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Aon Limited, the UK’s risk and insurance firm, has appointed Simon Allen as chief operating officer, subject to FSA approval. He will also sit on the Aon Limited board.

Simon brings significant operational and management experience in the banking and financial services sectors. Most recently, he was chief operations officer at Prudential. Prior to this, he was VP of international operations for Capital One Bank, Europe.

Rob Brown, chief executive officer of Aon Limited, said: “We are delighted that Simon has chosen to join Aon. He has a very strong record of successfully driving operational improvement and will lead our drive to consistently deliver a distinctive and rewarding client experience.”

Simon Allen said: “I am very excited to be joining Aon. This is a wonderful opportunity to join a company that has a strong reputation and is a leader in its field. I am looking forward to being part of a team focused on driving the business forward in a challenging environment”

Simon gained a Bsc in Economics at Bristol University and in 1985 completed an MBA at Harvard, where he also tutored in finance and marketing.

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Taiwan signed three long-anticipated financial memorandums of understanding with China Monday, paving the way for closer cooperation in banking, insurance and securities, the government said.

The memorandums cover information exchange, confidentiality, financial inspection, crisis management and continued contact between the two sides’
regulatory agencies, Taiwan’s Financial Supervisory Commission said.

“Our finance industry needs to go to the mainland,” the commission said in a statement posted on its website. “It can also serve Taiwan businesses there.”

The memorandums will take effect within 60 days, according to the commission, which said its chairman, Sean Chen, signed them at 6:00 pm (1000 GMT).

According to earlier reports, it is expected that the memorandums will eventually make it easier for Taiwanese and Chinese banks to buy each other’s assets.

The agreements are also likely to make it possible for Chinese investors to buy shares on the Taiwanese stock market, the earlier reports said.

The signing of the memorandums is the latest sign of improved relations after the China-friendly politician Ma Ying-jeou became president of Taiwan in May last year.

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Commercial insurance underwriting agency APC has made a senior appointment to launch into the UK directors and officers market online.

Andrew Coleman joins APC as D&O underwriter to build APC’s UK D&O book of business. Coleman brings 20 years experience as a broker and underwriter, in both the U.S. and UK markets, and joins from Navigators Syndicate at Lloyd’s where he was D&O class underwriter.

Brokers will be able to access D&O via APC’s on-line trading platform QuoteMac. The new product has been designed to be the quickest and easiest product in the market with estimated quotation times of under two minutes.

APC underwriting director Ian Russell said: “We are extremely pleased to have secured someone of Andy’s experience to provide essential D&O cover to SMEs. The product has been designed from scratch and, because brokers have access to it online means time-pressed small businesses don’t have to go through lengthy processes to obtain it. We feel the time is right for a quick and easy UK D&O product that also provides comprehensive cover.”

“Recent high-profile cases and the prospect of litigation for an increasing number of reasons have highlighted the importance of D&O to SMEs, and they are starting to recognise this and seek protection. However when researching the market, during the product development stage, we found there are very few products available online and SMEs are currently underserved in this area.”

“APC is looking to fill that gap for SMEs and brokers with a specifically designed product that is quickly obtainable.”

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Specialist marine underwriting agency Galatea has rebranded as the Travelers Underwriting Agency Limited. The move follows Galatea’s acquisition by Travelers in 2007.

Galatea specialises in providing a range of marine liability insurances for companies and individuals who service the shipping, logistics and offshore oil and gas industries. With the business continuing to see strong demand for its niche marine products, the rebranding reflects the overall success of the acquisition and will further help the business benefit from the overall strength of the Travelers’ brand.

Commenting on the rebrand Mark Clifford, Manager – Ports and Terminals and Marine Professionals & Logistics for Travelers, said: “Over the last two years we have successfully integrated Galatea into the Travelers group and the rebranding under the Travelers umbrella is the culmination of this effort.  This allows us to offer a seamless logistics, professional indemnity and ports product to our customers though our Lloyd’s brokers and worldwide agency network.

“Galatea’s capabilities and expertise are highly regarded among the marine community. Our aim is to keep the positive attributes that Galatea is renowned for while signalling clearly that the business is benefitting from its place in the Travelers group.”

Travelers Syndicate 5000’s marine lines include cargo, specie, offshore energy, yachts, liability, ports and terminals and hull and machinery.

Travelers Underwriting Agency specialises in marine liability business including professional indemnity, cargo handling and professional negligence.

