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A report on the analysis of more four billion fields of data collected from 250 million miles of vehicle journeys looks set to change the way car insurance premiums are set.

Insurance pioneer Johan van der Merwe, who acquired telematics-based pay-as-you-drive insurer Coverbox earlier in 2012, commissioned the report which has assessed the behaviour of tens of thousands of drivers since 2009.

It will be presented to a select panel of leading insurance companies in March.  Telematics records the movement of vehicles for analysis – including acceleration, braking, cornering as well as routes and parking location and other parameters – via GPS.

“What it reveals is that there’s an overwhelming case for changing the way the insurance industry sets premiums: we can record, analyse and compare driving behaviour as against applying insurance ‘proxy ratings’ – we get factual driving information, and base rates on driving style and location rather than lifestyle and home address,” said Mr Van der Merwe.

“Addresses are relevant to theft – massively less-likely with modern vehicle security – whereas driving style is relevant to injury or death, which obviously command much higher compensation payments.

“A low mileage car ‘living’ in a proxy rating high-risk area may rarely move, and may even be driven very carefully, but a high mileage car whose owner lives in a proxy rating low-risk area may actually be driven very aggressively through many rush-hour accident black spots, or in dangerous ‘super-peak’ periods.

“The report illustrates that both insurers and drivers will be better off if insurance is rated on driving style rather than lifestyle, and that good drivers don’t suffer from the behaviour of bad drivers.

“The beauty is the speed with which the system could be introduced.”

Coverbox pay-as-you-drive insurance allows drivers to take out comprehensive cover paid for by the mile, with the price per mile varying according to the time of the day or night: off-peak, peak or “super-peak” times.

All Coverbox policyholders have a personal website enabling them to see precisely how many miles they are driving, and what the cost is. The technology behind Coverbox is based on proven equipment and technology.

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XL Group announced that Valerie F. Gooding has been appointed to the Company’s Board of Directors. Ms. Gooding’s appointment will become effective at the Company’s April board meeting.

For 10 years, Ms. Gooding served as the CEO of British United Provident Association (BUPA), a leading independent health insurer and provider, where she led a major expansion of the company. Under Ms. Gooding’s leadership, BUPA diversified its strategy and grew operations outside of the United Kingdom to include Australia, New Zealand, Spain, Saudi Arabia, Denmark and the United States. Prior to leading BUPA, Ms. Gooding spent more than 20 years at British Airways, where she held a number of positions, including head of sales and marketing, division director of business units and director of Asia Pacific.

Commenting on the appointment, XL’s Chairman, Robert Glauber, said: “We are delighted to have Val join the XL Board. As XL continues to execute its strategic growth ambitions, I believe that Val’s extensive and diverse global business experience will serve us well. We look forward to Val’s many contributions.”

Ms. Gooding, a citizen of the United Kingdom, currently serves as the non-executive chairman of the board of Premier Farnell plc and chairs the board’s nominating committee. She also sits on the board of Standard Chartered plc. She was formerly a director of the British Broadcasting Company (BBC), J. Sainsbury plc and BAA plc.

Ms. Gooding’s extensive pro bono positions include acting as a Trustee and Deputy Chairman of the British Museum and as a Board member of the Association of British Insurers.

For services to business, Ms. Gooding was appointed a Commander of the Order of the British Empire (CBE) in 2002 and was previously recognized as one of Fortune magazine’s 50 Most Powerful Women in Business. She holds an honors degree from Warwick University.

The Company also announced that Ellen Thrower, who has served as an Independent Director of XL since 1995, will retire from the Board effective immediately. Mr. Glauber said: “We are most grateful to Ellen for her long service to XL, stretching out over more than 15 years. As she alters her professional focus, we can understand her decision to step down now. She has been a valuable presence, from her work on our Audit and Nominating, Governance & External Affairs committees, to the perspective she brought as the former Executive Director of St. John’s School of Risk Management, Insurance and Actuarial Science (from 2001-2010), her impact has been meaningful and will be missed.”

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Motor specialist Provident Insurance has been appointed to the motor panel of Equity Insurance Partnerships (EIP), the UK affinity business of Insurance Australia Group.

Halifax-based Provident will underwrite private motor policies for EIP’s growing stable of affinity partners.

Sue Coffey, Provident’s Head of Broker Distribution said: “Equity has an impressive track record of building successful collaborations with high profile brands. Joining Equity’s panel is a great opportunity for us to broaden our distribution in the affinity insurance market.”

EIP’s Insurer Relationship Manager, Jill Ritchie commented: “As one of the UK’s leading insurers, Provident is an excellent fit for our motor panel. The addition of Provident complements our existing panel, broadens our offering for our policyholders and strengthens the platform on which we’re building our desired panel.”

