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Mexico City on Tuesday introduced free insurance for tourists in a bid to bring back visitors scared away after the swine flu epidemic broke out in Mexico in April.

The Tourist Assistance Card would be the first free cover for tourists in the world, said Mexico City mayor Marcelo Ebrard as he handed out the first cards to a handful of foreign tourists.

“It aims to place our city where we want to be,” Ebrard said, three months after hotel occupancy sunk to record lows as the city shut down to contain the outbreak.

Tourists who show they are staying at one of the city’s 460 hotels will have access to medical assistance, not only for A(H1N1) symptoms, but also for accidents or other illnesses, ambulance transport, hospitalization and medicines, Ebrard said.

The cover, administered by the Mapfre company, also includes dental care, repatriations, legal assistance after robberies, lost luggage and delayed or canceled flights.

The sprawling Mexican capital hosts some three million international and four million national tourists each year.

Hotel occupancy sunk as low as 10 percent in April and May and is currently at 59 percent, according to industry groups.

Despite a peak in southeast regions, officials say A(H1N1) is now under control in Mexico, which has reported 138 deaths and some 14,800 cases.

Source : AFP

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SCOR records net income of EUR 184 million for the First Half of 2009; robust July renewals underline the Group’s strong competitive position SCOR’s solid results for the first half of 2009 demonstrate once again the resilience of its business model in a financial environment that continues to be challenging. The higher premium volume confirms the commercial dynamism of the Group, supported by a strong capital base and profit momentum.

Key items of the first half 2009:

  • Net income year-to-date stands at EUR 184 million, down 24.0% against 2008, or EUR 1.03 per share (EPS), with an annualized return on equity (ROE) of 10.6%;
  • Total gross written premiums reach EUR 3,254 million, up 18.4% against the same period in 2008 (16.2% at constant exchange rates);
  • SCOR Global P&C reports a combined ratio of 97.5%, with natural catastrophe claims accounting for 5.6 points, primarily driven by Q1’09 losses related to European climate events, notably the storm Klaus in France and Spain;
  • Strong July renewals for SCOR Global P&C with price increases of 5.9% (vs. 3.3% at 1 January renewals) demonstrate SCOR’s capacity to benefit from positive reinsurance market conditions, and to leverage its improved competitive position;
  • SCOR Global Life delivers an operating margin of 5.1% (or 5.9% excluding net investment losses);
  • SCOR Global Investments pursues its prudent investment strategy. The execution of the inflection program, as presented at the July Investors’ day, results in an improvement of the quarterly recurring investment yield from 2.7% at Q1’09 to 3.3% for Q2’09;
  • The application of unchanged accounting rules leads to asset impairments and writedowns of EUR 184 million, primarily occurring in the first quarter of 2009, with a limited impact on book value. In the second quarter of 2009, the recovery of the financial markets limits asset impairments and write-downs to EUR 28 million (pre-tax);
  • Shareholders’ equity increases strongly year-to-date by EUR 219 million or 6.4% to EUR 3.6 billion after EUR 143 million in dividend paid during the reporting period; book value per share stands at EUR 20.21;
  • SCOR settles its litigation with Highfields that dates from 2001. The settlement, net of insurance recoveries and tax, amounts to EUR 5.6 million.

Denis Kessler, Chairman and Chief Executive Officer of SCOR, comments: “SCOR’s 2009 first half results demonstrate yet again the solidity of our franchise. The strong growth in premium volume and shareholders’ equity support what we said at our Investors’ Day: that the Group is pursuing its strategy of endogenous growth with “gardening” deals of limited size that complement our existing activities. On the asset side, we have continued to take prudent steps to enhance the recurring yield of our portfolio. SCOR is well positioned to seize business opportunities during the forthcoming 2010 renewals,  capitalizing on its strong market position”.

SCOR records net income of EUR 184 million for
the First Half of 2009; robust July renewals
underline the Group’s strong competitive position
SCOR’s solid results for the first half of 2009 demonstrate once again the resilience of its
business model in a financial environment that continues to be challenging. The higher
premium volume confirms the commercial dynamism of the Group, supported by a strong
capital base and profit momentum.
Key items of the first half 2009:
• Net income year-to-date stands at EUR 184 million, down 24.0% against 2008, or EUR
1.03 per share (EPS), with an annualized return on equity (ROE) of 10.6%;
• Total gross written premiums reach EUR 3,254 million, up 18.4% against the same
period in 2008 (16.2% at constant exchange rates);
• SCOR Global P&C reports a combined ratio of 97.5%, with natural catastrophe claims
accounting for 5.6 points, primarily driven by Q1’09 losses related to European climate
events, notably the storm Klaus in France and Spain;
• Strong July renewals for SCOR Global P&C with price increases of 5.9% (vs. 3.3% at 1
January renewals) demonstrate SCOR’s capacity to benefit from positive reinsurance
market conditions, and to leverage its improved competitive position;
• SCOR Global Life delivers an operating margin of 5.1% (or 5.9% excluding net
investment losses);
• SCOR Global Investments pursues its prudent investment strategy. The execution of the
inflection program, as presented at the July Investors’ day, results in an improvement of
the quarterly recurring investment yield from 2.7% at Q1’09 to 3.3% for Q2’09;
• The application of unchanged accounting rules leads to asset impairments and writedowns
of EUR 184 million, primarily occurring in the first quarter of 2009, with a limited
impact on book value. In the second quarter of 2009, the recovery of the financial
markets limits asset impairments and write-downs to EUR 28 million (pre-tax);
• Shareholders’ equity increases strongly year-to-date by EUR 219 million or 6.4% to EUR
3.6 billion after EUR 143 million in dividend paid during the reporting period; book value
per share stands at EUR 20.21;
• SCOR settles its litigation with Highfields that dates from 2001. The settlement, net of
insurance recoveries and tax, amounts to EUR 5.6 million.

