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DIMA, the representative body for the international re/insurance industry in Ireland, today announced another record year of premium income growth in its membership. The annually-produced DIMA membership statistics show that gross written premiums for 2008 reached €26.2bn, with net premiums increasing to €21.7bn.

Other statistics include:

  • total assets of DIMA members:                      €65.1bn
  • total capital and surplus:                                 €12.4bn
  • total cash and investments:                            €36.2bn
  • number of DIMA member companies:                    61
  • number of employees:                                             876

Sarah Goddard, CEO of DIMA, said: “Despite the general turmoil last year in the international financial services sector, re/insurance substantially has proved resistant to the tribulations affecting other areas and shown its overall resilience as an industry. In Dublin’s 20th year as an international re/insurance hub, these statistics show that the market is truly established as a leading centre for the industry. We continue to see new companies set up operations in Dublin, and the majority of companies already established here expect to see growth in their business over the course of this year.”

Commenting on DIMA’s findings, Barry O’Leary, IDA, CEO said, ‘’Another year of premium growth in DIMA membership is a welcome reflection of the resources the Irish Government with the support of IDA Ireland have dedicated to attracting investment in the International Services Sector to Ireland. Ireland continues to grow as a leading centre for international financial service activities and IDA looks forward to continuing to work with DIMA to avail of future opportunities in the international re/insurance industry.”

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Many employees are waiting for an economic recovery before moving forward with retirement, and employers are taking the same attitude with retirement program changes and risk issues, according to Aon Consulting.

The survey concerned 1,313 employers nationwide in its 2009 Benefits & Talent Survey, and found that more than 90 percent are not changing their retirement programs, either in terms of benefits or management. Along those lines, 87 percent of respondents said employees are delaying retirement due to economic conditions. What’s more, a third of employers have less than 70 percent of their employees enrolled in their defined contribution (DC) plans, with the majority (67 percent) saying they believe workers are not enrolled because they can’t afford it.

Meanwhile, 38 percent of these employers believe employees have little knowledge of the funds needed for retirement and 52 percent said employees have only some idea of what’s needed to retire with enough funds. Just 8 percent believe their employees have a strong understanding of the funds needed in retirement. Workers wanting to learn more about retirement savings have turned to their employers for additional information. In fact, 64 percent of responding employers said there was an increase in investment-related questions in 2008 vs. 2007, but only about a third of these organizations increased their communications around the importance of saving for retirement last year, while 62 percent said their communication remained unchanged from the previous year.

Amol Mhatre, senior vice president responsible for retirement innovation said: “The ‘wait-and-see’ attitude is not surprising”. “We may continue to see dramatic economic swings, as interdependencies grow in the global economy, and retirement programs and savings can’t stop with every downturn. Retirement security for working Americans will soon become a challenge for policy makers and employers, along the lines of health care reform. With a trend toward individual responsibility, increased mobility, complex investment choices, rising cost of health care and improved life expectancy, employers may have to do more to help workers understand and plan for their retirement needs.”

In addition to not changing their retirement communications strategy, 92 percent of organizations are not changing their pension/defined benefit (DB) programs in the near future, citing the high cost of company-required contributions (71 percent), volatility (47 percent) and administrative costs (35 percent) as the main reasons. Employers also are not changing the risk profile of their pension plans, as two-thirds of these organizations have not made changes to their pension investments during the past two years and do not intend to do so in the next two years.

The survey also revealed that only 45 percent of employers offer a DB plan to their employees. That said, 41 percent of employers have frozen their pension plans to new entrants, 25 percent have frozen their plans entirely and do not have a strategy regarding plan termination, and 20 percent have frozen their plans and intend to terminate the plan once funding allows.

Kemp Ross, senior vice president and head of Aon Investment Consulting said:”We do not subscribe to the ‘wait-and-see’ attitude for employers with frozen pension plans,”. “Employers have no real upside for taking on the financial risks and costs of frozen pension plans, so organizations need to establish an exit strategy for such plans, which can be executed with a balanced approach to funding and investments during the next few years, as financial markets recover.”

Trends in 401k Matches/Auto Enrollment

This survey also revealed that 56 percent of respondents offer matching contributions on DC plans. Of those, approximately half provide a higher than 3 percent match. Additionally, 41 percent of employers have an automatic enrollment plan, with 53 percent implementing a default at 3 percent, and nearly all (99 percent) planning to keep their default percentage the same this year.

