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AEGIS London, the UK-based subsidiary of mutual insurer AEGIS (Associated Electric & Gas Insurance Services Limited), has announced the appointment of a new accident and health underwriting team to be led by Nick Waymark, Class Underwriter. Paul Fillbrook also joins the team as Deputy Class Underwriter.

Reporting to John Chambers, Deputy Active Underwriter, Nick Waymark will have responsibility for building a book of accident and health risks across a number of different sectors including aviation and marine. Waymark joins AEGIS London from Broadgate Syndicate where he spent nine years as accident and health Underwriting Manager. His extensive accident and health experience includes roles for Reliance National Insurance Company, Continental Insurance Company, as well as claims roles for Scottish Lion Insurance Company and Munich Re.

Paul Fillbrook, who will report to Waymark, also joins from Broadgate Syndicate where he has been an Underwriter since October 2000 writing accident and health risks. Prior to that he was with Reliance National Insurance Company, spent seven years at Groupama Insurance Group and had spells at CIGNA and Guardian Royal Exchange.

Commenting on the appointments, David Croom-Johnson, Active Underwriter, said: “Accident and health is a new line of business for us but it is a move entirely consistent with our diversification strategy as we seek to build our presence in complementary but distinct sectors from our more traditional energy and utility risks.

“Nick has been in the accident and health business for twenty years and I am confident that, with his and Paul’s extensive experience, we will build an accident and health book that will make an important and profitable contribution to AEGIS London’s business.”

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French insurer AXA SA launched a rights offer to raise 2 billion euros (1.79 billion pounds) to part fund growth plans, the company said in a statement on Monday. The new shares are being offered at 11.90 euros and the deal will result in the issue of a minimum 174.11 million new shares, the statement emailed to Reuters said.

The Euro 2 billion share capital issue will be carried out through preferential subscription rights for AXA’s existing shareholders.

The insurer is planning the capital raising to fund potential acquisitions, the paper said. Bankers at BNP Paribas and HSBC have been appointed to work on the capital raising, it reported.

An Axa spokesman in the UK, contacted by Reuters, referred enquiries about the story to a Paris-based company spokesman, who could not immediately be reached for comment.

The move follows assurances by Axa that the company did not need to tap shareholders for money, the newspaper said. Axa is likely to explain that the denials related to questions over Axa’s financial strength rather than funding growth opportunities, the paper added.

A source close to AXA said the final go-ahead was subject to board approval and that there was a small chance that it could be cancelled, the Telegraph reported.

This rights issue will be used to seize future acquisition opportunities, primarily in high growth markets, including the potential buyout of minority interests in Central and Eastern Europe and the transaction proposed to AXA Asia Pacific Holdings’ Board, while maintaining a strong balance sheet.

Rights issue

The settlement and listing of the new shares are expected to take place on December 4, 2009.

AXA Assurances IARD Mutuelle and AXA Assurances Vie Mutuelle (the “AXA Mutuelles”), which hold together 14.29% of AXA’s share capital, have undertaken to participate in the capital increase by exercising all of the preferential subscription rights attached to their shares.

BNP Paribas and Schneider Electric, which hold, directly or indirectly, respectively 5.36% and 0.47% of AXA’s share capital, have indicated their intention to participate in the capital increase by exercising all of the preferential subscription rights attached to their shares.

The remainder of the issue has been underwritten by a syndicate of banks.

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Banking giants Barclays and HSBC should confirm a widening gap in performance with their part-nationalised counterparts when they report third quarter figures on Tuesday.

The duo have avoided Government support and the subsequent onerous European Commission penalties that have caused seismic changes at Lloyds Banking Group and Royal Bank of Scotland.

However, recent half year figures from Barclays and HSBC suggested mixed fortunes for the groups as they emerge from the financial crisis.

While Barclays is making hay from its beefed up investment banking operations in the wake of its takeover of parts of bankrupt Lehman Brothers, HSBC is still struggling with mounting bad debts.

At the half-year stage, HSBC reported a 51% drop in pre-tax profits to 5 billion US dollars (£3 billion) after its bad debt charges soared 39% to 13.9 billion US dollars (£8.4 billion).

Meanwhile, the Bank of England could express some optimism on the UK recovery on Wednesday as it releases its latest predictions for inflation and the economy.

In comments accompanying its latest rates decision, the Bank said indications “suggest that a pick-up in economic activity may soon be evident”.

Rate-setters will have had access to the quarterly inflation report before the recent decision to hold interest rates at 0.5% and increase the quantitative easing (QE) scheme by a smaller than expected £25 billion.

This was despite calls for £50 billion to be pumped into the economy after disappointing figures on the money supply and a surprise 0.4% decline in output between July and September, showing the UK had failed to climb out of recession.

The Monetary Policy Committee (MPC) is charged with steering the Consumer Prices Index (CPI) inflation measure to a target of 2%, but the rate slipped to 1.1% in September, having been 5.2% a year earlier.

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If a consumer complains that the way the insurance cover worked wasn’t adequately explained to them when they applied for the policy, we will ask them for information or evidence as to what they were told at the point of sale – and what information was provided when they agreed to purchase the policy.

For example, defining disability as being incapable of carrying out “any occupation whatsoever” – a definition which sometimes appears in this type of insurance policy – is a very strict test.

So we say that someone who sold a policy like this should have made the consumer fully aware of the definition that they would need to meet, to make a successful claim.

We say the same about the definitions of “activities of daily living” that appear in some insurance policies. Because these definitions limit the insurance cover available, we expect the person who sold the policy to have made the consumer fully aware of these criteria.

The person who sold the insurance should also have explained how the benefit under the policy is calculated – and the limits to the amount of benefit payable under the “limitation of benefit” clause.

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Insurance companies have the right to review claims from time to time, to make sure that consumers claiming benefits continue to meet the terms of the policy.

But before an insurance company stops paying a claim, it should explain clearly why it believes that the consumer’s condition has improved – to the extent that they no longer meet the definition of “total disability”.

The insurance company may seek updated medical opinion, or ask the consumer to attend a medical examination. It may also ask the consumer to complete a “continuing claim form”, outlining their ongoing symptoms.

Sometimes insurance companies obtain surveillance evidence showing the consumer carrying out their daily activities. But unless the consumer’s activities – recorded “under cover” this way – are markedly inconsistent with their reported abilities, we are unlikely to place much weight on this type of evidence.
We also expect the insurance company to give the consumer an opportunity to comment on any evidence it obtains to back up its decision to stop paying the claim.

