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Aon Benfield released the latest edition of its Monthly Cat Recap report, which reviews the natural disaster perils that occurred worldwide during July.

Published by Impact Forecasting, the firm’s catastrophe model development center of excellence, the report reveals that the month was characterized by an increase in  global tropic cyclone activity as the calendar turns to the Atlantic Hurricane Season reaching its historical peak of activity.

The most prolific storm, Typhoon Nock-ten, made separate landfalls in the Philippines, China and Vietnam, killing at least 72 people, and injuring 53 others, amid total economic losses estimated at USD113 million.

Meanwhile, Typhoon Ma-on made a brief landfall on Japan’s Shikoku Island, killing at least five people, injuring dozens more, and causing a total economic loss estimated at JPY3.9 billion (USD50 million).

Steve Jakubowski, President of Impact Forecasting, said: “During the month of July we began to see an uptick in global tropical cyclone activity. This is not surprising, given that we are approaching the traditional peak period of the Atlantic Hurricane Season during the months of August and September. Several parts of Asia were particularly affected by tropical cyclones during the month in the Northwest Pacific Basin, but the level of losses will probably be in line with reinsurers’ expectations.””

During July, monsoon rains prompted continued flooding throughout parts of Asia. In China, four separate periods of heavy rainfall and thunderstorms across 20 provinces killed at least 122 people, and subsequent floods and landslides affected more than 300,000 homes, as well as thousands of hectares of crops and transportation infrastructure.

Total combined direct economic losses were listed at CNY12.41 billion (USD1.73 billion) by the Ministry of Civil Affairs.

Significant flooding and landslides were also witnessed in South Korea, where at least 62 people were killed and dozens more were injured in central regions of the country. According to the National Emergency Management Agency, at least 11,000 homes were inundated, as well as large areas of infrastructure.

Total economic losses were expected to reach hundreds of millions of dollars (USD), and South Korea’s Financial Supervisory Service noted that at least 5,839 auto claims had already been filed, with payouts forecast to exceed KRW40.3 billion (USD38.3 million).

Additional notable flood events during the month were reported in Mexico, Brazil, Denmark and Australia.

The United States endured at least four periods of severe weather in July, particularly across parts of the Midwest, Plains and the Rockies. Total combined economic losses were preliminarily listed at USD1.3 billion, while insured losses were a combined USD900 million.

Severe weather damage was also found in parts of Australia and Russia’s Far East.

A magnitude-6.1 earthquake struck southern areas of Kyrgyzstan on July 19. The tremor killed at least 14 people near the intersection of the borders of Kyrgyzstan, Tajikistan and Uzbekistan, with total economic losses of KSG414 million (USD9.3 million).

Source : Aon Benfield

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Swiss Re reports a Group net income of USD 960 million in the second quarter of 2011, compared to income of USD 812 million in the same period of 2010. All segments contributed to these positive results, which translate into a return on equity of 15.6%.

Stefan Lippe, Swiss Re’s Chief Executive Officer, says: “The Group performance in the second quarter was strong. All segments – Property & Casualty, Life & Health and Asset Management – contributed to the result. Furthermore, Swiss Re’s future growth prospects have been underscored by our strong July 2011 renewals, during which we benefited from the gradual firming of pricing in Property & Casualty.”

Shareholders’ equity increased to USD 24.8 billion
Swiss Re reported an 18% increase in Group net income to USD 960 million in the second quarter. Earnings per share were USD 2.80 (CHF 2.55), compared with USD 2.37 (CHF 2.56) for the second quarter of 2010.

Shareholders’ equity rose USD 0.4 billion to USD 24.8 billion, more than offsetting the dividend payout to shareholders during the second quarter of approximately USD 1.0 billion. Return on equity (RoE) increased to 15.6%, compared to 13.4% in the year-ago period. Book value per common share was USD 72.37 (CHF 60. 94) at the end of June 2011, compared to USD 71.26 (CHF 65.19) at the end of March 2011.

All segments contributed to financial results, excellent combined ratio
Property & Casualty delivered excellent operating income of USD 993 million, compared to USD 455 million in the prior-year period, and an excellent combined ratio of 78.4%, compared to 102.0%. The increase in operating income was driven by disciplined underwriting, a favourable net development of prior accident years and lower large loss experience in the second quarter. Premiums earned increased 12.6% (or 7.1% at constant foreign exchange rates), reflecting strong renewals and also new business written in the first half of 2011.

Operating income in Life & Health rose by 13.4% to USD 161 million in the second quarter, driven by favourable morbidity trends. This was partly offset by additional Admin Re® expenses of USD 57 million, including costs from the restructuring. The benefit ratio was 87.0% in the second quarter of 2011.

Asset Management performed very well in a volatile market. The operating income of USD 1.3 billion compares with USD 1.2 billion in the year-ago period and was driven by higher investment income from government and corporate bonds and mark-to-market gains in equity and alternative investments. The annualised return-on-investment (RoI) was 4.3% (down from 5.8% in the prior-year period) and annualised total return on investments was 8.1% (compared to 13.2%).

The volatility of financial markets in the wake of recent sovereign debt issues in Europe remains a concern. After starting to take resolute steps from late 2009 to reduce sovereign debt exposure to non-AAA rated European government bonds, Swiss Re now holds only USD 78 million in sovereign debt issued by peripheral eurozone countries. The company’s exposure to Greek sovereign debt is nil.

