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As part of its Simply Safety campaign 2009, Aviva, the UK’s largest insurer, is helping expanding SMEs and new start-ups de-mystify some of the most critical health and safety issues and clarify exactly what is legally required.

With a quarter of business leaders believing their organisation will face pressures to cut health and safety budgets during the recession,[1] Aviva is stressing that adopting health and safety best practice doesn’t have to be costly or problematic.

According to Phil Grace, liability risk manager at Aviva: “Health and safety seeks to reduce accidents and to ensure that the risk of illness, injury and death from work is kept as low as possible, but it needn’t be over-complicated. In fact, managing risk is cost effective because it will be beneficial to the business in the long run by keeping employees in work.

“Make sure a senior manager takes responsibility for managing workplace risk as this instantly raises the profile of risk management within the business. Demonstrating commitment to risk management can also provide an insurer with confidence in the business.”

He says: “The first step is to make sure the right type of insurance is in place to protect the business and provide compensation in the event of a claim. Employers Liability insurance is a legal requirement if the business employs people.

“Although not compulsory, it is a mistake not to take out Public and Product Liability cover which insures the business against other forms of liability claims. Businesses might be held legally liable for personal injury to visitors, the premises, or consumers/customers who have purchased a product and suffered injury or damage to property. It will also cover any legal costs associated with defending such claims.“

“Even those who work from home may also want to consider this type of cover as it will protect the business if any visiting clients injure themselves while on the premises.

“It is a legal requirement that businesses have a competent person to help them identify and manage risk. This could be the business owner, a director, an employee or an external supplier.

“A company’s health and safety policy must set out an employer’s interest in and commitment to managing risk within the workplace and it is as important to running a business as managing the quality of products or services or the budget.

“A business also has a legal obligation to have a health and safety policy if it employs more than five people[2].

“There is no right or wrong way to prepare a health and safety policy as it will depend on the individual circumstances of the business, but it should involve employees as well as management, as they are the ones who have direct experience of the dangers and issues involved in day-to-day work. The policy should also establish systems and procedures to identify, assess and control risk.

“Conducting a risk assessment will identify any potentially harmful effects to the work being carried out and the precautions that should be taken. All of the findings should be fully recorded.“

The Management of Health and Safety at Work Regulations 1999 (the Management Regulations) set out what employers are required to do to manage risk under the Health and Safety at Work Act. Key requirements include carrying out a risk assessment and giving employees appropriate training.

“Training and risk assessment are the basic principles of effective health and safety practice to protect employees and the business itself. Train employees to understand any dangers they may face, how to control them and what to do in an emergency. This will ensure they work safely.

“Accidents do not just result in injury to persons but can cause reputational damage that could be harder to repair in the current economic climate.”

Grace continues: “Keeping up-to-date, hard copy documentation is important and will help employers with the reviewing of risk management procedures.  Such documentation is vital in the defence of liability claims.”

Note :

[1] www.hse.gov.uk/strategy/surveyfindings260509.pdf

[2] The Management of Health and Safety at Work Regulations 1999.

This press release should not be relied upon as Legal advice.

Aviva, the international savings, investments and insurance group, is the world’s fifth largest insurance group, serving 50 million customers across Europe, North America and Asia Pacific.

In the UK, Aviva is a leading provider of life, pensions, investment, general insurance and health products to more than 20 million customers. We also provide roadside assistance through the RAC. Products are distributed through a number of channels including IFAs, brokers, corporate partners and direct to customers via the internet.

Aviva’s UK Insurance business has a market share of around 15%, making it the largest general insurer in the UK. The business is focused on insurance for individuals and small businesses.

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Independent international insurance and reinsurance broker Cooper Gay & Co. Ltd, the London-based subsidiary of the Cooper Gay Group, has appointed placing specialist William Elborne to lead the London team in developing business with clients in Europe.  His main focus will be on solutions for large and complex property risks, and developing joint strategies with Cooper Gay’s local partners in this region, particularly in the German-speaking countries, France, the Netherlands and Scandinavia.

Reporting to Malcolm Harvey, Managing Director of Non-Marine Europe for Cooper Gay & Co. Ltd, William Elborne brings more than 20 years’ experience in designing and placing both direct and reinsurance solutions in the global markets, for clients across Europe.  He worked formerly for Aon Global, where he led the London property placing team for the EMEA region, and at Marsh, with whom he spent six years working in Germany.

Commenting on his appointment, Malcolm Harvey said: “This key position is part of Cooper Gay’s ongoing growth plans for our European non-marine business. We are delighted to add William’s significant expertise to our growing team, and look forward to further success in developing relationships in these major markets.”

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In September 2009, specialist insurance broker ChoiceQuote re-located its Scottish regional office to The Hub at Glasgow’s Pacific Quay.  The official opening of the new state of the art premises was supported by Marie Curie in association with its ‘Big Build’ appeal, which aims to build a new modern hospice in Glasgow.  The office was declared ‘open for business’ by former Miss Scotland and Miss UK, Nieve Jennings.

