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XL Group announced that it plans to hold its seventh Global Day of Giving on Friday, May 4, 2012. The employee volunteer day is dedicated to supporting the communities in which XL operates.

From its beginning in 2006 when XL celebrated its 20th anniversary, the Global Day of Giving has grown with XL employees donating more than 100,000 hours of community service to hundreds of charitable projects in various locations worldwide.

XL’s Chief Executive Officer, Mike McGavick, said: “As countries and communities around the world are facing some of the toughest times in recent history, it is imperative that global companies like XL join forces with charities and other non-profit organizations to not only come up with sustainable solutions but to physically lend a helping hand. Over the years, XL’s Global Day of Giving has enabled us to strengthen our relationships within communities where we work.”

During this year’s Global Day of Giving more than 150 projects have been scheduled to address major issues including:

Disaster Relief: Donating toiletries to the American Red Cross in Dallas, Texas and assisting with putting together “comfort kits” for individuals impacted by disasters.

Assisting charities dedicated to providing meals to children in countries affected by natural disasters, economic despair and other hardships.

Education: Teaching English and computer classes to impoverished children in New Delhi, India. Assembling information packages and course materials for Hartford, Connecticut middle school students enrolling in an educational enrichment program.

Exposing young people from disadvantaged areas of Hartford and East London, U.K. to the business world and providing an overview of the insurance sector.

Environment: Sprucing up parks, nature trails and reserves in the U.S., Bermuda and Europe. Building bridges, cleaning beaches, clearing marshes, painting and restoring historic and conservation areas around the world.

Homelessness/Hunger: Building, renovating and painting homes and other buildings while sorting, preparing, packing and distributing essential goods to feed the hungry and providing clothing and improved housing for the homeless in Amsterdam, Canada, Hong Kong, Ireland, Singapore, the U.S. and many other parts of the world.

Senior Care: Preparing and distributing meals to the elderly. Painting, tiling, gardening and cleaning senior citizens homes. Visiting and engaging in various uplifting activities with seniors in places such as Australia, Colombia, France, and Mexico.

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As part of the Motor Insurers’ Bureau’s (MIB) mission to compensate victims of uninsured and untraced drivers fairly and promptly, the organisation prides itself in engaging with the right business partners that support and promote their philosophy.

To ensure that MIB continue to work with the appropriate business partners, a strategic review of the suppliers of legal services was undertaken during 2011. This review included a competitive tender process and sought to select a new panel of solicitors to deliver excellent technical service, industry leading service levels, improved management information, value for money and a robust supplier management governance framework.

MIB are pleased to announce that following the completion of the process, new contracts have been awarded to the following solicitors:

 

Ashton West, Chief Executive at MIB said: ”Being a significant consumer of legal services across the breadth of Personal Injury litigation arising out of Road Traffic Accidents, we are particularly keen to not only enhance current supplier relationships, but also to develop new relationships where appropriate. This will help drive improvements in service, efficiency and quality and enable us to meet the new challenges arising within the personal injury claims arena.

“The solicitors review has played an important part in delivering maximum value to the business and supports our desire to continually strive for excellence.”

 

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Henderson Insurance Brokers Teesside Director Jonathan Willett fears Government plans to crackdown on fake whiplash injury claims will be too bureaucratic.

The Government is to set up an independent panel of experts to investigate suspect injuries, which have escalated substantially under the ‘no win, no fee’ system.

It has also been reported that the Justice Secretary Kenneth Clarke wants to encourage insurance companies to challenge suspect claims by ensuring that more cases are heard in the small claims court as a way of reducing the threat of large legal bills.

The aim of Government’s crackdown is to try to weed out bogus claims which have sent insurance premiums soaring including those for businesses that run company car and lorry fleets.
It is estimated that the practice of ‘no win no fee’ adds an average of ten per cent to the cost of insurance.

Jonathan Willett said: “While the Government’s sentiment to try to weed out bogus claims is welcome, my worry is that some of the alternative measures could be as bureaucratic as the system they are trying to replace.
“Preparing for cases to be heard in the small claims court could be time-consuming and add costs to an insurance company’s bottom line. “The ‘no win no fee’ system is in desperate need of an overhaul, but it is imperative any new framework overcomes the problem rather than replacing one bureaucratic and costly burden with another. “The issue centres on the fact that people putting in a claim do not make a direct contribution to the costs of the legal case and this is set to continue.

“If they had to pay towards the legal fees they would think twice about trying to secure compensation for very minor injuries.

“The losers under the current system are all those, including companies which have fleets of vehicles, with motor insurance policies as the premiums are higher as a result.”

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The risk to insurance companies of consumers demanding their money early on guaranteed savings products is increasing as early surrender penalties reduce and households’ disposable income is squeezed by the tough macroeconomic environment, Fitch Ratings says.

If European households, stretched by cuts to public expenditure, increased tax rates and low growth, demand their money back on life insurance products, insurers may have to sell assets to fund that repayment. In many cases these assets are bank and sovereign bonds of peripheral Eurozone countries, whose prices have declined since June 2011 and which may be trading well below their book value.