Strong July 2011 renewals, leading to earnings growth
While enjoying improved market conditions and a firming price environment, Swiss Re continues to focus on disciplined underwriting. In July renewals, which covered approximately 18% of Swiss Re’s Property & Casualty treaty book, top-line growth was 8%. Risk-adjusted price adequacy for business renewed in July improved by 5 percentage points. Swiss Re was able to increase volume and prices mainly as a result of higher demand for natural catastrophe cover in Australia, New Zealand and the United States. Swiss Re was also able to complete Property & Casualty run-off transactions at attractive rates, but remained defensive on Casualty business whenever prices did not meet the company’s requirements.

In the course of 2011 renewals to date, Swiss Re has maintained the high quality of its portfolio. Year-to-date, Swiss Re’s total treaty portfolio rose by USD 2.0 billion or 20% to USD 12.2 billion. Strongest growth originated in Asia.

The reinsurance market has started to turn, and Swiss Re expects further improvements over the next 6 -18 months.

Progress made on financial targets, continued focus on tailor-made and innovative solutions
In February 2011, Swiss Re announced new five-year financial targets. The company made good progress in the second quarter towards achieving these goals. Swiss Re’s return on equity (RoE) for the period was 15.6%.

Stefan Lippe says: “These financial targets are the company’s most important priority and Swiss Re is fully focused on achieving them.”

In a rapidly changing world, customer needs evolve. Swiss Re strives to develop innovative solutions for clients in order to support them in refocusing their activities. In the second quarter, the company was able to conclude successful Admin Re® and P&C run-off transactions.
Seizing opportunities despite volatile environment
Amid ongoing volatility and the moderate nature of the global economic recovery, Swiss Re is seizing opportunities for growth in its chosen areas of focus. The company expects significant potential in emerging markets such as China, Brazil and Vietnam. China is already Swiss Re’s third-largest market (measured in gross premiums written during the first half of the year). Within 10 years, Swiss Re economists predict that China will be the world’s second-largest insurance market.

Broader demographic developments relating to the ageing population of many countries also present an opportunity for reinsurance companies like Swiss Re. As a market leader in longevity, Swiss Re helps pension fund providers and insurance companies with the associated risks.

Stefan Lippe says: “By seizing opportunities in emerging markets and longevity in addition to pursuing traditional opportunities, Swiss Re is well-positioned and we can fully focus on achieving our 2011- 2015 financial targets.”

Source : Swiss Re

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Britain’s state-rescued Lloyds Banking Group reported a first-half net loss of £2.3 billion (2.6 billion euros,  $3.8 billion) after being forced to compensate clients who were mis-sold insurance.   

LBG, which recently slashed 15,000 jobs as it bids to halve its international division, said its loss after tax for the six months to June compared with a net profit of £596 million in the first half of 2010.

Pre-tax profit excluding exceptional charges slid 31 per cent to £1.1 billion but beat analyst expectations for £1.0 billion, according to Dow Jones Newswires. LBG was also hit my higher bad debt losses in Ireland.

“The group performed in line with our expectations in the first half of 2011 despite the ongoing challenges of economic and regulatory uncertainty, the effects of which … are reflected in these results,” LBG chief executive Antonio Horta-Osorio said in a statement.

The lender’s share price slumped 2.73 per cent to 37.89 pence in late morning trade on London’s FTSE 100 index, which dipped 0.17 per cent to 5,574.84 points.    Lloyds, 41-percent owned by the British government, was mainly hit by a  one-off charge of £3.2 billion which it has set aside to compensate customers  mis-sold payment protection insurance by the bank.    British banks in April lost a high court appeal against tighter regulation of PPI which provides insurance for consumers should they fail to meet repayments on a credit product such as personal loans, mortgages or payment cards.    PPI became controversial after it was revealed that numerous consumers had been sold the insurance without understanding that the cost was being added to their loan repayments. Britain has since banned simultaneous sales of PPI and credit products.    LBG on Thursday said its bad debt losses narrowed by 17 per cent to £5.4 billion in the first half, although the impairment charge for Ireland increased 14 per cent to £1.78 billion as a result of the country’s weak property market.    Horta-Osorio, who has led LBG since March, unveiled in June plans to save the bank £1.5 billion a year, aided by the scrapping of 15,000 jobs, or 14 per cent of its staff.    “We don’t see that figure changing,” he told a conference call with reporters on Thursday.    LBG has slashed more than 40,000 posts since 2009 as it looks to nurse its way back to health after its part-nationalisation at the height of the global financial crisis.

The bank confirmed it had received “a number of credible initial approaches” for the 632 branches it is being forced to sell by EU regulators following its £20 billion bailout, adding it was hopeful of finding a buyer by the end of 2011.

The lender, which was sunk by the ill-fated 2008 takeover of rival bank HBOS, is also cutting its international activities to 15 nations by 2014, compared with the current level of 30.    Horta-Osorio’s predecessor Eric Daniels left LBG amid intense shareholder anger after he oversaw the government-brokered takeover of HBOS. A Portuguese national, Horta-Osorio formerly led Santander UK, the British arm of the Spanish banking group.

London, Aug 4, 2011 (AFP)

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Fitch Ratings has downgraded Groupama S.A.’s and four of its core insurance subsidiaries’ Insurer Financial Strength (IFS) rating to ‘A-‘ from ‘A’. The subsidiaries are Groupama GAN Vie, GAN Assurances, GAN Eurocourtage and Groupama Transport. Fitch has also downgraded Groupama S.A.’s Long-term Issuer Default Rating (IDR) to ‘BBB+’ from ‘A-‘ and subordinated debt ratings to ‘BBB-‘ from ‘BBB’. All rating Outlooks are Negative. A full list of rating actions is at the end of this comment.

