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George Stobbart

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With torrential rain sweeping across the country the UK’s largest insurer has its network of claims teams and building contractors on standby to help those who might be affected by the extreme weather.

Claims centre staff are geared up to answer calls from those affected and surveyors and drying companies are poised to get into people’s homes and businesses to assess the damage once waters have subsided.

“Getting out to customers will be the priority,” said Carole Gallagher, head of property claims at Aviva.

“Flooding is one of the most traumatic events that a homeowner can suffer and for many people it will be the first time they have had to deal with such disruption to their lives. So we know it is important to explain to people what they can expect and what it means for their home and their family.

“Once we have assessed any damage we will be arranging drying equipment for those properties that need it and for those people who can’t remain in their homes we will make arrangements for alternative accommodation.

“And where necessary we will be making emergency payments to customers to pay for the essentials like baby food, toiletries and emergency clothing.”

What to do if you have been affected

  • Contact your insurer as soon as possible – and ensure you leave all possible contact details with them
  • Don’t touch any of your electrics – they could have been damaged by water and become live
  • Start identifying items that have been damaged, make a list and take pictures if you can – this will make it easier to assess the damage and speed up your claim
  • If you can, try and lift any items out of standing water – e.g. if your carpets are saturated, try and raise any furniture off them on to wooden blocks this will prevent more water soaking into your belongings and help reduce further damage
  • Listen in to local weather reports in case further rainfall is forecast
  • Your insurer will appoint a loss adjustor who will help manage your claims and discuss with you all the repairs that need doing
  • Your loss adjustor/insurer will arrange Alternative Accommodation for you, discuss with them what your needs are – how many rooms you need, what your work and school arrangements are
  • Your home will need to dry out properly before it can be repaired, re-decorated and furnishings put back, so be prepared that you could be out of your home for many weeks if not months
  • Interim payments can be made for essential items and belongings.

Your home insurance cover:

Like storm, freeze, gales or tornadoes, flooding is covered as standard in home insurance policies. This means that any damage caused to your property and belongings, as a result of the heavy rainfall, will be covered and if you have to move out of your home the cost of alternative accommodation is also paid for. We can also make separate arrangements for your pets too!

Your motor cover:

Flood damage is covered as standard in fully comprehensive motor insurance policies.

What to do if flooding is forecast

  • Move anything valuable or with sentimental value upstairs
  • If you can, move furniture upstairs or try and raise it onto bricks above ground level
  • Try and seal important documents – like your insurance policy – in water-proof plastic bags
  • If you have sandbags or flood boards use them
  • Put the lid down on your toilets and place something heavy, like bricks on top, to stop the water coming in through waste pipes
  • Put plugs in baths and sinks, weigh them down with a sandbag, pillowcase or plastic bag filled with garden soil or a heavy object
  • Be ready to turn off gas and electricity, unplug all electrical items and move them upstairs
  • Prepare a flood pack – fresh water to drink, warm clothing, a mobile phone and a battery operated radio to tune into local radio stations
  • Think about your pets and any elderly or vulnerable neighbours
  • If you have to leave your home remember to take any medication you may need with you
  • Of course safety is paramount, but if you are affected by flood water call your insurer as soon as possible

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RFIB Group, the international Lloyd’s insurance and reinsurance broker, has appointed Richard Scott to the role of Divisional Director in the Energy team.

Richard has worked in the industry for 27 years and joins RFIB Group from JLT Group Ltd where he specialised in the Energy sector.  Prior to that Richard worked for Aon.

Commenting on his appointment Richard Scott said: “Working at RFIB is a great opportunity for me as it provides a strong platform to develop RFIB’s Energy book. I will be working with a great team and together we look forward to building and expanding RFIB’s Energy business.

Simon Barnes, Managing Director Non Marine International, RFIB Group said:

“We are looking forward to welcoming Richard to our team at RFIB.  He brings with him a skill set which enhances our capabilities in the Energy sector and his global experience complements our strong presence in international markets. Richard is a highly experienced practitioner, and we believe his talents will prove invaluable in the further development of RFIB’s capability.”

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Car insurance specialist Admiral Group has appointed CRIF Decision Solutions as its new supplier of choice for the automation of processes to boost fraud prevention during the purchasing process.

Solutions for Admiral Group’s motor and more recently introduced household books of business have been developed  by CRIF, in close collaboration with the Admiral team.  The finalised systems went live in June 2012, enabling Admiral Group to search the CUE database swiftly and easily to gain the most accurate risk profile in real time.