If the number of clients who pull their insurance products increases significantly, insurers may need to eat into their capital to fund the repayments. This would put pressure on insurers’ credit profiles.

The problem is becoming more pressing because penalties for redeeming life insurance products early are falling. In recent years, life insurance companies have reduced early redemption penalties to make their savings products more attractive to customers. Guaranteed interest products in the 1990s paid much higher guaranteed returns and as a result could include less favourable redemption terms without reducing demand for such products.

Low interest rates mean that savings products with investment guarantees have put pressure on insurance companies’ profitability and capital. However, the increase in lapse rates is unlikely to come with an offsetting gain because it is the lower guaranteed return policies that clients will redeem, with lower surrender penalties, not the high-rate products from the 1990s.

The impact of large-scale redemptions is reduced if a life insurer has its own agency network because the agent will often move the client into a new more suitable product. This leaves the capital with the life insurance company and removes the need to sell assets.

In addition to the risk of increasing lapse rates, life insurers are seeing subdued growth in life insurance product sales because of the limited attractiveness of savings products in the current low interest rate environment.

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Almost half of UK households own a pet and, with the summer holiday season approaching, many will be considering taking their dog or cat away with them and pet passport

According to recent research by a pet retailer, one quarter of UK adult pet owners are prepared to pay the same amount as an extra adult on holiday, just to take their pet with them. Proving the family bond, 25% of all children surveyed said they would give up their pocket money or toys if it meant their pet could travel.

Greg Lawson, Head of Retail at Columbus Direct, said: “Many airlines and holiday resorts are coming up with pet-friendly solutions so it’s no wonder many people are choosing to treat their pets. There is, however, some extra planning to consider for a pet holiday.

Most airlines require the use of a pet travel agent which will make the booking, drop your pet off at the cargo centre and take care of all relevant documentation and vaccinations, although you will need to arrange a pet passport in most cases.”

An estimated 100,000 owners a year use the pet passport scheme to take their animals on holiday. The scheme requires pets to have a microchip number and up-to-date rabies vaccinations. However, since January this year, the requirement for blood testing and a six-month wait before travelling has recently been removed. This has been replaced by a requirement for pets to wait 21 days after vaccination before travelling.

Lawson continued: “Apart from pet passports, we would ask people to check they have travel insurance for their pets. Whilst travel can often be added to domestic pet insurance, there is rarely any pet cover in human travel insurance. If your pet is sick while overseas, owners should ensure they have cover to include vet fees, flight cancellation costs and additional accommodation. As with any other member of the family, it’s worth the investment to have peace of mind on your holiday.”

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Liberty Mutual Insurance (LMI), the commercial lines division of Liberty Mutual Insurance Europe Limited (LMIE) and part of Liberty Mutual Insurance Group, announces its new office in Leeds will open on 30th April.

The office opening will be backed by four new appointments. Andrew Griggs has been appointed as casualty underwriter, Stephen Bate as property underwriter, James Seal as commercial combined underwriter and Eleanor Slater as underwriting assistant.

This move comes as LMI looks to strengthen its coverage in the North of England, building on the progress it has already made in mid-market commercial lines.

Leeds was chosen as the office location due to its importance as a growing business centre in the North as well as for its geographical coverage of Yorkshire and the North East. The new Leeds office, which is situated in the centre of the insurance community, will add to LMI’s existing commercial lines offering in Birmingham, London, Bristol, Cheltenham and Manchester.

LMI’s Leeds operations will be managed by John Dakin, branch manager, who joined the company last year, bringing with him many years of experience gained in broking in the northern region.

Commenting on the continued commercial lines expansion, LMIE CEO, Sean Rocks, said: “The opening of the Leeds office together with the new appointments we have made will further drive the commercial lines momentum we’ve created so far. This latest move reinforces LMI’s commitment to the UK regional market and to our brokers by giving them access to knowledgeable and experienced experts in their local area.”

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Spain takes pride in its universal health care but Europe’s debt crisis has spurred tough budget cuts that will bring sometimes life-saving treatment for illegal immigrants to an abrupt end.

Carmen Maria, a 33-year-old woman from Nicaragua who arrived in the country in 2010, has no legal ID in Spain but has benefitted from free health coverage for her illness nonetheless. She has been working as a cleaner and despite failing to obtain residency she was able to enjoy the same health care as any legal Spanish citizen.

Ten months ago she was diagnosed with dermatomyositis, a skin disease which can be associated with a tumour and lead to potentially fatal complications.

“It’s considered a rare disease and my condition requires constant medical monitoring,” said Carmen Maria, whose husband and four children still live in Nicaragua.

Prime Minister Mariano Rajoy’s government, faced with soaring unemployment, rising debt and a slide into recession, has launched an austerity plan aimed at cutting the deficit from 8.5 per cent of GDP last year to 5.3 per cent in 2012.

To achieve the package’s target of cutting health expenditure by seven billion euros ($9.3 billion), only legal immigrants will retain health coverage as of September 1.

Among illegal immigrants, only children, pregnant women and emergency cases will qualify for free treatment.

“This will only put Spain on a par with other European Union countries,” according to Health Minister Ana Mato.