Denis Kessler, Chairman and Chief Executive Officer of SCOR, comments: “SCOR’s 2009 first half
results demonstrate yet again the solidity of our franchise. The strong growth in premium volume
and shareholders’ equity support what we said at our Investors’ Day: that the Group is pursuing its
strategy of endogenous growth with “gardening” deals of limited size that complement our existing
activities. On the asset side, we have continued to take prudent steps to enhance the recurring yield
of our portfolio. SCOR is well positioned to seize business opportunities during the forthcoming
2010 renewals, capitalizing on its strong market position”.

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    The natural catastrophe figures for the first six months of 2009 were marked by heavy losses due to severe weather in areas with a high insurance density. Insured losses were US$ 11bn, somewhat above the average for the same period in the past ten years. Economic losses were below average, at US$ 25bn (average for the past ten years: US$ 42bn). The loss figures include a substantial number of weather-related natural catastrophes in Europe and the USA, which explains the relatively high ratio of insured to economic losses.

    Normally, natural catastrophe losses are lower in the first six months than in the rest of the year, most occurring in the second half of the year, during the North Atlantic Hurricane season. Between January and June 2009, there were 380 natural catastrophes worldwide, which is more or less in line with the average for the past ten years. Although the death toll was regretfully 3,000, the number of fatalities was well below average.

    Winter Storm Klaus, which hit northeast Spain and southwest France between 23 and 25 January with winds of up to 195 km/h, ranks as the costliest natural catastrophe so far this year. The storm produced metrehigh waves on the Atlantic coast, and resulted in considerable loss and damage to buildings and vehicles. About a million people suffered power cuts. Although the area affected was relatively small by winter-storm standards, insured losses nevertheless amounted to US$ 2.3bn, with overall direct economic losses standing at around US$ 3.8bn.

    The earthquake at L’Aquila in Italy on 6 April, in which well over 10,000 homes were destroyed or damaged, resulted in an economic loss of US$ 2.5bn. The insured loss was comparatively low (US$ 260m) due to the low insurance density. The death toll from the 6.3 earthquake was 295.

    Severe weather, tornadoes, hail and a number of other natural catastrophes that hit the USA and Europe caused significant property damage. In the devastating bushfires that struck southeast Australia at the end of January and beginning of February, 173 people died and economic losses amounted to US$ 1.3bn. Prof. Peter Höppe, Head of Munich Re’s Geo Risks Research: “These were Australia’s worst bushfires for decades. And, due to climate change, heatwaves with long periods of drought, and consequently the risk of such fires, will further increase in future.”

    Finally, torrential rain in southern Germany, Austria and southeast Europe caused economic losses of approx. US$ 500m in late June when moisture-laden air masses caused by Qinton, a low-pressure system, skirted the eastern edge of the Alps. Some Alpine regions suffered their heaviest precipitation for 50 years. The Czech Republic and Austria were among the countries worst affected as rivers flooded.

    Board member Torsten Jeworrek: “Natural catastrophes so far this year have not been excessive. However, events like Winter Storm Klaus, which caused quite substantial losses over a relatively limited area, reinforce our strictly risk-based underwriting policy. Our Geo Risks Research experts keep a close watch on natural catastrophe loss trends, whether driven by increasing values in exposed areas or by changes due to global warming. This enables us to offer our clients customised reinsurance covers and at the same time control our own risks.”

    The natural catastrophe statistics for the first six months of 2009 will be presented on 27 July, at 5 p.m. CEST, in an online seminar given by Munich Re America in cooperation with the Insurance Information Institute.

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    Fraud is at the top of the general insurance industry’s agenda in 2009 as economic pressures created by a turbulent economy provide an increase in opportunistic, organised and desperation-driven insurance fraud.

    The insurance industry and its partner suppliers and trade bodies have risen to the challenge of combating and preventing insurance fraud in all its guises and these awards will recognise their efforts and encourage the spread of best practice and excellence. The awards follow on from the UK’s major general insurance fraud conference hosted by Post Magazine and held during the day at the same venue.

    Fraud Investigation Team of the Year – Insurer

    Sponsored by Berrymans Lace Mawer

    • Allianz Insurance
    • Axa Insurance
    • Groupama Insurances
    • RSA Group

    Investigation Team of the Year – Independent


    • Beachcroft
    • Cega
    • The Cotswold Group
    • Cunningham Lindsey
    • Robertson & Co

    Counter Fraud Initiative of the Year – Commercial Lines

    Sponsored by Halliwells

    • AIG UK
    • Zurich Insurance

    Counter Fraud Initiative of the Year – Personal Lines

    Sponsored by TCF Corporate

    • CPP Group
    • RBS/NetReveal
    • RBS/Plexus Law

    Counter Fraud Initiative of the Year – Public Sector

    Sponsored by Detica NetReveal

    • Translink
    • Travelers Insurance/JLT/London Borough of Hackney

    Combating Fraud – Underwriting Initiative of the Year

    Sponsored by Ordnance Survey

    Winner to be announced on the night

    Combating Fraud – Broking Initiative of the Year

    Sponsored by Digilog

    Winner to be announced on the night

    The IFB Special Achievement Award

    This special award, nominated by the committee members of the Insurance Fraud Bureau, will be awarded on the night to someone the board believes has made a major contribution to the investigation or prevention of general insurance fraud in the UK.