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AXA PPP healthcare has today launched a Dedicated Nurse service – providing personalised support and medical guidance by qualified nurses, free of charge, for all of its UK medical insurance customers diagnosed with cancer.

AXA PPP has introduced a Dedicated Nurse helpline for individuals who have been diagnosed with cancer. The service is designed to:

  • provide a constant point of contact throughout their treatment and recovery
  • offer knowledge, information and guidance about their condition and its treatment – tailored to meet the individual’s needs
  • provide an opportunity to speak with an experienced qualified nurse
  • provide emotional support to both the indiv 195 idual and members of their families.

Developed in response to feedback from customers, the service is available to personal subscribers and to members of company-paid schemes as well as to members of their families (who are also affected by a loved one’s diagnosis and treatment of cancer).

AXA PPP’s Dedicated Nurses provide a constant poi eb2 nt of contact – an experienced qualified nurse – with whom the individual patient and their family members can discuss queries or concerns they may have about the condition and its treatment. They will provide information, guidance and support tailored to individual callers’ needs.

Dedicated Nurses can also help individuals to better understand and make the most of the healthcare services that they should be able to obtain from their cancer care providers – from their oncologist and cancer nurses to physiotherapists and other supporting services.

The support and reassurance Dedicated Nurses provide can be a big comfort at what can be a difficult time – the initial shock of being diagnosed with cancer can make it hard for patients to take in what they’re being told.

Dedicated Nurse Viv Murray explains: ‘When patients first get in touch with us, we do our best to reassure them that we’ll be there to support them throughout their treatment and recovery. And, to begin, we try to emphasise the small but important things that they can do to feel more in control of their situation and not like a passive passenger to whom things are being done.

‘From preparing themselves practically and emotionally for meetings with their consultant to explaining the different types of cancer tests and treatment and side-effects, we try to paint a picture of their treatment journey to ensure that they know what’s going on – and why – and that they feel supported

‘More often than not though, customers just want reassurance and to talk to someone who understands what they are going through. Perhaps this is one of the greatest benefits of our service – providing a quiet, private space where people can share their concerns and know they are being listened to.’

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More than 200,000 working families will gain about £1000 a year, thanks to new rules around Housing and Council Tax Benefits, making them an average of £20 a week better off.

From Monday, income from Child Benefit will no longer be taken into account when calculating entitlement to Housing Benefit and Council Tax Benefit. This will mean more money for families already getting these benefits and other low income families becoming eligible for the first time.

Secretary of State Yvette Cooper said:

“We want to do more to help families who are working hard to get by during the recession. Already tax credits make sure families are better off in work, but this extra cash is a practical way to make sure the benefits from working are even stronger. And it will help cut child poverty too.”

Both Housing Benefit and Council Tax Benefit can be claimed by customers who are working and this change will be an extra incentive to getting back to work. Currently, the average Housing Benefit award is £80 a week and the average Council Tax Benefit award is £15 per week.

The Child Benefit disregard for Housing Benefit and Council Tax Benefit is one of a series of measures taken since the Budget 2007 that will see around a further 500,000 children lifted out of poverty – part of the Government’s commitment to eradicate child poverty by 2020.

1. Families in receipt of Housing Benefit or Council Tax Benefit do not have to do anything to access this new help. The disregard will be calculated and added to the benefit automatically.
2. Families on a low income who aren’t in receipt of Housing Benefit or Council Tax Benefit who think they might be newly entitled to these benefits should contact their local council for more details.
3. Child Benefit disregard for Housing Benefit and Council Tax benefit was announced in the Budget 2008.

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Brit Insurance, the international general insurance and reinsurance group, today announces a ground breaking partnership with Alenia Optic to provide policyholders with the innovative TruckView, a clear, thin plastic lens designed for large commercial vehicles that reduces the driver’s blind spot by up to 90%**. Brit Insurance is the only UK insurer to endorse TruckView and offers the product at a significant discount.

TruckView’s unique Fresnel lens design has been specified and agreed by the Government’s Vehicle and Operator Services Agency (VOSA) and is recommended by the Highways Agency and Transport for London. When mounted on the passenger-side window, it is particularly effective in reducing “sideswipe” incidents that happen when LGVs are changing lanes or turning left.

As part of Brit Insurance’s comprehensive Brit Risk Management Service for policyholders, Motor Fleet Insurance customers can receive discounts of over 33% on TruckView lenses.

Andy Keane, UK Motor Portfolio manager at Brit Insurance, commented:

“Reducing accidents by improving road safety is a fundamental aspect of our risk management philosophy. TruckView’s Fresnel lens is a simple yet pioneering design that is proven to reduce accidents, particularly those involving the most vulnerable road users such as cyclists, motorcyclists and pedestrians. These accidents can of course be fatal.

“With an increased volume of traffic on our roads and the ever-growing popularity of cycling in inner cities, it is more important than ever for larger vehicles to be kitted out with equipment that almost eliminates the blind spot. Trials* have shown that by fitting Fresnel lenses to vehicles, both the frequency and severity of “sideswipe” accidents are reduced.”

Brit Risk Management is one of the most comprehensive online service offered by a UK insurer to support fleet risk managers. The web-based service provides fleet risk managers with an innovative and comprehensive support and advice function. It offers access to a wide range of risk management services designed to reduce fleet costs, improve safety and reduce the potential for fraud. These include Government-legislated Driver CPC (competency training), online risk assessments and practical driver training.

Further information can be found at:

www.riskmanagement.britinsurance.com

www.truckview.net

* VOSA Fresnel Report, November 2007
**Studies by the Transport Research Laboratory, on behalf of the Department for Transport, May 2009

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If you are ordinarily resident within the United Kingdom then you will be entitled to a UK issued EHIC. If you are not a UK national, there may be some restrictions in place in relation to countries in which you can receive treatment, so please check your country’s own agreements with other countries before travelling.

If you go to work, in another European Econmic Area country or Switzerland, and are either employed by a UK company or self-employed within the UK , you are entitled to a UK-issued EHIC and this includes any dependants who may be going with you for up to one year. This is however dependant on HM Revenue and Customs confirming that you are continuing to pay compulsory UK National Insurance contributions. If your employment or self-employment is going to last longer than a period of 12 months then you may be able to continue paying your compulsory UK National Insurance contributions and use your EHIC. However, this can be dependant on the country you are working within. For more information, please contact your nearest HM Revenue and Customs office.