The measure will leave half a million illegal immigrants who have been counting on Spain’s health coverage with no safety net, and several organisations have been sounding alarm bells.

Carmen Maria decided to seek help from the group SOS Racismo, saying, “I’m alone here, I don’t have anyone.”

“The economic crisis, no matter how severe it is, should not be an excuse for stripping immigrants of all their rights,” SOS Racismo said, describing access to health care as “a fundamental right”.

“This is a very dangerous situation,” said Vladimir Paspuel, who heads Ruminahui, a Spanish-Ecuadorian association that offers social and legal assistance to immigrants.

“It can have life-threatening consequences in cases where a disease is not treated in time,” he said.

“Another thing is that it sends a subliminal message to Spanish society: ‘Illegal immigrants are the ones who are pilfering the money, they are responsible for the crisis’,” he explained.

In a bid to defuse any surge in anti-immigrant rhetoric among the public following the conservative government’s decision, groups such Ruminahui point out that immigrants are more sparing with their visits to the doctor’s.

According to a study carried out by a health expert and published in the El Pais daily, immigrants on average go 5.05 times when Spaniards go 7.65 times over the same period.

“I don’t go to the doctor more than twice a year,” said Wilson Quintero, a 42-year-old Ecuadorian. But scrapping health coverage for 500,000 Latin Americans, North Africans and Eastern Europeans in Spain “is a serious problem”, he said.

“If someone falls ill and doesn’t have a steady job, what is he supposed to do? It will become very difficult,” he said.

Wilson has lived in Spain since 2002 and worked as a builder until the real estate bubble burst, which led him to lose first his job and then his residency.

Spain’s unemployment rate is the highest in the industrialised world at 24.4 per cent. It is even higher among immigrants at more than 40 per cent.

Madrid, April 30, 2012 (AFP)

 

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First-time buyers are becoming more savvy to the cost of cars; looking at the full cost of motoring rather than just the cost of buying a car, new findings from Confused.com have revealed.

Cars are one of the biggest expenses that people make in their life time, with 76% of respondents to the Confused.com survey stating this. However people are having to compromise on the cars they drive with big engines and car modifications no longer the new driver’s prerogative because of the cost of insurance and overall rising cost of motoring.

According to Confused.com’s research, car insurance is viewed as a ‘huge expense’ by 66% of people. This is because the cost of an average comprehensive policy is £1,869 for women aged 17-20 compared with £3,635 for men4.

Confused.com’s research showed almost 70% of people chose their first car with an engine size of 1.3 litres or less with 15% of under 24’s citing insurance cost as the main reason for choosing a smaller engined car.

To keep costs down, new drivers are opting for the Ford Fiesta which was voted the most popular first car, followed by the mini one in our poll of 2,000 drivers (selected from a list of 52 different makes and models).

For a 17 year old male to insure a Ford Fiesta Encore 1.3 litre engine, the insurance premium would cost on average £5,372.96. This compares with the cost for a first-time buyer purchasing a Volkswagen Golf GTI 2 litre engine which would cost £12,144.75 for insurance cover; this is more than double the cost of insurance for a Ford Fiesta, the first-time buyers’ car of choice.

Gareth Kloet, Head of Car Insurance at Confused.com, says: “Car insurance is a huge purchase for young drivers. However our research tells us that these drivers are adapting to pressures and opting for smaller, cheaper cars, in order to minimise their insurance premiums.”

“Buying your first car is a really exciting purchase. For the first-time buyer, cost is an important factor with 50% saying that price affects their purchase, and 35% of first-time buyers paying £500 or less for their first car.”

“Here at Confused.com we want to offer first-time buyers the chance to find the perfect car with the cheapest insurance. Price comparison sites are great for helping customers understand the full motoring costs and therefore we would encourage people to use a comparison site to understand their insurance costs before they buy the vehicle.”

To help young drivers, Confused.com has put together some tips to give first-time buyers a helping hand:

– First of all decide how much you can afford to pay for your first car; not just the sum to buy the car itself but also the running costs -insurance, MOT, vehicle excise duty, petrol, repairs and servicing.

– Shop around on a price comparison site.

– Add an experienced named driver onto your insurance.

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Munich Re said Thursday it expects first-quarter profits to be “gratifying” amid a calmer situation on the financial markets and fewer losses than last year. 

“Although the picture is not yet complete, the data we have show that the volume of major losses remained far below last year’s level,” chief executive Nikolaus von Bomhard told shareholders at the annual general meeting.

“At the same time, the situation in the financial markets has calmed down somewhat, at least for the moment. Altogether, the result of the first quarter is therefore likely to be gratifying,” von Bomhard said.

In concrete terms, Munich Re “believed that we have achieved a quarterly profit of over 750 million euros ($991 million), the chief executive said.  In the first quarter of 2011, the group booked a loss of 947 million euros in the wake of losses incurred from the earthquakes in Japan and New Zealand and the storms in Australia.

Von Bomhard said he was “optimistic” regarding the rest of the year and confirmed the group’s target for net profit of around 2.5 billion euros for the whole of 2012.   Munich Re is scheduled to publish detailed first-quarter figures on May 8.