    The winners will be revealed at a special awards ceremony on the 1 October in London

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    American International Group, Inc. (AIG) today announced that it has formed the special purpose vehicle (SPV) into which it intends to contribute the equity of AIU Holdings (AIU Holdings, Inc. and AIU Holdings LLC, collectively “AIU Holdings” or the “Company”), subject to receipt of applicable regulatory approvals.

    As previously announced on April 21, 2009, the SPV will consist of AIU Holdings’ Commercial Insurance, Foreign General Insurance, and Private Client Group businesses. Additionally, AIG announced the appointment of Kristian P. Moor as President and Chief Executive Officer of the Company.

    “We are pleased to recognize Kris for his leadership accomplishments. He and the AIU Holdings senior management team are among the most experienced executives in the insurance industry,” said Edward Liddy, Chairman and Chief Executive Officer of AIG. “The SPV formation is an important milestone in our effort to enhance the value of our industry-leading property casualty and general insurance businesses for the benefit of all stakeholders. The businesses that comprise AIU Holdings are well-capitalized with a track record of success due to their innovation, customer service, and global reach.”

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    Aviva today announced the launch of MyHealthCounts, an innovative health management service that encourages individuals to take pro-active steps to improve their lifestyle and rewards them with up to 15% Wellness Discount for any positive impact their efforts have on their health. The unique Wellness Discount is awarded off the customer’s next private health insurance renewal premium irrespective of whether they have made a claim on their policy.

    Designed by medical experts, MyHealthCounts contains a wealth of invaluable information including a health assessment tool, nutritional information and an online coach offering personalised advice on the steps individuals can take to improve their health and help reduce their risk of developing serious illnesses such as heart disease, stroke and cancer. Customers can also purchase a range of discounted health and lifestyle products including gym membership, kinetic activity monitors and blood pressure monitors.

    To discover how healthy they are compared to 100 other people in their demographic peer group, individuals can complete a short online health and lifestyle questionnaire to generate their “Q Score”. Their personalised result and recommendations are based on their health information including BMI, resting heart rate, cholesterol level, blood pressure and lifestyle factors such as smoking, drinking and exercise.

    Recognising that many people may not know their true health measurements, Aviva has also arranged preferential rates for pharmacy health checks at over 600 pharmacists across the UK.

    Customers simply book their appointment online and once they’ve visited the pharmacist, their results are automatically uploaded onto their MyHealthCounts account. If customers prefer, they can have the checks at their GP or local gym and upload the results themselves.

    Once their “Q Score” is calculated, the online coach suggests ways to maintain and improve their health. Individuals are encouraged to set realistic goals and choose their own exercise programme which could be anything from going for a lunchtime walk, joining a jogging club or taking up yoga. Customers can monitor their “Q Score” to find out how their efforts are improving their health and wellbeing and contributing to their Wellness Discount.

    Neal Archbold, senior proposition development manager, Aviva UK Health, said: “People often associate medical insurance wellness discounts with going to the gym but we recognise that everyone is different. MyHealthCounts rewards people for taking steps to improve their health and wellbeing, however they choose to do it.

    “And because we want to reward people for their efforts and understand that some medical insurance claims are inevitable, unlike other reward systems our customers  will receive up to 15% Wellness Discount irrespective of whether they have made a claim on their medical insurance policy.”

    Dr Doug Wright, head of clinical governance, Aviva UK Health, adds: “As medicine evolves, we’re seeing a significant increase in the cost of some medical treatments which inevitably has a knock-on effect to future insurance premiums. Any steps our customers can take to pro-actively look after their health will offer numerous benefits to all parties.

    “In addition to the financial rewards, MyHealthCounts offers some important medical benefits. With illnesses such as cancer and heart disease on the increase, it’s essential that individuals understand how healthy they are and take pro-active steps to improve any areas of concern. With access to pharmacy tests and online support and advice, MyHealthCounts helps them to do just that.”

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      Burglary is one of the biggest worries for homeowners.The thought of coming home to find your home turned upside down and your most prized possessions gone is a recurring nightmare for almost all of us.

      However, recent research reveals that more than a quarter of us make life easy for canny thieves by committing simple security lapses when our homes are empty.

      One of the most common security oversights is to leave a set of keys under a flower pot, doormat or other easily accessible spot outside the house. It may be convenient but it’s not clever – these are the first places a burglar will look if they’re trying to get into your home.

      Other oft-committed security blunders include leaving back doors open or unlocked during summer, leaving valuable close to an open window and leaving keys in the lock.

      In order to increase homeowner awareness, the Metropolitan Police have identified thieves’ four favourite security oversights:

      • The home is empty
      • There is easy, private access via the side or rear of the property
      • An alarm is not fitted, or it is not set
      • Mortice locks are not fitted or set

      Top tips to improve your home security

      While you cannot ever completely eliminate the risk of your home being burgled, there are a number of things you can do to minimise the chances. Here are nine top tips to make life as difficult as possible for thieves.