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QuestGates warnes the insurance sector could be facing a significant year for subsidence claims in 2012.

Ross Macpherson, Director at QuestGates, says: “The latest data from the Environment Agency confirms that in some parts of the country groundwater levels are lower than in 1976, which as many of us will remember, was the year of the “heat wave”. Many rivers, particularly in the south-east and East Anglia have completely dried up and swathes of the country are either officially in drought or heading towards it. An alarming picture given that we are only in February.”

Whilst Scotland has reported its second wettest winter for a century, conversely Thames Water has confirmed that London and parts of the south east have received below average rainfall for 18 of the last 23 months.

Ross warns that this is a potentially significant factor, particularly as many properties in this part of the country are built on highly shrinkable clay sub-soils, which are more susceptible to drought.

He says: “MORECS (the Meteorological Office rainfall and evaporation calculation system) is already confirming moisture deficiency in sub-soils, meaning we are starting the spring with inadequate moisture. Unless we get a prolonged period of consistent rain then the threat of increasing incidents of subsidence remains high. In our opinion insurers should be preparing themselves to manage the likely influx of claims. Brokers should consider alerting their clients in the worst affected areas to be on the lookout for cracks and consider potential mitigation measures such as tree work, albeit this would need to be done under the auspices of a specialist, such as an arboriculturist.”

He concludes: “Avoiding expensive and potentially disruptive underpinning measures is in the interests of both the insured and insurer, so early diagnosis is essential to mitigate and manage the loss. The sooner a loss adjuster – preferably one that is a qualified engineer/surveyor – can visit a property, the sooner the investigation can start and mitigation measures can be put in place to negate the loss.”

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State-rescued Royal Bank of Scotland said Thursday its net losses ballooned to almost £2.0 billion in 2011, hit by the Greek debt crisis, restructuring costs and compensation payments linked to insurance mis-selling.

Losses after tax widened to £1.99 billion (2.35 billion euros, $3.12 billion) from £1.12 billion in 2010, RBS said in a results statement.  The group suffered its fourth successive year of steep losses since it was bailed out by the British government at the height of the global financial crisis in 2008.

RBS, 82-per cent owned by the state, said pre-tax losses soared 92 per cent in 2011, while profits at the bank’s investment division tumbled 54 per cent.

The Edinburgh-based lender added that it paid staff a total bonus pot of £785 million, down 43 per cent compared with 2010. That included £390 million for its 17,000 investment banking staff, down 58 per cent.

“After the effect of several large one-off items such as … compensation costs, Greek sovereign debt impairments, and integration and restructuring costs, the group reported a pre-tax loss of £766 million,” the bank said.

RBS took an enormous £1.1 billion write-down on the value of its Greek government bonds. The company has also been hit hard by having to pay compensation of hundreds of millions of pounds to its customers who were mis-sold insurance policies.

RBS has slashed tens of thousands of jobs since it was bailed out by the state and has also sought to offload non-core assets as it seeks to return to profitability.

Chief executive Stephen Hester told reporters: “Our job is to diffuse the biggest-ever time bomb in banking balance sheets. In this respect, we are making progress.”

Ahead of the results, Hester bowed to public anger last month and waived his annual bonus of shares worth £963,000 on top of his £1.2 million salary.

The large bonus, coming amid government austerity and economic gloom, had sparked outrage among trade union leaders and opposition politicians because RBS has been almost fully nationalised.

In January meanwhile, the former chief executive of the Royal Bank of Scotland, Fred Goodwin, was stripped of his knighthood by Queen Elizabeth II over his role in the bank’s near-collapse in 2008.

British finance minister George Osborne welcomed Thursday’s cut in the bonus pool but stressed that it was in the nation’s interest that RBS received the necessary backing to return to health.

 “The new management team at RBS are cleaning up the mess after the biggest bank bailout in history … These results show that they are doing just that,” Osborne said.

“It’s right that bonuses at the investment bank are less than half what they were last year and less than a third of what they were in 2009,” he said.

“But our main interest should be to get back as much money as possible for taxpayers and we must not let those that want to create an anti-business culture put that at risk.”

Since 2008, the state has injected a massive £45.5 billion into RBS, which needed saving from the US housing market crash and a disastrous multi-billion-pound takeover of Dutch rival ABN Amro in 2007.

“The job of rebuilding the group is far from complete,” RBS chairman Philip Hampton said on Thursday.

“The need to address the legacy of losses in a number of businesses means that the group is not yet profitable, although in 2011 our core businesses earned a profit of £6 billion,” a figure that sent the bank’s shares higher.

RBS recently said it would cut 3,500 more jobs over the next three years as the group shrinks its investment banking activities — bringing to 34,000 the number of posts the bank has slashed since late 2008.