Frankfurt, April 26, 2012 (AFP)

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The future ability of insurance firms to invest in infrastructure projects is likely to depend heavily on whether they use internal models to determine their Solvency II capital requirements and can persuade regulators that infrastructure investment merits lower capital reserves, Fitch Ratings says.

Insurers operating under Solvency II will be able to use either a standard formula or, if they have more sophisticated risk modelling, an advanced approach that would need to be approved by their regulator. Infrastructure investments can be suited to insurers because their cash flow features and long duration are a good match for the long-term liabilities that insurers have. However, these investments are treated penally under current proposals for the standard formula and the high capital charges mean that the risk-adjusted returns would be relatively low.

Every infrastructure project is different and risk can vary significantly between projects. We believe insurers operating under the internal model may be able to persuade regulators that they should attract a significantly smaller capital charge, although this will require them to show that the investment can be modelled adequately. This would put infrastructure investments among only a relatively small number of asset classes where internal models will offer capital relief.

We believe other assets in this category are likely to include continental European property, where the stress under the standard formula is 25%. This is in line with UK property volatility, but the continental European market is historically less volatile and implies a stress of 12-15%. Certain structured products, such as asset-backed securities and mortgage-backed securities may also benefit under the internal model if sufficient data is available and the risk profile of the underlying investments justifies a lower capital charge.

For equities and bonds, we believe charges are calibrated in line with the market average volatility. An insurer’s internal model could still provide relief if the insurer were holding assets that were not in line with the index used to set the charge. However, we believe the main benefit from internal models in terms of capital reduction will be where there are complicated risk reduction strategies or group structures, complex risk-sharing with policyholders or above-average geographical diversification.

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The Wal-Mart executive at the centre of a scandal over bribery in Mexico resigned Tuesday from his position on the boards of insurers MetLife, Inc and Metropolitan Life Insurance Company, MetLife said. 

In a letter to the MetLife chairman, Wal-Mart Stores vice chairman Eduardo Castro-Wright said he was resigning from the two insurers’ boards effective immediately due to “recent events that will require my immediate and personal attention.”

“I now must focus my energy in spending personal time with my family and in protecting my good name and business reputation,” he wrote.

“It is my expectation that these outside distractions will be resolved favourably within the next several months. In the interim, however, they would not allow me to perform my duties at the highest levels that both the board and I demand.”

On Saturday, The New York Times reported that Castro-Wright oversaw Wal-Mart’s rapid expansion of its Mexico operations in the early 2000s, when the company allegedly shelled out $24 million in bribes to Mexican officials.

The story suggested that Wal-Mart had violated both Mexican and US laws, including the US Foreign Corrupt Practices Act, which aims at curbing US corporate misbehaviour abroad.

It also said the bribery was known by top executives in Wal-Mart’s Arkansas headquarters who allegedly quashed an internal investigation.

In a statement, Wal-Mart downplayed the Times allegations about the scandal as “more than six years old.”

“Wal-Mart has been working diligently on US Foreign Corrupt Practices Act (FCPA) compliance and has a rigorous process in place to quickly and aggressively manage issues like this when they arise,” it said. But the company added that it has established a new global FCPA compliance officer positions, as well as a dedicated Mexico FCPA compliance officer.

“All of this is in addition to the worldwide review of our anti-corruption program that we initiated in March of 2011. We are taking a deep look at our policies and procedures in every country in which we operate,” the giant retailer said.

Wal-Mart’s shares sank 3.0 per cent Tuesday to $57.77, after a 4.7 per cent drop on Monday.

Washington, April 24, 2012 (AFP)

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Make the most of adolescence while also becoming aware of the problems adults face. Matthew is a 17 year old student in an Irish high school who aspires to become an engineer. Soon, he’ll have to start thinking about how he’s going to pay for his studies and maybe rent an apartment. There are many such questions to consider, and today they seem far away. But in an environment that remains unstable and challenging, it is important to provide new generations with the tools they will need to understand the risks that surround them.

Insure Your Success is a global education program whose aim is to address this necessity. Introduced this year by the AXA Group in partnership with Junior Achievement, a global organization dedicated to providing hands-on financial education for young people, the program will run over a three-year period.

“We are delighted to be involved in this initiative, which is proof of our corporate responsibility commitment to risk education, and an extension of AXA’s mission to protect people. As a company whose business is to protect people over the long term, AXA has the responsibility to leverage its skills and resources to build a stronger and safer society,” notes Clara Rodrigo, Head of Community Investment for the AXA Group.

“Junior Achievement is pleased to be collaborating with AXA and helping young people understand financial risk in an engaging and practical way. The approach to this topic has to shift from textbook to reality if we are going to truly empower young people to make good financial decisions later on. What I think is especially important is that AXA is putting its own human capital behind the programme. Young people will learn more and be inspired by such’expert’ volunteers!” explained Caroline Jenner, CEO of Junior Achievement-Young Enterprise Europe.

