Sunday, November 24, 2024
Home Authors Posts by Barbara karouski

Barbara karouski

Profile photo of Barbara karouski
1629 POSTS 0 COMMENTS

0 0

Swiss Re has obtained USD 150 million protection for California earthquake risk through the Redwood Capital XI Ltd. catastrophe bond programme.

Swiss Re has entered into a transaction with Redwood Capital XI Ltd. (“Redwood XI”) to receive up to USD 150 million of payments in the event of a California earthquake in the covered area that meets specific trigger criteria. The transaction covers a one-year risk period ending on 31 December 2010. Redwood XI has in turn hedged this risk by issuing catastrophe bonds into the capital markets. Redwood XI is a special purpose vehicle with a flexible programme structure that will allow subsequent issuances of notes.

Swiss Re has a strong track record of securitising California earthquake risk, obtaining over USD 2.1 billion of protection through prior Redwood programmes since 2001.

Swiss Re’s Chief Underwriting Officer, Brian Gray, commented: “Swiss Re has developed a leading market position as a sponsor, underwriter and innovation leader. Our ILS expertise is part of our core offering to our clients and a fundamental piece of our own hedging strategy.”

The Redwood XI offering consists of one series of notes, rated “B1” by Moody’s.

Swiss Re Capital Markets acted as sole manager and bookrunner on the note issuance. The collateral for this issuance of Redwood XI notes consists of treasury money market funds. Risk modelling and analysis was performed by EQECAT, Inc.

Brian Gray concluded: ”The ILS market gained considerable momentum in 2009. More conservative collateral structures, price convergence with the reinsurance market, and the underlying value of diversification should further accelerate the ILS market in 2010.”

The Redwood XI notes were sold in a private placement pursuant to Rule 144A of the U.S. Securities Act of 1933, as amended, (the “Securities Act”) and have not been registered under the Securities Act or any state securities laws; they may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

    0 0

    Dutch bank and insurance group ING said  on Tuesday it had completed the sale of its US reinsurance business to Reinsurance Group of America for an undisclosed amount.

    The transaction was expected to free up some 100 million euros (144 million

    dollars) in capital in 2010 and improve ING Insurance’s debt-to-equity ratio by about 60 basis points, it said in a statement.

    “ING announced today that it has closed the transaction to transfer its US group reinsurance business, ING Reinsurance US, to Reinsurance Group of America, Inc (RGA),” it said.

    “ING did not disclose terms of the agreement, which was previously announced on 16 October 2009 and effectively closed on 1 January 2010.”

    0 0

    GEICO packed lots of functionality into its new iPhone app—GEICO GloveBox™—to give users, both customers and non-customers alike, handy features right at their fingertips.

    The GEICO GloveBox app allows customers to pay their bill and view their insurance card.  Even non-GEICO customers can take advantage of the many features of the application. Guidance is provided for users involved in an auto accident, instructional text teaches users how to change a flat tire, and videos offer comic relief with just a tap of a finger.

    You can’t pretend to really know the GEICO Gecko until you’ve seen “The Real Scoop,” an amusing video that delves into the Gecko’s mysterious past.

    Other GEICO GloveBox features include a taxi/rental car finder, roadside services and GEICO contact information.

    Jess Reed, GEICO’s chief information officer said: “We want to assist our customers through the channel of their choosing”. “With the increasing popularity of the iPhone, an iPhone app made perfect sense.

    Reed continued, “We looked for capabilities that we think will add the biggest value to our customers. Whether it’s on the Web, over the phone or with the new application via their iPhone, we want to provide the most convenient and best customer experience possible.”

    “An accident, a breakdown or a flat tire is stressful and people may not always have the information they need on hand. GEICO GloveBox can really simplify the process and make a bad situation a little easier for all users,” said John Hodges, a senior applications systems analyst at GEICO.

    GEICO’s free GEICO GloveBox app can be downloaded for the iPhone and is available at the iTunes App Store now.

      0 0

      As just a third of drivers admit to knowing what to do should they be involved in an accident , AXA Insurance has this week launched a motor insurance claims iPhone app to help.