Rhodri Charles at Admiral Group explains:  “We have been looking for a new partner that can provide us with a comprehensive, high-quality service.  CRIF has already demonstrated an impressive level of expertise and understanding of our requirements, combined with an innovative and flexible approach to developing a robust counter fraud solution for our business. ”

Admiral Group joins the group of direct insurers that use CRIF as its supplier of first choice. This relates to data quality, service level agreements, and the use of innovative technologies. CRIF services will allow Admiral Group to guarantee speed of decision in order to meet increasing consumer demand for quick responses as well as a flexible approach to integrated systems.

Sara Costantini, Director, CRIF Decision Solutions Ltd comments:  “We are very sensitive to Admiral’s commitment to providing its customers with the highest levels of service and protecting honest policyholders from the cost of fraud.

We are delighted to have been appointed as its new supplier of choice, working together to develop the most appropriate processes to more accurately assess risk and safeguard Admiral Group and its customers.”

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Figures released on July 2nd 2012 by Hill Dickinson’s Fraud Unit illustrate a record year.  The unit has experienced a 20% increase in instructions and has expanded its client base to include over 20 motor insurers. 

Estimated total savings across the client base, for the year 2011-2012, are reported to exceed £100Million.  Circa 80% of cases continue to be successfully settled with either reduced or no payments being made by Hill Dickinson’s clients.

In line with its expanding client base, the fraud team has grown and now totals over 200 staff.  Recruitment has focused on bringing new talent into the unit and high profile additions to the management team.  Stuart Smith, previously head of fraud at Weightmans, and Chris Hallet, previously senior fraud investigator at Zurich, have joined the team in recent months.

Peter Oakes, Head of Fraud at Hill Dickinson comments:  “We are projecting a further 25% growth in instructions, fees and savings for the coming year and have a number of new initiatives to launch.  Our latest service development, the new Mass Data Analysis function provided through our Netfoil database, has been implemented by numerous clients and is showing great results.”

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According to the latest satellite information (related to active fire detection), there no further areas affected by the Waldo Canyon Fire than on Friday, and a preliminary property assessment from the Waldo Canyon Fire has been posted at www.springsgov.com

RMS continues to monitor wildfire activity across the western U.S., in particular (the week commencing  July 2) the Waldo Canyon Fire in Colorado (northwest of Colorado Springs  in El Paso County) which has destroyed over 300 properties – making it the most destructive wildfire in the state’s history.

As of Monday, the fire is 55 per cent contained (contained being a containment line exists around the fire which will hold the fire within the fire perimeter). This figure represents a significant improvement over the weekend, and in particular over the last few hours. The forecast weather conditions are favourable to help fire crews contain the fire and the U.S. Forest Service has estimated the fire will be contained by Monday, 16th July.

Currently, 3,000 people in Colorado Springs remain under mandatory evacuation order – a figure which represents 10% of the total evacuated at the peak of the fire. Elsewhere in Colorado – according to the Colorado Department of Emergency Management – there are six further active wildfires, though none are threatening urban areas.

As of Monday, red flag warnings (indicating conditions susceptible for wildfire activity) are in place across western Wyoming. At this time no red flag warnings are in place for Colorado – the first time for nearly two months.

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Liberty International Underwriters Europe (LIU Europe), part of Liberty Mutual Insurance Group, has appointed Mark Esdaile as assistant vice president in the company’s trade credit and political risk team.

With 10 years’ broking experience in the London insurance market, Mr. Esdaile takes up his new role immediately reporting to LIU Europe’s head of trade credit and political risk Matthew Woollam.  Mr. Esdaile will be based at LIU Europe’s London headquarters in Minster Court.

Mr. Woollam said: “Despite some fairly challenging market conditions, LIU Europe’s trade credit and political risk account has been growing well. We also expanded our presence in mainland Europe two years ago with a dedicated resource in our Paris office. It’s against this backdrop of managed expansion that we’ve appointed Mark to strengthen the team and give us some really valuable insights into the broking side of the market. We’re delighted to have him on board.”

LIU Europe’s trade credit and political risk team underwrites trade and investment risks worldwide from its bases in London and Paris. Working with specialist brokers, the team focuses on industrial companies, commodity traders and financial institutions involved in emerging markets.

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The US health care industry breathed a cautious sigh of relief Friday after the Supreme Court’s surprise decision to uphold President Barack Obama’s sweeping reforms, even as politicians kept their swords drawn over the law.

After three years preparing billions of dollars of investment to implement Obama’s Affordable Care Act (ACA), hospitals, doctors, insurers and drug companies were mostly relieved about not facing yet another U-turn in policy.

But they also said there were many things they want to change in “Obamacare” — without completely killing it, as the president’s foes still promise to do.