Along with 1 800 other students, Matthew is a beneficiary of this educational program. Aged 12 to 18, these young people represent 5 countries: Ireland, Japan, Portugal, the Philippines and Romania. Through different hands-on activities led by AXA Group volunteers, the students will learn how to budget, plan and anticipate the financial consequences of the risks they will face in their lives. To help them make informed decisions in the future, students gain an understanding of the advantages of protecting one’s assets and become more familiar with the concept of insurance.

Interactive tools and discussions adapted to the age of the participants are also part of the awareness-raising process. The youngest students work more extensively on the issue of establishing the family budget, while their elders tackle the specific issues related to investment choices and buying insurance. A volunteer from AXA is assigned to each school that is part of the program – a total of 75. Initially extended to 5 pilot regions, the project will later be rolled out in other countries.

This program is consistent with the broader commitments of the AXA Group. As an insurer, our core business is to manage risks and to understand, anticipate and explain them. By integrating education into the reduction of risks in our businesses, we help to create a more prepared, safer and stronger society.

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A business and trade delegation, led by Business Bermuda concluded a successful Annual Bermuda Financial Services Conference on Tuesday, 24 April 2012 at the Mandarin Oriental Hotel in London.  Bermuda’s key government members and industry leaders spoke at the London event which was attended by more than 260 leading lawyers, accountants and financial services executives.

The conference commenced with a breakfast panel on Insurance and Reinsurance with panellists including David Cash, CEO of Endurance, Janita Burke, Partner at Appleby, Charles Collis, Director at Conyers Dill & Pearman and Tim Leggett, Partner at Ernst & Young. The panel observed that the Insurance and Reinsurance industries are experiencing strong trading with new customers in emerging markets, whose economies continue to develop despite the slowdown in Western markets.

The breakfast was followed by an offshore pre-conference summit and panel discussion on Bermuda and offshore jurisdictions featuring: the Governor of Bermuda, Sir Richard Gozney, the Premier of Bermuda and Minister of Finance, The Honourable Paula Cox, JP, MP and Jeremy Cox, CEO of the Bermuda Monetary Authority, Greg Wojciechowski, President and CEO of the Bermuda Stock Exchange, Cheryl Packwood, CEO of Business Bermuda and Richard Hay, Partner of Stikeman Elliot London.

During the offshore pre-conference summit, the Premier and Minister of Finance, The Honourable Paula Cox spoke about Bermuda’s continued progress in making Bermuda a credible and competitive jurisdiction. Premier Cox referred to the Tax Information Exchange Agreements (TIEAs) signed recently including the latest agreement signed with Italy and Malaysia on Monday 23 April, the enactment of Bermuda’s Amendment Act during 2011, the importance of credibility and Bermuda’s commitment to achieving Solvency II equivalence.

Premier of Bermuda and Minister of Finance, The Honourable Paula A. Cox, commented:

“Bermuda continues to update and improve its regulatory framework to withstand critical inspection, all with one thing in mind; credibility. Our investment in our regulatory infrastructure reinforces our global reputation and our appeal as a jurisdiction in which to do business.”

The newly-appointed Minister of Business Development & Tourism, The Honourable Wayne L. Furbert, JP, MP, delivered this year’s luncheon keynote speech. The Minster highlighted the benefits of doing business in Bermuda, outlining the state of Bermuda’s economy and emphasizing Bermuda’s standing vis-à-vis other jurisdictions.

He also highlighted Bermuda’s existing twin economic pillars: International Business and Tourism and his thoughts on the opportunities for financial services businesses on the island.

Minister of Business Development and Tourism, The Honourable Wayne Furbert said:

“This year’s conference has been a resounding success, especially the calibre of attendees Bermuda has engaged with and the Bermudan businesses that have participated.

The London visit has provided Bermuda with an improved insight into investor sentiment and demonstrated the need for Bermuda to promote itself aggressively internationally in order to increase its profile in the international business arena.”

In a packed and fast-paced itinerary, the breakfast and pre-conference summit sessions were followed by sessions discussing: Islamic Finance, Convergence, Trusts, Hedge Funds and Private Equity and Investments, Private Wealth, Capital Markets and Asset Financing before the event concluded with a drinks reception.

At the conference the Governor explained that his presence was almost unnecessary, due to the extent of Bermuda’s autonomy in financial matters. No other overseas territory has the freedom to borrow US$500 million in the capital markets of London and Bermuda.

Concluding the event, Cheryl Packwood, Chief Executive Officer of Business Bermuda, commented:

 “This year’s event gives me the opportunity to highlight to London delegates the significant progress Bermuda has made in the twelve months since our last Conference here. In that time, we have updated and improved our company law and applied for Solvency II equivalence. We have also increased our number of Tax Information Exchange Agreements, signed around the world, to 34, including the most recent agreements with Italy and Malaysia.

 “We continue to strengthen and deepen our relationships with international financial centres and remain focused on creating an attractive business environment built around a robust and sophisticated regulatory framework.”

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Aon Risk Solutions, the global risk management business of Aon, urges companies to ensure threats to business continuity are considered as 37 countries were downgraded in the Aon 2012 Terrorism & Political Violence Map, largely due to civil unrest.