“While most of our survey respondents did not cite changes to matching contributions, some financially constrained companies did suspend or modify their 401k match in response to the economic downturn,” said Mhatre. “Companies should take this opportunity to look strategically at their retirement programs in the context of total reward strategies.

“Defined contribution plans are increasingly the primary retirement vehicles for American workers. This will surely change how workers and policy makers view companies’ fiduciary responsibilities. We had a third of survey respondents suggest that their fiduciary risks have increased since only a year ago. It is surprising that most companies have not taken actions to mitigate such risks by taking measures such as fiduciary training and review of their governance processes.”

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    RSA Insurance Group plc announces the sale of British Engine Insurance Limited to Knapton Holdings Limited, a wholly-owned subsidiary of Enstar Group Limited, for £28m to be paid in cash.

    British Engine is an inwards reinsurance business and has been in run-off since 2001. This transaction removes £107m of net insurance liabilities from the Group’s balance sheet and subject to regulatory approval is expected to complete by 31 December 2009.

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    On 30 September the website for The Pension Service will close.

    Directgov will replace The Pensions Service website as the place to find all government information for citizens about Pensions, Retirement and Later Life.  Content for citizens has already been made available via Directgov.

    Corporate information about The Pension Service has moved to the About DWP section of the DWP website.

    Businesslink will replace the Pension Service site as the place to find all government information for employers about Pensions, Retirement and Later Life from September 09.

    Anyone who tries to visit The Pension Service site after it has closed will find a landing page which will signpost them to the relevant information on Directgov, businesslink.gov.uk, or the DWP main site.

    This work forms part of a wider long-term plan to move our customer-facing online information onto Directgov.  All government departments are required to do this as part of the Varney review by 2011, and DWP is setting a good example by taking the lead and moving towards this goal.

    For more information see The Pension Service website

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    P J Hayman & Company is launching the ‘FREE SPIRIT Travel for Treatment’: a new travel insurance policy for UK nationals travelling abroad for treatment and medical procedures. The product is designed to provides wide-ranging cover and peace of mind protection.

    Standard travel insurance schemes do not provide this cover. While there are some specific policies that will provide some protection for additional travel/accommodation costs they do not cover medical costs arising from complications. Without full cover there is a risk of incurring large medical bills and increased expenses.

    Features of FREE SPIRIT Travel for Treatment:

    • Cosmetic Surgery, Dentistry and Elective procedures covered – click to view list
    • Available to UK nationals resident in the EEA and the Channel Islands
    • Cover for persons up to age 74
    • Reduced premiums for accompanying persons
    • Essential cover including Emergency Medical Expenses, Repatriation and Cancellation
    • Specific cover for complications occurring after 48 hours and up to 31 days whilst abroad
    • BONDPLUS Financial Failure cover due to the financial failure of your travel/ accommodation provider
    • Option to ‘top up’ Cancellation cover (standard limit £1,000)
    • Medical Emergency Helpline – 24 hours a day, 365 days a year

    Eligibility:

    Available to UK or Channel Island nationals up to age 74 who are registered with a Medical Practitioner in the European Economic Area (the European Union plus Iceland, Liechtenstein and Norway) or the Channel Islands.

    For example a UK national living in France would be eligible to take out cover.

    Underwritten by:

    Free Spirit Travel for Treatment is underwritten by AXA Insurance UK plc except for BONDPLUS (Financial Failure) which is underwritten by IGI Insurance Company Limited.

    How to Apply:

    You can contact P J Hayman by click here

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      The quickest and easiest way is to apply online. Your card will normally arrive within seven days. Some people can only apply for an EHIC by post but this method will take longer.


      • To apply by phone, call 0845 606 2030.
      • To apply by post, get a form from your local post office. Send the completed form to EHIC Applications, PO Box 1114, Newcastle upon Tyne, NE99 2TL.

      For information, see Applying and renewing your EHIC. There is no charge for an EHIC.

      Does each person need their own card?

      Yes. You can apply for more than one EHIC at the same time. You can apply for EHICs for:

      • yourself,
      • your partner, and
      • any children under 18 who are in full-time education.

      When you apply, you’ll need to provide these details for each person:

      • National Insurance number or NHS number (CHI in Scotland or Health and Care Number in Northern Ireland),
      • first names and surname (family name), and
      • date of birth.

      If you’re under 16, your parent or guardian will need to apply for you.

      Where can I use an EHIC?