Businesses and industry analysts had been prepared for more policy chaos and costly changes in the operating environment if the court overruled the complex law, which requires almost all Americans to have health insurance and seeks to cut costs in the medical system.

“The Supreme Court’s ruling removes a major source of uncertainty surrounding this important national issue,” said Julio Portalatin, president of Mercer, which advises companies on providing health insurance to workers.

In neutral language typical of many company comments Thursday, insurance giant Aetna said it was “prepared for the changes ahead and will continue to fully comply with the requirements of the Affordable Care Act.”

Investors roughly had the same view as health care stocks fell in line with the overall market, which closed down 0.2 per cent.

“The market didn’t really care about the outcome of the Obamacare ruling, as stocks were in the red beforehand and stayed there all the way to the finish line,” said Steve Reitmeister of Zacks Investment Research. The varied sectors of the industry reacted differently depending on the impact of the court’s decision on them. Hospital owners gained, with shares of the country’s largest group HCA leaping 10.8 per cent.

“The new law requires more Americans to have health coverage, reducing hospitals’ burden of unpaid bills from the uninsured,” explained David Evanson from stock analysts Canaccord. Insurers went the other way because although the ACA could expand the number of people buying insurance, it also forces the companies to extend coverage more broadly, potentially cutting their profits.

Typical was Wellpoint, whose stock lost 5.1 per cent Thursday, and Aetna, down 2.7 per cent.

“The legislation will put in place a handful of potentially profit-stifling requirements, such as covering people with pre-existing conditions,” said Evanson.

Share of major drug companies, who collectively negotiated a complex deal involving both costs and benefits with the White House when the ACA was being shaped, were mixed.

Pfizer was 0.4 per cent off, Merck gained 0.4 per cent, and biotech group Gilead lost 2.4 per cent.  Nearly all groups said the law was imperfect and called for changes.  Makers of medical devices remain angry over the ACA’s 2.3 per cent excise tax on their products, which they are challenging in Congress.

“The threat of the imminent tax has already led companies to move existing manufacturing jobs offshore and plan for future growth outside the US,” said Cook Medical’s chairman Steve Ferguson. Doctors also remained dubious, according to MDLinx, which surveyed 243 primary care physicians after the ruling.

With the ACA potentially cutting insurance payments to doctors, 22 per cent felt its promise of a larger insured population would benefit their practices, while 45.7 per cent expected “an extremely negative impact,” the company said.

But analysts said policy uncertainty remains a big problem, despite the relief after the court ruling.

The primary uncertainty is whether Obama will be re-elected in November. His Republican rival for the White House, Mitt Romney, has repeatedly vowed to kill the law if he is elected.

“What the court did not do on the last day in session, I will do on my first day if elected president of the United States, and that is that I will act to repeal ‘Obamacare,'” he said Thursday.

On the other hand, with enough of the industry seeing benefits in the law, and already having invested in its implementation, a Republican administration and Congress bent on scrapping Obamacare might run into stiff opposition from big health care businesses.

Washington, June 29, 2012 (AFP)

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Keychoice this week launches a Social Media Start-Up Package, which will equip its brokers with the confidence and skills to use social media to protect and grow their businesses.

Keychoice recognised a need for an entry level support offering after listening to brokers’ concerns during its recent UK roadshow.

Derek Findlayson, commercial director at Keychoice comments: “Many brokers told us they were aware they were losing ground by not embracing social media to encourage customer loyalty and reach new customers. Often the inertia comes from fear of the unknown or a belief it will be too costly or time consuming, which isn’t the case. The smart competition is already involved and can and will poach customers and increase market share. This package gives our members everything they need to make the most of this cost effective medium and stay in touch with the market.”

The Keychoice Social Media Start-Up Package, delivered by Peak Marketing, can be integrated with any existing marketing strategy and shows brokers how to gain extra brand exposure, communicate new products, share knowledge and increase search engine optimisation by driving more visitors to their website and building a community around their brand. The package gives brokers operating in the commercial and personal lines sectors the ability to develop an online brand presence at minimal cost. With the importance of social media as a source of business recommendations continuing to grow rapidly, it provides smaller brokers with the opportunity to level the playing field when competing with large companies.

Delivered in four stages the Keychoice package provides: advice on setting strategic objectives and measures for social media activity; identification of suitable content and frequency ensuring consistent messages are being communicated to the target audience; a three month tactical plan and a set of social media guidelines to educate employees on the organisation’s social media policy. As part of the package, the broker is set up with profiles on the three key social media platforms Twitter, Facebook and LinkedIn with all the accounts streamed into one manageable control panel to save time and effort.