ChoiceQuote customers and local taxi drivers were invited to visit the new offices for a free celebratory breakfast and giveaway bag.   Members of ChoiceQuote’s experienced staff were on hand to offer insurance advice and to provide insurance quotations on a wide range of products.  Throughout the day, representatives from Marie Curie collected donations for the ‘Big Build’ appeal, and raised over £400.00

ChoiceQuote has experienced significant growth in its chosen markets during the last three years and currently has in excess of 20,000 customers nationwide.  The relocation of its Scottish office to dedicated premises at The Hub is a direct reflection of sustained growth since entering the Scottish insurance market in 2007.  ChoiceQuote’s taxi insurance business in Scotland has doubled over the last twelve months and the company now services the needs of 10% of the Glaswegian taxi market and 6% of all the licensed private hire and black cabs in Scotland.

Cathie Bruce, Managing Director at ChoiceQuote Insurance commented:  “The company has grown from strength to strength over the last few years and the relocation of our Scottish operation is part of aggressive expansion plans for the coming years.
We have worked hard to develop a strong customer base within Glasgow and the surrounding areas and today’s move from the Airport Business Park to our own dedicated, state of the art premises at The Hub, coupled with our specialist insurance knowledge, will ensure that we can continue to offer the highest levels of personal service expected by our customers.”

ChoiceQuote’s new Scottish office is now fully operational:  for more informations you can visit the ChoiceQuote website at www.choicequote.co.uk

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    Total liabilities of the UK non-life run-off market increased by approximately 30% to an estimated £37.4bn in 2008, up from £28.3bn in 2007. This equates to 18% of the non-life market as a whole, according to the seventh KPMG Run-Off Survey of non-life companies.

    KPMG said the increase in the value of liabilities was primarily a result of the demise of the financial guaranty insurance market and the fall of UK sterling against the US dollar and Euro currencies.

    Total capital tied-up in solvent UK non-life companies in run-off also increased by almost £1bn, of which around 75% is attributable to new entrants to the run-off market from financial guaranty businesses.

    John Wardrop, partner in KPMG’s Restructuring Insurance Solutions practice said: “Our research tells us that capital efficiency continues to be a priority for the UK run-off market. Depressed investment income due to low interest rates means companies in run-off are under pressure to make their businesses more efficient.

    “The size of the UK run-off market could have been significantly larger had there not been approximately £1.8bn of claims paid through commutations and other settlements, signifying the continued desire of the industry to maximise the value of and access trapped capital.”

    The survey highlights the continued use of the scheme of arrangement mechanism; 87 were sanctioned in the year, including 82 companies involved in the EW Payne pools schemes. KPMG said this demonstrated ‘strong support for this finality tool’.

    Despite the recession, it added that interest remains high in mergers and acquisitions in the run-off market. However the availability of capital and finance has been restricted and some buyers have had to be more selective.

    Mr Wardrop added: “The sale of Unionamerica Holdings marked a high point in the UK M&A market where the purchase price of some US$300m exceeded the net assets acquired. However, shortly after this transaction was concluded the impact of the financial crisis in the UK began to bite. There are still a number of London Market legacy portfolios available for sale, providing the price expectations of both buyer and seller can be met in the current financial climate”.

    The survey also reaffirms the market opinion that Solvency II is high on the agenda for businesses in run-off.  Steve Goodlud, director in KPMG’s Restructuring Insurance Solutions practice noted that: “Insurance groups are undertaking a host of projects on or around Solvency II, in particular seeking to create efficient capital structures”.

    Mr Wardrop concluded that “the landscape for legacy business continues to develop in response to economic and regulatory pressures. This continues to present opportunities as well as challenges for the market.”

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      The U.S. Treasury Department is pushing AIG to cut big pay incentives it claims were needed to keep staff, but which have stoked a controversy over pay at taxpayer-supported firms.

      Treasury’s “pay czar” has informed AIG management that some portion of the “total of $198 million should be reduced,” according to a report prepared by a watchdog agency for the government’s $700 billion financial bailout fund.

      The report from the special inspector general for the Troubled Asset Relief Program says Treasury official Kenneth Feinberg has not specified the amount by which retention payments should be reduced. It is unclear whether he can compel AIG to lower them.

      Feinberg, a Washington lawyer, is supervising pay practices at seven companies, including AIG, that received extraordinary government assistance.

      AIG became a focal point for congressional and public anger over pay practices at government-supported financial firms when it was revealed in March that it was offering millions of dollars in “retention payments” to employees.

      The report said the payments were “consistent with the law in place at the time the payments were made,” but noted that after the public outcry about them, AIG asked for a voluntary return of part of the awards.

      It said only a partial collection of the repayments asked for has been received.

      The report implies that the Treasury Department should have been more attentive to AIG’s pay practices, but gives Treasury Secretary Timothy Geithner a green light by saying his staff did not keep him adequately informed about an AIG plan to hand out bonus payments.

      However, a source familiar with the audit said auditors only questioned New York Federal Reserve staff who were on site at AIG and did not interview Geithner or anyone in the reporting chain up through the New York Fed.