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    President Barack Obama’s drive to remake US health care could face a critical test vote in the US Senate, where lawmakers await an influential report on the plan’s cost and overall impact.

    Obama’s Democratic allies hope to pass sweeping legislation to enact the president’s top domestic priority this year, but face intra-party feuds over the volatile issue of abortion and the government’s proper role.

    Democratic Senate Majority Leader Harry Reid hopes to set the stage to launch formal debate next week, after the non-partisan Congressional Budget Office (CBO) issues a report on the bill’s price tag.

    “The goal, still, is to at least start the debate before the Thanksgiving recess,” which begins November 23, said Reid spokesman Jim Manley.

    Doing so would require a vote on whether to proceed to the health care debate, with support of 60 senators needed to ensure passage over any parliamentary delaying tactics from Republicans bitterly opposed to the plan.

    That could prove a risky test of support for the legislation: several swing-vote Democrats and one independent who often sides with them have signaled they may not support launching the debate at this point.

    The doubters chiefly object to the inclusion of a government-backed health insurance program — popularly known as a “public option” — to compete with private insurers.

    And at least one Democratic senator, Ben Nelson of Nebraska, has said he will withhold his support unless the Senate bill tightens curbs on federal monies going to pay for health plans that cover abortion.

    Nelson’s comments came after the House of Representatives approved an amendment sharply toughening such restrictions, a step seen as key to winning over some anti-abortion Democrats’ support for the bill, which passed last week by a narrow 220-215 vote.

    But Democrats and outside groups that favor abortion rights have indicated they will fight to have such limits removed from any final legislation before it goes to Obama to sign into law.

    Republicans have complained that Reid, who sent the CBO a bill that blended work by two key committees but did not release the legislation publicly, is trying to rush the measure through the Senate.

    Republican Senate Minority Leader Mitch McConnell pushed last week for the Senate bill to be available online for 72 hours so lawmakers and the public “can take a look at it” before formal debate beings.

    If, as expected, the Senate and House of Representatives approve rival versions of the legislation, they would have to forge a compromise bill and approve it in order to send it to Obama to sign into law.

    On Friday, a group that supports the White House approach, Health Care for America Now, launched a television advertising campaign to pressure reluctant senators from Arkansas and Nebraska to vote yes on starting the debate.

    The United States is the only industrialized democracy that does not ensure that all of its citizens have health care coverage, with an estimated 36 million Americans uninsured.

    And Washington spends vastly more on health care — both per person and as a share of national income as measured by gross domestic product — than other industrialized democracies, with no meaningful advantage in quality of care, according to the Organization for Economic Cooperation and Development.

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      Australian insurer AMP on Sunday said it planned to partner the world’s biggest listed life insurer China Life in pensions and fund management, as it grows its business in Asia.

      AMP Limited said it had signed a memorandum of understanding for strategic cooperation with China Life Insurance (Group) Company which outlined asset management and pensions as areas for partnership.

      The deal offers “significant potential” for AMP to extend its reach in the world’s fastest growing major economy at a time when China’s private pensions market is expected to hit one trillion dollars (933 billion US) by 2030, it said.

      “This announcement represents a significant milestone in the development of our Asian strategy,” chief executive Craig Dunn said in a statement.

      “We will work closely with China Life to explore opportunities where we can draw on our areas of strength for mutual benefit.

      “The partnership sets a strong foundation for both organisations to cooperate on opportunities in China, Australia and the Asia-Pacific region.”

      The size of the potential opportunity for AMP would depend on Chinese regulations and agreement with China Life, the Sydney-based company said.

      AMP has pursued growth in asset management over traditional life insurance businesses in Asia. As at 30 June 2009, five percent or close to five billion dollars of its assets under management were sourced from Asia, it said.

      Last week the company announced a 12 billion dollar bid for rival financial services group AXA Asia Pacific, saying it was very important strategically for AMP to expand its “advice footprint and our customer breadth”.

      Melbourne-based AXA Asia Pacific rejected the offer, which came from its French parent company and major shareholder AXA SA and AMP, saying it significantly undervalued the financial services group.

      AMP also has offices in Japan, India, Singapore, Britain and New Zealand.

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      Brits planning an Autobahn or Autoroute adventure this summer should beware – Germany and France have been named the most expensive places in Europe for a motorway mishap, according to the latest claims data* from the UK’s biggest insurer.