Its shares jumped 5.09 per cent to finish Thursday at 28.72 pence on London’s FTSE 100 index, which closed up 0.36 per cent at 5,937.89 points.   RBS’s results were published one day before another bailed-out lender, Lloyds Banking Group, was due to unveil its annual figures. LBG is 40.2 per cent owned by the government.

London, Feb 23, 2012 (AFP)

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Research by MoneySupermarket has revealed that nearly half of Brits (47 per cent) have stopped or reduced the amount they save in the last year. Of this, 12 million people have been forced to stop or reduce their savings just to fund day-to-day living and four million to pay off debt such as personal loans or credit cards (18 per cent). Meanwhile, a further one in five (19 per cent) of Brits did not save in the first place.

The current economic climate has taken its toll on households finances, as the research from MoneySupermarket found the main reason people stopped or reduced their savings was to fund day-to-day living (52 per cent), followed by money needed for household bills (42 per cent). Over a third had been affected by a reduced income, which meant they could no longer afford to save (37 per cent).

The research also asked people what they had stopped buying or cut down on in order to save money, over the last year. The majority of people said eating out (45 per cent), followed by buying new clothes (40 per cent) and going on holiday (32 per cent). More men said they had given up drinking alcohol (25 per cent) compared to women (18 per cent), while 29 per cent of women said they’d had to stop or cut down on having their hair styled compared to just eight per cent of men, in order to save.

Kevin Mountford, Head of Banking at MoneySupermarket, said: “It comes as no surprise that many people have reduced and even stopped saving completely at a time when cost of living is high against a backdrop of ongoing low interest rates. It is easy to accept rising costs as a fait accompli but there are many ways people can lower the impact. The first step should always be to review outgoings, ensure you are on the best deal for your needs and start looking at ways you can be more savvy with your spending – all steps which can help to free up some vital extra cash. Using MoneySupermarket to switch your major bills can help save over £1,000.

“For those people who say they have been put off saving due to low rates, the top savings rates are paying over six times that of base rate so it is still possible to gain decent returns. For the large number of people with no savings at all, it is important to try and start to save, no matter how small the amount. Even putting away just a few pounds a week can add up- as every penny counts. Over time this will build up and help to pay for unexpected bills.”

A sixth of Brits (16 per cent) have stopped saving altogether, with more females stopping saving (18 per cent) compared to men (14 per cent). The East Midlands (55 per cent) and the North West (54 per cent) were the top regions where most people had stopped or reduced their savings. Low interest rates stopped more men from saving than women, with men being a third more likely to be put off putting money aside (15 per cent) compared to 10 per cent for women.

Kevin Mountford continued: “While many are being forced to reduce their savings in order to pay for every day necessities, it is encouraging to see some consumers taking action and cutting back on lifestyle luxuries, to prioritise their savings. These changes don’t have to be huge- checking through existing direct debits to make sure they are still valid and canceling any unwanted payments may be another way to free up some cash. Money saved from canceling an unused gym membership of around £45 for example could find you piling the pounds in a savings account instead.”

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AXA announces that it has published the resolutions proposed by the Board of Directors to its next Shareholders’ Meeting to be held on April 25, 2012 at 2:30 pm at the Palais des Congrès in Paris (75017), in the Bulletin des annonces légales obligatoires.

Besides the approval of a stable dividend of €0.69, the Shareholders will be asked to approve the following resolutions:

– re-appointment of Mr. François Martineau as member of the Board of Directors

– appointment of Mr. Stefan Lippe as member of the Board of Directors, replacing Mr. Jacques de Chateauvieux who decided to terminate his term of office in order to focus on his activities, within his JACCAR Holdings Group. Mr. Stefan Lippe (56 years old) spent nearly thirty years within the Swiss Re Group where he was a member of the Executive Committee as of 2001 and Chief Executive Officer from 2009 to the beginning of 2012

– appointment of a new member of the Board of Directors representing the employee shareholders of the AXA Group, replacing Ms. Wendy Cooper whose term of office will expire at the close of the next Shareholders’ Meeting. Eight candidates designated by the AXA’s employee shareholders shall be submitted to the Shareholders’ vote. The Board of Directors has decided to recommend that the Shareholders vote in favor of the appointment of Mrs.

Doina Palici-Chehab to serve as member of the Board of Directors. Mrs. Doina Palici-Chehab (54 years old) has nearly thirty years of experience in the insurance business and in particular twenty two years within the AXA Group in Germany, France and India. Chief Executive Officer of AXA Business Services in India (2,500 employees), she was Head of Group Reinsurance from 2000 to 2010 within AXA Global P&C (formerly “AXA Cessions”).