The EHIC is however not valid for persons who are moving abroad to live or those going abroad to work for a foreign employer.

Apply online now – application processed within 7 working days

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The Group recorded a good operating result of €3,318m (2,654m) for the period from January to September, €1,211m of this in the third quarter. Shareholders’ equity increased to €22.8bn or 7.3% since the beginning of year.

The annualised return on risk-adjusted capital after tax (RORAC) for the first three quarters amounted to 14.0% and the annualised return on equity (RoE) to 11.0%. Gross premiums written rose by 10.4% to €31.0bn (28.1bn). If exchange rates had remained the same, premium volume would have increased by 9.9% compared with the same period last year.

Since May, Munich Re has been offering its healthcare-related products to clients and partners outside Germany (for reinsurance also in Germany) under the Munich Health brand. In its third field of business, Munich Re thus combines its global expertise from primary insurance and reinsurance, plus related services. Owing to its still relatively small volume, this field of business is not yet accounted for separately but is shown partly in the segment reinsurance life and health, and partly in health primary insurance.

Primary insurance: Nine-month result of €95m

Primary insurance had returned to the profit zone in the second quarter, and this positive trend continued. The operating result for the first nine months of 2009 totalled €506m (825m), of which €226m (240m) derived from the third quarter. The consolidated result amounted to €95m (374m) up to September and €89m (44m) for the third quarter.

For the first three quarters of 2009, the combined ratio in the property-casualty insurance segment (including legal expenses insurance) amounted to 94.2% (90.0%). In the third quarter, too, its level was very good at 93.3% (88.6%).

ERGO CEO Torsten Oletzky stated: “Given the difficult parameters, I am satisfied with the result. We can continue to build on our good underwriting in property-casualty, while the strains from the capital markets are easing.”

Total premium income across all lines showed growth of 5.8% from January to September, amounting to €14.2bn (13.4bn), with €4.5bn (4.2bn) in the third quarter. As in the first two quarters of the year, ERGO again grew mainly in international business. On the other hand, changes in exchange rates, particularly of the Polish zloty and the Turkish lira, had an adverse impact on premium volume.

In the life segment, total premium income rose to €5.7bn (5.0bn) since January, the third quarter accounting for €1.8bn (1.6bn). German business showed an increase of 1.3%, whilst premium in international business grew by 81.2% to €473m (261m) in the third quarter. This includes the premium written by Bank Austria Creditanstalt Versicherung AG (BACAV), which has been consolidated in Munich Re’s financial statements since the fourth quarter of 2008. Total premium income in Germany amounted to €4.24bn (4.18bn). New business in Germany was up 12.1%, partly because ERGO succeeded in acquiring considerably more single-premium business through bancassurance, broker and direct selling channels. There was a marked decrease in regular premiums compared with last year, mainly because at the start of 2008 new business had enjoyed a major boost as a consequence of the fourth and last subsidisation stage for Riester policies. The annual premium equivalent (APE = regular premium income plus 10% of single-premium volume) was therefore 21.0% down on last year.

In the primary health insurance segment, premium income climbed by 3.7% to €4.6bn (4.4bn) in the first nine months of 2009, with the third quarter contributing €1.5bn (1.4bn). Up by 1.9% to €3.73bn (3.65bn) in Germany, it showed a rise of 12.0% to €850m (759m) in international business, mainly due to the commencement of business by hospital operator Marina Salud, which began providing healthcare for the Denia region in Spain in 2009.

In the property-casualty insurance segment, ERGO posted premium income totalling €3.98bn (4.01bn) in the first nine months of the year. International business showed a decrease of 2.5% to €1.50bn (1.54bn), owing to falling exchange rates. German business grew slightly, with premium since the start of the year climbing by 0.6% to €2,486m (2,471m), and the period from July to September 2009 accounting for €703m (693m).

Reinsurance: Strong quarterly profit of €562m

Reinsurance business performed very satisfactorily in the first three quarters of 2009 and particularly in the third quarter. Thanks to below-average claims costs for major losses and a good investment result of €2,891m (2,978m), Munich Re recorded an operating result of €2,995m (2,775m), an increase of 7.9%, with €991m coming from the third quarter. Reinsurance contributed €1,861m (1,980m) to the Group’s overall profit, €562m of this (–€41m) in the third quarter. In the first nine months of last year, the investment result and the profit had included ERGO’s intra-Group dividend payment of €947m.

The combined ratio was 96.3% (100.1%) for the first three quarters and 93.4% (101.2%) for the third quarter, with natural catastrophes accounting for 2.5 (7.8) percentage points in the period from January to September and 0.8 (10.0) percentage points between July and September. Claims costs for natural catastrophe losses were low at only €27m (335m). This was partly due to the fact that claims estimates for natural hazard events that had occurred in previous quarters were revised downwards, enabling provisions to be released in the third quarter. On the other hand, losses caused by natural hazard events in the third quarter were relatively moderate, amounting to just under €100m for Munich Re, three-quarters of which was attributable to Windstorm Xystus in central Europe. Claims in credit and surety reinsurance business for the first nine months of the year totalled €343m.

Premium income grew by 15.5% in the first nine months year on year and totalled €18.7bn (16.2bn), of which €6.5bn (5.5bn) was attributable to the third quarter. Adjusted to eliminate the effects of changes in exchange rates, premium grew by 13.2% in the first three quarters and by 17.7% in the third quarter.

With effect from 1 April, Munich Re’s consolidated financial statements include its new acquisition, the Hartford Steam Boiler Group (HSB Group), which contributed gross premium income of €320m.

The treaty renewals in property-casualty reinsurance at 1 July 2009 (mainly in the USA, Australia and Latin America, plus some global clients) went satisfactorily, with a price increase of 4.4%. For the renewals at 1 January 2010, Munich Re anticipates that prices for capital-intensive natural catastrophe business will stabilise at a high level, or even rise further. In most other segments and markets, price levels will probably move sideways. Further price increases are likely to occur in credit and surety business and in the area of aviation risks.

Torsten Jeworrek, Munich Re’s Reinsurance CEO, stressed: “This September in Monte Carlo, we presented our sharpened value proposition. Traditional reinsurance is our core business and will remain so. At the same time, we aim to expand our client base and make even better use of our risk expertise to tap profitable new business segments.” In order to make the spectrum of Munich Re’s business model clearer to external observers, all of the reinsurance units will in future appear under the uniform brand of Munich Re.