      The average bill if you cause a crash in Germany is £2,940* – over 50% higher than the average bill if you crash your car anywhere else in Europe (£1,918)*. Brits also need to be especially cautious of French drivers, as the average personal injury claim is nearly £10,000 (£9,510)*.

      The survey reveals that British drivers need to be extra vigilant across the whole continent, as third party claims are up 10%* and personal injury claims are up 20%* on last year. Drivers who aren’t properly insured will face a holiday headache of having to make their own arrangements for their cars to be repaired, negotiate the costs and sort out their onward journeys.

      An estimated two million British tourists take to their cars for driving trips to neighbouring European Union countries each year. We advise drivers in Germany to be extra careful, as about two-thirds of the Autobahn network still has no speed limit.

      We also advise you to make sure that you are properly covered before you go. Otherwise you may have to pay for any claims for damage to your car, whether it’s your fault or not. Not to mention the hassle of arranging repair and sorting out the claim in the local language.

      Other costly crash destinations include Austria and Switzerland – where causing a collision could cost you £2,265*. Belgium is also a country where we need to be wary, as causing a crash could cost you up to £1,617*, the third most expensive place in Europe.

      Top five most expensive for damage to third party vehicles (where we are at fault)*:

      1. Germany – £2,940
      2. Austria and Switzerland – £2,265
      3. Belgium – £1,617
      4. France – £1,545
      5. Spain – £1,387

      Top five most expensive countries if the third party is injured*:

      1. France – £9,510
      2. Germany – £9,121
      3. Italy – £4,045
      4. Holland – £3,571
      5. Belgium – £1,959

      Ten tips on accidents abroad :

      • If you break down on a French autoroute, you must use the SOS boxes to call for help, as it is illegal to call by any other means, eg mobile phone. The driver and all passengers must also have visibility vests when they leave the vehicle
      • Visibility vests are also compulsory in Austria, Belgium, Italy, Norway and are likely to become compulsory throughout the EU
      • In Germany it is obligatory to report all incidents to the police at the time it occurs, even a minor bump
      • In Belgium it is highly recommended to carry a fire extinguisher in the car, as it is compulsory for all Belgian registered cars
      • EU countries have stricter drink driving laws than in the UK, with blood alcohol levels being 0.5mg/ml instead of 0.8mg/ml
      • The number for emergency services across Europe is 112
      • If you have an accident with a lorry and trailer, remember to take down both the lorry registration number and trailer number, as well as most European countries have different registrations on the trailer and recoveries are not possible without the trailer registration
      • In Switzerland, pedestrians normally have the right of way and will expect your vehicle to stop for them
      • In Spain, if you wear glasses, you must carry a spare set in the car when driving
      • If you’re going on a booze cruise to France, remember that five cases of wine is roughly equivalent to having another passenger in the car. Overloading could damage your car’s suspension, burn out the clutch or cause punctures and uneven wear on the tyres.

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      Under Solvency II, insurers have a choice of which methods they use to assess risk and capital. While some insurers will opt for the Standard Formula as the basis for an economic view of their businesses, they should be aware of its limitations. The latest Swiss Re report, “Solvency II Standard Formula: Consideration of non-life reinsurance”, shows how the Standard Formula deals with non-proportional reinsurance.

      The Solvency II framework is based on an economic assessment of insurers’ risk and capital. This will oblige insurers to apply economic principles when calculating their required and available regulatory capital. An economic principle-based approach means using market-consistent values for the assessment of the asset and liability side of an insurer’s balance sheet.

      Based on their individual situation, each (re)insurance company must answer the question of whether to use the Solvency II Standard Formula or, alternatively, a partial internal model or a full internal model for this calculation. It is anticipated that some companies will rely on the Standard Formula once the Solvency II framework is implemented.

      This focus report shows how the Standard Formula deals with reinsurance and points to a shortcoming in the Standard Formula. On the basis of illustrative calculations, the report shows that the Standard Formula only provides limited capital relief in contrast to the internal model for non-proportional reinsurance. For the reader interested in the technical background, some guidance on the examples is provided. Finally, the report suggests two possible ways of how to improve the Standard Formula in order to allow for a more adequate consideration of non-proportional reinsurance.

      Click her to download the full publication

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      Spain’s competition regulator Thursday fined six insurance and reinsurance companies a record 120.7 million euros (179 million dollars) for alleged price-fixing in the construction sector.

      The National Competition Commission said Spain’s Asefa, which specialises in construction insurance, received the heaviest fine of 27.76 million euros.