“On behalf of the AXA Board of Directors, I would like to warmly thank Jacques for his contribution to the works of the Supervisory Board and then the Board of Directors over the last 7 years. His entrepreneurial skills, his great experience of the emerging markets and his involvement in the evolution of our governance has been decisive to develop AXA over the last years. I wish him all the best in his future endeavors within JACCAR Holdings”, said Henri de Castries, Chairman and CEO of AXA.

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Many UK SMEs do not have adequate levels of insurance warns AXA Commercial Lines today. The trend which loss adjusters agree has been developing for some time has been highlighted by last summer’s riot claims and recent research carried out by AXA.

David Williams, Claims and Underwriting Director for AXA Commercial Lines comments: “Often it isn’t until the point of claim that clients examine their level of cover.  Sadly all too often the rebuilding cost of their properties, or the cost of replacement stock and materials, have not been kept up-to-date at renewal or have not taken account of business expansion.”

He continues: “To make matters worse, many clients do not realise that the interruption to their operations due to fire, flood or other disaster can cause the business to collapse, as turnover takes time to recover, and wages, rent and other expenses still have to be paid.

Most customers still only insure for a maximum period of 12 months following a loss, but for many this is proving to be insufficient to get the business back to full operation, given current rebuilding and re-supply timescales.”

To support brokers and their clients in addressing this issue, AXA Commercial Lines is offering its Commercial Combined, Motor Trade and Package policyholders a unique premium waiver.

On request, Sums Insured for Buildings, Contents and Stock will be increased free of charge by up to 20% (up to a maximum of £250,000). Business Interruption cover with a maximum indemnity period of 12 months, will also be increased free of charge on request to 18 months (with a consequent 50% increase of sum insured, maximum £250,000).

Matthew Reed, Managing Director, Intermediary for AXA Commercial Lines believes that insurers and brokers can work together to resolve the situation: “Our day to day involvement with SMEs and recent research shows that under insurance is a massive issue. It impacts SMEs themselves but leads them to question the reputation of insurers and brokers.

 “That’s why we’re offering a proactive yet collaborative approach. Let’s all work together to make sure our SME customers have the right level of cover. We would urge brokers to contact their clients and carry out a mid-term review to bring their values and estimates up-to-date.  We know that convincing SMEs to think about insurance outside of renewal can be an uphill struggle, but these are stark warnings, which clients should heed.”

These offers are valid from today until 30th June 2012 and will be free of charge until the next renewal date providing the policy is then renewed.

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Sterling Insurance has announced the new team that will run its Northern office in Manchester. The decision to open a branch in the North will enable staff to work more closely with existing brokers and follows the expansion of Sterling’s national sales team in 2011.

The Manchester office will be lead by Martin Kerrison who has a wealth of experience in sales, underwriting and management with leading insurers. Martin starts with Sterling on 15th February, and is committed to developing the Sterling ethos of listening and reacting to the needs of its brokers.

Martin will be supported by dedicated High Net Worth (HNW) senior underwriter Grant Chipman. Grant, who joins Sterling on 5th March, has worked in the HNW arena since his first role and despite adding other underwriting specialities, it remains his primary focus. James Leigh, Louise Welsh and Anita Fenna from the existing Sterling team will also be based in Manchester.

The office will be operational by the end of March 2012 and will ensure a strong local presence delivering excellent products, services and solutions for existing and new brokers in the North and North East.

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Liberty International Underwriters Europe (LIU Europe), a division of Liberty Mutual, has made two senior hires in its Madrid office, as it looks to grow its Energy underwriting and Construction capabilities in Spain and Portugal.

Jose Luis Ruiz-Poveda has been appointed to the role of Vice President and Head of Marine, Energy and Construction, Spain, while Leonardo Villalba has been appointed as Senior Risk Engineer.  Both bring new Energy underwriting and engineering expertise to LIU Europe’s Spanish operation.

Reporting to Mike Gosselin, Senior Vice President, Marine, Energy and Construction, and to Fernando Lara, who heads up LIU Europe’s Spanish operation, Jose Luis Ruiz-Poveda brings with him twenty years of experience of Energy underwriting with major insurance companies in Spain and holds a degree in Chemical Engineering from Universidad Politécnica de Madrid.

Leonardo Villalba joins the company from Fluor where he was an engineer and project manager; prior to this he worked for Tecnicas Reunidas as a process engineer. Leonardo holds a degree in chemical engineering from Universidad Simón Bolívar in Venezuela and an MBA from the Instituto de Empresa in Madrid.

Commenting on the appointments, Mike Gosselin said: “By attracting new talent to our Madrid office, we are continuing to enhance our regional offering to brokers through the combination of technical skills and specific knowledge of the Spanish and Portuguese markets.