      • Fit an alarm – A house with an alarm is much less likely to be burgled than a house without one. Speak to your insurer to see if they recommend particular companies for installing alarms.
      • Try to keep a minimal amount of cash in your home – Cash, jewellery, valuable documents and credit cards should be kept in a concealed safe, cash box or similar.
      • Fit a good lock – Use good quality locks and, more importantly, use deadlocks on all main doors. Deadlocks make it considerably more difficult for thieves to break through a door.
      • Don’t leave keys in doors or lying around – Get into the habit of leaving them in the same place so that you can find them in an emergency. Never leave your keys on a hook that can be easily viewed from outside the house. If thieves do break in and find your keys, it’s much easier for them to exit through a door, making it easier for them to take more of your property.
      • Leave the lights on – When you go out at night, leave the lights on and curtains drawn in rooms where the thief might expect you to be, such as living rooms and bedrooms. For additional effect, you could leave the television or radio on as well. This helps create the illusion that you’re at home. If you’re going on holiday, you can purchase timer switches so that the lights come on during the times you would usually at home.
      • Hide your electricals – Ensure that televisions, videos and stereo systems can’t be seen from accessible windows and that standby display units on these items are concealed at night.
      • Secure your garden – The theft of garden ornaments, power tools, expensive plants and other garden items is on the increase. Make sure the perimeter fence is high enough to prevent thieves from climbing over. Adding a trellis with a climbing plant such as clematis will make it virtually impossible to climb over a fence of any height. Also, keep power tools, mowers and other valuable items firmly secured in a garage. Wire the garage to your alarm system and make sure you add an alarm box to the garage so a burglar knows the alarm is also fitted to the garage.
      • Mark your property – Marking your belongings with your postcode and house number helps police return your property if you are robbed. It may also help to solve the crime. To mark your belongings effectively, use ultraviolet markers for televisions and other electrical items, as well as for important documents and ceramics. A hammer and die stamp is the best way to mark outdoor items such as bikes and mowers.
      • Correctly value your possessions – As well ensuring your house is properly secure, it is important to correctly asses the value of possessions. Homeowners constantly collect possessions but fail to increase the value of their home contents insurance policy. Although some insurers offer an unlimited protection, most insurance companies limit the value of contents insured to £35,000 to £50,000.

      Take cover

      Unfortunately, you can take every precaution but your home could still be robbed. Home contents insurance is designed to protect you should this ever happen. Every home contents policy clearly sets out the level of cover, which possessions are covered and, most importantly, the minimum security requirements for your home. Failure to follow these requirements could make your policy invalid. Read your policy carefully and ensure you follow all the security requirements. As with all insurance, premiums and the level of cover vary depending on the insurer and your requirements. Shop around for the best quotes before you purchase a policy. Banks and building societies tend to have the biggest share of household insurance, but they are also usually more expensive.

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      One in nine motorists would flee the scene if they bumped a parked car, according to a new driver survey.

      Of 8,800 drivers polled by a leading car insurance company, 1,000 motorists said they’d drive away rather than owning up if they accidentally damaged a parked car. Applied across the UK, that’s nearly 4 million motorists.

      The research also found that four in five drivers have had their car damaged in a car park.

      The survey also revealed it had seen a 10% increase in claims for car park damage during the first six months of 2009 compared to last year – although this may not reveal the full extent of the problem.

      A spokesperson for the company said: “As it would affect their no claim bonus, many people wouldn’t bother to claim for a small dink unless it was caused by someone else and they could claim against them. However often they can’t even do that because whoever caused the damage ‘did a runner’.”

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      LV= has joined the panel of PowerPlace insurers and plans to launch a range of its commercial products on the software. LV= joins NIG, Zurich, Groupama, Fortis, MMA Insurance and Towergate Underwriting on the panel of the Towergate-owned quote system for brokers operating off the Open GI platform.

      Mike Crane, commercial director at LV= said: “We want to be part of the PowerPlace success story which is now providing brokers with the leading commercial EDI proposition in the market. We plan to make more products available throughout the year.”

      Mark Armitage, managing director of PowerPlace added: “We’re delighted to welcome LV= onto our panel of insurers. More insurers and products are about to be announced which is testament to the success and rapid growth of our business.”

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      The corporate governance review led by Sir David Walker has recommended substantial changes to the way the boards of banks and other big financial institutions function in particular through boosting the role of non-executives in the risk and remuneration process.

      The review has published a consultation paper that recommends the strengthening of bank boards, making rigorous challenge in the boardroom a key ingredient in decisions on risk and measures to encourage institutional shareholders to play a more active role as engaged owners of banks and other financial institutions. Members may access the paper by clicking on the link below:

      http://www.hm-treasury.gov.uk/d/walker_review_consultation_160709.pdf

      Specific proposals include:

      • Board level risk committees chaired by a non-executive;
      • Risk committees to have power to scrutinise and if necessary block big transactions;
      • More power for remuneration committees to scrutinise firm-wide pay;
      • Remuneration committee to oversee pay of high-paid executives not on the board;
      • Significant deferred element in bonus schemes for all high-paid executives;
      • Increased public disclosure about pay of high-paid executives;
      • Chairman of remuneration committee to face re-election if report gets less than 75% approval;
      • Non-executives to spend up to 50% more time on the job;
      • Non-executives to face tougher scrutiny under the Financial Services Authority’s (FSA) authorisation process;
      • Chairman of board to face annual re-election;
      • Financial Reporting Council to sponsor institutional shareholder code;
      • FSA to monitor conformity and disclosure by fund managers;
      • Institutional shareholders to agree MOU on collective action ;

      The consultation document proposes that most of the recommendations are enforced through inclusion in the Combined Code on Corporate Governance, which operates on a ‘comply or explain’ basis. It would be for the Financial Reporting Council, which is currently reviewing the Combined Code, to decide exactly how this would be done.

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      Gloomy scenarios to assess the resilience of U.K. insurers turned into reality within weeks of the tests being carried out earlier this year, casting doubt on their usefulness.