      An e-mail to TARP’s special inspector seeking comment was not immediately answered.

      The SIGTARP report said: “Treasury invested $40 billion of taxpayer funds in AIG, designed AIG’s contractual executive compensation restrictions and helped manage the government’s majority stake in AIG for several months, all without having any detailed information about the scope of AIG’s very substantial, and very controversial, executive compensation obligations.”

      It said that represented “a missed opportunity to avoid the explosively controversial events and created considerable public and Congressional concern” about the payments.

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      UK companies have started researching potential business destinations using online review sites in order to get the best value, it has been claimed.

      Another way for firms to make savings on business travel could be to take out annual multi trip insurance for their workers, thereby reducing travel insurance costs.

      Amelie Hurst, spokesperson for TripAdvisor, said businesses are taking into account the experiences of others rather than allowing their employees to book their own trips.

      “With many companies scrutinising their budgets more closely than ever, business travellers are increasingly turning to reviews sites to ensure they get the best value for money,” she commented.

      The Thomson and First Choice Trends Report 2009 recently showed that 80 per cent of people say they mostly trust the reviews they read online.

      However, a fifth are sceptical, as they feel that people would only write a review if they had an axe to grind or a hidden agenda.

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        Willis Group Holdings, the global insurance broker, today published the 2010 edition of its Marketplace Realities and Risk Management Solutions report, the company’s long-standing annual series offering commentary and analysis on the insurance marketplace in every major line and select industry sectors. The report is available, free of charge, on the company’s web site, www.willis.com.

        The subtitle of the two-part report is Careful Steps. Marketplace forces that have led recently to sometimes frenzied competition among insurers may remain in place into 2010, according to Willis experts, but potential difficulties brewing on the horizon may have a market-turning effect by late 2010 or 2011. In introductory comments, Willis Chairman and CEO Joe Plumeri says, “While undoubtedly appreciating the windfall of softening rates, risk managers must also consider the issues of market security and counterparty risk as never before… We urge our clients to move deliberately, thoughtfully, to take an extra moment and consider the broadest perspective in their view of risk. And as always, Willis will be helping our clients take careful, smart steps forward.”

        The 2010 report is being published in time to help insurance buyers make plans for the coming year. In addition to articles on Property, Casualty, Workers’ Compensation, Employee Benefits and all Executive Risks lines, the publication includes pieces on U.S. reinsurance, captives, the Bermuda and London markets, international programs and on several key industry segments and specialty lines. Industry segments include Aviation, Construction, Financial Institutions, Health Care, Life Sciences, Real Estate & Hotels, and Utilities. Insurance lines covered include Environmental, Marine, Personal Insurance, Political Risks, Kidnap & Ransom, Surety and Trade Credits.

        Highlights from the articles include:

        • Some insurance lines are hardening — While the market remains soft in most lines, political instability, global bankruptcies and losses in aviation have brought on rate increases for Trade Credit and Aviation coverage.
        • Filling a gap in supply chain protection — Marine and other insurance that protects supply chain exposures usually share one major shortcoming: it usually requires a physical loss to respond. Trade Disruption Coverage fills that gap.
        • Estimates for catastrophic losses may be coming down — New models used in Property insurance are lowering the estimates of loss from earthquakes and hurricanes.
        • The world is catching up with the litigious U.S. — Our International experts note that the concept of moral damages — which underpins much of the litigation in the U.S. — is becoming a part of the thinking in Latin America.
        • Financial institutions are avoiding the broad brush — Banks are not having an easy time of it, but those that have successfully managed their risk — and can document it — are seeing flat renewals and even occasional reductions in premiums. The publication, which is updated periodically throughout the year, is available on the Publications page of the Willis web site .

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          What is Critical illness cover ?

          Critical illness cover (CIC) is a long-term insurance policy designed to pay a lump sum on the diagnosis of certain life-threatening or debilitating (but not necessarily fatal) conditions such as a heart attack, stroke, certain types/stages of cancer, multiple sclerosis and loss of limbs.

          The illnesses covered will be specified in the policy along with any exclusions and limitations – these differ between insurers. CIC policies usually only pay out once, so are not a replacement for income.

          Who is likely to buy it?

          Many people buy CIC when they take on a major commitment such as a mortgage. This is something you can discuss with a mortgage adviser.

          Otherwise, you can buy CIC:

          • through a financial adviser, who advises on CIC, taking account of your wider financial circumstances; or
          • directly from insurance companies.

          Not all firms will give you advice about whether CIC is suitable for you. They should tell you whether they will be offering advice and recommending a policy, or giving you information only. If they only give information, you will need to consider the information they give you and make your own decision as to whether the product is right for your needs, or seek independent financial advice.

          What are the main features?