 “Jose Luis and Leonardo’s appointments give our Spanish operation its first local Energy underwriting and Construction presence, helping us to extend our product lines throughout Continental Europe in line with our expansion strategy.”

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Austrian insurer UNIQA announced that restructuring costs and writedowns on Greek bonds pushed it into a full-year net loss of 330 million euros ($434 million), according to preliminary figures. 

The loss, which compares with a profit in the previous year of 153 million euros, was larger than expected, with the firm having predicted in November that it would end the year 250-300 million euros in the red.

It booked a restructuring charge of 190 million euros and took a hit of 346 million euros on its holdings of Greek government debt. Its “solid” underlying business however saw premiums grow 4.4 per cent to 5.4 billion euros.

“We have a robust core operational business. The special effects were naturally a burden on the result for 2011, but they take the strain off us for the future,” said chief executive Andreas Brandstetter.

In November the firm slashed the value on its accounts of its portfolio of Greek sovereign debt to 35 per cent of its nominal value of 480 million euros.

Private-sector creditors holding about 200 billion euros worth of Greek sovereign bonds are being asked to accept a writedown in value of “70 per cent or more,” Deutsche Bank head Josef Ackermann said this week.

Negotiations with private investors of Greek sovereign debt are at an “ultra difficult” stage, the chairman of the Eurogroup gathering of eurozone finance ministers Jean-Claude Juncker said Thursday.

Vienna, Feb 3, 2012 (AFP)

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The Building Cost Information Service (BCIS) warns insurers that buildings insurance arranged for individual flats carries a significant risk of underinsurance.

Commonly, buildings insurance is taken out on the whole block by the freeholder of the property and the premium split between the various leaseholders. Unfortunately, for a variety of reasons, this is not always the case and individual leaseholders are left to arrange their own cover.

Leaseholders who take out buildings insurance for their individual flat believe, in the event of a catastrophe, they will be protected and covered for the building to be restored to its original state. Unfortunately, unless all leaseholders in the block have adequate buildings insurance cover, this is not the case.

BCIS warns that if there were to be a total loss and not all of the flats were insured, there is a distinct possibility that the block could not be rebuilt. In such a case, the insured leaseholders would receive a cash settlement from their insurer but the settlement would be equal to the rebuilding cost of the individual flat and this, in many areas of the country, will be far short of the market value.

The risk doesn’t only apply to total losses. If damage occurred to a common part such as the roof or foundations, the insurers of each flat would look to split the cost of the claim between them. If some of the flats were uninsured, the insurers of the remaining flats may not be willing to meet the full cost of the claim, leaving the uninsured leaseholders to fund their part of the work themselves. However, those that

are not insured may not have the means to cover the cost of the repairs themselves.

Andrew Thompson, BCIS Director, comments: “This is a serious issue and could lead to a significant financial loss for the policyholder, not to mention the reputation and commercial risk for the broker or insurer. In a total loss situation, policyholders may receive a payout far short of the market value of their flat but they would still need to continue to pay their mortgage.”

BCIS is the Building Cost Information Service of the Royal Institution of Chartered Surveyors (RICS) and the UK’s leading independent expert on rebuilding costs. Its residential rebuilding cost models are accepted as standard by surveyors and insurance loss adjusters.

BCIS supplies a range of bespoke risk solutions to the insurance industry with services tailored to suit the business models and operational practices of insurers, online providers, aggregators and brokers. The organisation provides over 20,000 rebuilding cost figures to brokers, insurers and aggregators on a daily basis. Real-time residential rebuilding cost estimates enables insurance providers to accurately assess risk and competitively price products, whilst supporting the FSA ‘Treating Customers Fairly’ guidelines.

For further information on BCIS services for the insurance industry visit www.bcis.co.uk/risksolutions.

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Insurance Telematics Europe Conference & Expo, on May 9 and 10 2012 in Lonodn, is back by popular demand! Create the ultimate business model and value proposition to take insurance telematics mass-market. According to Towers Watson, the event is “critical for players in this space”. Speakers confirmed so far include: Zurich, Aviva, Magneti Marelli, Telenor and KPN.

This leading industry event will showcase 30+ senior-level speakers, 20+ businesses-focused sessions and over 20+ hours of supreme networking opportunities.

 Click here for further information

Exclusive Discount: As an event partner we’ve secured an additional £100 discount! Click here Use discount code ‘2087NA’ to save an extra £100 from current prices.


                


            
            


            

                                                                                                                            


        
 

                
                


            


                

                

                                                                                
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US authorities on Friday seized nine shipments of orange juice from Brazil and Canada after their contents tested positive for an illegal fungicide.


The Food and Drug Administration said the orange juice tested positive for carbendazim, a pesticide that is not legal for use on oranges in the United States but is approved in Brazil and some other countries.


