regular checks to their vehicles before driving to avoid being a victim of a breakdown. Taking regular precautionary measures such as checking the oil level, anti-freeze, hazard lights, and tyres for tread depth and pressure, and stowing a spare tyre in the boot of your car are a good idea. It is also essential your vehicle holds items such as a torch, reflective triangle sign, high-visibility jacket, first aid kit and jump leads.”

Further tips:
“In weather conditions like these it’s important drivers are extra vigilant and prepared for the potential actions of less responsible road users. It’s advisable motorists keep an adequate distance from the vehicle in front and take particular care to look out for pedestrians, cyclists and motorcyclists.

“Furthermore, in cold or icy conditions, I advise motorists not to leave their vehicles unattended whilst warming up their engine, and it’s important to drive carefully and take care not to accelerate, brake or take sharp corners suddenly. In the most severely affected areas, avoiding non-essential travel is vital, but drivers need to think ahead about the increased risk of breakdowns and accidents caused by hazardous driving conditions if they do need to get behind the wheel.”

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The catastrophe bond market staged a recovery in 2009. With no new bonds being issued at the end of 2008 in the wake of the financial crisis, the market rallied again last year. The volume of new bonds issued came to just under US$ 3.5bn. The sum total thus exceeded the volume of expiring bonds so that overall the outstanding bonds rose marginally to just under US$ 12bn. The spread required by investors also returned to previous levels. For 2010, the volume of new issues is expected to be in the region of US$ 5bn, with interest rates falling slightly.

“The insurance securitisations sector also learned a few lessons from the financial crisis. Today’s structures are such that investors can now be sure they are really investing only in insurance risks”, said Munich Re Board member Thomas Blunck. “As investor confidence grows and return expectations fall to appropriate levels, catastrophe bonds can again assume their intended role. The capital market is a supplementary risk carrier especially for peak risks for which capacity is in short supply in the traditional insurance market.”

The key trends in the 2009 market:

  • As a consequence of the Lehman collapse, the spread required by investors had increased significantly as many hedge funds were forced to sell bonds on the secondary market. In the third and fourth quarters, however, risk premiums again sank appreciably.
  • The demand from investors was substantial – a sign of high liquidity as various bonds expired and confidence returned. The composition of investors has clearly shifted towards specialised funds and insurers/reinsurers. At the same time, hedge funds have become less important.
  • The credit and counterparty risk in the collateral funds was minimised after four catastrophe bonds were directly affected following the collapse of Lehman. Many new issues are secured through money market funds and state-guaranteed securities so that investors can again be confident they are primarily taking on an insurance risk that is no longer accompanied by a credit risk they cannot properly assess.
  • By far the largest share of new catastrophe bond issues in 2009 involved US risks: more than four-fifths of the volume issued related to windstorm and earthquake risks in the USA.

Overall, the prices for catastrophe bonds from the second quarter have reverted to mid-2008 levels.

Rupert Flatscher, Head of Munich Re’s Risk Trading Unit said: “Prices indicate that the market has recovered”. “This year will see the expiry of bonds totalling US$ 4.5bn and the proceeds will need to be reinvested. The good performance of the catastrophe bond market also during the financial crisis should ensure an influx of capital of around US$ 1bn into funds specialising in such bonds. In addition, the basic interest shown here by new investors such as pension funds should translate into further growth in the medium term.”

It is therefore conceivable that for 2010 the volume of new issues may be around US$ 5bn, while the required spread is expected to fall by some 50 basis points up to the middle of the year. It will still be possible to place European risks at lower risk premiums than those for US risks. The development of the PERILS joint venture, which tracks sums insured and insured losses in the industry, thus making it possible to determine market-loss-based triggers for European risks, will favour the placing of European insurance risks on the capital markets.

“The way the market is developing is highly opportune for Munich Re. In the crisis, we invested heavily in catastrophe bonds on the secondary market. And now, as the market recovers, we can support our clients with new issues, just as we did recently with the Zurich Financial Services Group in structuring and placing Californian earthquake risks,” said Board member Thomas Blunck, who oversees the Risk Trading Unit. “Our strategy of providing an all-round service for risk assumption and risk transfer has clearly paid off.”

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The British Insurance Brokers’ Association (BIBA) has appointed Bluefin as the provider of its new members’ scheme for Directors & Officers (D&O) insurance.

The new policy is underwritten by ACE European Group Limited and includes a number of exclusive benefits to BIBA members. BIBA members will use ACE Online, a simple internet-based programme backed up by the ACE Underwriting Centre, to get quotes easily and quickly, bind policies and renew.

