Thursday, November 28, 2024
Home Authors Posts by George Stobbart

George Stobbart

Profile photo of George Stobbart
1954 POSTS 0 COMMENTS
http://www.news-insurances.com

0 0

The British Insurance Brokers’ Association (BIBA) has appointed Perkins Slade as a scheme provider for credit management products and services.

The new scheme, exclusively for BIBA members, provides affordable credit cover at a time when capacity is still limited on the open market.  The scheme offers BIBA members special commission arrangements, preferential rates and wider scope of cover and product offerings.

BIBA members gain access to expert advice on credit risks and a range of solutions designed to improve financial security and credit control; establishing disciplines that can help businesses grow and prosper. These include:

BIBA Credit Insurance provided by Atradius

BIBA Bonds provided by HCC International

BIBA Business Finance provided by Bibby Financial Services

BIBA Collections provided by Access Credit Management

BIBA Credit Reports provided by Graydon UK Limited

Sally Del Principe, Associate Director at Perkins Slade, commented: “We are delighted to have been offered this opportunity. We’ve worked with market-leading providers to build a comprehensive package of credit management services that can help BIBA members to enhance their customer proposition and block attacks from competitors. In addition, by encouraging robust credit management, the scheme can also help to reduce client failure.”

Steve Foulsham, Technical Services Manager at BIBA commented: “We are delighted to be able to offer a credit risks solution for our members using the expertise of Perkins Slade. Many of our smaller members are not experts in this class of business, but Perkins Slade is now able to provide more than just credit insurance with the additional range of solutions to help provide financial security for our members’ clients.”

Source : BIBA Press Release

0 1

US President Barack Obama’s Republican foes muscled a largely symbolic bill calling for the repeal of his historic health care overhaul through the House of Representatives on Thursday.

Two weeks after Republicans formally took over the House, lawmakers voted 245-189 to pass a measure to roll back the landmark overhaul, which had virtually no chance of clearing the Senate and none of overcoming Obama’s veto.

The move came after hours of pointed but generally measured debate about the law, which stands with the most sweeping rewrite of Wall Street rules since the Great Depression of the 1930s among Obama’s biggest domestic policy victories.

Republicans have vowed a head-on assault on the Democratic president’s achievements and agenda, including investigations into his administration, with an eye on hampering his bid for a second term in 2012 elections.

While outright repeal was all but certain to fail, House Republican leaders have served notice that they plan to try to starve the health legislation of funds needed to implement key provisions, and to strike individual sections.

And they have said they will direct key House committees to craft a Republican alternative to the plan.

Democrats have denounced the campaign as a waste of time, saying lawmakers should focus on efforts to battle historically high US unemployment, and a giveaway to insurance companies reined in by the law.

Democratic Senate Majority Leader Harry Reid has said he will not bring the repeal up for a vote in the upper chamber.

Only three Democrats — Dan Boren, Mike McIntyre and Mike Ross — joined the Republicans.

Democratic Representative Gabrielle Giffords, still recovering from a severe gunshot wound to the head sustained in an assassination attempt nearly two weeks ago, was absent.

Washington, Jan 19, 2011 (AFP)

0 0

As many as 129 million people in the United States, or almost half of those under 65, have a pre-existing condition that could bar them from health insurance, a government report said Tuesday.

The report was issued by the Department of Health and Human Services just as lawmakers were poised to debate a Republican-backed bill that aims to repeal President Barack Obama’s healthcare reform law, signed last year.

Between 50 to 129 million Americans under 65 have a condition, such as asthma, high blood pressure, arthritis or cancer, which could be considered a pre-existing condition by private health insurance companies, the report said.

More specifically, the study said 25 million people under 65 with a pre-existing condition are currently not insured.

Obama’s law, which is being enacted in stages and comes fully into force in 2014, would make it illegal for insurance companies to discriminate against people by denying coverage to those with health problems.

“The Affordable Care Act is stopping insurance companies from discriminating against Americans with pre-existing conditions and is giving us all more freedom and control over our health care decisions,” said HHS Secretary Kathleen Sebelius.

“The new law is already helping to free Americans from the fear that an insurer will drop, limit or cap their coverage when they need it most,” she said.

The study also noted that “15 to 30 percent of people under age 65 in perfectly good health today are likely to develop a pre-existing condition over the next eight years.”

Critics of Obama’s healthcare reform package dismissed the report as pure politicking.

“I just don’t believe the Department of Health and Human services, which is putting out left-wing propaganda,” Republican and former House speaker Newt Gingrich told ABC news.

Washington, Jan 18, 2011 (AFP)

0 0

Thousands of motorists are putting their motor insurance cover at risk and driving illegally by knowingly giving false information or failing to disclose important facts, such as motoring convictions, according to survey findings published today (19 January) by the ABI. They face not only a criminal conviction, but a lifetime of more expensive and harder to obtain insurance, and difficulties in accessing other financial products, such as credit.