Investments: Good result of €5.8bn for the first nine months

Owing to the expansion of insurance business and foreign currency gains, total investments at 30 September 2009 compared with year-end 2008 increased by €6.9bn or 4.0% to €181.9bn.

For the period January to September 2009, the Group’s investment result showed a year-on-year improvement of 47.5% to €5.8bn (3.9bn). Annualised, the result represents a return of 4.3% in relation to the average market value of the portfolio. The equity-backing ratio increased slightly to 2.1% as at 30 September 2009 (31 December 2008: 1.7%), based on the Group’s total investments at market value, including hedging instruments.

The running yield from dividends, interest and rental income amounted to 4.2% (4.7%) annualised, based on the average market value of the portfolio. Gains and losses from disposals in the period from January to September were slightly down at €1,071m (1,142m). Like the second quarter, the third quarter showed a year-on-year improvement in this figure, with an increase to €432m (266m). Gains on disposals resulted from expired or closed derivatives and the sale of shares already hedged prior to the financial crisis. Further capital gains totalling around €107m were generated by reducing Munich Re’ s stake in the Admiral Group from 15.1% to 10.2%. Overall, the Group thus achieved a net result of €525m (1,048m) between January and September on the disposal of non-fixed-interest securities categorised as “available for sale” and of derivatives with non-fixed-interest underlying business.

The net balance of write-ups and write-downs in the first nine months of the financial year came to –€835m (–2,334m), of which –€168m (–1,166m) was assignable to the third quarter. In the previous year, Munich Re had to absorb substantial write-downs on its equity portfolio. Furthermore, write-downs on fixed-interest securities and loans fell by €79m to €141m. Last year, the Group made relatively high write-downs on Lehman Brothers securities in the wake of their insolvency. There was an opposite effect from the higher write-downs of €344m (same period last year: write-ups of €59m) the Group had to make in the first nine months of the year on swaptions – derivatives used by the life primary insurers to protect themselves against reinvestment risks in low-interest-rate phases.

The revaluation of the whole portfolio of fixed-interest securities categorised as “available for sale” resulted in write-downs of €131m (101m) in the period from January to September. In the first nine months, the Group made write-downs of approximately €50m on its structured-credit portfolio, with mortgage-backed securities and collateralised debt obligations being particularly affected. To take account of the risk of non-payment on participation certificates, dormant holdings and similar banking-sector equity instruments, write-downs of around €70m were made on such instruments between January and September.

The overall balance of write-ups and write-downs plus net gains on disposals amounted to €236m in the first three quarters, compared with –€1,192m in the same period last year.

The Group’s asset manager is MEAG MUNICH ERGO AssetManagement GmbH. In addition to Group investments, MEAG had segregated and retail funds totalling €7.7bn (7.3bn) under management as at 30 September 2009.

Outlook for 2009: Result of €2.2–2.5bn envisaged

For the current financial year 2009, Munich Re expects gross premiums written in its primary insurance and reinsurance business (total consolidated premium) to be between €40bn and €42bn. If exchange rates remain stable, the Group anticipates that its gross premium volume in the reinsurance segment will range between €24bn and €25bn. Munich Re had revised this figure significantly upwards in previous quarters after the Group’s conclusion of large-volume quota share treaties in the life and health reinsurance segment. In primary insurance, gross premiums written of between €17bn and €17.5bn are expected.

For property-casualty reinsurance, Munich Re reckons with a combined ratio of around 97% of net earned premiums over the market cycle as a whole, based on an expected average major-loss burden of 6.5% from natural catastrophes. After the 96.3% achieved in the first three quarters, Munich Re is aiming for another combined ratio of 97% for the financial year 2009. In the first nine months of 2009, the burden from natural catastrophes was moderate at only 2.5%; in October only a few major losses occurred. But the tropical cyclone season is not yet over, and winter storms could still cause substantial losses in November and December, especially in northern Europe. In addition, man-made losses have been higher than expected. In primary insurance, the 2009 goal is another combined ratio within the long-term target of 95%.

The situation on the capital markets has brightened markedly over the past few months, with market volatility decreasing of late. If there are no sharp setbacks in prices on the capital markets and if major losses, particularly in credit and surety business, remain within the expected range, Munich Re is confident of being able to achieve a consolidated result of between €2.2bn and €2.5bn for the financial year 2009.

Munich Re has systematically switched from equities into fixed-interest securities. It therefore expects a return on investment (RoI) of a good 4% for 2009. CFO Schneider stressed: “For the coming years, in a low-interest rate environment, we project lower investment results with a return distinctly below 4%.”

Munich Re’s main aim continues to be a solid return on a well-balanced, not too risky investment portfolio. Schneider explained: “We are not prepared to compensate losses in income owing to low risk-free interest by taking on higher investment risks.” The overall result should therefore tend to be lower with less pronounced fluctuations than in years in which we had a large portfolio of equities with correspondingly high risks and achieved substantial income on the disposal of investments. “We are adhering to our objective of 15% RORAC after tax over the cycle”, said Schneider. “But in an environment marked by low interest rates, it will be considerably more difficult to achieve.” Schneider summed up: “So we will continue to act prudently. In the financial crisis, we showed our dependability, thereby building a strong platform. From this base, we will be able to exploit all the market opportunities in the primary insurance and reinsurance.”

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    The world’s biggest re-insurance group, Munich Re, said Thursday it aimed for a full-year net profit of between 2.2-2.5 billion euros (3.3-3.7 billion dollars) after posting a net profit of 644 million euros in the third quarter.

    Analysts polled by Dow Jones Newswires had forecast a higher net profit of 727 million euros for the three-month period.

    Munich Re also said it expected gross premiums on its primary insurance and reinsuarnce business to be between 40-42 billion euros.

    In the third quarter, they gained 11.7 percent from the same period a year earlier to 10.3 billion euros, slightly better than analysts had expected.

    Munich Re benefitted from consolidated acquisitions this year, and “we are adhering to our objective of 15 percent RORAC (Return On Risk-Adjusted Capital) after tax over the cycle”, finance director Joerg Schneider was quoted as saying in reference to the industry benchmark.

    “But in an environment marked by low interest rates, it will be considerably more difficult to achieve,” he added.