      The application, available now from the Apple iTunes app store, will help motorists involved in an accident get through the stressful and often confusing process of dealing with details at the scene of the crash as well as help the whole claims process run more smoothly.

      The innovative and easy to use app is one of the first of its kind in the UK and is available free to both AXA customers and non-customers.  It can be used to store personal and policy information, capture photos of any damage following an accident, enter details of any witnesses and exchange details with other drivers. Using GPS technology, the app will record key information about the accident such as the location and the time.

      For AXA customers, it has the unique feature of locating and contacting the closest approved repairer to come collect the customer and their vehicle if it is un-drivable. Customers can also notify the claim there and then by emailing the info to the claims team who will then call the customer back within 2 hours (during normal office hours). For those interested in obtaining insurance with AXA, the app also has a quote function.

      Understanding the claims process

      Consumer research from AXA shows that motorists are confused about the correct procedures following an accident with only 34% claiming to be confident they know exactly what to do.

      Around a quarter of drivers (27%) would not think to swap name, address and phone number with the other driver or take down their registration plate.
      Although 84% say they would swap insurance details with the other driver, in reality this is less likely to happen with only 15% of drivers having their insurance details on them. A worrying 3% of motorists admitted to not having insurance.

      Around 13% would apologise to the other driver – something insurers advise against – and 5% said they would automatically blame the other driver!

      Two thirds (66%) of people would think about getting witnesses to the accident, while just over a third would phone the police.

      When it comes to the detail of the accident, which can help settle a claim quickly and effectively:

      • Only two thirds (68%) would consider noting the date and the time
      • Less than half (45%) would note the weather, visibility, lighting conditions
      • Just 57% would take photos of the accident
      • Less than half (41%) would get the name, address and phone numbers of any passengers

      Simon Clayden, head of IT innovation at AXA, said: “Having an accident, however minor, can be traumatic and it is clear that many drivers really don’t know what they should do if they are in this situation. And even those who do can forget vital information at such a stressful time.

      “Our app allows you to permanently store the information you need and will take you through a step by step process at the scene of the accident, prompting you to record all the necessary detail.  For our customers, we can also get the claims process rolling there and then.

      “We know that nobody ever wants to have to claim but if they do, providing better service through new and convenient channels can only help make the process less distressing.”

      As just a third of drivers admit to knowing what to do should they be involved in an accident[1], AXA Insurance, one of the UK’s largest insurers, has this week launched a motor insurance claims iPhone app to help.

      The application, available now from the Apple iTunes app store, will help motorists involved in an accident get through the stressful and often confusing process of dealing with details at the scene of the crash as well as help the whole claims process run more smoothly.

      The innovative and easy to use app is one of the first of its kind in the UK and is available free to both AXA customers and non-customers. It can be used to store personal and policy information, capture photos of any damage following an accident, enter details of any witnesses and exchange details with other drivers. Using GPS technology, the app will record key information about the accident such as the location and the time.

      1 Consumer research carried out by Onepoll among 2,000 UK adult motorists in November 2009

      0 0

      Liberty Syndicate, a member of Liberty Mutual Group, has appointed Kirk Maddern to the position of Chief Operating Officer.

      Mr Maddern will oversee all of Liberty Syndicates’ operational functions, including IT and management information and support the business’ underwriting and claims activities. He has over 21 years of experience working in the London insurance market and spent the last seven years as chief operating officer for the specialty insurance lines of one of the world’s largest insurance brokers.

      Reporting to Liberty Syndicates Chief Executive Officer Nick Metcalf, Mr Maddern will be based at the company’s London headquarters in Plantation Place South.

      Commenting on the appointment, Nick Metcalf, , said: “It’s the smooth running and integration of our back office functions that allow our front office – underwriting and claims – to get on with what they do best: providing the highest quality service to our brokers and policyholders.  With Kirk bringing his extensive operational experience and broker distribution insight to the pivotal role of COO, we will continue to provide our clients with the level of service they expect from Liberty Syndicates.”

      Mr Maddern added: “Liberty Syndicates is a ‘must see market’ for our brokers and my job is to ensure it continues to be worthy of their business and their partnerships. I’m thrilled to be joining a so well respected Lloyd’s underwriter and am looking forward to working with the team.”