      The EHIC is valid when you temporarily visit a country in the EEA (European Economic Area) or Switzerland, e.g. for a holiday or a business trip. For more information, go to Which countries offer reduced cost or free medical treatment for visitors from the UK?

      Different rules apply if you’re moving abroad to live, work or study. See What services can I get through the NHS if I move abroad?

      What treatment does an EHIC cover?

      The EHIC entitles you to state-provided medical treatment at reduced cost or sometimes free, if you become ill or have an accident during your stay.

      The EHIC also covers:

      • treatment for long-term and existing illnesses, such as dialysis for kidney disease, and
      • routine maternity care.

      Each country’s healthcare system is slightly different so your EHIC may not cover everything that would be free on the NHS. Many countries expect patients to pay towards their treatment. You may be able to claim the money back in the other country or when you return to the UK.

      Private treatment is not covered by the EHIC. Neither are privately run services. For example, some state-run hospitals in other countries have private ambulance services.

      The EHIC does not cover going abroad for planned medical treatmentor to give birth to your baby. For more information, see Going abroad for planned treatment.

      Renewing your EHIC

      Your EHIC will be valid for up to five years. You need to apply for a new EHIC before the expiry date. You can renew your EHIC up to six months before the expiry date.

      The quickest way to renew your EHIC is online. You can also renew it by phone or post, as described above, but this takes longer.

      Further information:


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      Aon Poland has acquired Dom Brokerski Progres S.A. and Progres Services Sp z.o.o., the leading automotive brokerage firm in the Polish market. Financial terms of the acquisition were not disclosed. The combined firm will become one of the largest insurance brokers in Poland.

      Aon, which has been present in Poland since 1992, will be bringing on board Progres’s expertise in the automotive and other high volume insurance lines.

      Onno Janssen, Chief Executive Officer of Aon Central and Eastern Europe said: “This acquisition is in line with Aon Central and Eastern Europe’s strategy of becoming the leading brokerage firm in the Polish market. The acquisition will also enable us to enhance the scope of services that Aon companies currently offer to its clients and to gain stronger purchase power in the market”

      “Acquiring Progres will give Aon unmatched expertise in providing motor insurance and fleet management services to leasing companies and corporate fleets,” added Slawomir Bany, Chief Executive Officer of Aon Poland.

      “Joining our operations with Aon will give our colleagues and clients the opportunity to make use of the global knowledge and position Aon has achieved over the years,” said Piotr Razniewski, Chief Executive Officer of Dom Brokerski Progres and Artur Mrzyglod, Chief executive Officer of Progres Services Sp z.o.o.

      With this acquisition, Aon is further strengthening its position as the leading broker in Central and Eastern Europe, being able to support clients’ needs at all times with the most comprehensive and professional risk related solutions available in the market.

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        Fortis has finalised its strategic review, which began in May of this year, immediately following the approval by shareholders of the transactions with BNP Paribas, Fortis Bank and the Belgian State.

        The key elements of this strategy are:

        • Fortis is in a strong position to prosper as an international insurance group, excelling in partnerships in Europe and Asia
        • Current capitalisation levels, which are among the strongest in the industry, are deemed appropriate in the current circumstances
        • About half of the capital of the General Account is considered to be discretionary capital. Part of this will be reserved for prudential reasons; the remainder could be allocated to a number of potential investments. Fortis does not intend to buy back the hybrid instruments issued at this stage
        • Fortis intends to resume payment of a regular annual cash dividend of 40% to 50% of the net profit of the insurance activities
        • Fortis will continue to proactively manage the legacy issues in order to maximise long term value. A Public Offer on the EUR 1.0 billion outstanding debt of Fortis Finance was announced on 24 September

        Bart De Smet, CEO of Fortis, summarizes:

        “After the significant changes that have happened over the last year Fortis has regained stability. The strategic review was an important exercise, which allowed us to review in detail where we are today and where we want to be in the future. Management is committed to delivering a solid performance, combining profitability and growth, measured against a set of key performance indicators. We will provide an update of our performance in 2009 in relation to these indicators when we publish our full year 2009 results. Having completed this strategic review I feel very confident that we are well positioned to continue to build our franchise as a solid and conservatively managed international insurer with a good balance between stable cash generative activities and exciting growth opportunities built on our well established expertise and partnership skills.”

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        AEGON workshops help advisers unlock personal protection opportunities

        Hightlights :

        • AEGON are running seven personal protection workshops across the UK
        • Interactive sessions designed to equip advisers with powerful sales and marketing techniques

        AEGON will be running a series of personal protection workshops across the country entitled ‘Opening Doors’ in October and November this year.[1]

        The workshops will help advisers to unlock the potential of their business and show them how taking a long-term view can help them develop their individual protection business.