The continued effects of the global economic crisis were very much in evidence in 2011. As austerity measures and spending cuts took hold, civil unrest, riots, strikes and student protests were witnessed across large parts of Europe. This led to 43 percent of the downgrades in Aon’s 2012 map. The UK, France, Germany, Italy, Portugal and Spain were all downgraded from low risk to medium risk. Dramatic political change in the Arab world continued to cause aftershocks in that region and beyond. Authoritarian governments in Africa and Asia took measures to protect themselves from similar challenges as civil unrest, property damage and localised protests continued in the Middle East and North Africa.

Meanwhile, terrorism remains relevant to the security of businesses, with 46 percent of all countries assessed possessing the risk of terrorist incident icon. The death of Osama bin Laden last year signified the decline of a truly globalised radical Islamist terrorism capability, but regionally active groups continue to be inspired by al-Qaeda’s ideology. While South Asia and the Middle East remain as focal points for Islamist terrorist groups, Africa has shown the most dramatic shift in terrorism threat in the last year. The ratings of six African countries have been downgraded with Senegal receiving a double downgrade from low to high risk.

Produced by Aon, in collaboration with global risk consultancy The Risk Advisory Group, the Aon Terrorism & Political Violence Map reflects data recorded by: Terrorism Tracker*, which monitors global indicators of terrorism threat, including attacks, plots, communiqués and government countermeasures; Aon WorldAware*, which provides country risk information for business travelers; and an expert assessment of the security situation in more than 200 countries. Each country is assigned a threat level, starting at negligible, and rising through low, medium, high and severe.

The map acts as a gauge for the intensity of the threat of political violence to international business in each country and three icons indicate the forms of political violence:

– Terrorism and sabotage

– Strikes, riots, civil commotion and malicious damage to property

– Political insurrection, revolution, rebellion, mutiny, coup d’etat, war and civil war

Neil Henderson, head of terrorism in Aon Risk Solutions’ Crisis Management Practice, commented: “As can be seen from the number of downgrades, risks continue to grow. Companies that operate internationally have to keep up to date with potential risks around the world to enable them to protect their employees, physical assets and ultimately, their bottom line.  Businesses need to identify the threats they face and implement a comprehensive risk management programme to protect themselves. As the insurance market for political violence is very mature and can cope with complex international risks, it should be considered as part of a business’ sound risk management programme.”

Dr. David Claridge, managing director of Risk Advisory, added: “Once again the map highlights the challenges businesses face in ensuring the security and continuity of their global operations. For the first time since the map’s inception, we have recorded significant negative ratings in Western Europe that reflect civil disorder in economies traditionally seen as stable. With further austerity measures still to be imposed and the Eurozone crisis only in remission, economic and social degradation are likely to be important drivers of future unrest. The Arab Spring features heavily in our assessments, both for its contribution to civil unrest, and also as post-uprising states fail to guarantee local and regional security. Weapons proliferation and unchecked growth of radical groups in Libya, Yemen and the Sinai Peninsula are of particular concern.”

Access to Aon’s 2012 Terrorism & Political Violence Map can be requested via http://www.aon.com/terrorismmap

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Friends Provident International (FPI) has launched five risk-rated model fund portfolios for exclusive use within its online portfolio planning tool, Dynamic Portfolio Planner International (DPPi). Known as Asset Builder Portfolios, they are powered by independent industry recognised experts, Morningstar OBSR.

Since its launch in 2008, DPPi, has successfully provided advisers with sophisticated risk profiling, financial goal planning and target asset allocation models. At the heart of the application is historical and forward-looking analysis of core asset classes which are used to develop efficiently balanced asset allocation targets for identified client risk profiles. A stochastic model also provides probability assessments in meeting client specific financial goals. These tools are supplied by Distribution Technology Limited.

With the launch of the Asset Builder Portfolios, which are mapped to the target asset allocations within DPPi, FPI has gone one step further with ready made investment solutions for professional advisers to use at the touch of a button.

Morningstar OBSR has been commissioned to blend funds selected from FPI’s global guided mirror fund range (USD denominated) to provide the optimal mix of funds that map to the defined risk profile and asset allocation targets in DPPi, thereby improving the consistency of customer outcomes. In addition the service from Morningstar OBSR includes a formal review of the Asset Builder Portfolios on a quarterly basis to identify any required changes to the models. Advisers also benefit from FPI’s own in-house fund research capabilities, an effective double layer of monitoring.

Advisers registered for DPPi will have the added benefit of a quarterly ‘reasons why report’ sourced from Morningstar OBSR and should portfolio re-balancing adjustments be required, users will receive automatic email alerts to contact their clients accordingly. This development also coincides with the annual model update for DPPi.

Jim Henning, Funds Marketing and Research Manager at Friends Provident International, said:

“The combination of DPPi’s sophisticated asset allocation guidance with the new fund blending expertise from Morningstar OBSR means that FPI’s online portfolio construction service really is a most compelling proposition for professional advisers. We are offering the right tool set for advisers to navigate their client portfolios through uncertain times.”