      0 0

      Specialty insurance company HCC International has confirmed it will take up headline sponsorship of the SailEAST 2010 race season. HCC is a provider of niche commercial insurance with offices in the UK, Ireland and Spain.

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

      Richard Webb of HCC said: “We are delighted to be sponsoring SailEAST again for 2010. We share many of the same values as the competitors – teamwork, excellence and a desire to be the very best, so working with Martin and the rest of the team makes sense on so many levels for us”.

      SailEAST chairman Martin Wiggins said: “I am delighted that HCC has announced it will be supporting SailEAST for the 2010 season. The event is now very well established and well regarded, as is HCC, so there is an obvious synergy there that continues to work well. We are already looking forward to next year’s event and with HCC on board things are shaping up for another great series in 2010.”

      HCC has strong sailing connections and has previously sponsored the Optimist Dinghy fleet in local regattas.  Getting involved in SailEAST is a natural and progressive move for raising the profile of the company and increasing brand awareness within the sailing community.

      0 0

      Liberty Mutual Group, through its wholly owned subsidiary Liberty Insurance Company Limited, has been granted approval to establish a branch in Zhejiang by the China Insurance Regulatory Commission (CIRC). Headquartered in Chongqing, Liberty Mutual’s Chinese operations received CIRC approval on December 14, 2009 to prepare for a provincial branch in Hangzhou, Zhejiang Province – the third-largest property and casualty insurance market in China.

      Liberty Mutual will be the first foreign property and casualty company to operate in Zhejiang, a province of over 47 million people located 700 miles south of Beijing on China’s southeastern coast.  The Zhejiang operation joins the company’s two current operations in China – located in Chongqing and Beijing – in offering personal lines products and a wide range of commercial lines products that focus on the needs of small-to-medium enterprises.

      “The continued success of our strategy in China reinforces Liberty Mutual’s reputation as a leading foreign property and casualty insurer among consumers,” said Liberty Mutual Group Chairman, President and CEO Edmund F. Kelly.  “CIRC’s approval of our third location is testament to our reputation and we thank them for their decision.  We are pleased that they share our view of Zhejiang as a market with strong insurance growth potential and we look forward to entering this dynamic region.”

        0 0

        A top executive at American International Group Inc has resigned because of pay curbs imposed by the Obama Administration’s pay czar, the insurer said on Wednesday.

        Anastasia Kelly, AIG’s vice chairman for legal, human resources, corporate affairs and corporate communications, resigned effective Dec. 30 for “good reason” and is eligible for severance pay under the terms of the company’s executive severance plan, the insurer said.

        Kelly stands to be paid about $2.8 million in severance, according to a source familiar with the matter.

        Kelly’s resignation comes after Kenneth Feinberg, who is charged with monitoring pay levels at companies that received taxpayer funds, imposed pay caps for AIG’s top executives.

        Earlier this month, Feinberg set the compensation structures for the 26th through 100th highest-paid employees at four firms, including AIG, limiting most cash salaries to $500,000.

        Feinberg also granted less than a dozen special exemptions from the cash salary cap, including several AIG executives, after being urged to do so by Federal Reserve and Treasury officials.

        Kelly met frequently with Feinberg to discuss pay issues as he prepared to rule on compensation at companies that received extraordinary taxpayer bailouts.

        She was among five executives reported by The Wall Street Journal to have notified the insurer that they were prepared to resign and collect severance benefits if their pay was cut sharply by Feinberg. Chief Executive Robert Benmosche separately also had considered quitting because of the pay constraints, the Journal has reported.

        Cornelius Hurley, director of the Morin Center for Banking and Financial Law at Boston University, said no AIG employee was irreplaceable.

        “We have been duped into thinking that these AIG employees have some kind of secret code that no other employee could discover if they were hired to replace them and therefore they are able to basically hold the company ransom,” Hurley said.

        AIG had to be propped up with some $180 billion in taxpayer support after its near collapse in September 2008. The U.S. government now owns nearly 80 percent of the company, once the world’s largest insurer by market value.