    Jörg Schneider, the CFO said: “We have continued to gear our operations resolutely to profitability and are once again presenting good results. Our shareholders are glad to rely on this continuity from Munich Re”. “If the rest of the financial year 2009 goes so well, we may even reach our ambitious RORAC target of 15% after tax.”

    Click here to read the summary of Munich RE’s figures for the first nine months

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      British insurance giant Aviva on Wednesday reported an 11-percent drop in worldwide sales during the first nine months of the year but claimed the group’s profit outlook was “good.”

      Aviva, Britain’s second largest insurer after Prudential, said new life and pension sales fell to 24 billion pounds (40 billion dollars, 27 billion euros) compared with 27 billion pounds in the first nine months of 2008.

      “The outlook for the group’s total profitability in 2009 is good despite a reduction in sales driven by continuing customer caution and active management of sales volumes to optimise profitability,” Aviva chief executive Andrew Moss said in a statement.

      Highlights:

      Managing for profit

      • Worldwide total sales and life and pensions sales both reduced by 11% due to lower consumer demand and strategic actions
      • Group margin in line with full year 2008 at 2.1%
      • Outlook for 2009 total profitability remains good

      Strong uplift in capital and balance sheet

      • Enhanced IGD solvency surplus of £3.7 billion
      • 25% increase in MCEV NAV per share at 520 pence from half year 2009

      Increasing pace of transformation

      • Successful partial IPO of Delta Lloyd, completion of sale of Australian life business, UK reattribution and US listing
      • Europe strategy to deliver synergies and improve distribution and customer focus
      • New executive team responsibilities announced and new CFO appointed

      Andrew Moss, Aviva’s group chief executive, commented:

      “In recent months Aviva has completed a number of strategic initiatives which, together with improving financial markets, significantly increased our capital and balance sheet strength. The outlook for the group’s total profitability in 2009 is good despite a reduction in sales driven by continuing customer caution and active management of sales volumes to optimise profitability.

      “In the past three months we’ve completed the sale of our Australian life business, listed on the New York Stock Exchange, announced future management changes and begun to send a total of £0.5 billion to 805,000 UK customers as a result of our inherited estate reattribution.

      “Yesterday’s successful IPO of part of our holding in Delta Lloyd was another significant milestone for Aviva, giving us further opportunity to reallocate capital to other parts of the group. The changes we have made increase our financial flexibility and position Aviva well for the future.”

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      Residents are counting the cost of damage after torrential rain and strong winds battered the UK, forcing hundreds of people to flee their homes.

      Flooding across the country caused damage to houses and left motorists facing travel misery. Scotland was worst hit by the downpours, with flood warnings in force after rivers burst.

      Fire crews in parts of Wales also had to pluck people from houses and cars, with the deluges cancelling a number of train services.

      At 10.30am yesterday the Scottish Environment Protection Agency (Sepa) had issued five flood warnings – including one severe warning for the River Dulnain.

      There were also five warnings in place for north east England, according to the Environment Agency’s website.

      A spokesman for the Environment Agency said: “The heaviest of the rain was just before lunchtime on Sunday. The rain has left the ground very, very wet and has filled the rivers. People should keep this in mind if there is further rain.

      “Wales and the north east of England had surface water flooding. The warnings in England and Wales are all dropping and we expect them to continue to drop throughout the day.”

      Steve Chelton, insurer development manager for Swinton, the UK’s leading high street retailer of home insurance, said: “Many people never consider the impact that natural disasters can have on their home. Disasters such as floods can be extremely distressing, but by having home insurance you are protecting your home in advance which could be the first positive step to rebuilding your home if the worst happens.”

      To take action to prevent or protect your home or business against potential flooding you can find all you need to know about flood and natural disaster insurance by clicking here

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        Royal Bank of Scotland said it would be forced to sell more assets than it had expected and axe 3,700 jobs from its retail business as another radical shake-up loomed for Britain’s banks.

        European competition authorities are set to force RBS to sell its insurance arm and over 300 branches, and shrink investment banking operations, according to people familiar with the matter.

        RBS said it was consulting with staff and representatives over a restructuring of its retail banking division which would see 14 percent of staff at its 2,268 British branches losing their jobs.

        The cuts come with RBS having already shed 16,000 of its 165,000 staff globally since October 2008, including 10,000 jobs in Britain.

        The bank said it had 30 percent more staff carrying out administrative duties per customer than competitors in Britain but was under-invested in its branches and customer infrastructure.

        “We need to do better for all customers and shareholders by modernising the way we operate as a bank,” said Brian Hartzer, chief executive of UK retail, wealth management and Ulster Bank.

        RBS and Lloyds Banking Group have been locked in negotiations for months with the British government over an insurance scheme for bad debts and are in parallel talks with the Treasury and EU over measures to compensate for billions received in state aid.

        Plans for both banks are due to be made public this week, possibly on Tuesday, sources close to the deal have said, as part of a deal which will include large-scale disposals and which the government hopes will create new retail banks.

        State-owned Northern Rock is also being broken up under a plan approved by European regulators last week.

        RBS said on Monday its deal will include “divestments not initially contemplated,” but said it was sticking to its turnaround plan.

        It was further evidence that Brussels is taking a hard line with banks who took state aid, after imposing big changes on Dutch bancassurer ING Group last week.

        Sempra Energy said it had been informed by RBS it may have to sell its interest in their joint venture.

        Valuation neutral

        “While details remain sketchy, our reading of the ‘new’ plan for RBS is fairly valuation neutral, but with increased execution risk and raising further questions about the quality of its balance sheet,” Jonathan Pierce, analyst at Credit Suisse, said in a note to clients.

        A British government source had told Reuters on Friday RBS was likely to sell its insurance operations, which include the Churchill and Direct Line brands, along with other assets to help reduce the size of its balance sheet.

        RBS had put its RBS Insurance unit, Britain’s largest car insurer, on the block in 2008 but scrapped the sale this year after failing to garner enough interest.

        Any deal should, however, avoid the sale of RBS’s U.S. arm Citizens — seen as a “red line” issue for RBS Chief Executive Stephen Hester.

        But the bank will need to sell 312 RBS-branded branches in England and Wales, which mainly focus on small business lending, a source close to the matter said.