The downgrade reflects the deterioration of Fitch’s view of Groupama’s capital adequacy as a result of the group’s continued exposure to southern European government debt. It is materially exposed to these assets through holdings at local subsidiaries as well as through holdings at French entities. Fitch notes that the group’s exposure to investments in volatile asset classes, including equities, is higher than peers and has resulted in the weakening of capital adequacy following volatility in the financial markets.

The key rating drivers that could result in a further downgrade include deterioration of the group’s financial profile, especially in terms of solvency, as well as its inability to translate measures aimed at improving underwriting results into sustainable strong performance in non-life (combined ratio near 100%) and in life (new business margin near 1%).

The ratings are supported by Groupama’s adequate solvency and a risk profile that benefits from a large degree of business and risk diversification. The ratings also take into account its solid business position and improving profitability.

Fitch will carefully monitor Groupama’s ability to improve its capital adequacy from the low level reached at end-June 2011 and expects retained earnings to gradually compensate for increased unrealised capital losses. The agency considers Groupama’s largest challenge will be to smoothly manage the reduction of its exposure to southern European government bonds, especially Greece. Fitch also expects Groupama to gradually reduce the share of its equity investments.

Excluding the impact of financial market volatility, Groupama’s profitability could still be improved. However, competitive underwriting conditions in a number of business lines will continue to challenge the group’s ability to achieve significant earnings improvement in the future. In this context, Fitch notes the improving profitability of Groupama’s non-French operations.

Source : Fitch Ratings

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Electrical Contractors’ Insurance Company (ECIC) has secured an affinity partnership with J C Roxburgh & Co Ltd for the Scottish Decorators’ Federation.

The partnership will allow J C Roxburgh & Co Ltd, a broker, to offer a range of specialist products provided by ECIC exclusively to federation members.

ECIC was chosen because of its specialist experience within the contractors’ sector and its understanding of decorators’ risks and claims experience. ECIC’s expertise in contractors’ insurance stems from the fact that it is owned by a trade association and already provides a range of value added products and services designed to benefit trade association members.

Members of the Scottish Decorators Federation will have access to exclusive, tailor-made policies that provide wide coverage at competitive rates. These policies – provided through JC Roxburgh in Glasgow and Troon – include public liability, employer’s liability, product liability, coverage for work at heights up to 15 metres and ‘tools, plant and equipment’ cover.

The new partnership follows a previous affinity deal in February 2011 for ECIC with SELECT, the Scottish Electrical Contractors’ Association.

Roger Brown, managing director of ECIC, said: “I am delighted to be working with the Scottish Decorators’ Federation. This is a significant deal because it ensures our expertise is presented to a new set of professionals. As decorating firms develop their insurance and risk awareness, they naturally become more discerning about the brokers and insurers they choose, which is positive for us as a specialist insurer.”

He added: “Members of the Scottish Decorators’ Federation are companies with superior health and safety awareness and should therefore enjoy preferred pricing for their insurance.”

Stewart Roxburgh of J C Roxburgh & Co Ltd said: “We are very pleased to be working with a specialist insurer such as ECIC, which understands the members of the Scottish Decorators’ Federation  business very well. We look forward to working together to ensure that the Federation’s Members receive high quality insurance and the latest advice on staying safe and secure.”

Source : ECIC

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Greek Finance Minister hopes to have completed all procedures for the new debt rescue deal, including a bond swap with private creditors, by early October.

Euro zone leaders agreed at an emergency summit last month to give the debt-choked country a second bailout to avoid bankruptcy. Banks have pledged to shoulder part of the burden through bond swaps, but much of the details still need to be agreed.

“This is a colossal enterprise, which is absolutely unique — look at how many actors must cooperate, countries, organisations, banks, rating agencies,” Finance Minister Evangelos Venizelos told a parliamentary committee.

“We estimate that all this will be completed by early October,” he added, without providing any more details.

Greek officials had previously said they planned to start a bond swap in August and complete it swiftly. They have not said when they will formally ask for the new, 109-billion euro bailout agreed by euro zone leaders.

Greek banks, who are the biggest private holders of the country’s debt and are bracing for losses in the bond swap, expect the exchange to be completed by September.]

IMF European Department Director Antonio Borges called on Wednesday for an “early conclusion” of talks between Greece and private creditors on a bond swap, saying this was needed to provide cash flow relief for the country.

“To ensure the success of the authorities’ programme amidst what remains a fragile situation, it is important that these discussions are brought to an early conclusion, and that creditors take timely decisions about their participation in the debt exchange operation,” Borges said in a statement.

“With the expeditious implementation of the improved financial terms of the official sector support and the successful involvement of the private sector, Greece can realise the cash flow relief that is a necessary step towards a sustainable debt and debt service profile over the medium term.”

The rush to complete the voluntary swap of privately held Greek bonds comes as rating agencies cast Greece deep into junk territory and after initial market optimism over the EU deal quickly soured.

Bank lobby IIF, which is helping coordinate talks on the bond exchange which started in Athens this week, has estimated that about 90 per cent of all private holders of Greek debt maturing by 2020 will take part in the scheme.

Greece’s private sector creditors have agreed to take a 21 per cent loss on their bond holdings as part of a 37 billion euro contribution to Greece’s rescue plan.

All Greek lenders will take part in the exchange, Venizelos said, with the possible exception of two state lenders, ATEbank  and Hellenic Postbank because of complications due to rules over their status.

Venizelos also said Greece should be able to return to bond markets in 2014, a view shared by senior IIF official Charles Dallara.

The minister said Greece was still in “tough negotiations” with Finland, which is particularly insistent on detailed assurances from Athens over the guarantees it must put up for the EU loans it will get under the rescue plan.