        The government stepped in to rescue AIG after it ran short of funds to meet collateral demands from global banks that had bought credit protection from an AIG financial products unit. The government saw the company’s possible collapse as a systemic risk.

        AIG angered many Americans earlier this year when it paid million-dollar retention bonuses — payments simply for staying in their jobs — to executives at a financial products unit that was responsible for its financial implosion.

        The insurer also said on Wednesday that Suzanne Folsom, chief compliance and regulatory officer, has left to pursue other opportunities. It was unclear if her departure was related to the pay issue.

        It said it is looking for successors for both officials.

          0 0

          Health cash plans provide limited cash sums towards everyday healthcare bills. Different policies cover one or a combination of healthcare such as dental care, optical care, physiotherapy, or stays in hospital.

          So for example a policy will pay out a maximum of £100 per year towards optical care bills you have incurred, and £10 for each night you need stay in hospital (up to a maximum of say 16 nights). Most providers offer a range of covers with different levels of payouts, and the smaller the payouts the cheaper the premiums.

          What isn’t covered?

          Some policies have age restrictions and will only cover you if you are under a certain age (often 65). If you’ve had health problems in the past (pre-existing conditions), the cash plan may not pay out on certain types of healthcare. Some plans also apply qualifying periods which means that they will not pay out towards any treatment undergone in the first few months of the policy, so shop around and make sure you get the cover you need.

          0 0

          Catlin Group Limited, the international speciality property/casualty insurer and reinsurer, has been rated to to ‘A’ from ‘A-’ from Standard & Poor’s Rating Services. This concerns the insurer financial strength ratings of Catlin’s core operating subsidiaries

          Standard & Poor’s has also upgraded its Lloyd’s Syndicate Assessment (‘LSA’) of the Catlin Syndicate at Lloyd’s (Syndicate 2003) to ‘4’ from ‘4-’. In addition, Standard & Poor’s raised its long-term subordinated debt rating on the preferred shares of Catlin Insurance Company Ltd. to ‘BBB+’  from ‘BBB’.

          The outlook for all of the ratings and the LSA is stable.

          “The rating and assessment upgrades primarily reflect the improved financial profile of the Group,” Standard & Poor’s said in an announcement issued today. “The ratings and assessment also reflect Catlin’s strong competitive position, strong operating performance, strong capitalisation and strong enterprise risk management,” the announcement said.

          Specifically, Standard & Poor’s noted that it had raised its assessment of Catlin’s enterprise risk management efforts to ‘Strong’.  It said: “ERM is highly important to the ratings given Catlin’s expanding risk profile.  The major factors supporting the assessment are a strong risk management culture, strong strategic risk management, and strong controls for insurance and reserving risk.”

          Stephen Catlin, chief executive of Catlin Group Limited, said: “I am very pleased that Standard & Poor’s has increased its financial strength ratings of Catlin’s core subsidiaries to ‘A’ and has also upgraded its assessment of the Catlin Syndicate at Lloyd’s. In its commentary, Standard & Poor’s recognises Catlin’s strong capitalisation and operating performance, as well as our significant commitment to enterprise risk management.

          “The upgraded Standard & Poor’s ratings and assessment demonstrate the excellent financial security that Catlin offers to clients and their brokers worldwide.  I am proud that the hard work of Catlin’s more than 1,300 employees around the globe has been recognised by Standard & Poor’s announcement today.”

          The Catlin subsidiaries to which Standard & Poor’s ‘A’ financial strength ratings apply are: Catlin Insurance Company Ltd. of Bermuda (Catlin Bermuda); Catlin Insurance Company (UK) Ltd. (Catlin UK); and Catlin Specialty Insurance Company  and Catlin Insurance Company Inc., which both operate as Catlin US.

            0 0

            ING will sell its 50% stake in one of its two insurance joint ventures in China to China Construction Bank Corp, the two companies said Tuesday.

            ING said the deal will allow it to exit from Pacific Antai Life Insurance Co., its 50-50 joint venture with China Pacific Insurance (Group) Co.