        “In our view it appears that the authorities are intent on imposing tougher sanctions on RBS,” analysts at Cazenove said. “In what is still an uncertain picture, potentially the dilution to RBS from the sale of (RBS) Insurance as well as (the) demerger of branches could dilute potential earnings by 10 percent.”

        Lloyds is set to be told to sell its Cheltenham & Gloucester branch network, Lloyds TSB Scotland and internet banking unit Intelligent Finance, sources familiar with the matter have said.

        Flexible friends

        Virgin Group is interested in looking at assets of three British banks which are going to be privatised, Virgin President Richard Branson said.

        Britain’s leading retailer Tesco Plc, as well as overseas banks Santander SA and National Australia Bank Ltd are also possible suitors, though Britain may limit banks with an existing presence in the market from bidding.

        RBS said it was close to agreeing more flexible terms on the state-backed Asset Protection Scheme (APS), avoiding an upfront fee agreed in March of up to 17.5 billion pounds to join the APS for five years, sources close to the deal said on Saturday.

        Instead the bank will pay annually under a “pay-as-you-go” arrangement whereby the premium depends on the assets insured.

        It is likely to see Britain’s stake in RBS rise to 84 percent from 70 percent.

        Lloyds is expected to announce this next week it has pulled free of the APS entirely, raising cash in the market instead and keeping the state’s holding at 43 percent.

        Lloyds will raise at least 12 billion pounds and up to 13.5 billion in a rights issue, with an additional 7 billion raised in so-called contingent capital, several sources have said.

        With Reuters

        0 1

        The number of people caught driving without insurance has increased by almost a fifth in the last two years. This means that there are around 1.2 million uninsured drivers on our roads today (1 in 10 of all drivers) which adds around £30 to the average motor insurance premium.

        In case you are involved in an accident with an uninsured drivers, you can follow the following steps :

        • Stay calm. If anyone is injured in any way, notify the appropriate emergency services straight away.
        • Before you do anything else, make a note of the make and model of the other car, as well as their registration number. Someone who doesn’t have insurance is quite likely to drive off if they are involved in an accident, so it’s important to act quickly.
        • If the driver hasn’t driven off, ask to see their insurance details. If they can’t provide you with details, ask for their name, address and telephone number.
        • Never make any admissions of fault or guilt at the scene and avoid making accusations against the other driver. Try to remain calm and composed. If the driver is uninsured, he may attempt to withhold information or redirect blame.
        • If at any stage, the other driver becomes aggressive or even violent, return to your car, lock the doors and call the police, or go to a public place and wait until the police arrive. Your safety is more important that your vehicle.
        • If possible, gather as many names, addresses and telephone numbers of witnesses at the scene.
        • It’s a good idea to record any damage to either yourself or your vehicle. It’s a good idea to carry a disposable camera inside your vehicle at all times to take a photograph of the scene, or use a camera phone to take pictures. If you do not have a camera with you, draw a rough sketch of the scene, and do this as soon as possible, so that the details are fresh in your mind. This will help your insurance company work out exactly what happened.
        • It is also helpful to write down your version of the incident at the first opportunity. This will help get things clear in your head, as well as making your account of events as accurate as possible. Note the date and time, as well as weather conditions.
        • Notify your own insurer as soon as possible – this is a requirement of most insurance policies in any circumstances.  Unless you pay extra for No Claims Discount on your insurance policy it will be affected by an accident with an uninsured driver because your insurer has no one to recover the money from.
        • If the Police have been involved, ask the officer if you may have a copy of the crash report.

        Kevin McManus, 38, Cardiff was recently involved in an accident with an uninsured driver: My friend and I were driving when we got stuck in traffic.  While we were waiting for the traffic to move, another car shot out from the road on our right and slammed into the side of my car. Amazingly, we weren’t hurt. The driver of the other car leapt out of his vehicle and began accusing me of bad driving.  While he was ranting and raving, we noted his registration number and called the police.  Luckily we had several witnesses who had seen the accident and they were kind enough to give us their details.

        When the police arrived it turned out that the driver had taken his father’s car without permission and wasn’t insured. Unfortunately, at the time, I only had third party cover and my car was a write-off.   Being third-party I was unable to claim via my insurer so I pursued compensation through the Motor Insurers’ Bureau, receiving £500 in compensation.

        Michael Smith, 35, an owner of a triathlon equipment shop in South West London, was badly injured as a result of an uninsured van driver.  Two years since the accident and Chris is still physically and psychologically recovering, and awaiting compensation payment from the MIB:

        In training for an Iron-Man competition, I was cycling on the A404 in Berkshire when a white van overtook me and clipped the side of my bike.  A notoriously busy dual carriageway, the van driver was driving between 70-80 miles per hour.  The impact of the collision knocked me from my bike and I ended up lying severely injured on the road.  I have little memory of what happened immediately after the accident, as I lay concussed and unattended to for around 15 minutes after the crash.  However, four witnesses who were driving towards me on the opposite side of the road reported as seeing the van driver stop in the lay-by for about a second before then driving on.  The witnesses were delayed in reaching me as due to a central reservation they needed to continue driving until they reached a roundabout and were then able to drive back on themselves to reach me.

        My injuries included a chip to my hipbone and four compound fractures to my upper arm.  I have undergone four operations to my upper arm and two years since the accident still have 14 pins in my arm.  I’m now waiting to see a plastic surgeon as I have terrible scarring to my arm.  Having been a long-distance athlete in great physical health I’m also waiting for an appointment with a psychiatrist who will evaluate the psychological effects of the accident.

        There were discrepancies in the van’s registration plate given by the witnesses and with no CCTV on the road the police have been unable to trace the driver.  However, the police are clear that the driver’s behaviour was that of an uninsured driver.

        I am pursuing compensation through the Motor Insurers’ Bureau (MIB) and payment will be made once all medical treatment, including physiotherapy, has been completed.

        1. Stay calm. If anyone is injured in any way, notify the appropriate emergency services straight away.

        2. Before you do anything else, make a note of the make and model of the other car, as well as their registration number. Someone who doesn’t have insurance is quite likely to drive off if they are involved in an accident, so it’s important to act quickly.

        3. If the driver hasn’t driven off, ask to see their insurance details. If they can’t provide you with details, ask for their name, address and telephone number.

        4. Never make any admissions of fault or guilt at the scene and avoid making accusations against the other driver. Try to remain calm and composed. If the driver is uninsured, he may attempt to withhold information or redirect blame.