Steve Foulsham, Technical Services Manager at BIBA commented: “At a time when the responsibilities for Directors and Officers are increasing, the new scheme will enable members to obtain easy access for quotations and policy issue, backed by the expertise of Bluefin for support where required.”

The policy provides cover for losses resulting from wrongful acts including:

  • Damages, judgements, settlements, crisis costs, PR costs, prosecution and defence costs
  • Legal representation expenses
  • Costs arising out of extradition proceedings
  • Tax contributions where the company has become insolvent and personal liability ensues
  • Actions between directors of the same company
  • Employment-related wrongful acts
  • Whistle blowing
  • Pollution
  • Claims alleging a wrongful act by the company itself

BIBA members will also benefit from:

  • Enhanced commission levels
  • A fully non-rescindable policy in respect of non-disclosure
  • An online quote and bind facility
  • Cover for civil fines and penalties payable by the insured person where insurable by law
  • Access to specialist underwriters at ACE in respect of referrals and queries
  • A relationship manager within Bluefin

Bluefin is already a BIBA scheme provider and run the very successful MotorRiSK BIBA product, which has been running for nearly four years. Welcoming another partnership with BIBA, Laura High, Director Wholesale Distribution at Bluefin, said: “We are really excited to be able to provide BIBA members with access to this product. Having worked with BIBA for several years, we are delighted to  strengthen our offering to the members and really look forward to working with them on something new.”

Pat Drinan, Director of Corporate Risks, ACE European Group said: “I am delighted BIBA and Bluefin chose ACE to be their selected D&O partner, demonstrating not only the strength and quality of our product but also endorsing how easy it is to access. We are very pleased to be working with BIBA and Bluefin and the opportunity it provides us to build further on our relationships.”

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Jesus Carmona AXA Travel Insurance CEOAXA Travel Insurance appoints Jesus Carmona as CEO and integrates AXA Assistance UK travel hub. In line with AXA strategy, AXA Assistance Group shares the ambition of becoming the ‘preferred’ assistance provider.

From 1st January 2010, AXA Travel Insurance, the AXA Assistance Group global Strategic Business Unit (SBU) for travel, fully integrates the travel activity of AXA Assistance UK & Ireland. The reinforcement of AXA Assistance Group global travel business will bring a simpler structure responsible for travel service delivery and will better support the international nature of this business.

AXA Assistance UK & Ireland will continue to remain focused on its existing non-travel assistance offers: motor, property, legal and health. Structure changes Jesus Carmona is appointed CEO of AXA Travel Insurance and will directly report to Serge Morelli, CEO of AXA Assistance Group.

Jesus Carmona has 20 years’ experience in the assistance industry. He started his career in Barcelona as International Marketing Manager. In 1996, he moved to Argentina as Sales Director, then from 2000 to 2003 he was CEO of AXA AssistanceArgentina – he was also in charge of the offices in Paraguay and Uruguay. In 2003, he joined AXA Assistance UK and Ireland as CEO. He is a member of the International
Committee for the AXA Assistance Group.

Serge Morelli commented: “This is part of the evolution of our companies to redefine our service delivery to our customers. I am confident they will enable both AXA Assistance entities to fully meet our partner’s needs.” For Jesus Carmona, AXA Assistance Group is setting up a dedicated travel organisation capable of responding to both insurance and assistance needs on a worldwide scale, through the creation of AXA Travel Insurance. “AXA Travel Insurance aims to become one of the main players in its business. Our particular offer will allow to position AXA Travel Insurance brand on the international market and to gain market share through different distribution channels, partners and, in particular, through the Internet.”

These changes will take effect from the 1st January 2010.

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The big freeze could cost Britain £14.5billion as the heaviest snow for 30 years causes widespread chaos.

The bad weather meant up to half of workers stayed at home yesterday, with many roads and railways brought to a standstill by up to 47cm of snow.

It could cost the economy £690million a day and up to £14.5billion in lost business during the next three weeks, insurance company RSA said.

Missed orders, lost trade from shoppers staying at home and the costs of workers failing to turn up would add up to business misery, it warned.

There is no end in sight to the severe weather, with forecasters predicting the cold snap could last for the rest of this month.

Hundreds of schools were closed and hospitals cancelled operations yesterday, while there were reports of 50-mile traffic jams on some roads, trains were disrupted and airports shut.

Councils admitted they were running low on grit to treat roads. Last night, West Berkshire Council said: ‘We only have enough grit left for one more run on the A and B roads, and that will be this evening. Who knows when we will be getting any more?’

The Army was called in to save 1,000 stranded motorists, while an elderly driver died in a crash on an icy road in Titchfield, near Hampshire.