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The introduction of forensic key analysis and other tools has played a significant role in identifying and proving discrepancies in alleged high-tech motor theft cases, according to leading specialist loss adjuster QuestGates.

Over recent months, over 70% of cases where key analysis has been undertaken revealed some form of anomaly enabling insurers to repudiate the claim.

Gary Woodhall, Director of the QuestGates Motor Division says: “There has been much discussion and debate about so-called keyless entry theft, however, full scrutiny and forensic inspection very often reveals other issues to explain the theft. Close examination of all aspects of a claim will often identify an irregularity in the claimant’s story that the insurer can then work with to reach a decision. We have found the forensic inspection of keys to be a particularly valuable tool in assisting motor insurers to reduce their exposure to fraud risk – particularly when it comes to alleged keyless theft cases – as they no longer have to make assumptions about how a loss took place.”

QuestGates engages the services of forensic locksmiths and court registered expert witnesses to perform in-depth analysis of keys and vehicle security issues to determine whether electronic and mechanical security devices have been compromised such that a vehicle can be started and driven without its proper key.

Some examples of the discrepancies found by forensic inspection to date include:

– The keys presented were not correct for the vehicle concerned

– The level of wear on the keys did not match the use described by the owner or the vehicle’s mileage

– The keys were found to be replacements whereas the insured stated they were originals

– The last use information recorded did not match the version of events provided by the insured

– The key was not functional, however, the insured claimed they remotely locked the vehicle with it

Woodhall concludes: “While the debate on the theft of vehicles without a key continues, we’re focused on deploying whatever technical skills we can to help our motor insurer clients reduce their exposure to fraudulent claims. Our results, in many cases, have allowed insurers sufficient scope to repudiate such claims.”

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Fitch Ratings has affirmed non-life insurer Westfaelische Provinzial Versicherung AG’s (WPV) and life insurer Provinzial NordWest Lebensversicherung AG’s (PNWL) Insurer Financial Strength (IFS) ratings at ‘AA-‘ with a Stable Outlook.

The ratings reflect Fitch’s view of WPV and PNWL as core entities of the German Provinzial NordWest (PNW) insurance group which, in turn, it considers as an integral part of the German savings bank group Sparkassen-Finanzgruppe (Sparkassen) (SFG; ‘A+’/Stable). The ratings of WPV and PNWL benefit from their ownership by SFG.

The PNW group is strongly capitalised and has prudent reserving methods. In addition, WPV has reported a strong underwriting performance. Less positively, PNW’s significant gross written premiums (GWP) share of home insurance in its non-life business means the group has significant exposure to windstorm damage, although this is mitigated by adequate reinsurance. Its regional focus on north-west Germany limits its geographical diversification and growth potential.

PNW’s strong market position in its home market is supported by its dense agency network and its distribution of products through SFG banks. PNWL’s ability to attract single premium business also benefits from the company’s membership of SFG.

WPV achieved a gross combined ratio of 92.2% in 2011 (2010: 94.7%), better than the agency’s expectation for the German non-life market of 96% (2010: 96.3%). PNWL’s GWP decreased to EUR1.4bn in 2011 from EUR1.6bn in 2010 as single premium business reduced by one-third in 2011. However, life new business in regular premiums showed strong growth of 27.0% in 2011.

In 2011, PNW achieved a net investment return rate (NIRR) of 4.1% (2010: 4.4%) and Fitch expects the NIRR to decrease further in 2012, in line with the continued low investment yield environment. PNW’s reported net income increased to EUR116.2m in 2011 (2010: EUR74.8m) as underwriting profitability was stronger and tax payments were lower than the previous year. Fitch expects PNW to report stable net income in 2012.

A key rating trigger for an upgrade or downgrade is PNW’s strategic importance within SFG. Any change in SFG’s rating is likely to be reflected in PNWL’s and WPV’s ratings.

PNW had total assets of EUR21.9bn at end-2011 and reported GWP of EUR3.0bn in 2011. PNW consists of several operating insurers, of which WPV with total assets of EUR2.0bn and PNWL with total assets of EUR17.8bn are the largest ones.

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    International Insurance Economics think tank, The Geneva Association and the International Insurance Society (IIS), the largest association of insurance leaders, last night presented the Shin Research Excellence Awards at the 48th Annual IIS Seminar which is taking place in Rio de Janeiro, Brazil, June 17-20.

    There were a record number of significant papers submitted on this year’s subject, Insurance Solutions for Developing Countries, which is consistent with the overall theme of the 2012 IIS Seminar, Insurance Frontiers: Innovation and Innovation in Emerging Markets and with The Geneva Association’s special efforts to transfer insurance knowledge and understanding into emerging market economies.