“This issue has acquired a symbolic value in Finland,” he added.

Source : Reuters

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Tropical Storm Emily is expected to hit the island of Hispaniola—shared by Haiti and the Dominican Republic—with heavy rain and 50-mph winds this afternoon. The rainfall should worsen in the course of the day as the storm passes over the island.

Current projections show the center of the storm passing close to Port-au-Prince, Haiti’s devastated capital, where 630,000 people remain without shelter after last year’s January earthquake. A tropical storm warning is in effect for both countries, for the Southeast Bahamas and the Turks and Caicos islands, and for the eastern Cuban provinces of Guantanamo and Holguin. The government of the Bahamas has issued a tropical storm watch for the Central Bahamas.

According to AIR Worldwide, while Port-au-Prince remains largely in disrepair, buildings outside the larger cities of both counties are of poor construction and subject to damage by heavy rains, flooding, and mudslides. Santo Domingo, the Dominican Republic’s capital, is a mix of modern buildings and older colonial-style buildings. Residential structures most commonly are made of reinforced masonry and unreinforced masonry, both of which can sustain damage at high flood levels. Commercial structures are predominantly reinforced masonry and reinforced concrete, which typically withstand flood damage well.

“The mountains on Hispaniola rise as high as 10,000 feet and are expected to weaken Emily as the storm interacts with the high terrain,” said Scott Stransky, scientist at AIR Worldwide. “Emily’s fate after its passage over the island, however, is very uncertain. The NHC’s 11:00 AM Discussion raised the possibility that Emily might not survive the passage—but that, ‘if the cyclone survives the next day or two,’ upper level winds are expected to be a little more favorable for some strengthening as the storm moves northwestward across the Bahamas. After that, the various models the NHC monitors diverge, and Emily could undergo some re-strengthening depending on just which direction its track takes it. Emily’s ‘cone of uncertainty’ at the present time, includes, at its westernmost extremity, the possibility of a brush with southern Florida’s east coast.”

According to the 11:00 am (EDT) National Hurricane Center (NHC) Public Advisory, Tropical Storm Emily is about 125 miles south of Santo Domingo in the Dominican Republic and continues to become more disorganized while still moving at near 14 mph to the west. A turn to the northwest with little change in forward speed is expected later today. Emily’s tropical storm force winds extend outward up to 115 miles, with a greater reach to the north and east of the center.

Yesterday, August 2nd, Tropical Storm Emily brought heavy downpours and strong winds to Martinique, causing severe flooding and landslides in parts of Fort-de-France, the capital city. As of Wednesday morning, some 5,000 houses remained affected by power outages, and several roads are still cut off. In Puerto Rico, where rain fell hardest in the west (largely sparing San Juan, the capital), there have not been reports of major damage. However, several roads have been closed by flooding and downed trees, and tens of thousands of people are without power. Emily had been expected to bring up to six inches of rain to the island.

Emily is expected to leave total rain accumulations of six to twelve inches in the both countries, Haiti and the Dominican Republic, with isolated areas possibly receiving as much as 20 inches. Easternmost Cuba is also expected to receive heavy rain. These rains could cause life-threatening flash floods and mud slides.

Source : AIR Worldwide

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A man who tried to split atoms in his kitchen was arrested this Wednesday.  The Swedish man said he was doing this as a hobby.

Richard Handl told The Associated Press that he had the radioactive elements radium, americium and uranium in his apartment in southern Sweden when police showed up and arrested him on charges of unauthorized possession of nuclear material.

The 31-year-old Handl said he had tried for months to set up a nuclear reactor at home and kept a blog about his experiments, describing how he created a small meltdown on his stove.

Only later did he realize it might not be legal and sent a question to Sweden’s Radiation Authority, which answered by sending the police.

“I have always been interested in physics and chemistry,” Handl said, adding he just wanted to “see if it’s possible to split atoms at home.”

The police raid took place in late July, but police have refused to comment. If convicted, Handl could face fines or up to two years in prison.

Although he says police didn’t detect dangerous levels of radiation in his apartment, he now acknowledges the project wasn’t such a good idea.

“From now on, I will stick to the theory,” he said.

Source : Official Wire

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A study released by Swiss Re shows that 72 per cent of Chinese plan to purchase insurance in the next year. The main reasons for this is the growing awareness of risk and a rising need to supplement basic social security protection

Recent accidents, such as the July 23 train crash in Wenzhou, Zhejiang province and a string of malfunctions on bullet trains, will add to this awareness.

“This accident will definitely boost people’s risk awareness and increase the demand for life and accident insurance,” said Xing Li, an economist with Swiss Re.

Industry sources said that passengers who purchase accident insurance before embarking on a bullet train has jumped by 50 per cent since the accident in Wenzhou, where a high-speed train crashed into another, killing 40 people and injuring 191.

Though a number of life insurers, including China Life, Ping An, China Pacific Life Insurance and Sunshine Life Insurance, have accelerated the claims process for people insured during the crash, the payment is estimated to have been around 3 million yuan ($465,900) by July 29, indicating a low ratio of penetration and coverage.

However, that ratio could gradually change, according to Swiss Re’s survey in April and May of 13,800 consumers aged 20 to 40 across major cities of 11 Asia-Pacific markets.

The survey sought to identify any changes in consumer risk attitudes compared with the results of a first study conducted during the global financial crisis in 2009, as measured by the Swiss Re Consumer Appetite for Risk Index (CAFRI).