            The Dutch financial conglomerate said it will maintain its 50-50 joint venture with Beijing Capital Group Co., Dalian-based ING Capital Life.

            ING said the deal is subject to regulatory approval and should be completed in the second half of 2010.

            China Construction Bank said in a separate statement the country’s insurance and banking regulators will review the deal.

              0 0

              AIG is preparing to pay its departing general counsel several million dollars in severance after she resigned over federal pay curbs, the Wall Street Journal reported on Monday.

              The insurer determined that Anastasia Kelly was entitled to the money under the company’s severance plan, whose terms say certain executives can resign and collect severance if their pay is reduced significantly, the Journal reported, citing people familiar with the matter.

              The Journal said Kelly was among five executives who notified the insurer that they were prepared to resign and collect severance benefits if their pay was cut sharply by the U.S. pay czar. The four others rescinded their threats.

              AIG is expected to name a new general counsel soon, the newspaper reported.

              0 1

              The British Insurance Brokers’ Association (BIBA) is calling on the Government to do more to ensure that small businesses survive a major incident such as a fire, flood, act of terrorism, or a pandemic such as swine flu, particularly during the current economic downturn.

              Independent research commissioned by BIBA has revealed that 45% of businesses have no, or at very best, rough plans to deal with the effects of flood or storm damage. This is despite the £3billion of flood claims from 2007 and that 80% of businesses affected by a major incident close down within 18 months

              The research has revealed that the number of small businesses who claim it would take more than six months for their business to recover has nearly trebled. BIBA believes that small businesses must have adequate plans in place to cover business resilience and is concerned businesses are putting themselves at risk.

              Steve Foulsham, BIBA Technical Services Manager, said: “There have been slight improvements since our previous research in 2006 but we still have concerns that businesses are still not adequately protected. Every business needs to be properly prepared for a major incident. I urge every small business to urgently speak to their broker to ensure they are properly covered.”

              Steve Foulsham added: “It is vital to raise and maintain awareness of the need for businesses to prepare for the potential impacts of a natural disaster or terrorist attack.  The Buncefield Oil Depot fire, 7/7 bombings and continued incidents of flooding illustrate the need for all to plan for the unexpected.

              “BIBA will call for the support of the Government in campaigning for all businesses to set continuity plans in place.”

              The research also reveals that few (15 per cent) of the directors interviewed were aware of BS25999 in relation to Business Continuity Management – this is the British standard to help minimise work disruptions.

              As an essential first step, BIBA advises businesses to:

              • Have plans to replace machines, equipment and stock
              • Consider what would happen if your computer or telephone system were down for three days
              • Organise how you would cope in the first hour following a disaster
              • Consider the effects upon your business if a major supplier or customer suffered a disaster
              • Plan for continued operation of the business if 50% of staff were off sick
              • Discuss Business Continuity Planning with your insurance broker

              Research key findings from 200 small businesses:

              • Businesses are most likely to plan for the loss of physical equipment; loss of IT, premises, telecommunications and plant are the risks most likely to be covered by Business Continuity Plans (BCPs).
              • BCPs are least likely to address negative publicity and the loss of overdraft and loan facilities.
              • Only 37 per cent of businesses have credit insurance protection in terms of their suppliers and / or customers.
              • The number of businesses saying a disaster or serious disruption on their premises would “significantly impact” their company within an hour has increased slightly, from 19 per cent in 2006 to 24 per cent in 2009.  However, the number saying the impact would occur after an hour but within the day has decreased by a corresponding number – from 31 per cent to 27 per cent.
              • Businesses are now more pessimistic about their ability to operate without their office than in 2006.  The number saying that if a disaster left their office unable to operate they could recover in less than a week has dropped from 39 per cent in 2006 to 28% in 2009.
              • The numbers who claim it would take more than six months for their business to recover has nearly trebled – from 4 per cent in 2006, to 11 per cent in 2009.
              • Few (15 per cent) of the directors interviewed were aware of BS25999 in relation to Business Continuity Management – this is the British standard to help minimise work disruptions.
              • There has been a slight rise in the number of businesses with comprehensive business interruption cover; from 84 per cent in 2006, to 88 per cent in 2009.
              • Of the businesses who have rough or no Business Continuity plans, 66% felt that they could cope without a written plan, 34% felt that a putting a formal plan together would be too time consuming and 26% had never thought about it or would not know where to start.
              • 43% of businesses have no protection against denial of access to their business premises. This is available as an extension to Business Interruption insurance.
              • Of the businesses who were affected by the 2007 floods, 60% were affected by loss of plant or equipment, 30% were affected by loss of premises and 30% were affected by sudden significant decrease in trade or demand.
              • 61% of businesses felt that the financial security rating of their insurance company was important