          Before you take out cover, here are some things to consider:

          • Critical illness cover pays you a lump sum if you are diagnosed as suffering from one of the specified illnesses.
          • Policy summaries will often set out a list of illnesses covered, but this is only a guide and full details will be in the policy document. This will also set out the criteria that have to be met before the insurer will pay a claim, including defining the level of severity of the illness.
          • As an example, in the case of cancer, not all cancers or stages of cancer are covered. And for heart attacks, the insurer will need to have medical evidence of the severity of the condition before paying a claim. So make sure you check which illnesses are covered.
          • CIC does not cover simply any sickness that affects your ability to work – it is specific about which illnesses are covered.
          • Some insurers exclude all pre-existing conditions but others will decide on the basis of your personal medical history.
          • CIC differs to other types of protection insurance such as income protection or payment protection, so make sure you understand what it does and whether it is right for you.
          • Before you take out the cover, the firm should give you either a Policy Summary or Key Features document. This will set out the key features and benefits, as well as any significant or unusual exclusions or limitations. If you have any queries about these you should ask the salesperson to explain the cover in more detail. This will help you make an informed decision on whether to take out the cover.
          • Many insurers now provide a plain English guide to the illnesses covered. Ask the salesperson if they have one that explains the policy they have recommended.
          • If the insurer imposes any other conditions, perhaps because of your own or family medical history, you should be told what they are before you take out the policy.
          • Detailed policy terms and conditions will be provided in the policy document the insurer will send you after you take out the cover – make sure you read it so that you know what you’re covered for.

          If you’ve decided CIC is right for you

          • It’s essential that you give full, honest answers to questions you are asked about both your own and family medical history. Giving incomplete or wrong information could invalidate your policy and any claim you make on it.
          • If you are not sure, it is better to mention things. Otherwise you will not be aware of what the policy may or may not pay out until you make a claim.
          • Many insurers will allow you to send medical information directly to their Medical Officer, so if you do not want to discuss personal or sensitive information with the sales adviser, ask about this.
          • Bear in mind that the premium the salesperson quotes to you is only an estimate. The insurer will confirm the actual premium, and the terms, after it has considered your medical history.
          • Make sure you understand what the policy covers, when it will pay out and when it will not.
          • Read the documents you are given and ask questions if you don’t understand anything.
          • Remember CIC only pays a lump sum. If you want insurance to cover lost income or your mortgage repayments, ask about other types of insurance that might be more suitable for your circumstances.

          Questions / Answers :

          I already have CIC but want to change my mortgage and increase the cover. Should I cancel my existing policy and take out a new one?

          You might find that by replacing a policy you lose some of the benefits if you have developed any illnesses since you took out the first policy. Pre-existing conditions may not be covered under the new policy. You may be able to get cheaper cover if you switch to another company but the cover might not cover all of your needs.

          So think very carefully before you replace or switch your policy.

          Some policies allow you to increase your cover – particularly after lifestyle changes such as marriage, moving home or having children. Ask your insurance company or financial adviser for information.

          If you cannot increase the cover under your existing policy you could consider taking out a new policy just to ‘top up’ your existing cover.

          Can I cancel the policy if I change my mind or I’m not happy with cover it provides?

          You can cancel within 30 days of taking out the policy and get your money back – provided you have not made a claim. After that, you can still cancel the policy at any time under most contracts, but you may not be entitled to a refund of the premiums you have paid. Your cancellation rights should also be set out in the key policy information.

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          Lloyds Banking Group could have to pay more than £1 billion to avoid taxpayer-backed insurance for its toxic debts, it has been reported.

          The bank – 43% Government-owned – is looking at ways to stay out of the Asset Protection Scheme (APS) and stop the taxpayer’s stake rising further.

          Lloyds is attempting to raise £26 billion – including an £11 billion rights issue – to boost its balance sheet but the Treasury will still demand a break fee if it succeeds in avoiding the APS, the Daily Telegraph said.

          It is thought that since Lloyds said in March that it would put £260 billion in bad loans into the scheme, it has enjoyed implicit insurance.

          This means the European Commission would be likely to raise questions under competition and state aid rules if the Government allowed Lloyds to walk away without paying anything.

          Under the current terms of its entry, it will pay £15.6 billion in new shares as a fee for the APS, taking the Government’s stake to 62%.

          The figure could change if the bank reduces the amount of bad debts – mostly inherited from its rescue of struggling HBOS a year ago – it puts into the scheme.

          Lloyds’ shares were down 3% on Tuesday and have lost more than 20% in the past four weeks since speculation over a rights issue began to gather pace.

          A report in the Times suggested an £11 billion rights issue could generate more than £300 million for investment banks in underwriting fees – before the cost of further cash-raising moves such as converting bonds into ordinary share capital.

          The bank reported a loss of £4 billion for the first half of the year and expects to make a loss for the full-year. Bad debts – mostly inherited from HBOS – jumped to £13.4 billion in the first six months of 2009.

          With The Press Association

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          AIG today announced an agreement to sell its 97.57% share of Nan Shan Life Insurance Company, Ltd. to a consortium comprising Primus Financial Holdings Limited, the Hong Kong-based financial services firm, and China Strategic Holdings Limited, the Hong Kong Stock Exchange-listed investment company, for approximately US$2.15 billion.