According to the survey, 20- to 40-year-olds on the Chinese mainland have become less willing to take risks in the past two years, with the CAFRI value dropping from 2009 to 2011. The Chinese mainland ranks eighth in the CAFRI table, below Hong Kong (second) and Taiwan (sixth). Seventy-two per cent of respondents are planning to buy life and health insurance products in the next 12 months, one of the highest percentages in the Asia-Pacific region.

“For the insurance industry, 20- to 40-year-olds are not only the future buyers of insurance, they also represent tremendous business opportunities now,” Xing said.

According to the survey, 20- to 40-year-olds in some major cities on the Chinese mainland have become less willing to take risks in the four measured categories: health, finance, career and lifestyle. This growing across-the-board conservatism may be fuelled by the increasing need to supplement social security measures or “safety nets” for people to fall back on in emergencies.

The survey found people in China better prepared for their financial future than their Asia-Pacific peers. Still, around 30 per cent of respondents – as opposed to the regional average of about 40 per cent – said their families would or might struggle financially in the event of early death, major serious illness or disability, and the most important reason was inadequate social security.

In addition, more than a half (54 per cent) of respondents were concerned about the amount of out-of-pocket medical expenses in cases of serious illness, the survey showed.

Source : China Daily 

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According to catastrophe modeling firm AIR Worldwide, late last week, a wave off the west coast of Africa, 91L, began to slowly organize as it moved west across the Atlantic. Monday night, 91L formed a closed surface circulation and developed into the fifth named storm of the 2011 Atlantic hurricane season, Tropical Storm Emily. As of the National Hurricane Center’s (NHC) 11:00 AM EST advisory, the storm is located approximately 270 miles southeast of San Juan, Puerto Rico, and is currently near stationary in the Caribbean Sea, 160 miles west of Dominica in the Lesser Antilles. Reconnaissance flights indicate that Emily remains a poorly organized system, and maximum sustained winds are currently 40 mph. Emily is expected to resume a 12 mph west or west-northwest track later today.

“While the storm is currently in an environment of low vertical wind shear, a dry dust-laden layer of atmosphere, known as the Saharan Air Layer, is located just to the north, which is currently hindering Emily from intensifying significantly,” explained Scott Stransky, scientist at AIR Worldwide. The official NHC forecast has the system strengthening slightly, although it is not expected to become a hurricane (which requires maximum sustained wind speeds of 74 mph or greater).

“Emily is forecast to pass over Hispaniola tomorrow afternoon, where its interaction with the mountainous terrain is expected to weaken the system,” said Stransky. While the winds from the storm will not be severe, 4 to 6 inches of total rainfall accumulation (with isolated pockets of up to 10 inches in the mountains) are expected in Puerto Rico, the Dominican Republic, and Haiti, creating the potential for deadly flash flooding and landslides. A tropical storm warning is currently in effect in these three territories, and a tropical storm watch is in effect for the U.S. Virgin Islands.

According to AIR, residential structures in the Dominican Republic are typically of reinforced masonry and unreinforced masonry construction, both of which can sustain damage at high flood levels. Commercial structures are predominantly reinforced concrete and reinforced masonry, which typically withstand flood damage well. However, poorer construction types away from the cities and in the mountains may not fare as well. In 1993, a weak storm with a similar track, Tropical Storm Cindy, caused several millions of dollars of flood damage (in 1993 dollars) in the Caribbean.

 “After exiting Hispaniola, Tropical Storm Emily is expected to reorganize and a deep mid-level trough over the western Atlantic is expected to steer the storm more to the northwest as it passes through the Bahamas,” added Stransky. “From there, a turn toward the north is expected by Saturday morning, which may keep Emily from making a direct landfall on the Atlantic coast of Florida and the rest of the U.S. East Coast. There is, however, considerable uncertainty in Emily’s track and intensity at this point. A few computer models have the storm dissipating after passing Hispaniola, while some others take the storm much closer to the southern tip of Florida.”

Source : AIR Worldwide

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Greece, battling a crushing debt crisis, said it would probe a suspiciously high rate of blindness benefits claimed by hundreds of residents on one of its islands.   

Deputy health minister Markos Bolaris ordered the investigation after more than 600 of about 30,000 residents of the Ionian Sea island were found to be pocketing the support grant, a government source told AFP.

“We do not know how many of these people are actually entitled to the benefits,” the official said, without naming the island or specifying the sums paid out.

Greek daily Ethnos said two per cent of the island’s population had claimed the benefit for years, most of them since infancy.    Authorities will now scrutinise the entire Greek social welfare payroll, which costs the state 6.4 billion euros ($9.2 billion) a year, the daily said.

The Greek government is trying to limit social overspending as part of a programme of cutbacks and austerity measures ordered under pressure from the European Union and International Monetary Fund after the country nearly went bankrupt last year.    Chaotic account-keeping has led to a massive waste of state funds for decades.

Last year, labour ministry officials revealed that millions of euros in retirement grants had been paid annually to long-dead pensioners.

The Panhellenic League for the Blind, one of the main groups representing people with a visual impairment in the country of 11 million citizens, says it has about 5,000 members.

Athens, Aug 2, 2011 (AFP)

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British bank Barclays announced its first half net profit slid 38 per cent as investment division revenues fell and after it set aside £1.0 billion to compensate clients who were mis-sold credit insurance.   

Earnings after tax dived to £1.50 billion ($2.44 billion, 1.72 billion euros) in the six months to June, compared with £2.43 billion in the same part of the previous year, the bank said in a results statement.

Market expectations had been for a net profit of £1.31 billion, according to analysts polled by Dow Jones Newswires.

Pre-tax profit sank 33 per cent to £2.64 billion in the first half, compared with £3.95 billion last time around. However, stripping out the special provision and other exceptional items, pre-tax profit rose 24 per cent to £3.68 billion as lower bad debts boosted the lender.