The number one temptation to get cheaper car insurance is for a parent to insure a vehicle in their name as the main driver, with their son or daughter down as an occasional driver, when in fact they are the main user – commonly known as ‘fronting’. Over a half of motorists surveyed said they would not rule out doing this, despite the fact that it is fraud and could invalidate their insurance and led to a criminal conviction.

ABI-commissioned research among 2,600 adults highlights the lengths some would go to get cheaper motor insurance by trying to deceive insurers:
• Over half (53%) think it is acceptable or borderline behaviour for an older, lower-risk person to insure a vehicle in their name when a younger higher-risk driver is the actual main driver.
• One in five drivers would not rule out exaggerating the number of years since they last claimed.
• 12% might be tempted not to disclose relevant motoring convictions.
• One in ten would not rule out changing details, such as their age, address or occupation, in order to get cheaper car insurance.
Nick Starling, the ABI’s Director of General Insurance and Health, said:
“Trying to deceive your insurer is a false economy that will cost you dear. Of course everyone wants to get the best motor insurance deal, but being less than truthful is not the way to do it. Not being honest with your insurer could lead not only to you driving illegally, but to financially crippling bills if involved in an accident, harder to obtain and more expensive future insurance, and difficulties in accessing other financial products”.
ABI’s tips for getting cheaper motor insurance legally are:
• Shop around as premium rates will vary between insurers. Comparison websites may also be able to help. Insurance brokers can also assist, especially if you have a specialist need.
• If purchasing a car think about the insurance costs, as smaller lower-powered cars will be cheaper to insure. This is especially important for young, newly-qualified drivers.
• Consider taking the Pass Plus post driving test course (passplus@dsa.gsi.gov.uk), especially if you are a young driver.
• Fit an approved immobiliser, as this can often earn you a discount on the premium.
• Consider opting for a higher voluntary excess (the first part of each claim that you pay yourself), as the higher the excess, the lower the premium.

Source : ABI Press Release

0 0

Many UK families are under extreme financial pressure with 39% saying they are too stretched to take on any additional financial obligations, according to research from the first Aviva Family Finances Report.

The findings were revealed in this new quarterly report from Aviva, designed to develop a true understanding of the financial issues faced by the 84% of the UK population who live as part of a family. Overall the Aviva report paints a picture of UK families who are surviving – and even thriving – but are in debt, apprehensive about additional costs, and unwilling or unable to put aside money for the future.

Among the greatest concerns to families in both the short (six months) and long term (five years) are the significant increases in the cost of necessities (57% and 54% respectively), redundancy (45%, 49%) and unexpected expenses (39%, 37%).

In addition, almost two thirds of families in the UK own their own home (average value ­– £207,548) and housing is the largest single expenditure for UK families, making up one fifth (20%) of their monthly outgoings. Therefore, any sudden changes to mortgage rates are likely to hurt this group in particular. Notably 13% of families see this having a significant impact on their standard of living over the next six months (18% over the next five years).

While most UK families own their homes and have some savings, they also have significant debts. Indeed, the average mortgage debt is £89,018 and the average credit card/loan/overdraft debt is £5,360. Single parents (40%) are actually most likely to be free of these debts, while those in a committed relationship with plans to have children (26%) are least likely.

While this data might appear to suggest single parents are relatively debt free, this is not the case across the board. Indeed single parents say they spend 29% of their monthly income on debt repayments, so a lack of available credit may mean this group relies on less traditional borrowing arrangements.

A third (33%) of families have no savings and 40% currently save nothing each month – which might suggest that some people who have saved in the past have stopped doing so. Even among families that do save, one in four (25%) have less than £2,000 put aside, meaning they have very little to fall back on should an emergency occur.

Single parent families are those likely to struggle the most financially in this situation with 60% having no savings and 62% not managing to save anything each month.

A reliance on benefits
With 42% of single parents relying on state benefits as part of their income, they are the group most reliant on Government support. But as part of the 2010 Comprehensive Spending Review, the Government has undertaken a universal cap, restricting total benefits per family to approximately £500 per week by 2013 – in line with the median earnings after tax for working households.

The potential impact of these changes is understandably something families are concerned about and 45% of single parents consider changes to current Government benefits to be one of their biggest fears for the next five years.

Louise Colley, head of protection marketing at Aviva comments: “This report gives us an interesting insight into the financial issues facing modern families in the UK. Not surprisingly, in today’s society, some families are struggling to make ends meet and 39% feel they cannot take on any additional financial obligations. While it is encouraging to see that most families are trying to save something every month, it is clear that other demands on their finances mean this amount remains below what is needed to guarantee a secure financial future.