      In February, the U.K. Financial Services Authority asked insurers to detail how they would cope if stocks plunged 20% between Jan. 1 and Dec. 31, property values dropped 15%, credit spreads widened 50 basis points, and interest rates rose or fell by 0.50%.

      “The stress tests are not forecasts of what the FSA thinks is likely to happen,” the FSA said Tuesday. “Their purpose is to consider whether an insurer would be able to sustain adequate financial resources under conditions, which, at the time the stress is conducted, are considered unlikely to arise.”

      But by early March, three of those four parameters had come to pass, though stock prices and credit spreads have since recovered to around January levels.

      U.K. property prices have been roughly flat, while U.K. interest rates have been cut 1.5% since the start of the year, to 0.50% on March 5.

      Results of the tests weren’t released. The statement was made after a request under the Freedom of Information Act.

      Regulators throughout the world have been conducting regular stress tests on banks, insurers and other financial institutions, to make sure they have enough capital to withstand collapse under various scenarios.

      An FSA spokesman said the tests give only a snapshot of a particular point in time, “to give us a better understanding of the position of the firm.”

      “It’s a continuum process, and both we and the firms will continue to look at various forms of stress testing,” he said.

      The regulator has also declined to disclose the results of stress tests it conducts on the country’s banks. In May, it said it had “greatly increased” its use of the tests, and said it has started to challenge banks more on the results.

      In those tests, it has been looking at peak-to-trough indicators, such as a drop of more than 6% in gross domestic product and a 50% decline in house prices.

      Company Web site: http://www.fsa.gov.uk

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      American International Group, Inc. (AIG) today announced that it has closed the sale of its consumer finance operations in Mexico, consisting of AIG Universal, S.A. de C.V., SOFOM E.N.R. and Markcenter Services, S. de R.L. de C.V, to Desarrollo de Negocios Integrados, S.A. de C.V. and Inversiones DNI, S.A. de C.V., companies related to Afirme Grupo Financiero and Consorcio Villacero.

      Terms of the transaction were not disclosed.

      “This sale continues the momentum of AIG’s restructuring efforts,” said Alain Karaoglan, Senior Vice President – Divestiture. “We are pleased with the progress that we are making with the disposition of our global consumer finance businesses.”

      Launched in 2005, AIG Universal has a network of 50 branches serving approximately 50,000 clients in twelve states in the central and northern regions of Mexico, and offers its clients personal loans and third party insurance.

      UBS Investment Bank acted as financial advisor to AIG on this transaction.

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      Pensions are the most important feature a company can offer employees, with nine out of ten saying they are either a very important or fairly important factor influencing the decision to join a company, according to a survey by Aon Consulting. Pensions were deemed to be slightly more of a pull factor than either promotion prospects or training and development opportunities.

      With some reports suggesting that British businesses are starting to reverse their hiring freezes, companies need to be aware of what will give them the competitive edge when the time comes to attracting the top talent.  In order to understand what companies need to gain the upper hand, Aon surveyed 1,300 working adults across Britain, asking them to consider how important certain factors would be if they were looking to join a company.

      More people (89%) said pensions were important than any other benefit or employment feature, with training and development coming a close second (88%). Good sick pay (83%) and flexible benefits (83%) were given equal status, followed by promotion opportunities (77%).  Employers’ environmental policy was less important to workers. The importance of the various factors influencing people’s decision to join a company varied significantly depending on age. For example, sentiment towards pensions differed between the older and younger workers. Only 32% of those under 35 years old rated it as very important, compared with two thirds (61%) of those aged 45 and above. In contrast, the younger workers gave greater importance to training and development (45%), as opposed to just 34% of older workers.

      Gareth Ashley-Jones, head of flexible benefits at Aon Consulting commented: “Although the priority for businesses right now is keeping costs down, they should not lose sight of the fact that when conditions improve, the businesses that will come out on top are those that will be able not only to retain the best employees but also attract the top talent. Understanding employee priorities and promoting a strong, attractive employer brand is critical.

      “What is evident from the findings of this survey is that companies need to be flexible in their remuneration and benefits package in order to attract expertise from all ages. This can certainly still be achieved at the same time as being cost conscious.”

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      Rear-end accidents are by far the most common type of accident on British roads.  Car insurance expert, Admiral has calculated there are over 420,000 rear-end bumps in the UK each year*, and they account for one in four of all road accidents.

      While the percentage of UK motorists having road accidents has been falling steadily for several years**, the number of accidents where one motorist hits another in the rear has not followed this trend, suggesting many motorists are not paying enough attention to the road ahead.

      Admiral estimates that rear-end accidents cost the insurance industry over £500 million a year.  This is not only for car repairs or total loss cars but also for personal injury claims.  Around one in ten rear-end accidents cause whiplash for the occupants of the car.  While whiplash alone costs insurers £1.9billion a year and accounts for 75 per cent of all bodily injury claims***.

      Admiral managing director, Sue Longthorn, said, “Rear end bangs and shunts are all too common on our roads, I think this is indicative of how many of us drive. On main roads, many drivers don’t leave enough space between themselves and the car in front so if that car brakes they hit them in the rear.  The stopping distance at 40 mph is 36 metres, the equivalent of nine car lengths.

      “In built-up areas, where traffic is so slow moving, people tend to get frustrated and drive a little too aggressively. When they do this there is more of a chance they will bump the car in front.”

      There is another worrying statistic that could explain the rise in rear-end accidents. The number of staged accidents is rising and rear-end accidents are the easiest to stage. Fraudsters will pull off in traffic or at a junction and then break suddenly. This will cause the car behind them to hit their rear. They will then make a claim for not only car damage but more importantly whiplash. All insurers have reported an increase in this type of fraudulent claim. And while they are vigilant to the signs, fake accidents can be very difficult to prove.