      Swiss Re, one of the world’s biggest reinsurers, was ordered to pay 22.64 million, Spain’s Mapfre 21.63 million and France’s Scor 18.59 million, Germany’s Munich Re 15.86 million and Caser of Spain 14.2 million.

      They were accused of forming a cartel to fix prices in 10-year insurance policies covering defects in the construction of residential buildings between 2002 and 2007, during Spain’s property boom which ended last year.

      Mapfre expressed its “absolute disagreement” with the “disproportionate” fine, and said it plans to appeal.

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      Initial claims for US jobless insurance benefits fell for a second straight week, official data showed Thursday, suggesting modest improvement in the troubled labor market.

      The seasonally adjusted number of new unemployment claims in the week ending November 7 fell to 502,000, a drop of 12,000 from the previous week’s revised figure of 514,000, the Labor Department said.

      The fresh data was better than the figure expected by most analysts of around 510,000.

      The four-week moving average, which smooths out week-to-week volatility, fell to 519,750, a decrease of 4,500 from the previous week’s revised average of 524,250.

      The total number of Americans receiving unemployment benefits also fell.

      The Labor Department’s figures showed the number of seasonally adjusted insured unemployment during the week ending October 31 was 5.631 million, a decrease of 139,000 from the preceding week’s revised level of 5.77 million.

      The weekly report offers an up-to-date snapshot of the job market, critical to sustained US economic growth after recession since December 2007.

      The latest initial claims reading supported a trend of slowing job losses since a March peak and was the lowest since January.

      The US unemployment rate shot up to 10.2 percent in October as another 190,000 jobs were shed, the Labor Department said last week.

      The jobless rate, up from 9.8 percent in September, was the highest since 1983 but the number of jobs lost narrowed to the lowest level in over a year.

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      Towergate and the Chartered Insurance Institute (CII) today announce that their strategic partnership has gone from strength to strength with the renewal of Towergate’s chartered insurance broker status.  This means that Towergate retains its position as the world’s largest chartered broker.

      The partnership which now enters its third year demonstrates Towergate’s commitment to achieve the highest number of people possible gaining CII qualifications relevant to their roles.  Towergate also has one of the most qualified board of directors in the country, with all of their executives having achieved ACII, FCII, or Chartered professional status.

      Towergate’s own Business School works very closely with CII to ensure that every one of our insurance people is committed to the Code of Ethics and Conduct and to continuing professional development.

      Amanda Blanc, CEO of Towergate Retail said: “Our partnership with CII allows us to create a real environment of professionalism which enables us to develop and recruit the very best people in the insurance industry.  What’s more our position as the largest chartered broker in the world is clear evidence of our commitment to providing our customers with the very best advice and service”.

      Sandy Scott said: “Towergate lead by example in their approach to, and investment in, developing their people and the service they give customers – we are proud to have them as a strategic partner.”

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      The number of US veterans who died in 2008 because they lacked health insurance was 14 times higher than the US military death toll in Afghanistan that year, according to a new study.

      The analysis produced by two Harvard medical researchers estimates that 2,266 US military veterans under the age of 65 died in 2008 because they lacked health coverage and had reduced access to medical care.

      That figure is more than 14 times higher than the 155 US troop deaths in Afghanistan in 2008, the study says.

      Released as the United States commemorates fallen soldiers on Veterans Day, the study warns that even health care provided by the Veterans Health Administration (VA) leaves many veterans without coverage.

      The analysis uses census data to isolate the number of US veterans who lack both private health coverage and care offered by the VA.

      “That’s a group that’s about 1.5 million people,” said David Himmelstein, an associate professor of medicine at Harvard Medical School and co-founder of Physicians for a National Health Program who co-authored the study.

      Himmelstein and co-author Stephanie Woolhandler, also a Harvard medical professor, overlaid that figure with another study examining the mortality rate associated with lack of health insurance.

      “The uninsured have about a 40 percent higher risk of dying each year than otherwise comparable insured individuals,” Himmelstein told AFP.

      “Putting that all together you get an estimate of almost 2,300 — 2,266 veterans who die each year from lack of health insurance.”

      Only some US veterans have access to medical care through the VA and coverage is apportioned on the basis of eight “priority groups.”

      “They range from things like people who were prisoners of war, who have coverage for life, or who have battle injuries and therefore have coverage for their injuries for life,” said Himmelstein.