          “We are pleased to have found a buyer who shares our confidence in Nan Shan’s bright future, and who has pledged to continue Nan Shan’s commitment to its policyholders, agents, and employees, as well as to the people of Taiwan,” said Robert Benmosche, AIG Chief Executive Officer.

          In acquiring Nan Shan, the Primus Financial consortium has agreed to maintain the Nan Shan brand, the existing compensation and benefits package for employees and the existing agency organizational and commission structure for a minimum of two years following the closing of the transaction. The current Nan Shan management team will remain in place.

          Established in 1963, Nan Shan is the largest life insurer in Taiwan by total book value and the third largest by total premiums, serving four million policyholders via an extensive network of 24 branches, 450 agency offices, approximately 4,000 employees, and more than 34,000 agents.

          Blackstone Advisory Partners and Morgan Stanley acted as financial advisors and Debevoise & Plimpton LLP and Lee & Li, Attorneys-At-Law served as legal advisors to AIG on this transaction.

          The transaction is subject to the satisfaction of certain conditions, including receipt of regulatory approval.

          About American International Group, Inc.

          American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG’s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.

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          Aon Corporation today announced the launch of Inpoint, an Aon company formed to help insurance carriers improve their performance. Inpoint provides advisory and real-time information services to the insurance carrier market focused on market selection, profitable growth and operational excellence.

          “Working with thousands of clients and insurance carriers in a dynamic and complex environment, Aon has a unique vantage point to understand trends and behaviors within insurance markets,” said Gregory C. Case, president and chief executive officer of Aon Corporation.

          “This reality, coupled with an unparalleled ability to collect and analyze transaction data across tens of billions of dollars in premiums, will enable the Inpoint team of professionals help insurance executives gain an edge in today’s difficult environment.”

          Inpoint helps insurance carriers through multiple products and services, including:

          • Market segmentation and growth strategy: Identifying new segment growth opportunities and developing practical strategies to capture them
          • Sales force effectiveness: Obtaining unique, detailed insights into channel satisfaction and improving both submission flow and win rates
          • Pricing and underwriting: Delivering a deep understanding of underwriter decision-making and pricing at the detailed segment level, including by industry, product and geography
          • Claims operations: Enabling operational efficiencies, accelerating recovery rates and improving loss payout performance
          • Cost and operational excellence: Benchmarking operational performance metrics for continuous improvement
          • Ongoing insights: Providing robust data that enables unique visibility into the market

          Inpoint is led by an experienced team of successful insurance industry executives and experts, including :

          • Michael R. Moran, former Executive Vice President and global head of broking excellence for Aon Risk Services
          • Cynthia Beveridge, former Executive Vice President of Aon Brokerage Group, Aon Risk Services
          • Paul Galvin, leader of the Aon Carrier Strategic Consulting team based in London
          • Jesper Groenvold, CEO of Paragon Solutions
          • Steven Kauderer, a veteran insurance industry consultant who was recently recruited to help build the business.

          As an integrated unit of Aon, Inpoint utilizes data and tools from multiple proprietary Aon sources, including Aon Global Risk Insight Platform(SM), Paragon Solutions, Aon Analytics, Aon eSolutions, Aon Benfield, and Aon Global Risk Consulting. Combined with a team of top industry talent, this access to global resources has already enabled Inpoint to deliver unmatched facts, insight, and expertise to over 30 carrier clients globally.

          The company serves clients from offices in Chicago, New York, Minneapolis, Dallas, Pittsburgh, London, Dublin and Sydney with access to resources from Aon’s global network of more than 500 offices in 120 countries.

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            Results of clinical trials held in Europe show that one dose of Sanofi Pasteur’s H1N1 flu vaccine triggers a robust immune response in most participants, the vaccine unit of French drugmaker Sanofi-Aventis said.

            The mid-stage datas stem from tests of the Panenza and Humenza vaccines on adults and children aged at least three years, after Sanofi began clinical trials in Europe in August.

            One dose of Panenza or of the adjuvent or booster-type of vaccine Humenza is deemed protective in at least 93 percent of adults aged 18 to 59 years and in at least 83 percent of adults 60 years and older. In children, the response was 94 percent.

            Sanofi Pasteur Chief Executive Wayne Pisano said in a statement on Thursday: “Humenza and Panenza vaccines are effective answers to different public health needs,”.

            Because of its low dose, Humenza allows for more production capacity, raising the number of doses available and the number of people who can be immunized against what is commonly known as swine flu, he said.

            Panenza, given in a standard dose, could be seen by European authorities as a vaccine to protect people who are most vulnerable.

            Sanofi shares rose 1.2 percent to 51.16 euros, having gained nearly 2 percent earlier, while the DJ health index was little changed. Sanofi shares have risen 12.7 percent so far this year.

            “The news is a mild positive for Sanofi-Aventis, but we expect H1N1 vaccine deliveries to be one-off events,” Kepler analyst Tero Weckroth said in a research note. “However, in light of the current data, Sanofi-Aventis is well positioned in the H1N1 season.”