    The winners collecting their awards were Olajumoke Olaosebikan, from the University of Bath’s School of Management, UK for her paper, The Determinants of the Profitability of Micro-Life Insurers in Nigeria, and Yi (Kitty) Yao from the Actuarial Science, Risk Management and Insurance Department of University of Wisconsin’s School of Business, Madison, USA, for her paper, Development and Sustainability of Emerging Health Insurance Markets: Evidence from Microinsurance in Pakistan. The winning research was presented in front of the 400+ insurance leaders attending the IIS Rio Seminar.

    The joint award program is intended to promote practically oriented applied research in insurance, addressing subjects which directly influence business operations. Each year research is solicited from leading academics worldwide and a panel of distinguished judges then determines the most worthy research based on a set of strict criteria. In addition to the research being presented to the delegation of global insurance leaders attending the IIS Annual Seminar, the winning research is published in a special edition of The Geneva Papers on Risk and Insurance Issues and Practices, the leading journal in the insurance field. IIS seminars provide a forum for senior insurance executives, leading regulators and prominent academics to explore issues facing the global insurance industry.

    The Awards were presented by Dr Christophe Courbage, Research Director Health & Ageing and Insurance Economics at The Geneva Association and Michael J. Morrissey, President and Chief Executive Officer of the IIS.

    “I am very proud of this year award winners since their work totally fulfil the criteria and spirit of the Shin Research Excellence Award”, stated Mr. Courbage.   They not only address solutions to expand insurance coverage in developing countries with important commercial implications for the insurance industry, but their works are also based on strong scientific research background. So I congratulate the winners for their contributions.”

    Mr. Morrissey commented, “it is particularly encouraging for the industry that the award winners this year, selected blindly by our distinguished panel of judges, were two young women providing ground-breaking research on the important topic of microinsurance in Pakistan and Nigeria.”  “Emerging markets continue to be a highly relevant focus for our industry with insurance products designed with an objective of bridging the gap towards the development of  economic equality and stability.”

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    Insurance companies are less exposed than banks to contagion risk triggered by a Greek exit from the eurozone, because of insurers’ ability to share losses with policyholders and their lower reliance on short-term funding. However, banks’ resilience is enhanced by benefiting from any potential EU policy response and European Central Bank action.

    All eurozone sovereign ratings would be placed on Rating Watch Negative if a Greece exit from the euro were probable. So-called peripheral countries (Cyprus, Ireland, Italy, Portugal and Spain) would be most exposed to a downgrade, but the entire eurozone could face downgrades if there were extensive contagion and a significant increase in contingent liabilities facing the core.

    The ratings of banks and insurance companies both contain links to the sovereign rating. The banks’ linkage is often more direct, though, with over one third of banks’ Issuer Default Ratings based on sovereign support – which means that negative sovereign rating actions would most likely drive similar actions on these banks’ ratings.

    Insurance companies’ greatest vulnerability to the sovereign rating is through their investment portfolios. Insurers which were to suffer downgrades on a meaningful portion of their sovereign and bank debt would be at risk of a downgrade themselves. However, we expect life insurers’ ability to pass on losses to their policyholders to be a crucial mitigating factor against a fall in financial markets. The ability to pass on profits normally applies to unit-linked and participating (with profit) business, which accounts for most of the exposure on life insurers’ balance sheets. The amount of losses that can be passed on, however, is limited because of insurers’ requirements to meet certain minimum investment guarantees to policyholders.

    The nature of bank deposits means they are less stable than insurance policies, which increases their relative risk of liquidity problems due to a run on a bank or the closure of funding markets. Banks in the programme countries are relatively more vulnerable to a bank run, as depositors could perceive these nations as next in line for a euro exit. We would expect a strong EU and ECB policy response to stem substantial deposit flight in the event of a Greek exit and profound market contagion.

    We believe there is minimal risk from a potential run on eurozone insurers by policyholders in the event of consumer panic, because insurers’ exposure to guaranteed surrender values is minimal. Insurance companies can, and do, impose significant surrender penalties – which deter policyholders and mitigate the impact on the balance sheet.

    In addition, the insurance industry would face only moderate funding constraints if eurozone capital markets were temporarily inaccessible, because most insurers take relatively little funding from the capital markets in any case.

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    Fitch Ratings says in a newly-published report that the European insurance sector should be able to absorb shocks arising from a hypothetical Greek exit from the euro, provided such an exit were orderly.