      Veterans who fall below an income threshold that is determined on a county-by-county basis can qualify for care, but many veterans are “working poor” and fall just above the bracket.

      “The priority eight group, the lowest priority, are veterans above the very poor group who have no other reason to be eligible and that group is essentially shut out of the VA,” according to Himmelstein.

      The study comes as the US Senate weighs health care reform legislation and whether to offer government health insurance.

      Himmelstein warns that congressional proposals could still leave veterans uncovered and favors a national health care program similar to those in Britain and Canada.

      With AFP – Washington, 11 nov 2009

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        A British woman convicted of insurance fraud with her husband for faking his death in a canoe accident has offered to repay nearly 600,000 pounds, lawyers said Wednesday.

        The husband, John Darwin, is offering to pay back a nominal one pound of the money he received in the scam, which was revealed after he turned up at a London police station in 2007, five years after his disappearance.

        John and Anne Darwin, now 58 and 57, were each jailed for over six years last July after details emerged of how they had planned a new life in Panama with the proceeds of insurance payout cash received following his “death.”

        On Wednesday lawyers said she would pay 591,838 pounds (986,271 dollars, 655,728 euros), including 363,700 pounds in compensation for victims of the crime, and 228,138 pounds under Britain’s Proceeds of Crime Act.

        Her husband has agreed to pay a nominal one pound because he has no financial assets, Leeds Crown Court heard.

        Darwin was presumed dead after disappearing while canoeing in the sea in March 2002 near his home in Seaton Carew, northeast England.

        But he reappeared on December 1, 2007 when he walked into a London police station, telling officers he could remember nothing of the last five years, and believed himself to be a missing person.

        His wife was tracked down to Panama City and initially claimed shock at his reappearance, before being confronted with a photograph of the couple which emerged in 2007.

        In subsequent comments to British newspapers as the full story came out, Darwin’s wife said she went along with his faked death to escape huge debts, and lived with him in secret for years.

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        Dutch banking and insurance group ING reported a sharp switch into quarterly profit on Wednesday as it restructured after a government bail-out and said it was moving into an “exciting” phase.

        For the third quarter, it reported net profit of 499 million euros from a loss of 478 million euros in the same period of last year.

        The bank, which received a 10-billion-euro capital injection from the government a year ago to help it through the global financial crisis, said: “ING achieved a strong commercial performance in the third quarter (of 2009).”

        This illustrated “the strength of our banking and insurance franchises even in this challenging economic environment,” chief executive officer Jan Hommen said.

        The bank said that its third quarter performance was driven by higher interest margins, more income, and lower expenses thanks to “cost-containment initiatives”.

        Operating expenses had been reduced by just over a billion euros in the year to date, expected to reach 1.3 billion euros for the full year.

        Staff had been reduced by 10,239 by the end of the third quarter, “surpassing the full-year expected reduction of 7,000,” said the statement.

        The underlying net result for the third quarter came was 778 million euros, ING said, compared with 229 million euros in the previous quarter and a 568-million-euro loss in the third quarter of 2008.

        Assets value dropped by 882 million euros in the third quarter, due to the impact of impairments on mortgage-backed securities and negative revaluations on real estate investments.

        ING announced last month that it planned to sell off its insurance operations and raise 7.5 billion euros — five billion of which would go to paying back its government emergency funding.

        The group also benefited, in January, from the government standing guarantee for up to 80 percent of a 27.7-million-euro United States credit portfolio, for which the European Commission requires ING to pay the state 1.3 billion euros in fees in the fourth quarter.

        “We have a lot of work ahead, but this is the beginning of an exciting new phase for ING,” Hommen said.

        “Our resolution with the European Commission on restructuring will put behind uncertainty and enable us to focus on the future. We are also raising equity to repay the first half of the capital received from the Dutch state a year ago, which is an important milestone on our road to recovery.”

        click here to read the full quarterly report

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        Lloyd’s, the world’s leading specialist insurance market, announced today the official opening of its primary school in the Yunnan province of China.

        The school, which was officially opened on Friday, 30 October, will provide educational facilities for 280 children across eight classes. The day to day running of the school is undertaken by the Chinese Ministry of Foreign Affairs who developed a scheme to raise funds for the people of the remote Province of Yunnan after the village of Jinping, Laomeng was devastated in November 2008 by a landslide caused by flooding. Buildings in the village were destroyed and families forced to relocate.