            Sanofi-Aventis Chief Executive Chris Viehbacher said             the data could slightly speed up the filing of the Panenza, which could be used by pregnant women, for European approval.

            “It may accelerate a little the submission of the non-adjuvent,” he told Reuters on the sidelines of a presentation in Paris.

            Participants in the trial showed no serious adverse events from the vaccine jabs. Complaints of redness or swelling at the site of injection as well as mild fever, headache and fatigue were reported.

            Sanofi has yet to submit its H1N1 vaccine for EU approval. The European Commission on Wednesday cleared Baxter International’s Celvapan vaccine against H1N1, following green lights for vaccines made by GlaxoSmithKline and Novartis.

            The World Health Organisation earlier this week restated its confidence in the H1N1 flu vaccine, calling it the most important tool against the pandemic after some reports said some people were reluctant to be injected with the new vaccine.

            Sanofi late last month began shipments to the United States of its H1N1 vaccine, ahead of schedule. It has a contract to provide 75.3 million doses of the vaccine to the U.S. government.

            Separately, Viehbacher told Reuters that sales of its cancer treatment Eloxatin were suffering in the United States from the arrival of generic versions. “They are following the typical generic erosion pattern,” he said.

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            You’re likely to be offered PPI by the company when you take out a mortgage or other loan or credit agreement, but you don’t have to buy it from them. You can:

            • buy it yourself separately from insurance brokers, including over the internet;
            • shop around to get the best deal for you; and

            PPI is useful, but you may not always want it or be able to claim on it when you need to.

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            The scientific evidence points strongly to the Earth having a climate that is changing rapidly — these changes being largely caused by human activity as we go about our everyday lives.

            On a local scale, there will be parts of the world which see a net benefit from a warming world, but there are many areas that will see a dramatic deterioration in their environment which will impact in a negative way on people’s health.

            The potential impact on our health is significant and there are several aspects of this that we could consider:

            • What are the facts — namely how will a changing climate affect the environments we live in?
            • How will these changing environments affect the health of the people who live there?
            • What aspects of this area of science are we sure of, and what are we less sure about?
            • What can we do about it as individuals and at an organisational level?

            Public health depends on safe drinking water, sufficient food, secure shelter, and good social conditions. A changing climate is likely to affect all of these conditions. Some of the health effects include:

            “The impacts of climate on human health will not be evenly distributed around the world. Developing country populations, particularly in Small Island States, arid and high mountain zones, and in densely populated coastal areas, are considered to be particularly vulnerable.

            “Fortunately, much of the health risk is avoidable through existing health programmes and interventions. Concerted action to strengthen key features of health systems, and to promote healthy development choices, can enhance public health now as well as reduce vulnerability to future climate change.”

            World Health Organization

            • Increasing frequencies of heatwaves — recent analyses show that human-induced climate change significantly increased the likelihood of the European summer heatwave of 2003.
            • More variable precipitation patterns are likely to compromise the supply of freshwater, increasing risks of water-borne disease.
            • Rising temperatures and variable precipitation are likely to decrease the production of staple foods in many key regions, increasing risk of global shortages and ultimately malnutrition in the poorest countries.
            • Rising sea levels increase the risk of coastal flooding leading to population displacement. More than half of the world’s population now lives within 60 km of the sea. Some of the most vulnerable regions are the Nile delta in Egypt, the Ganges-Brahmaputra delta in Bangladesh, and many small islands, such as the Maldives, the Marshall Islands and Tuvalu.
            • Changes in climate are likely to lengthen the transmission seasons of important vector-borne diseases, and to alter their geographic range, potentially bringing them to regions which lack either population immunity or a strong public health infrastructure.

            The Met Office is playing a key role on the national and international stage to develop the science. The aim is to understand how weather and climate affect people’s health in the short term (2–5 day timescale) out to the year or decadal time scale. The work that we do informs policy makers of the size and urgency of the task ahead in the context of climate change. Importantly it also goes into the development services to combat these effects.

            This work is of great complexity and requires that organisations and governments work together for best effect. For this reason, we work with national governments, leading businesses and academic centres as well as other influential groups to help society deal with the challenges ahead.

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            Based on a proposal from its Chairman, Jacques de Chateauvieux, the Supervisory Board of AXA has decided to propose to the next Annual Shareholders’ meeting on April 29, 2010, a modification of the Group’s existing corporate governance structure from a dual board structure (Management Board and Supervisory Board) to a single board structure with a Board of Directors (Conseil d’Administration).

            The modification proposed by the Supervisory Board will streamline operational decision-making processes to prepare the Group for future challenges. This change is part of a natural and ongoing review of the strategy and the internal organization of the Group.

            Under the new governance structure, assuming shareholders and Board approvals are obtained, Jacques de Chateauvieux will remain a member of the new Board and Henri de Castries, currently Chairman of AXA’s Management Board, will become Chairman and Chief Executive Officer (Président Directeur Général). Denis Duverne, currently Group Chief Financial Officer and a member of AXA’s Management Board, will join the Board of Directors as Deputy Chief Executive Officer (Directeur Général Délégué) and will also continue to oversee the Group’s finance activities. The new Board will adopt an organization that is compliant with the recommendations of the French code of corporate governance AFEP/MEDEF.