Impairment charges and other credit provisions dropped 41 per cent to £1.83 billion. Group income meanwhile stood at £15.24 billion, little changed from £15.73 billion the previous year but income at investment banking arm Barclays Capital was down 11 per cent to £6.26 billion.

“I am pleased with the progress made across Barclays in the first half,” Chief Executive Bob Diamond said in the earnings release.    “We have delivered underlying profit before tax up 24 per cent … despite a lacklustre economic environment in many of our major markets which impacted income generation.

“Our operating expenses have been tightly controlled while we have continued to invest in selected growth initiatives in a number of our businesses.”

Barclays said in May that it would set aside £1.0 billion after British banks lost a high court appeal against tighter regulation of so-called payment protection insurance (PPI).

London, Aug 2, 2011 (AFP)

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Ecclesiastical has appointed Quadra Claims Services to its property loss adjuster panel. Quadra will specifically focus on supporting the insurer with commercial and personal lines property claims.

Quadra join Crawford and the Davies Group on the insurer’s property panel. Ecclesiastical’s subsidence panel with Crawford and Infront Innovation, and casualty panel with Crawford and Argent remain unchanged.

David Bonehill, Claims & Risk Services Director at Ecclesiastical, said: “Quadra have been selected to join our loss adjuster panel following a careful review of suppliers in the market and due to their extensive knowledge of our business values and customer base. Our claims experiences of the last couple of years, the severe winters of 2010 and 2011 in particular, have clearly demonstrated the need to further strengthen our panel to ensure we’re able to deliver an excellent customer service at all times. I am confident that the addition of Quadra to our existing panel will help us achieve this.”

John Carr, Director at Quadra Claims, added: “We are delighted to be working with Ecclesiastical Insurance. This appointment is a huge vote of confidence in Quadra and our ability to deliver a claims service that makes a difference.”

Source : Ecclesiastical

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Birth control pills, breastfeeding equipment and testing for human papillomaviruses will be covered under US health plans at no cost beginning next year, officials said Monday.   

Acting on the recommendations of an expert panel which advised the changes to health plans in order to improve women’s health, the Department of Health and Human Services announced the new rules would take effect in August 2012.

“These historic guidelines are based on science and existing literature and will help ensure women get the preventive health benefits they need,” said HHS Secretary Kathleen Sebelius.

The changes are part of the President Barack Obama’s health care reform initiative, the Affordable Care Act, which was signed into law last year.    Eight services will now be covered under health insurance plans without women having to pay out of pocket through partial co-pays or by meeting a deductible limit first.

Among them are “FDA-approved contraception methods and contraceptive counselling; breastfeeding support, supplies, and counselling; and domestic violence screening and counselling,” HHS said.

Also included are annual office check-ups, or well-woman visits, screening for gestational diabetes, HPV testing for women 30 and older, sexually transmitted infection counselling and human immunodeficiency virus (HIV) screening and counselling.

An amendment was added to the rules to allow religious institutions that provide health insurance for their employees to decide “whether or not to cover contraception services,” HHS said.

The recommendations were made by the Institute of Medicine (IOM) in a July 19 report that urged that the health services be covered in order to improve the state of women’s health.

Women in the United States tend to face higher costs to maintain their health than men because of a range of reproductive conditions that are unique to them. Often, private health insurance covers only part of the annual costs.

The IOM said that DNA tests for HPV could cut back on cervical cancer rates, and free access to lactation counselling and equipment could boost rates of breastfeeding by new moms, a practice that is considered beneficial to  babies’ health.

Free access to contraception could also cut back on the rate of unintended pregnancies in the United States, where about half of all pregnancies are unplanned, the IOM said.

The US government said that health plans could save money by “continuing to charge cost-sharing for branded drugs if a generic version is available and is just as effective and safe for the patient to use.”

Washington, Aug 1, 2011 (AFP)

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Commenting on the Treasury Select Committee’s call for the RDR to be delayed, David Thompson, managing director, AXA Wealth UK Distributors, says that any delay may negatively impact consumers, and believes that the industry will have had time to get qualified by the deadline.

Indeed, AXA Wealth is encouraging staff within their distribution teams, who have regular face-to-face contact with the IFA community, to take the exams required to reach QCF Level 4 by 31st December 2012.

These exams are approximately equivalent to the first year of a university degree. Nearly half of the 120-strong sales team are already QCF Level 4 qualified and 23 have achieved Chartered Financial Planner status. All members of the distribution team, which offers support and value-add services to IFAs, will sit exam module RO1 Financial Services, Regulation and Ethics.

David Thompson, who has overall responsibility for the distribution teams, said: “The Retail Distribution Review is not just about increasing transparency in charging structures, but it is also about improving the financial qualifications of financial advisers with the requirement that they reach a minimum industry-wide standard. We feel that if the RDR is to achieve this aim of improving professionalism and ethical standards with codes of conduct, then our business development managers must be at the same level as the IFAs they support. As a result, the company is actively supporting our staff and we are currently on track for all our team members to have RO1 by the end of 2011.” 

Source : AXA Wealth

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Bennetts has achieved a record breaking start to the 2011 season with a 31 per cent increase in sales year on year. In addition, the brand, which last year celebrated its 80th anniversary, has seen record monthly sales for April, May, June and July.

The growth has been attributed to the success of recent eCommerce and marketing developments which saw the biking brand overhaul its online customer journey and begin delivering e-certificates to its customers. This development alone resulted in a 72 per cent sales uplift. In addition to new technology initiatives, Bennetts redesigned its marketing strategy to coincide with the season launch which included expanding its presence at key bike events and meeting points, increased social media activity and the continuation of the major ‘Biker Dreams’ campaign originally launched to coincide with its 80th year. The campaign involved giving away £80,000 worth of bike-related dreams and experiences to the most deserving creative applicants.