      Sue Longthorn, said, “Insurance fraud costs our industry £3 billion a year. Unfortunately this cost has to be met in increased premiums, so it is definitely not a victimless crime. It works out at an additional £40 on everyone’s premium. We’d ask everyone to be vigilant on the roads and just don’t drive too close to the car in front.”

      *Based on 24.3% average of accident claims being for rear-end accident and total accidental damage claims in UK 2007.
      **Association of British Accidents research shows claims frequency has fallen each year since 2003
      ***Estimates by the Association of British Insurers 2008.

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      The Government has failed millions of holidaymakers with its ill-advised decision to change the way that victims of air travel tour operators are protected.

      In 2007 the Government replaced insurance-backed ATOL (Air Travel Organisers’ Licensing) Bonds with a flat £1 levy on every package holiday customer. At the time the insurance industry warned the Government and the CAA (Civil Aviation Authority) that the new scheme was flawed and that the levy would prove insufficient. Now, less than two years after its implementation, the Government is proposing to increase the fee by 150% to £2.50 per passenger.

      Nick Starling, the ABI’s Director of General Insurance and Health, said:

      “When the levy of £1 per passenger was introduced in 2007, we warned that it was set at a completely inadequate level. The ABI submitted financial modelling to show that even if the financial climate had remained as relatively benign as it was in 2007, the £1 levy would still have been insufficient.

      “The levy was pushed through by the Government, to the detriment of the consumer. We warned at the time that airline and tour operator failures would become more frequent without the strict entry requirements demanded by the insurance industry within the previous insurance bond system, such as financial scrutiny and robust business models.”

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        One in four young drivers has been in a car when they believed the driver was under the influence of drugs – and one in 10 young drivers has admitted taking the wheel themselves while under the influence, according to the 2009 RAC Report on Motoring*.

        The report – now in its 21st year as the voice of the motorist – also shows 17 to 24 year olds are more likely to be distracted while driving than their older counterparts. More than one in four occasionally send text messages at the wheel – but 5% admit to being frequent texters.

        However the report shows that younger drivers are less likely to drink-drive, and are more knowledgeable about environmentally friendly driving techniques. Almost a third (32%) of 45-64 year olds admitted to driving while potentially over the drink-drive limit compared to fewer than a quarter (24%) of 17-24 year olds. Meanwhile, a third (36%) of 17-24 year olds are very confident they understand the skills required to be a greener driver, compared to just a quarter of other motorists.

        Adrian Tink, RAC’s motoring strategist, said: “This year’s report clearly shows a generational divide among motorists as regards their vices. Younger drivers have many good habits that bode well for the future of motoring, but their attitude towards drug-driving is worrying, particularly as the number of fatal accidents involving drugs has increased by 28%** in recent years. For other motorists, there’s still work to do on tackling the drink-drive culture, and raising awareness of environmental driving issues.

        “The Government needs to listen to the voice of the new generation of motorists. They want more clear and accessible information on the effects of drugs, the reality of the drink-drive limit and the ‘morning after’ risks. We’ve seen successful high profile campaigns showing the devastating impacts drink-driving can have, and there’s more vital work to be done on that issue, but we need to see more high profile information for the potentially equally tragic and ever increasing problem of drug-driving.”

        Drug-Driving

        The report revealed:

        • 25% of 17-24 year olds and 29% of 25-34 year olds have been in the car when they believed the driver was under the influence of drugs
        • 9% of 17-24 year olds and 13% of 25-34 year olds admitted driving under the influence themselves
        • Of the 8% of 35-44 year olds who admitted to drug-driving, a third had taken class B drugs and a fifth had taken class A drugs
        • 8% of 45-64 year olds believe it’s acceptable to drive after taking class A drugs.

        Drink-Driving

        The report showed:

        • Almost a third (32%) of 45-64 year olds admitted to driving while potentially over the drink-drive limit, compared to 25% of younger drivers
        • Younger drivers are more supportive of further efforts to tackle drink-driving than their parents’ generation. Almost nine out of ten (88%) of 17-24 year olds demand further information on drink-drive limits, compared with 83% of 45-64 year olds
        • 72% of 17-24 year olds are in favour of random breath testing on the roads, compared to 67% of 45-64 year olds
        • 89% of 17-24 year olds think longer sentences for drink-driving offences would be acceptable, compared to 82% of 45-64 year olds.

        Environmental Driving

        The report shows younger drivers aged between 17-24 years old are emerging as a positive influence in changing long-held driving habits:

        • Over a third (36%) of the 17-24 age group are very confident they understand the skills required to be a greener driver, compared to a quarter of other motorists. It shows teaching these skills as part of the modern driving test is paying dividends
        • Younger drivers are more likely to car share, cutting congestion and CO2 emissions. One in five shares a vehicle at least once a week compared to only 4% of other drivers
        • 83% of the 17-24 age group are in favour of increased investment in alternative fuel technologies, recognising that they cannot depend on the internal combustion engine forever, compared to only 68% of all motorists
        • 41% of the 17-24 age group agree they will be more inclined to choose an alternative power source when buying their next vehicle, compared to 26% of all motorists.

        To tackle the twin issues of drug and drink driving, RAC calls for:

        On drug-driving: greater education on the effects of drug-driving, including prescription drugs. It must be as high profile as drink-driving – with the same message that it is socially unacceptable to drive after taking drugs. Roadside testing equipment must also be introduced as soon as possible to aid the Police in enforcing the law. All messages need to target the general population, not just younger drivers.