        The seven workshops will show advisers new ways of segmenting their existing clients, and provide innovative sales angles which they may not have considered in the past.

        In addition, the interactive workshops will also equip advisers with tools to enhance their sales and marketing techniques, taking a new approach when helping to create new business leads.

        Alun Beynon, Head of Sales for Individual Protection at AEGON said:

        “These interactive workshops take on a new and fresh approach when looking at the personal protection market. We remain committed to educating advisers on the issues around the protection market, one which should be at the forefront of people’s minds, ensuring their home and family are adequately protected if the unexpected were to happen.

        “We have already run a number of personal and business protection workshops across the country and we have had exceptional feedback from advisers who have attended these in the past”

        Phil Kerton, an Appointed Representative of Personal Touch Financial Services Ltd who attended one of the business protection workshops in February said:

        “AEGON’s business protection workshops provided me with a greater understanding of the importance of businesses adequately protecting themselves. In addition, the tools and ideas covered in the workshops to help me develop new business leads has given me the confidence to approach new customers face to face as well as reviewing my existing customers personal and business protection need.”

        I have managed to secure a number of new leads for key person, personal protection and income protection policies and will certainly keep a look out for future workshops provided by AEGON.”

        For more information on the workshops including availability, Advisers can contact AEGON Scottish Equitable on 01253 662222 or contact their protection sales consultant.

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        Hannover Re was the proud recipient of two awards yesterday evening in New York: the highly respected international trade magazine ’Reactions‘ crowned Hannover Re ’Best Global Reinsurance Company’ at its annual awards ceremony. Hannover Re was also named ’Best Global Reinsurance Company for Specialty Lines‘. This category encompasses inter alia the aviation and marine reinsurance segments, in which the company ranks among the market leaders.

        “We are delighted to receive these awards, which reflect the ’Reactions’ readers’ appreciation of our successful business model. Going forward we shall continue to do everything in our power to be a reliable and financially strong partner for our clients”, Chief Executive Officer Ulrich Wallin observed.

        Prizes are awarded on the basis of votes cast by the readers of ’Reactions‘. They include insurers and reinsurers worldwide as well as insurance and reinsurance brokers and service providers.

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          Lloyd’s first half profits up 40%. Lloyd’s has reported a 40% increase in first-half profits to £1.32bn, which it attributed to a combination of a stable underwriting performance and a “modest rebound” in investment returns.

          Highlights

          • Profit before tax of £1.32 billion (June 2008 £949 million)
          • Combined ratio of 91.6% (June 2008 89%) continues to compare well with our peers who recorded an estimated average of 100% for US property & casualty insurers (June 2008 99%) (i); 94% for US reinsurers (June 2008 98%) (ii); 84% for Bermuda (June 2008 86%) (iii); and 99% for European insurers and reinsurers (June 2008 96%)
          • Investment return £708 million (June 2008 £346 million)
          • Central assets of £2.0 billion (June 2008 £1.9 billion)

          Lloyd’s, the world’s leading specialist insurance market, today announced an interim profit before tax of £1.32 billion for the six month period ending 30 June 2009 (£949m, June 2008). The result reflects continuing underwriting discipline and a relatively low level of catastrophe claims.

          A conservative investment mix has resulted in a positive return of £708 million during a period of continuing volatility in financial markets.

          Lloyd’s Chairman, Lord Levene, said:

          “The first six months result has been achieved in what remain challenging circumstances. The market is in solid financial shape and business volumes have increased as a result of brokers and policyholders seeking to use the security of the Lloyd’s platform.”

          “External conditions, however, remain difficult with the US windstorm season and recessionary trends continuing to pose a threat to the insurance industry.”

          Lloyd’s Chief Executive Richard Ward added:

          ”Lloyd’s prudent and conservative approach has ensured that our capital position and ratings remain strong. While we are well placed to take advantage of opportunities through the market’s wide product range and distribution channels, our focus must remain on underwriting profitability.”

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            Few months after a test period, News-Insurances.com announces today its official launch.

            News-Insurances.com is the new independent media exclusively dedicated to the insurance sector.