Benjamin Bird, International Development Director at Morningstar OBSR, said:

“Asset allocation and fund selection are vital in ensuring that client needs and long-term investment expectations are met. The introduction of risk-based model portfolios is a relatively new development in the offshore market and one which helps differentiate the FPI proposition.”

Ben Goss, CEO of Distribution Technology Limited, said:

“As a leading provider of risk profiling solutions, we have seen a big increase in demand for robust processes that deliver quality customer outcomes and risk-aligned investments. We have been working closely with FPI on DPPi since its inception; this new development is a very exciting one for the offshore market place, where FPI continues to be at the forefront.”

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Chartis Insurance and Allianz SE are being honoured for their use of SAS Analytics to address company goals with confidence and knowledge. SAS conferred the 2012 Enterprise Excellence Award on the two organisations which have set global standards for analytics.

Recognising two insurers this year emphasises the growth the industry has experienced in using analytics to harness big data for critical business needs and to ultimately increase profitability. This award is presented annually to SAS customers demonstrating business value and excellence via analytics.

Additionally, Pete Lund, Information Systems Manager at Looking Glass Analytics earned this year’s User Feedback Award for his contributions to improving SAS software during 2011.

CHARTIS BECOMES A WORLD LEADER IN THE SCIENCE OF SAFETY

Chartis, a world-leading general insurance organisation serving more than 70 million clients in over 160 countries and jurisdictions, used SAS Analytics to become more competitive globally, make better decisions, and ultimately to increase profitability. Chartis’ newly constituted Science Team leveraged data in three specific areas: executive liability insurance, catastrophe (CAT) modelling and financial accounting. With SAS, Chartis improved profitability through better pricing, expedited refined claims service programmes, and enhanced statutory and compliance reporting.

“Analysing big data to make better business decisions has become a critical objective for Chartis,” said John Savage, head of science, global casualty, at Chartis. “Our clients expect us to be a leader in the science of safety, and SAS is enabling Chartis to fulfil that mission.”

Chartis’ innovative use of CAT models helped them project hurricane storm paths to accelerate the preparedness of claims adjusters. Chartis built a patent-pending system called CERT to identify gaps in field assistance and automate reports for claims adjusters.

In addition, Chartis built a complex SAS data warehouse and reporting platform for CAT liability analysis. Through improved budgeting and underwriting, Chartis increased its exposure reporting accuracy and reduced reinsurance expenses.

ALLIANZ SE IMPROVES EFFICIENCY WITH CENTRALIsED BUSINESS INTELLIGENCE AND ANALYTICS

Allianz operates a worldwide standardised IT infrastructure to improve process and costs while ensuring a uniformly high level of customer service, regardless of location. Allianz’s global strategy includes shared service centres, platforms and applications as well as business intelligence and business analytics solutions from SAS. The results include a higher degree of services, improved resource usage transparency and needs-based customisation such as access profiles.

The EEA award was received by Dr. Ralf Schneider, CIO of Allianz Group at SAS Global Forum.

USER FEEDBACK PROVIDES VALUE THROUGH BETTER SAS SOLUTIONS

Pete Lund of Looking Glass Analytics won the annual SAS User Feedback Award for his contribution to improving SAS software in 2011. Looking Glass Analytics uses SAS for analysis and reporting in the areas of criminal justice, social services, public health and education. Through excellent feedback and suggestions for improving the functionality and quality of SAS solutions, Pete has worked with SAS development and Technical Support across numerous products.

“It’s been great over the years to know that people actually listen to issues and your questions and really work to find solutions,” said Pete Lund. “Without their willingness and support, even on the weekends, I wouldn’t be nearly as productive as I am. I love hearing people say, ‘Wow! You did that in SAS.”

The SAS Enterprise Excellence Award has been recognising analytic achievement from SAS customers for more than 10 years. Past winners include AXA Financials, Bell Canada, Canada Post, CJLEADS, Commonwealth Bank of Australia, Eli Lilly and Company, Fiducia, GE Rail Services, HP, HSBC, JPMorgan Chase, Lloyds, Maytag, MCI, MLB.com, Royal Bank of Scotland, Sprint, Telstra, U.S. Bank, U.S. Coast Guard, Whirlpool Corporation and Wisconsin Dept. of Revenue.

Today’s announcement was made at SAS Global Forum, the world’s largest gathering of SAS users, attended by more than 3,400 business and IT users of SAS software and solutions.

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In the last 12 months MMA Insurance has seen a 40% increase in total regional growth for bespoke commercial business traded through its seven regional offices.

The bespoke commercial products that MMA Insurance trades throughout its regional offices include Commercial Combined, Commercial Property Owners and Motor Trade Combined, which was launched in August 2011.

Paul Hodgson, Underwriting Director, Commercial, at MMA said: “I am delighted with these positive figures. In the last year we have re-affirmed our dedication to our regional offices by announcing a number of new appointments within the underwriting and business development teams. We have attracted some excellent people who have taken the opportunity to build MMA’s commercial offering across the country.”

Paul continued: “We always listen to feedback from our brokers to improve our product range, and we did this with our new Motor Trade Combined product. This product has been welcomed to the market by brokers and our regional offices are receiving a high level of enquiries.