The FDA is testing samples of orange juice shipments from all countries and manufacturers that send such products to the United States after discovering the contamination earlier this month.


The regulatory agency said the pesticide was detected at 10 parts per billion or more in 11 shipments, two of which the firms decided not to import into the United States.


The other nine were held at the border. A total of 80 shipments were tested. Six of the shipments were from Canada and five from Brazil. In early January, the FDA said the traces of carbendazim appeared to come from pesticides being applied to orange trees.


The pesticide was present at “low levels” in some orange juice products that blend imported juice from Brazil with US-grown fruit juice, it said.


The Environmental Protection Agency did a preliminary risk assessment and concluded that consuming orange juice with carbendazim at low levels “does not raise safety concerns.”


Speaking at a conference in Washington, Christian Lohbauer, president of Brazil’s National Association of Citrus Juices Exporters, said he met with representatives of the FDA and US producers to discuss the issue.


“We asked the FDA to take into account the concentrated juice (which Brazil exports), and to accept that the (pesticide) level should be above 10 parts (per billion), between 50 and 60.


All Brazilian juices have traces (of carbendazim) below 60 (parts),” he noted.


“Nobody is concerned about carbendazim in Europe (where a level of 200 parts is accepted).


For a major part of the international market it is clear that this is a legal issue, having to do with an interpretation of rules set in the United States,” Lohbauer added.


He noted that carbendazim was legal in Brazil, where all juice producers use it although other substances were being considered as possible substitutes. And he stressed that the pesticide had no harmful effect on human health. The United States takes in 13 per cent of Brazil’s juice exports.


Brazil is the world’s biggest orange producer, with a 33 per cent market share and is also the world’s top orange juice exporter, with 85 per cent market share. Canada’s Food Inspection Agency told AFP that the carbendazim is likely coming into the country from imported products, since Canada does not grow its own oranges.


“Canada imports orange juice concentrate from exporting countries like Brazil. The source of carbendazim is from the citrus fruit used to make the juice concentrate. Canada uses this juice concentrate to make single strength juice,” said spokesman Guy Gravelle.


Gravelle said the maximum residue limit in Canada is 10 parts per million for all products made from citrus, while the United States has no set limits on the pesticide but takes action on levels above 0.01 ppm. “There is no indication in either Canada or the USA that the levels observed represent a risk to humans,” he added.


Washington, Jan 27, 2012 (AFP)



                


            
            


            

                                                                                                                            


        
 

                
                


            


                

                

                                                                                
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Bugs that cause childhood pneumonia and meningitis have evolved to evade vaccines by swapping bits of their genome with other bacteria, according to a study published Sunday. 


The findings, published in Nature Genetics, show how quickly these life-threatening pathogens can disguise themselves with borrowed genetic decoys, and how hard it is for medicine to keep up.  Diseases caused by Streptococcus pneumoniae are thought to kill over a million young children around the world each year.  Vaccines that protect against these so-called pneumoccoccal infections are designed to recognise a material on the outer surface of a bacterium’s cell called polysaccharide.


Each of over 90 kinds, or “serotypes”, of these bacteria have a different polysaccharide coating.  In 2000, a vaccine that targeted seven serotypes proved highly effective when introduced in the United States. The same formula — which also prevented transmission from children to adults — was adopted in Britain.


Over time, however, the vaccine worked less well, so researchers led by Rory Bowden at the University of Oxford set out to discover why.


Combining cutting-edge genetic analysis with epidemiology, which examines how disease spreads, they found that the deadly pathogens escaped detection by swapping genes with other, slightly different, bacteria.  Remarkably, the exchanged genetic material came from precisely that part of the genome responsible for making the cell’s coating — the area targeted by the vaccine.


The bacteria, in other words, had kept their virulence intact but changed their outward appearance.  “Imagine that each strain of the pneumoccoccus bacteria is a class of schoolchildren all wearing the school uniform,” explained Bowden.  “If a boy steals from the corner shop, a policeman — the vaccine — can easily identify which school he belongs to by his uniform.”  But if the boy swaps his sweater with a friend from another school, Bowden continued, the policeman will no longer know where to look and the thief, like the bacteria, will escape.  The researchers identified several such “recombined” serotypes resistant to the vaccine, and one in particular that had spread across the United States from east to west over several years.


They also observed — for the first time outside a laboratory — that the bugs were able to swap several parts of their respective genomes at once.


“This is of particular concern, as recombination involving multiple fragments of DNA allows rapid and simultaneous exchange of key regions of the genome within the bug, potentially allowing it to quickly develop antibiotic resistance,” the researchers said.