    “Most major European insurers have negligible direct exposure to the sovereign debt of Greece – typically less than 1% of shareholders’ equity,” says Chris Waterman, Head of EMEA Insurance at Fitch. “However, a disorderly Greek exit could have a materially negative impact on the ratings of European insurers, with contagion hitting credit quality and asset values, leading to a squeeze on insurers’ capital.”

    Fitch believes there are factors that might alleviate the impact of falling asset values on insurance companies.

    “Regulators could relax the rules for assessing regulatory capital if widespread falls in the market values of financial assets threatened insurers’ solvency positions,” says David Prowse, Senior Director in Fitch’s Insurance team. “An important additional factor for life insurers is their ability to pass certain investment losses on to their policyholders. However, any respite from regulatory relaxation and loss-sharing with policyholders could be highly constrained in the event of severe investment losses, because of the need for insurers to meet certain minimum investment guarantees to policyholders.”

    Insurance companies’ large holdings of sovereign debt make them vulnerable to any deterioration in the credit quality, market value or liquidity of these securities. Fitch takes sovereign downgrades into account when reviewing the ratings of insurers. Insurers could also be at risk of downgrades if a meaningful portion of their bank debt securities holdings were downgraded.

    Fitch recognises that the results of the 17 June Greek election lessen the risk of a short-term exit but believes that Greece remains under significant financial pressures, and does not rule out the possibility of an ultimate exit.

    The report “European Insurers Capable of Withstanding Orderly Greek Exit” is available at www.fitchratings.com.

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    According to catastrophe modeling firm AIR Worldwide, at 10:53 UTC this morning, the biggest earthquake to hit Victoria, Australia, in more than a century struck. The U.S. Geological Survey (USGS) issued a moment magnitude of 5.2 for the event and Geoscience Australia issued a moment magnitude of 5.3. Today’s earthquake struck near the southeast coast of Australia 10 km southwest of Moe, the closest population centre, and 120 km southwest of Melbourne, Australia’s second-largest metropolis with a population of more than 4.1 million. AIR does not expect significant insured losses from this event.

    According to the USGS, the earthquake struck at a depth of 9.9 km, making this a shallow event. Shaking lasted for 30 to 40 seconds, according to local accounts.

    “Australia is in a stable continental region, thus damaging earthquakes there are relatively rare,” said Dr. Bingming Shen-Tu, senior principal scientist at AIR Worldwide. “When they do occur, however, ground motion is typically felt over a large area. Although Australia exhibits comparatively low seismic activity, earthquakes have been recorded in almost all regions of the country. Seismicity in eastern Australia, where today’s earthquake occurred, is relatively low as compared to  western and northwestern Australia.”

    “However, for eastern Australia, the historic earthquake activity in the area that includes the southeastern coastal and offshore regions from Melbourne to Tasmania Sea is relatively high. This event occurred in a failed continental rift zone in southern Australia. A series of neotectonic faults have been mapped along the southwestern coastal areas and the northern margin of the failed rift. A couple of magnitude 5 – 5.3 earthquakes occurred in 1969 about 25km east of the epicenter. Most of the historical events in this region are relatively small in magnitude. However larger events of magnitude 6.5 to 7 have occurred in the eastern offshore area off Tasmania, about 250 to 300 km southeast of this event.”

    According to AIR, building vulnerability varies across Australia, with regional disparities due to differences in building code implementation and enforcement, and construction practices and materials. Australia’s commercial building stock is dominated by masonry construction, while residential construction is a mix of wood frame and masonry. Australia has a number of residential construction types that are unique to the country, including cavity double-brick masonry, which is extremely vulnerable to ground shaking.

    In Melbourne, residents reported windows rattling and floors rocking. Reports of minor damage include cracks in the walls of buildings and shelves falling over.

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    Ian Stride-Noble has joined employee benefits software company Staffcare as their new Operations Director to focus on shaping and developing Staffcare’s technology delivery proposition as they enter a new phase of growth.

    With over 18 years’ experience in the financial services industry Ian comes to Staffcare from Thomsons Online benefits where he was Practice Lead for Project Management within their Client delivery function and subsequently Head of the Consultancy Delivery function.

    Prior to that Ian worked for Alexander Forbes as Head of Client Servicing and Administration and  subsequently as their Head of Special projects where he was responsible for the delivery of strategic change programs within the employee benefits market.

    Ian says of his appointment:  “I’m excited to join Staffcare as it scales up its already successful proposition.  I will focus on driving the effective management and delivery of projects of all types of scale and complexity. It’s important that our clients and partners are engaged with us at every step of the delivery process.   From implementation through to back-end support I will ensure that our operational practices and processes are scaled appropriately to deliver all of the new functionality and features of the Staffcare technology.”