And it was estimated 44 per cent of workers decided to stay at home yesterday, in a snap poll of 460 companies by employment law firm Peninsula.

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XL Insurance, the global insurance operations of XL Capital, today announced a new underwriting agreement with Dentists National Insurance Group of Coral Springs, Florida, to provide a comprehensive dentists’ errors & omissions (E&O) insurance program.

Don Allard, Chief Underwriting Officer of XL Insurance’s Select Professional group, said: “XL Insurance works with program managers, like Dentists National Insurance Group, who have dedicated and proven expertise in industry-specific professional liability markets. We’re pleased to team up with Dentists National to offer one of the most comprehensive approaches to address dentists’ E&O concerns.”

“Dentists National’s underwriting expertise, backed by our financial strength, will serve dentists’ E&O needs well by providing quality coverage,” said Frank Palermo, XL Insurance’s Senior Underwriter. “They add further value to this program by offering practice management guidance and claims management to help dentists actively manage their exposures.”

Michael Peterman, President and CEO of Dentists National Insurance Group, said: “E&O insurance provides dentists with essential financial protection to safeguard their livelihoods. We believe, however, that offering our clients’ effective guidance on practice management and 24/7 expert claims assistance strengthens our insurance program,. We’re excited to team up with XL Insurance which shares our commitment to offering quality service as well as comprehensive coverage. We’re looking forward to a very productive relationship.”

Dentists National’s E&O program, designed for dental offices with 20 or fewer dentists in the practice, is available through retail agents nationwide. The program is provided by XL Insurance’s Greenwich Insurance Company, an admitted primary insurance company — and is available with limits of liability to $5 million. Policies are available on an occurrence or claims- made basis. Among the coverage options available are HIPAA defense coverage, disciplinary action, medical waste legal defense, medical payment coverage, defense assistance reimbursement, military leave or disability, and optional practice liability.

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Banter and buffoonery, chants and camaraderie, is your journey to “the match” a laugh a minute comedy sketch? Aviva, the UK’s largest insurer, is asking the public to come forward with their own football fan videos.

Made famous by Aviva’s current advert, the instantly recognisable “Green Army” chant is echoing around football stands across the country, and the insurer is seeking real life away-day antics to be uploaded to www.aviva.co.uk/greenarmy aping Paul Whitehouse’s journey to watch Plymouth Argyle.

Every Saturday pays homage to a certain ritual, superstition, costume or joke. If your match journey video is “good on paper” it could have “great prospects” of winning £1,500 to go towards next year’s season ticket and away-day travel. Plus there’s a £1,000 weekly prize up for grabs. But, football fan or not, everyone can Get the Aviva deal with 12 months car insurance for the price of 10.*

The campaign is launched by legendary sportsman, Phil Tufnell; who might be notorious for spinning a cricket ball, spinning around the dance floor and lording it in the jungle, but he is also a life-long footie fan and is helping Aviva in their search for the best away-day antics videos.

“The trip to watch your team play is often more entertaining than the match itself, especially if your team has a bad game!” says football fan Phil. “Full of antics and anticipation, all squeezed into the back of the car wearing your clubs colours and singing your team’s anthems – you can’t beat that kind of banter on a road trip with your mates.

“I’m helping Aviva find the funniest away day videos, so if your journey to the big match is one big comedy show upload your antics to www.aviva.co.uk/greenarmy.  There’s £4,500 up for grabs for the best entries and of course you can have a look at what everyone else gets up to on the way to support their team in the beautiful game.”

Whatever team you support, whether your journey is by car, on a coach, on foot, or even at the big match itself, Aviva want to see your videos of your away-day antics.  To see Phil’s own journey to “the match” log on to www.aviva.co.uk/greenarmy.

David Tyers, director of marketing at Aviva says: “Aviva recognises the effort demonstrated by thousands of football fans on a weekly basis, travelling miles up and down the country to support their favourite team.

“We know the Green Army campaign has struck a chord with supporters everywhere so now we want to see what they get up to on their journeys to the match – the jokes, the banter, the costumes – whether on wheels or on foot we want to see them all!”

To enter simply log on to www.aviva.co.uk/greenarmy and upload a video of less than two minutes in length for your chance to win a share of £4,500. The competition runs for a month. Every Friday, for three weeks, Aviva will choose a weekly winner who will get a £1,000 cash prize to go towards away-day travel. The weekly winner will be announced on the website. On Friday 5 February an overall winner will be announced and they will win a £1,500 cash prize.**

But remember, all videos must be shot safely with no individual put at risk!  Any videos that show dangerous activities will not be entered into the competition or shown on the website. Entries close at midnight on Tuesday 2 February.