                1 0

                “We made it through the year with a minimum of natural disasters”, German re-insurer Munich Re said on Tuesday, but climate change still threatens our planet and the failed Copenhagen summit ensures losses will rise in the future.

                Munich Re said natural catastrophes took many fewer lives and caused much less damage on average in 2009 than in the previous decade.

                But the group also pointed to a higher total number of destructive events, around 850, than the average of 770 per year since 2000.

                In an annual look at the cost of natural catastrophes, Munich Re said: “Losses were far lower in 2009 than in 2008 due to the absence on the whole of major catastrophes and a very benign North Atlantic hurricane season.”

                It put the death toll this year at “around 10,000,” well below the average of 75,000 in each of the past 10 years.

                The most deadly single event as a 7.6 magnitude earthquake which shook Indonesia on September 30, killing nearly 1,200 people in and around the city of Padang, on the island of Sumatra.

                Asian storms meanwhile killed thousands more and caused widespread damage in the Philippines, Vietnam and Taiwan.

                In monetary terms meanwhile, 2009 losses were also much lower than in previous years, the re-insurance giant said.

                It estimated the total economic cost this year at 50 billion dollars (35 billion euros) and insured losses at 22 billion dollars.

                That compared with economic losses of around 200 billion dollars and insured losses of 50 billion dollars in 2008, and a decade average of 115 billion and 36 billion respectively, the German group calculated.

                The most expensive single event was Klaus, a winter storm that hit northern Spain and southwestern France on January 23-25 with winds of up to 195 kilometres an hour (122 mph).

                Klaus cut power to more than one million people while causing economic losses of 5.1 billion dollars and insured losses of 3.0 billion.

                Munich Re’s head of geo risk research, Peter Hoeppe, warned meanwhile that “the trend towards an increase in weather-related catastrophes continues.”

                Board member Torsten Jeworrek added that given an almost tripling of weather-related natural catastrophes since 1950, “it is very disappointing that no breakthrough was achieved at the Copenhagen climate summit.”

                US President Barack Obama told PBS television on December 23: “I think that people are justified in being disappointed about the outcome in Copenhagen”

                after the UN summit ended with only vague prescriptions to curb greenhouse gas emissions.

                Munich Re said Tuesday: “Climate change probably already accounts for a significant share” of weather-related economic losses.

                While there is no reference estimate for the phenomenon’s final cost, economists agree the bill is likely to be in the trillions of dollars.

                Warming of between two to three degrees Celsius (3.6-5.4 degrees

                Fahrenheit) over pre-industrial times would inflict a permanent loss in global world output of up to three percent, according to the 2006 Stern Review, authored by British economist Nicholas Stern.

                0 0

                Munich Re has assisted Zurich Financial Services Group in a US$ 225m catastrophe bond transaction that transfers the risk of severe earthquakes in California to the capital markets. Munich Re acted as joint lead structuring agent in the transaction and helped placing the bond with institutional investors in the EU and Switzerland via its subsidiary Munich Re Capital Markets GmbH.

                The bond with a 3-year period pays 7.75% interest plus the yield on the underlying money market funds. The bond, issued by Cayman-Islands registered Lakeside Re II Ltd., provides coverage for the Zurich Group against severe earthquake losses in California up to a maximum of US$ 225m. Replacing the expiring Lakeside Re Ltd. transaction issued in December 2006, the issuance was oversubscribed.