            The main goal of News-Insurances is to provide reliable information with the most accuracy and objectivity for:

            • Policyholders who still have questions about insurances policies and need to be informed before the purchasing process. With 93%* of consumers looking for information on websites before buying insurance policies, News-Insurances.com is the decisive step to finalize the purchase as consumers can find transparency and reliability.
            • Professionals: insurances companies, brokers and intermediaries to stay up-to-date with the insurance industry. By keeping businesses in the know, News-Insurances is the online news and benchmarking service delivering the latest insurance news, commentary and analysis.

            News-Insurances is mostly delivered for UK readers, and also cover news across Europe, Asia and the USA. Launch in June 2009, News-Insurances reports a significant growth of its audience with
            four times more users each month.

            News-Insurances delivers insurance facts, topics and news as clear as possible through two separated journalist team:

            • The editorial journalist team responsible for investigating, gathering and reporting on news and current affairs. They present this information in a fair, balanced and accurate way through featured articles, stories, reports and documentaries.
            • The broadcast video team covering breaking news, seminars, conferences and interviewing decision makers of the insurance sector.

            As News-Insurances strategy is based on continuous innovations, a new video heading is to be set up with:

            • Special reports: which explore insurance topics, guides and tips
            • Insured questions: general insurance questions answered by insurance experts
            • Life insurance: an expert provides all what insured need to know about life insurance
            • Insurance lay down the law: Lawyers explain what to do in case of justice issue with insurers

            * Source: Google Inc.

            Press & Media
            contact@news-insurances.com

            Advertise on News-Insurances.com
            Aziz KACI – Executive Manager
            T: +33.1.41.77.19.43
            M: +33.6.04.16.16.30
            @: akaci@news-insurances.com

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            45,000 consumers saved up to 20% by switching

            • Over 70,000 customers have left VHI since the start of the year
            • Switching is on the rise in health insurance market with over 45,000 joining Hibernian Aviva Health
            • Dublin, Cork and Galway lead the nation in switching frenzy

            Switching is on the rise among Ireland’s consumers according to a recent survey commissioned by the National Consumer Agency. The survey reveals four out of five consumers have switched service providers and saved money this year. The health insurance market in particular has seen customers marching with their feet to better value providers as 45,000 people have switched to Hibernian Aviva Health to avail of better cover and significant savings.

            Interestingly, Dubliners are shopping around the most and switching health insurance providers as over 16,000 of Hibernian Aviva Health’s new customers in 2009 are from Dublin. Nearly 5,000 switchers are from Cork and nearly 3,000 are from Galway.

            Commenting on the increase in switching, Jim Dowdall, Managing Director of Hibernian Aviva Health said, “Switching health insurers is at an all time high and the majority of our switchers are coming from VHI. Given the economic turmoil, people are more focused on value for money than ever before and they want to make sure their health cover represents money well spent.  So it makes financial sense that consumers are switching from VHI to a better value provider like Hibernian Aviva Health in the tens of thousands”.

            “Consumers are also starting to realise that moving health insurer is easier than switching their electricity or phone supplier. With just one simple phone call they can be covered immediately”, continues Jim Dowdall of Hibernian Aviva Health.

            Hibernian Aviva Health also credits the increase in health insurance switching and growth of the business to the recent launch of its new suite of health insurance plans. The new plans deliver value without compromising on benefits and offer cover focused on addressing core healthcare requirements such as providing access to the most hospitals, scan and treatment centres, excellent cover for cardiac and cancer care as well as additional innovative benefits such as cervical cancer vaccination.

            “The majority of this year’s switchers previously held VHI Plan B or VHI Plan B Options and by moving to the Hibernian Aviva Health Level 2 Hospital plan they are now enjoying access to more hospitals, scan and treatment centres, a wide range of core benefits and significant financial savings of up to €415 for a typical family* or up to €190 per person. With savings and benefits like this I expect the trend in Ireland’s 2.2 million health insurance consumers switching to Hibernian Aviva Health to continue”.

            Price comparison tables versus Vhi:

              Adult Family*
             Hibernian Aviva Health Level 2 Hospital €710  €2,065
             Vhi Plan B Options  €900  €2,480
             SAVINGS  €190  €415

            *€415 saving is based on the price differential between Hibernian Aviva Health Level 2 Hospital and VHI Plan B Option for a family of two adults, two children and one student. 

             

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            One in four burglary victims falls foul of identity fraudsters using snatched documents, it was claimed today.

            Householders are making life easier for thieves by leaving important paperwork bundled near their home computer, researchers found.

            Criminals already target bank cards, building society documents and cheque books because of their potential value. But experts believe they are increasingly hunting for less obvious items such as passports, driving licences and utility bills.