    Philip Hollingdale, CEO and Founder of Staffcare says: “With the recent launch of our Auto-Enrolment Portal and the introduction of Staffcare’s new Global proposition in the Autumn, successful delivery to our clients and partners is paramount.  Ian brings a unique blend of employee benefits experience and customer delivery focus and we are delighted to welcome him on board at this pivotal time in Staffcare’s history.”

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    US company Samsonite said Tuesday it was pulling its Tokyo Chic luggage from stores worldwide after a Hong Kong consumer group found parts contained high levels of chemicals that may cause cancer. 

    The move was initially limited to Hong Kong but the company said the entire inventory of its American Tourister brand’s Tokyo Chic luggage would now be withdrawn from shelves “everywhere the product is sold”.

    The recall would allow the Hong Kong-listed company to replace side-carrying handles containing Polycyclic Aromatic Hydrocarbons (PAH) with “new-generation handles”.

    Samsonite President for Asia-Pacific and the Middle East Ramesh Tainwala said the move followed a report by the Hong Kong Consumer Council last week saying certain Samsonite suitcases contained unsafe levels of PAH.  The council said the Hong Kong Customs and Excise Department had advised agents for suitcases with high PAH levels to “stop the sales of the concerned model and to replace the handles”.

    Tainwala said the company’s tests found PAH levels that were “significantly lower” than those reported by the Consumer Council, and there were no health concerns associated with the company’s products.

    “What matters to us above all else is that consumers have the best possible experience with our products,” she said in a statement explaining the worldwide recall.

    “We want our customers to enjoy their Samsonite luggage and to have the utmost of confidence in its functionality, design and safety.”

    She added that while Tokyo Chic luggage is “completely safe”, customers who have already purchased one of the suitcases could contact the company and have the handles replaced.

    Samsonite shares climbed more than eight percent on Monday but were 0.2 percent weaker at the close of trade on Tuesday. The company announced the recall after the close.

    Hong Kong, June 19, 2012 (AFP)

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    With the sale of BIL, Brit Group is now positioned to focus on its strategic objective of being a global speciality (re)insurer underwriting on its Lloyd’s platform, as Brit Global Specialty.

    The transaction, which will require customary regulatory approvals, is expected to complete in the fourth quarter of 2012. As a result of the transaction, Brit Group will retain the liabilities and claims handling for certain business currently within BIL which relate to the Group’s ongoing core business now being written into Brit’s Lloyd’s syndicate 2987.

    For the period to completion of this transaction, Brit Group is committed to maintaining capital levels in BIL equivalent to those held prior to this announcement, which support the rating of A- from A.M. Best and A from Fitch. As stated in previous communications Brit Group’s intention is to underwrite all current and future business into its Lloyd’s syndicate 2987 which benefits from Lloyd’s A rating from A.M. Best and A+ rating from Fitch and Standard & Poors.

    Mark Cloutier, Group CEO, Brit Insurance, said:

    “The sale of BIL is a significant milestone in our journey to restructure our capital base and to establish a leading position as a focused global specialty underwriter. We have undertaken a significant reorganisation of the group over the last year, and following the transfer of Brit’s UK regional business to QBE in April; this transaction allows us to focus on growing our core global specialty business through our Lloyd’s platform, as Brit Global Specialty.

    Furthermore, we are pleased with the outcome of our restructuring efforts whereby through the combination of this transaction and the earlier QBE deal we have realised a meaningful premium to book value for BIL and our UK Division.

    RiverStone, a member of the Fairfax group have built a strong franchise and have an excellent reputation for managing the run-off of (re)insurance companies responsibly, so I am confident that this is the right home for the legacy liabilities of the UK business.”

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    Aurum Underwriting, writing only HNW and specialist vehicle cover through intermediaries, has commenced trading with several brokers in advance of a full UK roll-out in Q4 2012.

    Aurum has been launched by HNW insurer Aqua and Ashley Cole, previously Head of Motor at Hiscox.  Cole, who established Aurum in March, is well known to brokers as a result of launching prestige motor facilities for Chubb in 1999 and Hiscox in 2008.

    Full details of its products and capabilities will be announced over the coming months, but Aurum’s proposition will be based on two policy wordings to broaden its underwriting capability. Designed to complement sister-company Aqua’s flexible approach, its unique risk selection criteria will also ensure no good risk is turned away.

    Underwriting on behalf of certain underwriters at Lloyd’s of London, Aurum has also secured long-term commitments to support its bespoke underwriting approach, and pricing.

    Aurum’s underwriting platform will support both large private client specialists and brokers who only have a few HNW clients within their portfolios.  As a result, unlike many of its rivals, the team will not impose a minimum level of support.