                “We are pleased to have again been able to assist our client Zurich Financial Services Group with a capital markets transaction. Munich Re offers its clients the full spectrum of risk transfer solutions. Catastrophe bond spreads recently returned to normal so that the capital markets again constitute a good complementary risk carrier for peak risks like California earthquake”, said Thomas Blunck, Munich Re Board member responsible for alternative risk transfer. “The transaction shows that investor confidence is returning.”

                  0 0

                  In the past 60 years, the average child’s Christmas stocking has almost tripled in value with today’s festive stocking worth £180 more than in the 1960s (based on the equivalent spend in today’s money).

                  When looking at the value of a Christmas stocking, children of the noughties have over £300 of presents sitting at the bottom of their bed and even more waiting by the tree! Despite this parents are in denial about how much they are shelling out estimating that they will spend just £84.88 – over three and half times less than the actual average spend.

                  Decade Cost
                  Noughties £305.60
                  1980s £141.60
                  1960s £121.60

                  Nick Kidd, head of home insurance at AXA, said: “The traditional 1960s sock stuffed with sweets, chocolate, toys and books has been replaced with a sack full of MP3 players and computer games, which, while fun, could be worth more than you think. So much so we have seen a significant shift in the value of gifts over the past 50 years with their monetary worth more than doubling since the 1980s.

                  “Over the Christmas period most people will automatically benefit from additional insurance cover on their contents insurance to cover these gifts. However, this cover increase won’t apply at other times of the year and we encourage people to ensure that their insurance cover is adequate at their next renewal.”

                  Some additional findings from the research:

                  • Boys’ love of computer games means their stocking is more expensive than their female counterparts.
                  • Today, the North West is home to the most expensive stocking at £156 while Northern Ireland is the cheapest at just £82 shortly followed by the South West with stockings worth £102.
                  • Children of the noughties want a stocking full of gadgets and money while the older generations are happy with books and chocolate.

                  Something for the big kids:

                  Best Christmas stocking gifts: Worst Christmas stocking gifts:
                  1. Money
                  2. Perfume / Aftershave
                  = Laptop
                  = Chocolate
                  5. Clothes                  		 1. Iron
                  2. Gym Membership
                  3. Babysham
                  4. Executive toy
                  5. Socks

                  Our research showed that 25% of all adults still get Christmas stockings today with some strong views on what they do and don’t want included.

                  Further findings from the research:

                  • Almost two-thirds of the UK (59%) and three quarters of those over the age of 46 believe a return to more simple presents would be a good thing.
                  • The UK still loves stockings with just 6% believing they are a waste of time
                  • Outside of stockings individuals will spend on average, a further £238 on Christmas presents.
                  • Almost half of all women (45%) would be unhappy with an iron as a gift compared to just 30% of men.
                  • Despite the touch economic climate over half the population (51%) are planning to spend the same as last year with one in 10 planning to spend more.
                  • Those that are cutting back are doing so because they can’t afford it (54%), they believe presents are becoming too expensive (29%) and Christmas is becoming too commercial (21%).

                  Note:

                  1Research completed by OnePoll amongst 2000 UK adults in October 2009.

                  2Average cost of a stocking for both adults and children

                  0 0

                  Mitsui Sumitomo Insurance Co. said Monday it has decided to promote Senior Executive Officer Yasuyoshi Karasawa to president next April 1, succeeding Toshiaki Egashira who will become chairman.

                  Mitsui Sumitomo Insurance, Aioi Insurance Co. and Nissay Dowa General Insurance Co. will integrate in April and the three nonlife insurers will operate under MS&AD Insurance Group Holdings Inc.

                  Egashira, 61, is expected to take the post of president of the holding company.

                  Karasawa, 59, joined one of the predecessors of Mitsui Sumitomo Insurance in 1975 and has been senior executive officer of the insurer since April last year.

                  0 0

                  Zurich Financial Services Group announced that it has obtained, through its subsidiaries, Zurich American Insurance Company and Zurich Insurance Company Ltd, a 3-year USD 225 million catastrophe excess of loss reinsurance protection from Lakeside Re II Ltd. to cover the risk of earthquakes in California.

                  This reinsurance transaction is a replacement of the expiring 2006 Lakeside Re Ltd. transaction.