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    The Met Office has issued a weather warning for WALES. Heavy snow and risk of severe weather is expected from 0001 Wed 06 Jan to 1100 Wed 06 Jan

    Outbreaks of snow will turn heavy this evening and overnight giving fresh accumulations of 10-15 cm in places and perhaps locally in excess of 20 cm. This could cause widespread disruption to transport.

    The public are advised to take extra care and refer to the Highways Agency for further advise on traffic disruption on motorways and trunk roads.

    Further snow showers are likely overnight but, with clear periods expected, widespread icy roads and pavements will develop across Wales.

    The public are advised to take extra care and refer to the Traffic Wales for further advice on road conditions.

    Cities concerned: Monmouthshire, Newport, Blaenau Gwent, Bridgend, Caerphilly, Cardiff, Carmarthenshire, Ceredigion, Conwy, Denbighshire, Flintshire, Gwynedd, Isle of Anglesey, Merthyr Tydfil,    Monmouthshire, Neath Port Talbot, Newport, Pembrokeshire, Powys, Rhondda Cynon Taff, Swansea, Torfaen, Vale of Glamorgan, Wrexham

    To take action to prevent or protect your home or business against water damage from burst or frozen pipes you can find all you need to know about flood and natural disaster insurance below:

    Property owners at risk from serious water damage claims

    All you need to know about flood and natural disaster insurance


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      Next year there will be 12,000 people aged 100 or over in the UK.  In 10 years time this will have nearly doubled to 22,000.

      In 2010 there are will be around 12 million pensioners in the UK, rising to 16 million by 2050.

      And the number of people aged 100 or over will increase from around 12,000 to 280,000 in the same period.

      Department of Work and Pensions Minister Lord McKenzie said:

      “It is clear that in the coming years an older society offers great opportunities as well as challenges.

      “Opportunities for those in retirement to continue working, learning and contributing to society, but challenges around how best to support this group. Over the last few years we have built the foundations that will allow us to respond to these challenges.

      “The biggest changes to pensions for a generation will mean that millions of people will be saving for their retirement, many for the first time. While our changes to the state pension will make it fairer and sustainable for the long term.

      “Along with other proposals to deal with an ageing society – in particular our vision for a new care and support system – we are already working to meet the challenges and aspirations of an older population, both now and in the years to come.”

      Government action on the ageing society:

      • Pension reforms to make the state pension fairer, more generous and more widely available and help millions more to save in a workplace pension.
      • Outlaw discrimination on the grounds of age through the Equality Bill.
      • Change the way social care is funded and delivered.
      • Work with local authorities to improve services for older people and with employers to encourage more flexible work opportunities.

      Number of Pensioners:

      Men Women
      2000 10,788,000 3,878,000 6,911,000
      2009 11,997,000 4,419,000 7,578,000
      2010 12,148,000 4,526,000 7,622,000
      2011 12,178,000 4,639,000 7,539,000
      2020 12,686,000 5,784,000 6,902,000
      2030 14,678,000 6,720,000 7,957,000
      2040 16,228,000 7,409,000 8,819,000
      2050 16,156,000 7,386,000 8,770,000

      Number of 100 year olds and over:

      2010: 12,000

      2020: 22,000

      2030: 59,000

      2041: 155,000

      2051: 281,000

      The data is available here (estimated (2000) and projected (2010-2051) figures):

      Population Estimates:

      Pensioners are rounded to the nearest thousand.

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      Willis Group Holdings today announced that it is expanding its UK Willis Commercial Network (WCN) business model into Northern Ireland with the addition of three new independent brokers, including McCausland Light & Rankin and Dickson & Co, both of which join on January 1, 2010, and another soon-to-beannounced member firm, which will commence trading in March.

      Established in 1993 with two offices in Belfast, McCausland Light & Rankin are commercial insurance brokers with a particular strength in transportation insurance and a wide range of property insurance clients varying from single occupancy to industrial estates.

      Commenting on the reasons for joining the WCN, Gary McCausland, Managing Director of McCausland Light & Rankin, said, “We have always prided ourselves on being independent and providing a personal service, but we saw the opportunity to tap into the resources of a bigger organisation, while still retaining our own independence, as being a great advantage. The WCN gives us better access to markets for clients who have business outside of Northern Ireland.” Dickson & Co was established in 1992 and has grown to become a leading commercial and personal lines broker with their head office based in Co Tyrone and a network of six offices throughout Northern Ireland.