        Lloyd’s donated £50,000 to build and equip the new school and playground. It is now raising funds to build a dormitory for pupils as many face a five hour journey to and from their homes every day to get to school.

        On the occasion of the opening, MDM OU Boqian, Deputy Director General, General Office, Ministry of Foreign Affairs, said:

        “With the donation of Lloyd’s, we have a beautiful school here today and our students now have classrooms, furniture, a basketball court and a dining hall. Knowledge can change the destiny of human beings and I am hoping this school will ensure a bright future for the children of Jinping County. “

        Lord Levene, Chairman of Lloyd’s, said: “Lloyd’s is delighted to be able to help build this school in conjunction with China’s Ministry of Foreign Affairs and enable these children to continue with their education. Our market has a long association with China and I hope this new school will help to forge a new relationship with a younger generation.”

        Lloyd’s has a long history with China and received formal licence approval from the China’s Insurance Regulatory Commission (CIRC) to open an onshore reinsurance company in Shanghai in April 2007. Before gaining permission to underwrite onshore reinsurance business, Lloyd’s had been providing offshore reinsurance to China for over three decades.

        1. Lloyd’s Primary School is located in Laomeng Village in the Yunnan Province which borders Vietnam.

        2. The construction of Lloyd’s School was started on April 20, 2008 and completed on August 25. 2009.

        3. Currently there are five grades, one class each grade, with a total of 162 students including 40 resident students. There are 6 teachers and staff. Over time it is expected that the school will grow to include eight classes and 280 students.

        4. The school occupies 3100 square meters with a classroom building containing 8 classrooms, a dining hall and a playground.

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          Britain’s state-controlled Lloyds Banking Group is to cut 5,000 roles by the end of 2010, it said on Tuesday, confirming earlier media reports.

          “LBG is announcing today a number of changes within its group operations, insurance and retail divisions,” the company said in a statement.

          “These changes mean that the total number of affected roles by the end of 2010 is expected to be about 5,000.”

          Lloyds said it hoped to focus on cutting temporary staff, contractors and offshore workers, while redeploying some British personnel.

          “Taking these mitigating actions into account means there will be a net reduction of about 2,600 permanent jobs across the UK by the end of 2010,” it added.

          The British government has a 43-percent stake in Lloyds Banking Group after bailing out the company in the wake of the fierce global financial crisis.

          LBG, created in January when Lloyds TSB bought rival lender HBOS in a state-brokered deal, has now axed about 13,000 jobs since the start of 2009.

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          Winter holiday warning as new figures reveal that 11.3 million people travelled without insurance this summer

          • Over 2 million people don’t feel they need travel insurance(1)
          • Those without insurance face collective costs of around £58 million
          • Those under 34 are least likely to buy insurance cover(1)
          • Sainsbury’s Travel Insurance offers a 10% online discount

          Sainsbury’s Finance is warning winter holidaymakers to make sure they have adequate travel insurance, as it estimates that some 11.3 million Britons, over a third (37%) of those who went on holiday this summer, did so without any travel insurance to cover their trip. The new research from Sainsbury’s Travel Insurance(1) indicates that those under the age of 34 were most likely not to bother buying travel insurance.

          With the travel insurance industry paying out just under £400 million each year according to the Association of British Insurers, Sainsbury’s Finance estimates that those travelling without insurance have collectively faced costs of more than £57 million which would otherwise have been covered by their insurer.

          Age group (1) People without travel insurance
          on their summer holiday          		 People without travel insurance
          on their summer holiday
          16-24 39% 1.57 million
          25-34 43% 1.94 million
          35-44 32% 1.91 million
          45-54 37% 2.00 million
          55-64 36% 1.91 million
          65+ 36% 1.94 million

          It is estimated that some 39% (1.6 million) of those aged 16-24 years and 43% (1.9 million) of those aged between 25-34 who travelled abroad this summer, did not or did not intend to take out travel insurance.

          The most common reason for people not taking out travel insurance was because they felt they did not need it, with just over 2 million people (18%) saying so. Another 1.9 million people (17%) not taking out cover said that they could not afford it, which may be a reflection on the current economic climate.

          Sam Marrs, Sainsbury’s Travel Insurance Manager, says: “Buying travel insurance should be considered a holiday essential. It is very worrying that many people feel that they do not need travel insurance as no-one can guarantee a ‘hiccup-free’ holiday. We are very concerned by our research findings and would strongly urge winter holidaymakers to purchase a good quality policy before they go, as winter breaks, especially those involving skiing and snowboarding, can often lead to more claims than summer vacations.