                  Zurich has entered into a reinsurance transaction with Lakeside II, a special purpose reinsurance company domiciled in the Cayman Islands, to receive up to USD 225 million in payment of losses in the event of one or more California earthquakes during the 3-year period.

                  Lakeside II, in turn, has issued to the capital markets principal at-risk variable rate notes linked to this risk. The catastrophe bond has a floating coupon consisting of a fixed 7.75% plus a variable investment yield received by Lakeside II on the underlying assets. The offering was oversubscribed.

                  0 0

                  Moody’s Investors Service raised its ratings outlook on XL Capital Ltd. to stable from negative due to improved capitalization and financial flexibility, as well as the stabilization of the insurer’s business franchise.

                  XL’s shareholders’ equity has meaningfully rebounded as financial markets recovered–primarily due to significantly reduced unrealized losses on investments and good underwriting profitability in its core operations.

                  The company’s refocused attention on property-and-casualty insurance was also noted as a positive, as the company continues to make progress reducing risk exposures related to non-core businesses.

                  Meanwhile, the restructuring actions taken on XL’s investment portfolio have significantly reduced risk on the asset side of the balance sheet.

                  Moody’s insurance financial strength ratings stands at A2, which is five notches under AAA.

                  Still, Moody’s said realized investment losses and impairments are likely to remain a drag on XL’s profitability during 2010 as the company continues to de-risk its investment portfolio through targeted sales of real estate mortgage-backed securities and other asset-backed securities. As a result, the company’s interest and preferred dividend coverage metrics are likely to remain weak relative to its peers until such investment losses abate.

                  In October, the company reported it returned to the black in the third quarter, after big losses a year ago from dealings with Syncora Holdings Ltd. (SYCRF) as XL reported core profit well above analysts’ expectations. XL and its peers have benefited from the mild hurricane season and positive credit and equity markets, although the industry has had difficulty raising rates.

                  1 1

                  About 5,500 customers will receive a surprise Christmas bonus this year when they are reunited with unclaimed funds tracked down by Aviva as part of its unclaimed assets campaign.

                  Aviva has just passed its target, set in 2007, to return £40m in unclaimed funds to its customers and has now set its sights on hitting £50m. In the latest mailing, customers will receive an average £1,000 payment – which will come as a complete surprise as each took out endowment policies back in the 1980s.

                  In early 2007, Aviva reunited around 4,000 fishermen with almost £2.5m in its Find a Fisherman campaign. Trawling through life and pension schemes dating as far back as the 1950s, Aviva has gone on to reunite funds to more than 15,000 customers as it smashed its £40m target.

                  Toby Strauss, chief operating officer at Aviva UK Life, said: “Our campaign over the last two years has proved extremely successful. Although returning unclaimed assets isn’t easy, and can involve extensive investigation work, our customers are always pleased to receive assets they had forgotten about.

                  “Unclaimed assets are common across the whole industry. People often lose track of insurance policies, particularly when moving house or job.”

                  • Mr Andrew Cake, from Bristol, an Aviva customer recently reunited with his money, said: “I’m really pleased to have received this money. I had no idea that there were funds belonging to me from my first endowment policy, and as I’ve moved about a bit I’m surprised I was found. The money is going to come in really handy as I’m going to buy myself a home entertainment system.”
                  • Mr Harry Tugwell, from Kent, said: “I’m thrilled to pieces. I’ve put a bit away and spent a bit on myself and my partner.”
                  • Mr Stephen Smith, from Kent, said: “I knew the money was there somewhere but with the company name changing over time I’d lost track of it. I’ve treated myself to a new kitchen.”
                  Prev1...646566...82Next Page 65 of 82

                  POPULAR POST

                  Seroni Interactive is an independent publisher of information BtoC and BtoB sites in banking and insurance & specialist digital content. Our productions of brand content possible to affirm your image, positioning, demonstrate your expertise and create a traffic or a hearing and therefore advertising exposure for your brand.
                  Contact us: contact@news-insurances.com

                  SOCIAL

                  34FansLike
                  6Subscribers+1
                  965FollowersFollow

                  Popular category

                  © Seroni Interactive