        On drink-driving: a reduction in the drink-drive limit to 50mg. This reduction should be accompanied by random breath-testing and continue to focus on the most serious offenders.

        Increased driver education is needed to reinforce what the limit means in practice. Education should also focus on the less-publicised effects of “morning after motoring”.

        Other themes on Motoring

        1. Motorists disengaging with the big policy issues of the day such as the environment, traffic management and long-term road improvement and planning. Their focus is instead on issues of immediate relevance to their wallets such as reducing car usage.
        2. Growing support for the role of public transport with 67% of motorists stating they would use their cars less if these options were better and 75% demanding further investment in it.
        3. Efforts by motorists to lower the cost of owning their vehicles, with 53% walking more often and 77% shopping around for car insurance, plus increased risk-taking to save money, such as reducing breakdown cover and servicing their own vehicles.
        4. Frustration at the condition, maintenance and lack of improvement to the roads with 82% of motorists believing the quality of roads is getting noticeably worse.
        5. Support for government transport policies such as Active Traffic Management, but opposition to others, such as the continued prevalence of speed cameras, with 75% believing they are about raising money rather than improving road safety.
        6. A lack of clear communication by government on recent motoring-related legislative changes, with only 32% of motorists aware of the new CO2-related road tax bands.

        * In total, 1,109 British motorists were surveyed (i.e. those who hold a current driving licence and drive at least once a month).The survey was conducted in April 2009, with the questionnaire taking around 20 minutes to complete.

        ** Figures from the Department of Transport show that the number of fatal accidents on UK roads involving drugs as a “contributory factor” increased 28% between 2005 and 2007. The number of total accidents involving drugs as a contributory factor also increased 8% during this period

        0 2

        Holiday hotspots for child claims revealed Spain, the United States and France may well be popular family holiday destinations, but in fact they don’t top the list when it comes to medical emergency claims for children under the age of 10.

        As thousands of UK families jet off to foreign shores this summer, a list has been compiled a list of the countries where injury and illness claims for children under 10 years of age are more frequent, based on claims data*

        Destinations further afield dominated the list with New Zealand taking the top spot when it comes to claims for children’s holiday injuries and illnesses*. Canada was second, followed by Australia, Austria and the Caribbean. Italy and Portugal saw the lowest frequency of claims for accident or illness*.

        Common ailments like stomach bugs, bumps, cuts and ear infections required treatment last year but according to Aviva’s claims data, dental problems and illnesses such as appendicitis and pneumonia meant children unexpectedly needed more serious emergency medical assistance in 2008.

        Julie Fromant, travel product manager at Aviva, says: “Everyday accidents or common illnesses can happen just as easily on holiday as at home so it’s really important that families remember to take out adequate travel insurance. The European Health Insurance Card (EHIC) will provide you and your family with reduced emergency medical costs but it does not give you the extra level of cover travel insurance can provide nor will it bring you home if you need to be repatriated back to the UK.  And don’t forget the EHIC can’t be used outside of the EU.

        “It’s very easy to get caught up in the holiday spirit and forget about the serious side of travelling abroad. Aside from taking out proper holiday insurance, it’s important to take a little extra care when you’re on unfamiliar territory.”

        Top tips to keep your children safe on holiday this summer :

        • Pack the essentials – if your child suffers from allergies, ensure you carry their medication and a basic first aid kit including paracetamol, plasters, insect bite cream, and antiseptic wipes.
        • Fun in the sun – to prevent your child from getting sun burnt, apply plenty of high-factor sunscreen regularly, especially if they are playing in the water.
        • Get shady – ensure your children get adequate protection from the sun by making them wear a hat and sunglasses to minimize the effect of the UV rays.
        • Splish, splash –Swimming pools are great places to play for children, but the surfaces can become very slippery and cause falls.  Jelly shoes can help avoid sore toes when playing on a pebbly sea-shore.
        • Food and drink – as much as the food in the hotel or restaurants looks appealing to your children, avoid potential stomach upsets by ensuring it has been freshly prepared, thoroughly cooked and not left standing for long periods in the heat. For those cold drinks to help your children cool down, it’s best to avoid ice in drinks in countries when you can’t drink the tap water. And the same goes for salads and fruit – if in doubt check with the restaurant or hotel.

          0 2

          Over 3 million1 families put children at financial risk by skipping family protection

          Britain’s parents were today given a helping hand by Aviva – with a new offer providing £10,000 worth of free life cover for new parents in the UK2.

          Research released by Aviva’s UK Life business suggests that over half of parents in the UK would leave their dependent children with little or no financial protection in the event of a parent’s death. Almost 40%3 of parents polled have not bought life insurance cover, with a further 17% of those polled only having sufficient life insurance cover to repay their mortgage.

          The Parent Study reveals an alarming gap in both cover and awareness amongst parents:

          • Over half of families (56%) with dependent age children, do not have cover that would provide a lump sum for their families if the worst were to happen.
          • Almost 40% parents polled have not bought life insurance cover and a further 17% only have enough to cover their mortgage.
          • 175,0004 families have no idea if they are covered or not.

          Having a child is a key event in anyone’s life, but arranging life insurance does not always top the to-do list. Now, under the Aviva initiative, each parent who applies before their baby is six months old, will receive £10,000 worth of cover at no cost to them, to run up to and including the child’s first birthday.

          Louise Colley, head of protection at UK Life, Aviva, says: “For many, life insurance is a box they tick when they buy their first home and then forget about – our research shows parents are currently twice as likely to buy insurance when they get their first mortgage than when they have their first child.