            In this context, members of AXA’s Management Board, reappointed today, will serve up until the next shareholders’ meeting.

            “While the Supervisory Board and the Management Board proved their efficiency through the recent financial turmoil, the new organization proposed by the Supervisory Board will simplify and unify our governance” said Henri de Castries, Chairman of the Management Board. “We are very ambitious for AXA and I very much look forward to continuing to lead and to serve AXA in the long term.”

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            Following the recent successful launch of their new fraud screening product ‘Validate’ on Travel claims, Direct Group has expanded the solution into Protection claims. This has proved beneficial, helping their Investigation services team, (DGIS) make an average saving of £2,800 on each claim investigated in respect of Accident, Sickness and Unemployment claims in the last 12 months.

            While focus has always been given to validating new claims, Direct Group Investigation Services (DGIS) have also deployed the solution to ongoing accident, sickness and unemployment claims in an attempt to combat those who unnecessarily delay their return to work, as they believe insurers are not likely to investigate further once the claim has been accepted.

            John Baldock, Head of Investigation Services at Direct Group comments: “Our Validate product has been an instant success within Protection claims, in validating both new and ongoing claims we have shown our solution to be an effective alternative to traditional methods of field interviews and surveillance, which can both be costly and practically in-flexible, often unnecessarily delaying the claims process. Our solution can be deployed straight away, and in many cases has achieved better results than traditional methods”

            “We have shown our solution to be effective in reducing claim durations, particularly on those claims where, although accepted correctly in the first instance, the claimant has actually returned to work without stopping their claim, or in a number of cases they are not actively looking to return to work and are attempting to prolong their claim payments wherever possible. We believe that these exaggerated claims are a major area of claims leakage, which can be effectively combated by deploying ‘Validate’. While acting as a wake-up call to unwise or dishonest claimants, our validation process serves as a welcome review and support call to genuine claimants looking to return to work.“ said John Baldock

            Developed in partnership with the global actuarial consultancy EMB, the ‘Validate’ product, embraces world class behavioural science and proven technical claims skills into a software solution. This allows DGIS investigators to conduct Interactive Telephone Interviews (ITI) to screen and identify genuine claimants for fast tracking, while filtering out potentially fraudulent claims with Rating and Scoring.

            Using the technology provides a unique on-screen scripted telephone interview process directly with the end customer, which uses Criteria Based Content Analysis (CBCA) to assess the plausibility of statements. This results in a rating and score for each case being produced at the end of each interview. The product greatly reduces the reliance on traditional methodologies, is more cost effective, faster and is without detriment to savings or customer experience.
            Direct Group’s focus on cost-effective investigation solutions is supported by savings of £24 for every £1 invested with DGIS in the last year and as a result DGIS are in a number of discussions about rolling the product out to a wider audience.

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            Hong Kong’s Primus Financial has won the bidding for AIG’s Taiwan insurance unit Nan Shan Life at $2.2 billion, a local newspaper reported on Tuesday, with a contract to be signed on Friday.

            The Chinese-language Economic Daily News also reported that both AIG and Primus would fork out an extra T$10 billion ($309 million) to be placed into a staff welfare fund.

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            Chief Financial Officers (CFOs) are playing an increasingly pivotal role in the risk management of their firm and setting best practice, according to a panel discussion this morning at Aon’s Women in Insurance networking breakfast at the Federation of European Risk Management Associations (FERMA) conference.

            In a world driven by financial metrics, key performance indicators are expanding to include a company’s performance in managing risks, in addition to return on investment and cost of capital. Hence CFOs are being increasingly included in the development of strategic risk management processes and solutions rather than solely on the costs involved.

            Aon’s Crystal Ball*, predicting how the insurance and risk industries will evolve, sees CFOs escalating their effectiveness in terms of risk management. The global insurance broker also expects to see more companies appointing Chief Risk Officers (CROs). This role, working in partnership with the CFO, is helping to elevate risk management to the board and increase the standards of professionalism in handling the risks facing their organisation. CFOs are gleaning insights from their CRO on appropriate stress test scenarios and decision making processes, in particular, around mitigating the risks around investment portfolios and factors affecting cost of capital.

            However, Aon’s Global Risk Management Survey found that 62% of risk management functions report into a CFO or finance dept so over a third of companies could be bypassing this crucial role.

            At the session, Christa Davies, CFO of Aon Corporation, commented on her role in relation to risk management: “As CFO, my job is to manage risk for our firm and we have put in place solid business practices and a sound global finance team to manage risk holistically across the company. This is so we provide information in an efficient and effective manner to our business heads, and so that we can generate the best return on invested capital for our investors.”