    Both Aurum and Aqua are supported by a specialist and experienced claims team.  The businesses are generously capitalised to facilitate the execution of long-term strategies.

    Ashley Cole, Managing Director of Aurum Underwriting said: “Our aim is to exclusively provide market-leading cover and service for customers that choose to invest in the expertise of an intermediary and have complex insurance requirements that demand specific consideration.’’

     “In addition to delivering a solution for the most complex of scenarios, Aurum will provide broad comprehensive cover and will handle every covered loss to the highest standards you would expect from such a specialist insurer.”

    Jonathan Rouse, Managing Director of Aqua said: “We have received an overwhelmingly positive response to the launch of our HNW household products from brokers since our launch.   The next logical step is therefore to respond to their requests and apply our flexible approach to the prestige and specialist motor markets.

    “By hiring Ashley to create Aurum we have been able to utilise his proven track record across both of our HNW underwriting businesses.  This has enabled our team to focus on delivering a suite of propositions that will both provide policyholders with the high standard of cover expected and arm brokers with efficient tools to win more business from the affluent.”

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    The Managing General Agents Association (www.mgaa.co.uk) has announced the appointment of Jane Comerford as General Manager.

    Comerford will be responsible for all operational aspects of the Association’s activities. She will work closely with the MGAA’s Board on the formulation of strategy and managing its implementation. A key part of her role will be to grow the Association’s membership base, and to ensure the timely and efficient delivery of relevant market and other information to existing and new members of the MGAA.

    Commenting on Comerford’s appointment, Reg Brown, Chairman of the MGAA, said: “Jane has already demonstrated her operational and management expertise by supporting the establishment of the Association and delivering an effective structure to support the growing membership.

    “The Board and I are delighted to formally welcome Jane as our first General Manager. Her combination of insurance industry experience and a strong understanding of the needs of MGAs will be crucial as we build on our successes to date by expanding the membership, and the support we provide them.”

    Comerford started her career in insurance as a broker specialising in Professional Indemnity Insurance for Lloyd’s brokers, working with firms such as Willis.  She became an underwriter and held roles including Vice President of Liberty Mutual (UK) and was one of the first members of the senior management team that launched Arch Capital Group’s European operation, Arch Insurance Company (Europe) based in London. She returned to broking as COO of Lloyd’s broker Paragon International before joining the senior management team of Thistle Insurance Services, an underwriting agency owned by the JLT Group.

    Officially launched on 1 September 2011, the MGAA is currently supported by 44 full members underwriting in excess of £1.30 bn of GWP, 16 insurer members and 19 supplier members.

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    MoneySupermarket.com has launched a new short term income protection insurance channel designed to provide customers with a streamlined and transparent experience when purchasing Accident, Sickness and Unemployment (ASU) insurance cover.

    The new ASU channel offers customers the largest panel of insurers in the UK allowing online purchase of short term income protection products; as well as comparing more features than any other online service.

    Key features of MoneySupermarket’s ASU insurance channel include:

    – Simple question set with no need for time consuming and lengthy medical questionnaires with guaranteed quotes delivered in seconds;

    – Intelligent filtering to help customers refine their choices and find the best product for their needs;

    – A totally transparent journey providing access to all of the information necessary to select a product prior to purchase;

    – Detailed product comparisons that clearly shows positive and negative features over and above price;

    – A simple five step common quote and buy journey for all insurers, no linking to insurer sites or re-keying of data.

    Emma Walker, protection expert at MoneySupermarket.com said: “At a time when finances are stretched but unemployment is rising, it is important to consider your protection needs as many financial problems are usually down to a sudden change in circumstances. We are thrilled to have launched our new ASU channel. We worked closely with Collinson Insurance Group to develop the best possible experience for customers wishing to purchase short term income protection insurance through MoneySupermarket.

    “By providing our customers with a more transparent and streamlined service we have removed the monotony and time constraints often associated with purchasing ASU cover, especially online. The payment protection insurance mis-selling scandal has left many consumers without suitable financial security, but for only a few pounds a month, you can have the peace of mind that should you have an accident, become ill or lose your job, your financial needs will be met. Many consumers don’t think twice about insuring their smartphones but forget about the need to protect themselves.”

    Collinson Insurance Group said of the new channel: “We are delighted to be working with MoneySupermarket to provide such a comprehensive and easy to use service for customers. The launch of this channel comes at a time when people need to be protected against an unexpected event such as job loss and this product is transparent in terms of what is being sold, while providing flexibility and variety for the customer.”

    Emma Walker concluded: “The experience of Collinson and their flexibility made them the stand out choice to work with us on building this new look comparison tool.”

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