        5. If at any stage, the other driver becomes aggressive or even violent, return to your car, lock the doors and call the police, or go to a public place and wait until the police arrive. Your safety is more important that your vehicle.

        6. If possible, gather as many names, addresses and telephone numbers of witnesses at the scene.

        1. It’s a good idea to record any damage to either yourself or your vehicle. It’s a good idea to carry a disposable camera inside your vehicle at all times to take a photograph of the scene, or use a camera phone to take pictures. If you do not have a camera with you, draw a rough sketch of the scene, and do this as soon as possible, so that the details are fresh in your mind. This will help your insurance company work out exactly what happened.

        1. It is also helpful to write down your version of the incident at the first opportunity. This will help get things clear in your head, as well as making your account of events as accurate as possible. Note the date and time, as well as weather conditions.

        9. Notify your own insurer as soon as possible – this is a requirement of most insurance policies in any circumstances. Unless you pay extra for No Claims Discount on your insurance policy it will be affected by an accident with an uninsured driver because your insurer has no one to recover the money from.

        10. If the Police have been involved, ask the officer if you may have a copy of the crash report.

        0 0

        Sometimes you may be unhappy with a financial product or service, you find you’re paying more than you should or there’s a problem with your coverage level. It’s best to contact the firm or organisation straight away and ask them to put things right. They will usually have a procedure to follow to resolve matters with you. Here are some useful tips to help you get started.

        Resolving problems

        A problem may not be anyone’s fault and can usually be sorted out quickly if you talk to the company or salesperson involved. This gives them a chance to look into the matter and put it right. If they don’t, ask for details of their complaints procedure, which is generally free.

        Making your complaint

        Doing it yourself

        You can usually make a complaint by phone, by letter or face to face. Try to have all the information you need before you start. Here are some useful tips:

        • State your case clearly, and include any relevant dates. Put the facts down in a sensible order. Avoid unnecessary detail and repetition. Be firm but polite.
        • Include any reference numbers – for example for the product you bought, the account you hold, or a customer reference.
        • Send copies of documents, if they are relevant, but always keep the originals. Every time you write, keep a copy of your own letter for reference. Most newsagents or post offices have a copying machine.
        • If you’re complaining by phone, make a note of the date of the conversation, the name of the person you talked to and the main points you made. Write a follow-up letter to confirm what was said or agreed.

        You will generally not be charged for making a complaint.

        Getting free help

        If you need help working out whether you have a complaint, or you need help with making your complaint, your local Citizen’s Advice Bureau (CAB) may be able to help. You will not be charged for this service.

        If you need help with a pensions-related complaint, the Pensions Advisory Service may be able to help. You will not be charged for this service.

        Using a complaints management company

        Some companies offer to help you with your complaint, including those against financial services firms. In return you have to pay them a fee, usually in the form of a fixed share of any compensation that you’re given. If you’re thinking of using one of these companies, make sure that it is regulated by the Ministry of Justice or by a professional body (for example the Law Society) to do this type of business, and make sure you understand the fees it charges.


        If the firm denies responsibility

        The firm you’re complaining to may appear to be similar or the same as the firm that provided you with a financial product or service but won’t take responsibility for your complaint, saying that it is a new firm. This can happen when a firm closes and its client details are bought by a new firm. The new firm appears to be similar to the original firm (it has the same or similar name, people or office). This is known as a ‘phoenix firm’.


        What happens next?

        Firms will usually have to deal with your complaint within a specified time, so find out what this is. They will then usually write to you with their findings. If they decide your complaint is valid they may offer you some form of compensation. However, they may reject your complaint.

        If you’re still not happy

        Using a complaints resolution service

        If you’re not happy with a firm’s response there are a number of free independent complaints schemes and financial ombudsmen you can contact, depending on the type of complaint.

        Using a mediation service

        Mediation is another way of resolving civil or family disputes. It is an alternative to going to court and can be cheaper, quicker and less stressful. It is a voluntary process where a neutral third party helps both sides to agree on the outcome of their dispute.


        Going to court

        If you don’t accept a decision by an Ombudsman or have not used an independent complaints scheme at all, you can go to court. You can’t usually take your complaint to court if you’ve already been through an arbitration scheme or the Pensions Ombudsman.

        Starting a legal action

        You can start a civil legal action in the county court or in the High Court (in England, Wales and Northern Ireland), depending on the circumstances of the case. In Scotland, most small claims are started in the Sheriff Court.


        Paying for a legal action

        You normally pay a fee to use the court, depending on the size of your claim. If you feel you need a solicitor, you should choose one who has experience in the appropriate area of law. You may be able to get legal aid if you can’t afford to pay the fee or a solicitor.


        Who to complain to

        If you have a complaint about your insurance or your bank, contact them as soon as possible. They will investigate your complaint and reply to you. If you need help making your complaint, get a copy of our Making a complaint printed guide from Publications or contact the Financial Ombudsman Service’s Consumer Contact Centre.


        See also :

        How to complain about your insurance product

          0 0

          Britain is to force state-rescued banks RBS and Lloyds Banking Group to sell assets in a massive shake-up of the banking sector but will support them with 30 billion pounds, the government said on Tuesday.

          The government expects new banks to be born as a result of the break-ups which are the result of pressure from EU competition authorities.

          The parts being separated from the parent groups add up to about 10 percent of Britain’s troubled retail banking market.

          In return for more state aid, Lloyds and Royal Bank of Scotland (RBS) will have to cut bonuses paid to top staff and increase lending to recession-struck businesses and individuals.

          Lloyds announced that it would launch a record 13.5-billion-pound rights issue. This represents the biggest-ever sale in Britain of new shares to existing shareholders.

          Tuesday’s announcement meanwhile comes one week after the European Commission approved the state aid in plans to break up and sell Britain’s nationalised bank Northern Rock.

          “Today will be the day that we see the beginning of the greatest changes in UK high street banking ever,” said senior trader Manoj Ladwa at ETX Capital.

          “The creation of three new banks, dramatic divestments from both Lloyds and in particularly RBS, mammoth fund raising for both banks including the British taxpayer dipping into their pocket.”

          British Prime Minister Gordon Brown said the shake-up would create competition and place the two banks on a more solid footing. “I believe at the end of the day the banks will be paying money to the British public and not the other way round,” Brown said.