In both the United States and Britain, the original vaccine has now been replaced with a new one that targets 13 rather than seven of the telltale serotypes.  But the scientists caution that the bacteria will continue to morph into new forms.  “The current vaccine strategy … is extremely effective,” co-author Bernard Beall, a scientist at the Centers for Disease Control and Prevention in Atlanta, said in a statement.   “However, our observations indicate that the organism will continue to adapt to this strategy with some measurable success.”


Paris, France, Jan 29, 2012 (AFP)



                


            
            


            

                                                                                                                            


        
 

                
                


            


                

                

                                                                                
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QBE has announces the launch of QRisk, its interactive risk system designed for businesses seeking to fully develop their understanding of their risk profile and to mitigate potential loss.


Accessed online, QRisk will enable users to benchmark their company’s performance against a highly developed set of risk criteria and against their peer group. QRisk provides instant results and reports on prioritised recommendations to help improve their risk profile, coupled with automated reminders when actions become due.


Clients will also be able to access procedures and documents to facilitate simple and effective risk control, and monitor their risk improvement, providing QBE underwriters with automated updates on the firm’s risk profile.  The service is further underpinned by specialist consultants and engineers to work with clients to evaluate risks and develop risk improvement and mitigation strategies.


A phased 12 month roll-out programme is planned, with the company’s Professional Liability clients the first to benefit: specific risk assessment profiles have already been built for solicitors, engineers, architects, surveyors, design and construction firms. A financial services intermediaries package will follow in the next month.


Subsequent phases during 2012 will support Property, Liability and Motor risk evaluation, data collation and portfolio analysis.


Richard Thomas, Head of Risk Management Services at QBE, explains: “QRisk is a key tool to support our continued delivery of market-leading risk management services to all our clients; the use of technology to collect and collate risk data and the associated e-learning opportunities this data can provide is an exciting development for QBE European Operations.  It will mean clients have the chance to demonstrate best practice and, where they need help, QBE can support with specialist expertise.”


Source : QBE



                


            
            


            

                                                                                                                            


        
 

                
                


            


                

                

                                                                                
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Whether you are looking for a sound investment or need to look into potential suppliers or clients, your first port of call should be a Companies House web check. By looking into investments, and the people you will be doing business with, you can judge what kind of return on investment you will achieve from that specific relationship.


In times such as these it is important to know who you are doing business with and how they are doing financially. You don’t want to end up in a relationship that is detrimental to your business or your personal wealth. By looking at a company’s finances on Companies House or similar sites you can evaluate whether the company is financially secure and whether the company itself is reputable. Services like Duedil allow you to see if a company is involved in any legal proceedings, their trading address, and registered address. With this information you can make an informed decision, as to whether you want to be involved with them as a company, or want to invest money in their business. You can also see how they are perceived by their customers and have a look to see whether they have had any negative press coverage. By evaluating their financial situation you can see how they have grown, and look at projected growth.


In the end, it pays to do your research. You should look before you leap in these situations, especially where your business and personal finances are concerned. Like with every other investment you should do your research, look at competitors and get an overall picture of the business. If you find a negative aspect of their business make sure you tread carefully, or seek expert advice.

                


            
            


            

                                                                                                                            


        
 

                
                


            


                

                

                                                                                
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Use of cloud technology in both the private and public sectors has accelerated over the last 12 months, as businesses become more aware of the agility, scalability and cost efficiencies that it can deliver to their operations.


Recent research from the Cloud Industry Forum shows that 48% of organisations polled already consciously use cloud computing in some form and 85% expect adoption of cloud services to increase in the next 12 months.


Insurance administration solutions specialist, RDT, launched the first rating engine in the cloud in February 2011 after close collaboration with Microsoft.  This innovation allows existing customers to leverage their investment in RDT’s Landscape solution and take full advantage of the flexibility and scalability ‘on-demand’ processing power available via the cloud.


As the application of cloud technology begins to penetrate the insurance sector, early concerns – largely relating to data security, compliance and connectivity – are being allayed.  Rather than being held back by a ‘fear of the unknown’, insurers are starting to tune into the very real benefits that can be realised by adopting cloud technology. The reduction in technology costs realised through the cloud will have an immediate and positive impact on an insurers’ bottom line:  users do not face any up-front capital investment in technology infrastructure and are only required to pay for the processing power that they actually use.


New entrants to the insurance market, unencumbered by legacy technology have typically been able to react to market opportunities swiftly, often gaining competitive advantage.  Cloud technology, to a degree, levels the playing field for established insurers working with historic systems allowing discreet functionality to be built that compliments those systems.    Whereas previously the cost of bringing a new product to market could be prohibitive, the cloud offers a low cost entry point that allows organisations to trial a service via ‘pay as you go’ data processing.  Insurers looking to capitalise on their distribution model using multiple channels, including aggregator sites, to reach their market, have access to scalable processing power, as and when it is required to deal with any heightened demand – without hidden charges.  Maintenance and disaster recovery costs are also reduced as the service is fully maintained and managed by Microsoft.