          “Anyone, like me, who is a parent knows only too well that the first 12 months can be really tough, as well as incredibly rewarding. We’re going the extra mile with this free cover because we believe it’s absolutely essential that new parents consider how they best protect their new family.”

          Although the offer is a fraction of the cover a family needs, the offer recognises that new parents do not always consider, or have the time to purchase, family protection when they have a young baby. This offer seeks to remind parents of the importance of financial protection for their family, so they can do something about it as soon as they have the time. Whilst the offer is aimed at new parents, Aviva will be using this initiative to raise awareness with all parents about the need to plan financial protection for their families.

          The Parent Study also revealed:

          • One fifth (18%) of parents polled admitted they had simply not gotten round to buying life insurance.
          • Over two million families5 worry about their level of life insurance protection
          • Nearly one in ten (8%) have not taken out life insurance because they find it too complicated and confusing
          • 65% of cash strapped new parents6 believe it’s a product outside their financial means

          Throughout July and August, Aviva are running a campaign across TV, press and online to promote it’s free cover offer and highlight the need for family protection.

          David Barral, marketing director at UK Life, Aviva adds: “I’m delighted that we’re able to take away one concern new parents may have by offering the reassurance of free life cover. It’s also a very clear demonstration of how our new Aviva brand is delivering on it promise of building financial services around the individual needs of our customers. There is no better place to demonstrate this than by giving a little peace of mind to new parents at this life-changing moment.”

          New parents can register for the offer from Sunday 12 July either online by visiting www.aviva.co.uk, by phone on 0800 046 6446, or by speaking to their financial adviser.

          1 56% of parents either have not bought cover, or only have enough to cover their mortgage. 3,269,457 410 represents 56% of the 5,838,317 families in the UK with dependant children under the age of 16 years (ONS statistics).
          2 Exclusions apply. Please see attached terms and conditions.
          3 38% of parents polled had not purchased life insurance cover.
          4 175,000 represents 3% of 5,838,317 families in the UK with dependant children under the age of 16 years (ONS statistics).
          5 35% of parents with children under 16 worry whether they have enough life cover. 2,043,410 represents 35% of the 5,838,317 families in the UK with dependant children under the age of 16 years (ONS statistics).
          6 New parents defined as those with at least one child 12 months or under.

          The Aviva new parents initiative launches on Sunday 12 July and applications will be accepted from that date. There is no current end date to this promotional offer and we reserve the right to alter or withdraw the offer at any time.

          0 0

          Latest ABI figures show that trade credit insurance remains a vital lifeline to businesses that are hit by the effects of the recession. In Quarter 1, 2009:

          * The total number of claims was 9,213, an increase of 48% from 6,225 in Q1 2008.
          * The total value of claims was £316m, an increase of 166% from £119m in Q1 2008.

          Nick Starling, the ABI’s Director of General Insurance and Health, said:

          “The substantial increase in both the number of claims received by trade credit insurers and the cost of those claims shows that trade credit insurers are continuing to support businesses, especially small enterprises, through the recession.

          “Trade credit insurance claims are a good indicator of what is happening in the UK economy and how that is affecting UK businesses.  Clearly, the economic situation remains very tough, trade credit insurers will continue to support their customers through detailed risk assessments and paying claims when things do go wrong.”

            0 0

            Over 40% of eligible policyholders have now voted on whether to accept Aviva’s cash reattribution offer. All other customers must now decide whether to accept the offer and should return their completed voting forms to Aviva – no later than 21 August 2009. If policyholders want to receive the cash payment they must vote “YES” – if they do not vote at all, Aviva will have to assume they do not wish to receive a payment.

            Aviva has posted reattribution voting packs to around one million eligible policyholders*, including 35,000 sent to customers in 130 countries around the world.  The packs have been sent to policyholders in countries as far flung as the Philippines, Pakistan and Yemen.

            Aviva’s call centres have taken over fifty thousand calls from customers and the company’s website has experienced high levels of consumer traffic – evidence that customers are considering their options very seriously and will make an informed choice.

            Any policyholder who believes they may be eligible for the reattribution but who has not yet received their pack should call 0800 051 1566 as soon as possible. The line is open from 8am-8pm Monday – Friday and 8.30am – 5pm on Saturday.

            The voting pack contains information from Aviva and the policyholder advocate – Clare Spottiswoode – to help policyholders make their choice. It is an individual choice that each policyholder must make for each eligible policy they own; payments are not subject to a majority vote.

            Gary Price, reattribution director, Aviva, said: “We are delighted with the response we have received from policyholders this early in the process and we would encourage all other customers to vote as soon as possible.”

            Clare Spottiswoode, the policyholder advocate, who represents the interests of policyholders has said: “The offer is good news for policyholders after the turmoil in the financial markets that affected the plan announced last year.  This offer is also good for the great majority of policyholders under the FSA’s current rules.

            “The Aviva proposal shows that together we have found an imaginative way of keeping the reattribution in place which includes the opportunity for policyholders to benefit from any increase in the estates.  Policyholders who decide not to accept the offer and keep their rights to future special distributions are also protected.”

            Aviva’s flexible reattribution offer is linked to the value of the inherited estates which will be calculated over the summer. If the reattribution goes ahead, the incentive payment will not be less than the amount shown on each customer’s offer letter; but it could be more. The minimum policyholder incentive payment is £200 but the deal has been structured so that any increases in the value of the surplus funds by the reattribution date in October will be reflected in the payment.**

            Key dates in the reattribution process

            The following table outlines the key dates within the election process:

            aviva vote

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