          Despite pumping 30 billion pounds (33 billion euros, 49 billion dollars) into the two banks, Tuesday’s move means that the taxpayer’s exposure has been cut by more than 300 billion pounds, finance minister Alistair Darling added.

          This is largely because of Lloyds’ decision not to participate in the toxic asset protection scheme.

          “To promote greater competition in UK banking, and meet EU state aid rules, the banks will… be required to make divestments of significant parts of their businesses over the next four years,” the Treasury said in a statement.

          Britain’s biggest retailer, supermarket giant Tesco and Richard Branson’s Virgin Group are rumoured to be interested in expanding their own banking services. “We are going to see at least three new banks operating on the British high street in the next four years and that is very good news for the British taxpayer, the British consumer,” Treasury Minister Paul Myners told the BBC.

          Under the plans, the state will pump 25.5 billion pounds into Royal Bank of Scotland, which in turn will place 282 billion pounds of high-risk debts into the government’s toxic asset insurance scheme — lower than originally planned.

          As a result of the move, the state’s economic interest in RBS will climb to 84 percent. In addition, RBS will have access to a contingency fund of eight billion pounds.

          In trading here, RBS shares plunged 8.52 percent to 35.36 pence on the FTSE 100 index of leading companies, which was down 2.20 percent. Lloyds stock rose briefly as the group also said that a record rights issue would allow it to avoid the state’s toxic asset insurance plan — but it will pay a 2.5-billion-pound break fee.

          The government said it would take part and maintain its 43-percent stake in Lloyds.

          Royal Bank of Scotland will sell its RBS-branded branches in England and Wales, and NatWest branches in Scotland, as well as its Churchill and Direct Line insurance division and parts of its investment banking arm.

          Ahead of Tuesday’s announcement, RBS had revealed on Monday that it would axe about 3,700 jobs across its British retail operations.

          Lloyds Banking Group added on Tuesday that it would offload Lloyds branches in Scotland, its Cheltenham & Gloucester branches, and the Intelligent Finance online unit.

          “UK consumers will in theory enjoy increased choice and lower pricing, while rivals such as HSBC will be glad to see their rivals paying for their mistakes,” said analyst Keith Bowman at Hargreaves Lansdown stockbrokers.

          The Treasury has reached agreement “in principle” with EU Competition Commissioner Neelie Kroes over the restructuring.

          Regulatory authorities are concerned that such state-backed banks have an unfair advantage over other institutions which weathered the global financial storm without government aid, such as Barclays and HSBC.

          0 0

          Aon Trade Credit, the UK’s leading credit insurance broker, has appointed David Walmsley as branch director in Manchester.

          As insolvencies increase, David and his team will be responsible for helping north west businesses manage their receivables to prevent bad debt. The focus on client support has also led to the appointment of two new client service directors Mike Butler and Andy Seddon.

          In addition, the role will involve driving new business and launching Aon Trade Manager – the online tool that identifies customers struggling to make payments and helps set credit limits using companies’ own customer trading experience with up to date financial intelligence.

          David has worked for Aon Trade Credit for 18 years and was previously branch manager.

          Stuart Lawson, head of Aon Trade Credit UK, commented: “David’s tenacity and commitment to help companies is crucial during these challenging economic times. Coupled with his ambition to grow our business, we’re delighted to welcome David to the role.”

          0 0

          Britain’s Royal Bank of Scotland said Monday it will consider selling more assets than initially planned to win EU support for the state aid received by the group, sending its shares plunging.

          The embattled company, which is 70-percent owned by the taxpayer after a huge bailout last year, added it was close to an agreement over the terms of its participation in a government scheme to insure toxic or high-risk assets.

          Media reports had suggested on Sunday that RBS could be forced to sell its Churchill and Direct Line insurance division and part of its investment banking arm, to allay European Commission (EC) concerns about state aid.

          “With respect to the EC, negotiations between HM Treasury and the EC are in their final stages and will include some divestments not initially contemplated,” RBS said in a statement.

          “It remains RBS’s goal that any required divestments do not threaten its recovery plan which is already underway.”

          The group added: “RBS notes recent speculation in the media on both the terms associated with RBS’s proposed participation in the Asset Protection Scheme (APS) and the state aid measures which are to be agreed with the EC.”

          “RBS believes it is close to agreement with HM Treasury with respect to its proposed participation in the APS.”

          Also over the weekend, British finance minister Alistair Darling had outlined plans to create three new high street banks from bailed-out lenders RBS, Lloyds Banking Group and Northern Rock.

          Darling, the Chancellor of the Exchequer, said the three existing lenders would be broken up and parts sold in the next few years to new entrants to the sector, who would concentrate on deposits and mortgages.

          0 1

          Aon, Ireland’s leading insurance broker, and XL Insurance have agreed an exclusive partnership to bring new capacity to the solicitors’ professional indemnity (PI) market in Ireland.

          XL Insurance has strong credentials in the PI market, with a successful European PI insurance operation in the UK as well as being one of the largest PI underwriters in the US. Aon has been broking PI in Ireland since 1978 with nearly 20% of the market share, including a number of solicitors with an unbroken association with Aon for over 30 years. The insurer and broker have been working closely to identify the needs of solicitors to offer tailor made solutions for the Irish market. This follows the successful partnership between Aon and XL Insurance offering solicitors’ PI cover in the UK.

          Gerry Conway, director of Aon’s professional indemnity team, said: “Solicitors want the confidence that whatever their size, they will be able to access competitive rates and market-leading cover. Working with XL Insurance reinforces Aon’s commitment towards offering market leading professional indemnity insurance for Irish solicitors.”

          Bill Wharton, Chief Underwriting Officer, Professional Lines UK & Ireland for XL Insurance added: “XL Insurance has many years’ underwriting experience in the PI market,” added . “We are pleased to be supporting legal firms in Ireland as a primary PI insurer as well as bringing much needed capacity and competition to the market.”

          David Gallagher, Country Manager for XL Insurance in Ireland noted: “We have had a presence in Dublin’s International Financial Services Centre (IFSC) since 1990”. “Over the last two decades XL Insurance has built a reputation for underwriting expertise and service excellence and this is a further opportunity to strengthen our product offering in the Irish market.”

          Aon will be working exclusively with XL Insurance to offer quotations across the spectrum of a firm’s profile and cover requirements, ranging from a small sole practitioner or a larger multi-partner firm.

          Solicitors can access the exclusive scheme at www.solicitors.aon.ie

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