            The set of documents can be used within minutes of a break-in to set up fraudulent internet transactions, leaving victims and banks to pick up the bill.

            A spokesperson for a leading home insurance provider said the number of home owners burgled specifically for their personal documents is likely to soar. He said: “As the trend for identity fraud increases, we would strongly urge homeowners to take appropriate measures to limit their chances of being targeted by thieves and fraudsters.

            “As well as installing home security measures such as burglar alarms and security lights, home owners should ensure they store personal documents securely – and if possible separately – to minimise the risk of identity theft.”

            Researchers who spoke to 202 burglary victims found identity documents such as bank statements, driving licences and bills were stolen in many cases.

            They found 75% of all victims had personal details stolen and 27% became victims of identity fraud as a result. The study found bundles of personal documents are highly prized by fraudsters who pay around £150 for them on the black market.

            Experts believe an average case of identity fraud leaves the victim with costs of around £2,150.

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            Women drivers in the UK place safety as their number one priority when buying a car, but are 30% less likely to know about certain safety features than men, according to research by the eSafetyAware! Campaign for the AA. Generally two out of three UK car buyers who place a high priority on safety when choosing a vehicle have little or no knowledge of new features that will protect them and their families.

            Research carried out across Europe for the eSafetyAware! Campaign, a joint venture that includes the European Commission and European motoring organisations including the AA, shows that 71% of Germans know about Electronic Stability Control(ESC) and other new safety features – compared to only 41% of UK drivers1.

            Women are involved in seven out of 10 car purchase decisions in the UK but are 30% less likely to know that the newer safety features are available to them.

            These features include: ESC, blind spot monitoring, lane support systems, speed alert, and warning and emergency braking systems. The study also showed that people are one third more likely to choose eSafety systems when they are aware of them and would be willing to pay more to have these systems fitted.

            Last summer a pan-European survey by the FIA Foundation showed that Britain’s car showrooms were lagging behind other European countries in telling their customers about ESC. It is quite likely that the same applies to other safety features. Only 18% of staff gave information about ESC without being asked. Even when asked, staff showed bad product knowledge about ESC – one in five knowing that it reduces the risk of skidding and only 36% knowing it worked in all weather conditions. Only one in seven sales people focussed on safety as an important feature while the “look” and price of cars was mentioned more often.
            Comment

            Commenting, Edmund King, AA President, said: “Women are very influential in the purchase of 7 out of 10 new cars yet are not as well-informed as men about modern safety systems that can be life-saving technology.

            “Some car showroom staff still promote price, style and performance over safety yet our research shows women rate safety as their number one priority. Buyers can’t be expected to know about modern safety features, which can be a closed book to those who don’t read car mags, motoring supplements or watch car television programmes. They should leave the showroom knowing the full facts.”

            Jean Todt, eSafetyAware! President, said: “Far too many motoring consumers are still unaware of the life-saving potential of eSafety systems. For those of us that know about these technologies, and their potential to save lives, the choice is very straightforward.”
            Factfile

            1 “Car users’ acceptance of eSafety technologies” eSafetyAware!

            The GB section of the survey covered a total of 50 dealerships in London, Birmingham, Manchester, Cardiff and Edinburgh. Similar surveys were carried out across nine other European countries

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              ‘The community, including the general insurance industry, must urgently act on the issue of climate change’. Many brokers believe they have a major role advising customers on climate change risks – but are not confident they are knowledgeable enough to.

              These are some of the findings of the first ever national survey of brokers on climate change.

              The survey – to be an annual event – was undertaken by Zurich Financial Services Australia (Zurich) and the National Insurance Brokers Association (NIBA) to find out how much brokers are aware of climate change, the impact it may have on their customers and how they see their industry can take action. They survey results were announced at the NIBA National Convention in Sydney today.

              One in four brokers report they have already started discussing the potential source of risk with customers and adding cover or adjusting policies to help customers cope with climate change risks. But many surveyed indicated much of their knowledge about climate change and its impacts was limited.

              Consequently, only one in five brokers feel confident talking to their customers about climate change risks.

              Brokers are looking to the Government and insurance companies to help them and their customers better understand climate change issues.

              More than half of the brokers say the insurance industry can help reduce the risks customers face from climate change by education and information. The majority of brokers agreed that they need more information from insurance companies to help them better understand climate change. One in four brokers is looking for training by the end of the year.