Hannah Squirrell, Associate Director for Marketing and eCommerce, Bennetts, commented: “The way in which consumers want to interact with brands is changing – so we are constantly developing new strategies to ensure our customers can reach us in ways that suit them best. Bennetts may have an impressive history, but we’re not ‘old’! We make sure that the brand is constantly evolving to remain the UK’s No.1 for bikers.

Hannah continued: “The biking market is shifting and the only way to stay ahead of the curve is to ensure the brand continues to evolve. We have excellent relationships with our insurers with many now realising that this niche segment of the market presents an ideal opportunity for growth.”

Source : BGL

0 1

While away on summer holidays many will wish to paddle a canoe to tighten arm muscle or maybe to learn some moves like Marc Ornstein (http://www.youtube.com/watch?v=Ofq_nl366VM ). In any case, remember to be informed of the different insurance policies that can help you spend a more peaceful holiday.  Here we will outline the benefits and exclusions of Aviva’s Sailplan Plus policy.

The Sailplan Plus policy is a multi-section insurance policy. It protects your boat and your liability to other people, including passengers in your boat. The insurance protection applies while your boat is in commission or while it is laid up, provided you use it within the cruising limits you have chosen.

We will outline the loss or damage benefits and exclusions :

Significant features and benefits :

– Accidental loss or damage to your boat, including any outboard motors, trailers or other gear and equipment.

– Theft of your gear and equipment from either your boat, or place of storage (as long as there is forcible entry or it is forcibly removed).

– Outboard motors dropping off or falling overboard.

– Racing (sailing dinghies only).

– Towing your boat behind a suitable vehicle or while it is carried by a professional haulier.

This is automatically insured provided your boat is no more than 30 feet in length.

– Damage to underwater machinery on your boat (you only pay your standard policy excess).

– Using your boat throughout Europe and the Republic of Ireland for up to 45 days at a time (not just 45 days each year).  This only applies to small craft, under 16 feet 6 inches in length.

– If your yacht or motor cruiser is damaged while it is moored on its permanent marina berth, you will not have to pay your policy excess, nor will you lose your no claims bonus. This only applies to boats over 16 feet 6 inches in length.

– Salvage charges necessary to save your boat from a loss.

– Sighting costs after a stranding.

– Loss or damage caused by an authority trying to reduce or stop a pollution threat.

Significant or unusual exclusions or limitations

– Theft of outboard motors unless they are secured to your boat with an outboard motor lock, or stolen from a locked building ashore.

– Theft of your trailer and any insured property on it, unless the trailer is secured with a wheel clamp or trailer hitchlock (where we agree). Note – a wheel clamp must be used to secure any trailer carrying a speedboat.

– Wear and tear, corrosion, loss of value because of age and use; or loss of value of your boat after it has been repaired.

– Loss of or damage to masts, spars and fittings, sails and standing or running rigging while you are racing your boat (unless we agree). This does not apply to sailing dinghies.

– Theft of or loss or damage to personal belongings, or special equipment (unless they are specified in your policy schedule), stores, moorings, fishing gear, diving equipment, wet suits, tow ropes, water skis, or similar equipment or any personal expenses you pay as a result of loss or damage to your boat.

– Loss or damage to motors, machinery, equipment or batteries caused by mechanical or electrical breakdown or failure, or electronic or computer breakdown or failure.

– The excess shown in your policy schedule (except if your boat is a total loss).

– We will not pay more than the value shown in your policy schedule for your boat or any specified item.

 

This policy can be found when shopping around for boat insurance and should cost a little over 110 GBP. Legal expenses are in option and a 30 to 35 pounds excess is to be included.

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While taking your canoe out this summer to enjoy a sporty and family type outing, do not forget that damage can occur to your craft in many different ways. Here is a brief outline of what AXA’s Pleasurecraft policy offers.

Type of insurance and cover

The Pleasurecraft policy is a multi-section insurance policy. It protects your boat and your liability to other people, including passengers in your boat. The insurance protection applies while your boat is in commission or while it is laid up, provided you use it within the cruising limits you have chosen.

We will outline the loss or damage benefits and exclusions :

Benefits :

– Accidental loss or damage to your boat, including any outboard motors, trailers or other gear and equipment.

– Theft of your gear and equipment from either your boat, or place of storage (as long as there is forcible entry or it is forcibly removed).

– Outboard motors are insured if they drop off or fall overboard.

– Sailing dinghies are insured while you are racing.

– Towing your boat behind your car or while it is carried by a professional haulier.

– Damage to underwater machinery on your boat (you only pay your standard policy excess).

– If your yacht or motor cruiser is damaged while it is moored on its permanent marina berth, you will not have to pay your policy excess, nor will you lose your no claims bonus. This only applies to boats over 16 feet 6 inches in length.

– Salvage charges necessary to save your boat from a loss.

– Sighting costs after a stranding.

– Loss or damage caused by an authority trying to reduce or stop a pollution threat.

 

Significant or unusual exclusions or limitations

– Theft of outboard motors unless they are secured to your boat with an outboard motor lock, or stolen from a locked building ashore.

– Theft of your trailer and any insured property on it, unless the trailer is secured with a wheel clamp or trailer hitchlock (where we agree). Note – a wheel clamp must be used to secure any trailer carrying a speedboat.

– Wear and tear, corrosion, loss of value because of age and use; or loss of value of your boat after it has been repaired.