          “There are so many events beyond your control which could easily occur when you’re away, such as losing luggage or money, falling ill or having to cancel at the last minute or fly home due to a family emergency. The costs of such unforeseen events can be significant and good quality travel insurance will relieve the financial strain and ease your stress.”

          On a location basis (1) , those in the East Midlands and East Anglia were the least likely to take out travel insurance for their summer holiday, with 44% of those taking a break saying that they would not bother.  Those travelling from the North this summer were the least likely to neglect purchasing insurance – with 72% saying they would buy cover.

          Table of people who don’t intend to buy travel insurance

          Location (1) People without travel insurance
          on their summer holiday          		 People without travel insurance
          on their summer holiday
          East Midlands / Anglia 44% 1.34 million
          West Midlands 42% 1.24 million
          London 39% 1.51 million
          South East 38% 2.44 million
          Yorkshire / Humbs 37% 0.99 million
          South West / Wales 35% 1.45 million
          Scotland 32% 0.81 million
          North 28% 1.20 million

          (1) Based on Sainsbury’s Finance analysis of data from GfK NOP. 1,000 people were interviewed by GfK NOP between 31st July – 2nd August 2009. The consumer omnibus research conducted by GfK NOP uses a large sample size that reflects the demographic profile of GB. Given this it is possible to extrapolate figures and make projections from the research results within appropriate confidence intervals.

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          Willis Europe BV, a division of Willis Group Holdings Limited, the global insurance broker, today announced the appointment of Niek Post as Chief Executive Officer of its Dutch operations, effective immediately. Based in Amsterdam, Post will report to Adam Garrard, CEO, Willis Continental Europe.

          Post, who has more than 25 years of experience in the Dutch insurance market, joins Willis from Aon Netherlands where he was most recently responsible for strategic global client relationships, with a particular focus on financial institutions. Prior to joining Aon in 2007, Post was at ING Bank for 21 years where he served in a variety of roles, including Managing Director of the bank’s Insurance & Risk Consultancy within the Wholesale Banking division. Post began his career in 1980 at Heerkens Thijssen & Caviet Insurance Brokers in Amsterdam.

          Welcoming Post to Willis, Garrard said, “Niek has a great standing in the Dutch market due to the high level of service he provides to his clients and his sales-orientated approach. With his strong banking and insurance background, Niek is ideally positioned to lead our team in the Netherlands, and to leverage the Group’s global resources to develop local insurance solutions for our clients there.”

          Post said, “I am excited about the opportunity to lead one of the Netherland’s top brokers. There are great growth opportunities for Willis in this market particularly in the areas of Employee Benefits, Executive Risks and Marine. I look forward to driving our business strength in these areas, but also to developing new business in other sectors.”

          Willis B.V. is one of the top 10 brokers in the Netherlands with more than 100 Associates located in its head office in Amsterdam and an office in Beverwijk. Willis entered the Dutch market in 1992 through the acquisition of a 50 percent stake of local brokerage Scheuer Verzekeringen B.V. In 1997, Willis increased its stake in the business to 100 percent, making it a wholly-owned subsidiary of the Group.

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          On 16th November 2009, Groupama Insurances will be relocating its London head office from Minories to new premises in nearby America Square.

          The move is part of a deliberate strategy by the business to increase operational efficiencies by scaling down its presence in the City while increasing utilisation of its regional centres and maximising flexible working options.

          Says Paul Picknett, Corporate Services Director at Groupama: “With the lease due to expire on our Minories offices, we had the opportunity to look at how we could work smarter and save costs on hugely expensive floor space in the City. It became clear that with our well-established regional centres and the increasing use of mobile and video technology, we simply no longer need to have such a sizeable presence in London.”

          Following a period of consultation, specialist teams from Claims, Legal and Compliance, Marketing, Risk Management, Internal Audit and Accounts have relocated to Groupama centres in Croydon and Portsmouth. In addition, some roles are now operating from home and are working more flexibly on a mobile basis.

          Paul Picknett concludes: “America Square will give us the presence we need in London and certainly has the right gravitas for a business of our size and ambitions. But our focus is on securing the long term profitability of our business in fiercely competitive market conditions. The decision to move around 25 jobs outside of London will really help towards preserving our competitiveness in a way that is relatively easy to achieve and that will have no effect on the efficiency of our processes.”

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