              “The survey clearly demonstrates there is a major role for the insurance industry to play in helping the community adapt to the impacts of climate change,” said Mr David Smith, Chief Executive of Zurich.

              “The issue should be seen by brokers and insurers as not just a business risk but as an opportunity for us to help customers understand and deal with the threat of climate change. The days when insurers just handed over the cheque are gone; the community expects us to help them get their lives back when climatic disasters hit,” Mr Smith said.

              “The survey also shows that brokers are looking to insurers to assist them better understand climate change so they can help their customers. That is why Zurich is shortly launching climate change training for key brokers and now provides automatic flood cover for its commercial customers,” he said.

              At the opening of the annual convention of the NIBA held in Sydney, NIBA President, Steve Lardner, said that weather events had formed increasing general insurance claims over the past decade and look likely to escalate in future.

              “Regardless of your personal position on global warming, climate change and weather cycles, the facts appear irrefutable,” he said.

              “The increasing frequency and severity of natural catastrophes will invariably lead to re-pricing and premium hikes,” said Mr Lardner.

              The broker survey is another example of how Zurich globally is committed to helping our customers adapt to the impacts of climate change, including developing new products and services, as well as engaging with global experts and universities to bring a multi-disciplinary approach to this issue.

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              Allianz SE has provided written notice to the New York Stock Exchange (NYSE) of its intention to voluntarily delist its American Depositary Shares (ADS) and its 8.375% Undated Subordinated Callable Bonds (Bonds) from the NYSE. Delistings of Allianz’s ordinary shares from the stock exchanges in London, Milan, Paris and the Swiss Exchange shall follow in due course.

              With this move, Allianz will focus the trading of its share in particular on the Frankfurt Xetra trading platform as the market with the highest liquidity. In recent years, trading of Allianz shares on non-German stock exchanges accounted on average for significantly less than 5 percent of the total trading of Allianz shares, despite the fact that approximately 70 percent of Allianz shares are held by investors outside of Germany. The delistings will have no impact on the strategic orientation of Allianz nor on its presence in the individual geographic markets.

              “Allianz adjusts to international trading practices and by doing so reduces the complexity of its presence in the capital markets. The vast majority of international investors already uses our listing in Frankfurt to buy and sell Allianz shares,” says Paul Achleitner, Member of the Board of Management of Allianz SE.

              Technical details:

              The last trading day of the ADS (ticker symbol “AZ”) and the Bonds (ticker symbol “AZM”) on the NYSE is currently expected to be on or about October 23, 2009. As soon as practicable, following the delisting of the ADS and the Bonds, Allianz intends to file a Form 15F with the U.S. Securities and Exchange Commission to deregister and terminate its reporting obligations under Section 13(a) and 15(d) of the U.S. Securities Exchange Act of 1934.

              Allianz has not arranged for the listing of its ADS, ordinary shares or the Bonds on another U.S. securities exchange or for the quotation of its ordinary shares or the Bonds in a quotation medium in the United States. However, Allianz intends to maintain its American Depositary Receipt program on a so-called “Level I” basis in order to enable investors to trade ADS in the U.S. over-the-counter (OTC) market. Allianz currently expects that its ADS will be quoted on OTCQX, the premium sector of the U.S. OTC market. Allianz furthermore expects Bank of America, Merrill Lynch, and Citigroup Global Markets Inc. to continue to make a market in the Bonds.

              0 0

              Lancashire Detectives and Uniform Police executed dawn raids on a number of addresses in the Nelson area in Lancashire resulting in six arrests. Three local men have been charged with conspiracy to steal from insurance companies and money laundering whilst the remaining three remain in custody assisting detectives with enquiries. Further arrests are anticipated.

              This is a result of a ground breaking two year joint investigation code named Flash with Lancashire Police and the Insurance Fraud Bureau (IFB). The operation involved individuals allegedly submitting false household claims and as a part of the investigation, property believed to be have been fraudulently obtained has been retained by the Police.

              The IFB contacted detectives at Lancashire Police after its members identified in excess of 100 potentially suspect claims. Individually these claims were designed to appear independent, but upon investigation, the insurance industry discovered they were in fact linked in a number of ways.

              John Beadle, Chairman of the Insurance Fraud Bureau said: “This shows the positive results that can be achieved by the insurance industry and law enforcement working in unison.