– Loss of or damage to masts, spars and fittings, sails and standing or running rigging while you are racing your boat (unless we agree). This does not apply to sailing dinghies.

– Theft of or loss or damage to personal belongings, or special equipment (unless they are specified in your policy schedule), stores, moorings, fishing gear, diving equipment, wet suits, tow ropes, water skis, or similar equipment or any personal expenses you pay as a result of loss or damage to your boat.

– Loss or damage to motors, machinery, equipment or batteries caused by mechanical or electrical breakdown or failure, or electronic or computer breakdown or failure.

– The excess shown in your policy schedule (except if your boat is a total loss).

– We will not pay more than the value shown in your policy schedule for your boat or any specified item.

This policy can be found by searching online for different quotes and should cost around 105 GBP. Legal expenses are in option and a 30 to 35 pound excess is to be included.

 

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Following the Bank of England’s Monetary Policy Committee decision to hold base rate at 0.5 per cent, Kevin Mountford, head of banking at moneysupermarket.com said:

“After 28 months of the base rate staying at this historic low, consumers can be forgiven for assuming that this situation will not change anytime soon. However, we know that rates must rise eventually and this leaves many households, especially those sat on variable rate mortgages, with some tough decisions.

“Since the base rate dropped in spring 2009, many consumers have taken advantage of lower mortgage payments and absorbed the savings into every day living costs. Base rate would only need to rise by 0.5 per cent for variable rate mortgage customers to experience a real hit on their finances. Someone with a £150,000 variable repayment mortgage on an average 4.80 per cent SVR would see their monthly payments rise by around £40, not an inconsiderable amount at a time when finances are being hit form every direction. A rise of one per cent would mean an increase of around £80 every month, an unmanageable amount for many UK households.

“Consumers looking to avoid a sudden jump in mortgage repayments may want to consider switching to a fixed rate product. Average rates across most product terms have been dropping recently with average fixed rates at a historic low. Any rises in base rate will undoubtedly lead to rates creeping up again so borrowers need to balance the short term savings over longer term benefits. Whilst fixing would protect them against sudden repayment rises, should rates remain low for a considerable amount of time or rise very slowly, they will end up forking out more in repayments in the long run.

“Savers face a similar choice at the moment, namely to lock their money away in a fixed rate product now or wait and hope that saving rates rise soon. If you are concerned about tying up your spare cash for a longer period then you can still get excellent rates on easy access accounts with the best rates currently over three per cent – six times that of base rate.”

Source : Moneysupermarket.com

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Brits are living two days of their week online according to new research uSwitch.com. By using the web for work, rest and play, they are clocking up an astonishing 50 hours a week on the Internet – an unprecedented jump of 20 hours a week in just two years.

A typical working day in 2009 saw the average Brit spent five hours online. Now our web-hungry nation spends nine hours online – four hours for professional purposes[2] and five for pleasure and leisure[3], including social networking, online shopping, managing finances, watching films and downloading music.

But our addiction isn’t just contained to the working week. During weekend ‘downtime’, the average Brit spends four hours a day online. The uSwitch.com research suggests that young adults take this even further. A staggering 14% of 18-24 year olds spend over ten hours a day online at the weekend, surfing the net, watching TV and keeping in touch with friends and family.

In fact, social networking is one of the main reasons that Brits now spend so much time online. 93% of 18-24 year olds regularly using sites such as Facebook and Twitter compared to 41% of silver surfers (aged 55 years or over). Online shopping has also contributed to the dramatic increase. With cash-strapped consumers keen to hunt down bargains, 90% of the UK now shops on the Internet. On top of this, 85% of Brits spend time managing their money online, more than half (57%) watch TV, films and video online, and one third (31%) download music.

But, when it comes to spending time on the Internet, there is a significant difference between the regions. The greatest Internet addicts live in London, where the average person will spend 55 hours a week online. This is closely followed by people in the North West who spend an average of 53 hours a week online – three hours more than the national average. But the picture changes across the Pennines. Consumers in the North East spend just 45 hours online per week, 22% less time than those in the capital.

Table 1: Regional breakdown of time spent online

Region Hours per week spent online
North East 46
North West 53
Yorks and Humber 51
East Midlands 48
West Midlands 52
East of England 48
London 55
South East 51
South West 48
Wales 51
Scotland 49

Ernest Doku, technology expert at uSwitch.com, comments: “These figures show just what an impact the internet has had on our lives. It’s become such a life essential that it’s very hard to imagine how we would cope without it. It’s likely that our reliance will only increase as the younger generations come to the fore and smartphones become more prolific. In fact many young people seem to prefer touchscreen technology to getting in touch with people face to face.

“But the regional differences show that we are still seeing signs of a digital divide and the risk of social exclusion for those unable or unwilling to go online. More work needs to be done to encourage greater take-up amongst vulnerable groups, who could be losing out if they are not logging on.

“In the meantime, it’s more important than ever that consumers understand what their broadband package will provide them with. For example, those enjoying the delights of on-demand TV may not realise that there is a set limit as to how much data they are allowed use. A 45-minute TV programme, such as Desperate Housewives, uses up around 350Mb, while a two-hour movie could use up to 900Mb. And that’s just standard definition. This soon adds up over a month and customers could well find themselves getting a warning that they are over-using their service, “unlimited” or not.”

Table 2: Guidelines to internet usage

File/activity Approximate size
Email 4KB
Photo 1MB
Music track 4MB
Movie 700MB
30 mins streaming of BBC iPlayer programme (at 500kbps) 108MB
High Definition movie 4GB

 

Soure : uSwitch.com

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