            Ana Baranda, managing director and chief operating officer at Aon Spain, co-chairing the session, added: “Unpredictability was a key attribute of the global downturn and highlighted the need to adapt strategies that anticipate and respond to a changing landscape. As such CFOs are taking more responsibility within the risk management realm, for example looking at the cost of capital to judge and decide how they can offset risks to insurers for the appropriate price. The role is also extending to monitoring growth scenarios, such as expansion to new geographies and appraising the risks involved in these territories, and assessing the risks around outsourcing and the use of third parties.”

            Marguerite Soeteman-Reijnen, chief broking officer EMEA for Aon Risk Services and co-chairperson, continued: ”CFOs would be able to greater protect their balance sheet if the insurability of risks increased. Supply and demand are subject to society’s perception of risk. The past years have shown a steep increase in the awareness of the various risks corporations are facing. Only a small percentage of these risks however can nowadays be insured. The insurance industry and all respective stakeholders, including governments, must start innovating and investing to increase this proportion of insurability. Hence the supply of risk mitigation will enable our industry to meet our economic goals and demand from global businesses.”

            The panel comprised:

            • Alexandra Schaapveld – member of several boards with 24 years of banking experience at ABNAMRO
            • Annalisa Gigante – chief business development & marketing officer at Addeco and member of the executive committee and member of Group Management
            • Christa Davies – CFO of Aon Corporation

            *Aon’s Crystal Ball – Building upon Ferma’s theme for 2009 ‘The future of risk management’, Aon gazes into the crystal ball to predict how companies will and should shift their approaches to risk management and how the insurance and risk industry must also adapt to support global business in changing times. For a copy of the predictions, please contact Alexandra Lewis, as below.

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            Assured Guaranty Ltd’s acquisition of a rival this summer may help shares of the U.S. bond insurer double or even triple, Barron’s said on Sunday.

            In July, Assured Guaranty bought Financial Security Assurance, wiping out a key rival. The merged company could earn about $950 million, or more than $6 a share in a normal year, compared to $2 in 2009.

            Assured Guaranty is the only one of its competitors with the wherewithal to write insurance on new issues of municipal bonds and bond securitizations, the financial newspaper wrote.

            Some analysts and investors, however, are wary about Assured, given its exposure to $24 billion in guaranteed securitizations backed by troubled asset classes, Barron’s noted.

            Assured shares closed at $18.15 on Friday on the New York Stock Exchange. The stock is up nearly 60 percent this year.

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            Days before the swine flu vaccine becomes available, more than half of U.S. adults say they will get the vaccine for themselves and 75 percent will get it for their children, according to a survey released on Friday.

            Forty percent said they would not get the H1N1 vaccine, the team at the Harvard School of Public Health found.

            “These findings suggest that public health officials need to be prepared for a surge in demand for the H1N1 vaccine if the H1N1 flu becomes more severe,” said Harvard’s Robert Blendon, who led the study.

            The survey conflicts with one published earlier this week by Consumer Reports showing only 35 percent of Americans would definitely have their children vaccinated.

            The Harvard researchers polled 1,042 U.S. adults for what they said was a representative sample of national opinion late last month.

            The poll results suggest more people would get a swine flu vaccine than usually get vaccinated against seasonal influenza in the United States, where flu kills an estimated 36,000 mostly elderly people a year.

            H1N1 swine flu was declared a pandemic in June and it has circulated globally ever since.

            Companies have been rushing to make and distribute vaccines for H1N1 and the U.S. Centers for Disease Control and Prevention says the first 600,000 doses will arrive in cities, states and counties that ordered them next week.

            The U.S. government has ordered about 250 million doses from five companies — Sanofi-Aventis SA, CSL Ltd, AstraZeneca Plc’s MedImmune unit, Novartis AG and GlaxoSmithKline.

            The vaccines will trickle in at a rate of about 20 million doses a week, and officials are unsure how many Americans will actually get them. The U.S. government is providing them for free but clinics and retailers may charge to administer them.

            The picture is further complicated by seasonal flu vaccination, which started last month.

            Highlights

            • Half of Americans fear getting sick
            • Poll shows high acceptance of H1N1 vaccine
            • Most who would refuse it fear side-effects

            Running out of beds

            A report from the Trust for Americas Health this week predicted that 15 states could run out of hospital beds if 35 percent of Americans catch the virus in coming weeks. Patients with severe cases of H1N1 infection often need specialized care and ventilators to breathe.

            Blendon’s team found that 53 percent of adults plan to get vaccinated and 75 percent of the parents would get their children vaccinated.

            Sixty percent of those who said they would not vaccinate their children feared a serious illness from the vaccine.

            About half were concerned that they or a family member may get seriously ill and 47 percent said they were not.

            But most — 64 percent — felt that public health officials were right to be concerned about swine flu.

            The CDC says about a third of infants and 40 percent of young children usually get a seasonal flu vaccine, as well as 66 percent of people over the age of 65, who are the most likely to die from seasonal influenza.

            Adults with high risk conditions such as asthma or diabetes are strongly advised to get a seasonal flu shot, and about 40 percent of them usually do.

            Only 24 percent of pregnant women, who have a high risk of severe complications from any strain of flu, get vaccinated. The CDC says 28 pregnant women have died in the United States from swine flu

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