“Our underwriters have considerable local knowledge and provide an informed underwriting approach to risks. I believe it’s these reasons that have attributed to the growth we have seen. In 2012 and beyond we will continue our commitment to our regional brokers and to offering a more local, more personal and more efficient service.”

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QBE  has announced that Martin Devaney has joined its Risk Management Services (RMS) team to take the role of Senior Client Risk Manager.  Martin will be leading the Liability RMS team reporting to Richard Thomas, Head of Risk Management Services for the company’s Property, Casualty and Motor division.

Martin has over 20 years experience in the risk management and insurance arenas, originally starting his career in Local Government where he was a Risk and Insurance Manager for a number of large public entities. Most recently, Martin has worked as a risk consultant for Marsh McLennan Risk Consulting and as a Senior Risk Manager for Travelers Insurance Company.

Richard Thomas, Head of Risk Management Services at QBE, commented: “As we continue to develop and expand our risk management services I’m delighted that someone of Martin’s experience and capabilities is joining our team.”

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The British Insurance Brokers’ Association (BIBA) has called for the Government to commit to a timescale and announce details for its work to reduce the number and cost of fraudulent whiplash claims.

The call follows the announcement in the Government’s response to the Transport Select Committee’s follow up report on the cost of motor insurance, where they committed to urgently work with the insurance industry to identify and investigate appropriate ways to effectively reduce the number and cost of fraudulent whiplash claims.

Eric Galbraith, BIBA’s Chief Executive, said: “We broadly welcome the Government’s response and will continue to work closely with them. However we want them to speed up their work to reduce fraudulent whiplash claims and urge them to provide more details and timescales to move this forward.”

BIBA believes that fraudulent whiplash claims are the principal cause of the increasing cost of motor insurance with more than 571,000 reported claims annually, costing innocent policy holders £2billion per year.

Graeme Trudgill, BIBA’s Head of Corporate Affairs, added: “BIBA will continue to work closely with Government on all of the issues outlined in the report and in particular the access to DVLA driver records anti-fraud project. BIBA has been working hard to help consumers with motor premiums and we have recently launched the joint government agreement on signposting. This will help older drivers more easily access motor insurance.”

BIBA has published an eight point plan to reduce the cost of motor insurance

1. Implement many of Lord Justice Jackson’s recommendations and set out a timetable and actions to address fraudulent whiplash claims.

2. Provide the insurance industry access to DVLA driver licence records to reduce fraud.

3. Promote the system of signposting to help people access suitable insurance.

4. Review the implementation of the FSA’s guidelines for the selling of general insurance policies through price comparison websites, published six months ago.

5. Young driver risk and safety – Review the Pass Plus system, the driving test and take account of hazard perception, situational judgement and attitude awareness and develop the wider use of telematics technology

6. Reform the Northern Ireland legal system in regard to the handling of personal injury claims.

7. Greater regulation of claims management companies.

8. Greater promotion of the new system of Continuous Insurance Enforcement by Government to reduce the cost of uninsured driving.

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Liberty Mutual Insurance (LMI), the commercial lines division of Liberty Mutual Insurance Europe Limited (LMIE), a part of Liberty Mutual Insurance Group, is revving up its sponsorship of UK motor sport by increasing the number of drivers it supports.

In addition to Alex Brundle and Sam Brabham, whom the company sponsored last year, LMI has added 18-year-old Formula 3 driver Tom Blomqvist, young karter Toby Sowery and rally driver James Slaughter to its roster, bringing the total number of LMI-sponsored drivers to five for 2012.

Alex Brundle, 21 will compete in the GP3 series with Surrey-based Carlin team and in the European Le Mans series. In addition, he will be joined by his father, British former-F1 driver Martin Brundle, when they compete in the Le Mans 24-hour race this June.

Sam Brabham, a name also strongly associated with British motor racing, will be competing in the 2012 senior Rotax Max karting series and 15-year-old Toby Sowery will be racing in the junior Rotax Max karting series.

Tom Blomqvist races in the F3 series at UK and European circuits. British F3 International Series is the leading single-seater championship in the UK and the world’s top Formula 3 series.

Dick and James Slaughter compete in the MSA British Historic Rally Championship driving Ford Escorts in major international rallies across the UK and in Europe.

The sponsorships allow LMI to promote its brand on vehicles, driver suits and helmets.  Some races will be televised and there will be opportunities for LMI to take its brokers to view some of the races at major UK circuits.

LMIE’s chief executive Sean Rocks said: “We were thrilled to be able to sponsor Alex and Sam last year, in what turned out to be good learning experiences for them both. This year we want to continue and place a really strong emphasis on helping promising drivers at the beginning of their careers, which is why we’ve got behind Tom and Toby as well.  With D&J Rallying, Liberty is entering the exciting world of rally driving. The British Historic Rally Championship offers us a great opportunity to promote the Liberty brand in the historic motorsport arena.”

“These sponsorships fit perfectly with our provision of liability cover for both motorsport teams and circuits and offers us lots of opportunities to promote our brand.”

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