      Ashley Dickson, Managing Director, Dickson & Co, saw joining the WCN as a progressive step in aiding the future development of his company. He said, “By becoming a Willis Networks member, we will be able to expand on the range of services that we can provide to our clients by accessing the specialist skills of Willis. We will also strengthen our own team through the sales training and support the Network provides.”

      A third Northern Irish broker will join the Network in March, bringing the combined revenues of the first three Northern Irish members to more than GBP 20 million.

      Phil Scarrett, Managing Director, Willis Networks, said: “We are pleased to announce the establishment of a new region for the WCN in Northern Ireland. Northern Irish brokers are fiercely independent and they value the fact that as part of the Willis Network they will have total autonomy. As our first Network members in Northern Ireland, McCausland Light & Rankin and Dickson & Co embody the professional, independent and ambitious spirit of the Willis Commercial Network. We look forward to a long and successful partnership with them and a strong network presence in Northern Ireland.”

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        Australian floods mapAustralian authorities declared a natural disaster Monday in a southeastern farming town where raging floodwaters forced the evacuation of hundreds of people.

        The swollen Castlereagh River peaked at 5.14 metres (17 feet) just before midday (0100 GMT) in Coonamble, the weather bureau said, after 1,200 residents in the New South Wales town were urged to leave their homes for higher ground.

        Forecasters had feared the river would surge to a 40-year record of 5.5 metres and break its banks, putting hundreds of homes in the town at risk.

        But the threat eased late in the morning when it appeared water levels had gone down slightly, the Bureau of Meteorology said in a statement.

        “This indicates that the river is at its peak with major flooding,” it said.

        Heavy rains have pelted the drought-parched region since late December, with hundreds of centimetres of rain unleashed by ex-tropical cyclone Laurence.

        Several towns have already been cut off by the once-in-a-decade deluge but no lives have been lost.

        New South Wales Premier Kristina Keneally declared the town a natural disaster zone, making emergency funds available to hundreds of farmers and other residents.

        Flooding rains were also recorded further north, in the neighbouring state of Queensland, while fires raged in the country’s west.

        An out-of-control blaze at Brigadoon on the outskirts of Perth razed sheds and damaged some buildings but no homes were lost, while severe fire warnings were in place for much of the state of Western Australia, authorities said.

        The state’s worst wildfire in 50 years devastated the isolated rural community of Toodyay last week, levelling 38 homes and destroying thousands of hectares (acres) of scrub and farmland.

        It follows last February’s “Black Saturday” fires, in which 173 Australians died and more than 2,000 homes were flattened — the country’s worst natural disaster of modern times.

        With AFP, Sydney

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        Max Capital Group today announced the appointment of Joseph (Joe) Monk as Global Chief Actuary.

        W. Marston (Marty) Becker, Chairman and Chief Executive Officer of Max Capital, said: “We are pleased to be adding Joe as leader of Max’s existing team of specialist actuaries. Max’s strength has been our superior underwriting and risk management skills partnered with in-depth actuarial analysis. Joe is a highly regarded professional with the skills and experience that will enable him to effectively coordinate, control and develop our Group-wide actuarial resources.”

        Joe Monk comes to Max from Lane Clark & Peacock LLP (LCP), where he was head of insurance consulting. Joe joined LCP in 1995 after graduating from Cambridge University with a Master of Arts degree in Economics. He has a wealth of experience in reserving, capital modelling and pricing. Joe is a Fellow of the UK’s Institute of Actuaries and a Fellow of the Society of Actuaries in Ireland.

        Operating from offices in Bermuda, Ireland, the USA, Latin America and at Lloyd’s, Max Capital Group Ltd. is a global enterprise dedicated to providing diversified specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers, and life and health insurers.

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        QBE, the specialist business insurer, announced today the appointment of Chris Tomkins to the position of Senior Property Underwriter at its Birmingham operation.

        Chris joins QBE’s team in Birmingham from Ace European Group, where he was Senior Property Underwriter responsible for their commercial property book within the regional portfolio.

        Prior to Ace, Chris has over two decades of industry experience gained in a number of senior underwriting roles, including as a Senior Regional Underwriter at Catlin, where he built Catlin’s presence in the local marketplace and as a Senior Commercial Broker at James Hampden and Senior Property Underwriter at Lloyd’s Syndicate KGP 105 (John Poland & Company Ltd). All of Chris’s roles have focused on UK regional business.

        Chris is a member of the CII and was President of the CII of Nottingham between 2006 and 2007.

        Terry Whittaker, Managing Director of UK National, QBE European Operations, said: “With the appointment of a senior underwriter of Chris’ calibre and breadth of market experience, it demonstrates that at QBE we are truly dedicated to building a UK regional network that can offer underwriting excellence and the highest quality of service.”

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