              This latest operation and arrests highlight how the IFB is currently working with members to expand its remit beyond crash for cash scams. “The cost of fraud adds on average £44 to every policyholder’s insurance premium annually”

              The man leading the investigation for Lancashire Police, Det Insp Dave Groombridge said              : “We are aware that those who flaunt the trappings of wealth where there is no discernable source of income cause the good, honest and hardworking residents of the area to feel angry and disheartened. In an effort to reverse this negative trend and bring to justice those who feel they are untouchable in their criminal activities a protracted investigation over a two year period involving local detectives and the Insurance Fraud Bureau has resulted in this policing operation. The disruption activity will continue over the next few days and further arrests are anticipated.”

              0 8

              ACE Group today announced the appointment of Paul McNamee to the position of President, North America Property.

              Based in Philadelphia, Mr. McNamee will have the responsibility for managing ACE’s property-related products and services across the company’s North American franchises: ACE USA, ACE Canada and ACE Westchester. In his capacity as North American Property Leader, Mr. McNamee will report to Brian Dowd, Chief Executive Officer, Insurance North America, and in his role as head of the company’s retail property operations, he will report to John Lupica, President and Chief Executive Officer, ACE USA. It is anticipated that Mr. McNamee will begin his new role on a full-time basis in early November.

              “Paul is a welcome addition to our team in the United States,” said Mr. Dowd. “He will serve a critical role in leading the delivery of ACE’s full spectrum of property products and services to companies of all sizes.”

              Mr. McNamee’s responsibilities will encompass ACE USA’s retail broker-distributed property and first party lines, including global property, inland marine, ocean marine, aviation, and the company’s Managing General Agent (MGA) relationship with Starr Technical Risks Agency, Inc.

              “Paul’s years of proven leadership in ACE’s Overseas General division will serve him well in driving the growth and development of this key product line,” said Mr. Lupica.

              Mr. McNamee has held a variety of property portfolio management positions in ACE’s Asia Pacific and European operations throughout his 14 years with the organization. Most recently, he has served as Senior Vice President and Head of ACE International Property.

              0 1

              Aviva is set to unveil a series of experiential roadshows, designed to encourage consumers to improve their financial wellbeing. The roadshows will tour major British shopping destinations over the coming weeks, to enable people to consider their lifestyles and finances in a relaxed setting.

              Launching at the Trafford Centre on 12 September, the tour will visit 11 destinations,1 over a nine-week period. The roadshows will provide consumers with the opportunity to meet financial experts face-to-face and use interactive tools to diagnose their attitudes to financial wellbeing. They will also be able to speak to experts about financial planning and test their agility against top Aviva GB & NI team athletes.

              As sponsor of UK Athletics, Aviva has enlisted the support of Aviva GB & NI team athletes to attend five of the events with the aim of showing visitors the benefits of a healthy lifestyle. A top athlete from the area will visit the stand from 11am until 1pm at events in Manchester, Thurrock, Birmingham, Nottingham and Sheffield. Visitors can also expect to see local dignitaries, including MPs and councillors.

              To engage consumers, the stand will include a range of interactive activities:

              • “Financial wellbeing” quiz which will help consumers explore their attitude to finances
              • Ageing photography to show consumers how they will look in the future based on their current lifestyle, this will help people consider their attitude to their health
              • Pit themselves against the reaction times of top Aviva GB & NI team athletes on Batak2, the human performance trainer.

              Sue Helmont, head of advertising and media for UK Life, Aviva, says: “We know that people can find financial issues complex and at times stressful, so the roadshow is designed to help de-mystify finance and healthcare and demonstrate how easily even basic planning can contribute to improved financial wellbeing.

              “Developed as means of directly engaging with consumers, the unique stand creates an environment where they can find out more. We hope the interactive activities will provide visitors with helpful and interesting information which will make a positive impact on their financial understanding.”

              1 The Aviva Life and Healthcare roadshow will be visiting: Trafford Centre in Manchester 12 and 13/09, Metro Centre in Gateshead 19/09, Lakeside in Thurrock 26/09, The Bullring in Birmingham 03/10, Festival Place in Basingstoke 10/10, Victoria Centre in Nottingham 17/10, Highcross in Leicester 24/10, Silverburn in Glasgow 31/10, Meadowhall in Sheffield 07/11 and Cabot Circus in Bristol 14/11.

              2  Batak tests reaction times, hand eye co-ordination and stamina. Batak equipment consists of 12 bright red LED cluster targets which are arranged in a ‘maximum stretch’ configuration for the player. The targets are computer controlled and lit randomly while hits and misses are timed and scored.

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