Whilst the benefits associated with cloud technology are becoming more apparent, some concerns still remain.  One area is the storing and accessing of data in the cloud and associated issues around data security and compliance. The EU Directive on Data Protection, which places restrictions on data location and the exporting of data outside the EU, has potential impact on the physical location of cloud data centres.  The Directive is currently under review and reforms are expected in early 2012 which will offer greater clarity on this issue.  RDT’s Landscape rating engine in the cloud does not store customer data provided and EU customers will use the Microsoft data centres in Europe meaning they are fully compliant with all current EU and FSA data management regulations.


Since launching its rating engine in the cloud less than a year ago, RDT has already experienced a groundswell of interest from early adopter customers including G6 insurers and those looking to expand their distribution models. With over 15 insurers currently using Landscape, which supports all channels to market, an insurance community in the cloud is keenly anticipated.


www.rdt.co.uk

                


            
            


            

                                                                                                                            


        
 

                
                


            


                

                

                                                                                
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Like many things in life, choosing the right life insurance deal can be a difficult decision. In this article, we aim to give a clear picture of the level of cover each type of life insurance can provide.


Could you need life insurance?


There’s no denying that life insurance can provide a great deal of protection for your family, and could really help in the unfortunate event that you pass away. However, depending on your current financial circumstances, you may not feel you need life insurance.


If you’re single




Life insurance can provide for your financial dependants – such as your husband/wife and children – if you pass away while the policy is valid. If you’re single and don’t have any dependants, you may feel there’s simply no need to take out a policy.


If you have a lot of money in savings




Depending on your policy, life insurance can provide a significant payout after a valid claim, but if you have a lot of money in savings already you may decide it’s not necessary.


However, keep in mind that savings can only return a certain amount above the amount paid in (i.e. the overall deposit plus interest). A life insurance policy, on the other hand, can often pay out significantly more than has been paid in – which can make it a particularly cost-effective way to protect your family.


Level term life insurance


If you pass away during the term, your family will receive a payout – provided you fulfil all the other criteria for a claim.


Level term life insurance is generally cheaper than whole-of-life cover, because there’s a lower chance of a claim being made. However, it’s likely to become more expensive as you get older, and the price may also be affected by things like your health, whether or not you smoke and various other factors.


Whole-of-life insurance


As the name suggests, whole-of-life cover lasts until the day you die. Because it’s very likely to pay out, it’s generally more expensive than term life insurance, but it can provide that extra level of peace of mind for you and your family.


Critical illness cover


Critical illness cover can often be added onto another life insurance policy at an additional cost. With critical illness cover, you may be eligible for a payout if you fall seriously ill.


However, this is normally limited to certain illnesses – and again, you would have to meet all the other eligibility criteria for a successful claim.

                


            
            


            

                                                                                                                            


        
 

                
                


            


                

                

                                                                                
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Legal & General has launched the twelfth product in its long running series of structured deposit bonds, which commenced in May 2010.


The new product, 6 Year Growth Deposit Bond 12, opens for investment on Monday 23 January and closes on Friday 9 March 2012.


This Deposit Bond offers investors a minimum return of 8.00% at maturity (1.2% AER), or 100% of any capital growth in the FTSE 100 Index (subject to averaging), up to a maximum of 50% of the original investment, which ever is greater. The Bond will also return their original investment at the end of the fixed six year term, which is on 28 March 2018. If investors take out some or all of their money before the end of the fixed term they may get back less than they originally invested.


Legal & General’s Head of Commercial Implementation, Platforms & Distribution, James Harrington said, “The potential to benefit from positive growth in the FTSE 100 Index, while protecting their original capital from the risk of a fall in the value of the stock market, is proving an attractive proposition for cautious investors who are seeking to inject growth into their savings. The added benefit of a fixed minimum return at the end of the six years means that this style of Structured Deposit Bond could appeal to investors who are holding money on deposit.”


The minimum investment is £500 and the Bond is available as a deposit plan (for individuals, pension trustees, charities and corporate applications), new cash ISA applications (up to a maximum of £5,340) and for cash ISA transfers for which there is no maximum.


The last date for ISA transfers is 24 February 2012 to allow time for completion of the transfer before the offer close date. The closing date for all other applications is 9 March 2012.


Commission is 3% of the sum invested. Full details for this product are available on the Legal & General dedicated adviser website.


Advisers can also contact Adviser Direct on 0845 273 0008 (Lines are open from 9am to 5pm Monday to Friday. We may record and monitor calls. Call charges will vary)

                


            
            


            

                                                                                                                            


        
 

                
                
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