“At Aviva, we understand the challenges facing families dealing with a period of high inflation and reduced support from the Government. We encourage families to seek professional financial advice to ensure they are making the most of their money to provide financial security for their family.”

Source : Aviva Press Release

0 0

While the world economy is broadly on the road to recovery, the level of political risk has risen in more countries than it has declined, according to Aon’s 18th annual Political Risk Map. Aon Risk Solutions, the global risk management business of Aon Corporation, measures the political risk of 211 countries and territories based on the level of risks such as currency inconvertibility and exchange transfer; strikes, riots and civil commotion; war; civil war; sovereign non-payment; political interference; supply chain disruption and legal and regulatory risk.

Aon’s Political Risk Map (accessible here) ranks countries on a six-point scale from Low risk to Very High risk. A downgrade indicates that the severity of the risk has heightened, while an upgrade indicates that the risk is less severe. Nineteen countries were downgraded on the 2011 map, while 11 countries were upgraded. A list of these countries and the risks facing entities doing business with or in them are described below.

Beverley Marsden, associate director of Aon Risk Solutions’ Crisis Management Practice, explained, “The perceived or actual risk of sovereign non-payment continues to be an issue in countries across the globe. For example, we have seen 13 island nations move into a higher risk category this year because of the effect of a decline in tourism on their economy.

“The negative effects of the global financial crisis impacted the economies of nations with traditionally low levels of risk. Iceland this year became the first Western European country to be downgraded to Medium.

“This year’s map also highlights the continued emergence of several markets in Africa, such as Ghana, Gabon and Nigeria, where more international trade and investment is occurring, leading to a greater need for political risk insurance cover.”

A slow march to the middle

Marsden continued: “There is good news too; over the past five years, the Aon Political Risk Map has seen a nearly 30 percent increase in the number of countries in the middle of the risk rankings – the Medium Low to Medium High categories – as these countries have become more active in the world economy and their prosperity has increased.

“Globalization has been blamed for recent incidents of economic volatility, but it has also had a positive impact on global political and economic stability. Many countries previously designated as Medium High or High have taken advantage of global trade links and have seen political risk levels decrease. This trend is demonstrated in South America, where countries like Brazil, Colombia and Mexico have all seen sustained improvements over the last five years.

“Political risk will continue to be a major influencer for businesses transacting in emerging markets in 2011. While the apocalyptic predictions many made at the beginning of the financial crisis did not come to fruition, a new norm in world trade is being established. We believe that political risk will remain elevated while the markets are unstable, but will return to traditional levels as the world economy improves.

“Businesses have enough difficulty traversing the complicated landscape of foreign trade and need up-to-date information and tools at their fingertips. Aon’s Political Risk Map and its interactive version help our clients assess their various contingencies and determine the impact on their ability to ensure continued survival, growth and profitability.”

Upgrades and downgrades

Downgrades

Algeria, Benin, Comoros, Antigua and Barbuda, Bahamas, Barbados, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Antilles, St Kitts and Nevis, St Lucia, St Vincent, Trinidad, Myanmar, Iceland, Bahrain

Upgrades

Kenya, Mozambique, Rwanda, Uganda, Zambia, Panama, Georgia, Uzbekistan, Indonesia, Malaysia, India

The risks facing businesses

Each country on the map is rated according to the different types of risks it faces, and these risks are indicated by icons.

War/Civil War icon

The 2011 map shows five additional countries with a significant level of the risk of war, civil war or insurrection breaking out, an increase from 29 in 2010 to 34 this year. These countries include Madagascar, Niger, Venezuela, Kyrgyzstan and Thailand.

Exchange Transfer icon

This icon denotes the possibility of being unable to make payment in contract currency due to the imposition of local currency controls and/or the possibility of being unable to transfer currency outside the host country. Twelve new countries attract this icon on the 2011 map: Algeria, Burkina Faso, Central African Republic, Chad, Guinea Bissau, Guinea Conakry, Madagascar, Niger, Afghanistan, Montenegro, Lithuania and Macedonia. Taking into account the five countries that no longer attract this icon, the total number of countries with this icon has risen from 69 in 2010 to 76 in 2011.

Sabotage, Riot, Civil Commotion and Terrorism icon

Eleven new countries face a significant enough level of this risk to warrant an official icon on the map, up from 100 on 2010’s map to 111 in 2011. Additions to this list include Angola, Chad, Belize, Austria and Bahrain.

Sovereign Non-payment icon

While the number of countries attracting this icon has remained fairly stable, rising from 87 nations in 2010 to 88 this year, many of this year’s downgrades are due to this risk. Twelve island nations, including Antigua and Barbuda, Barbados, Bermuda, the Cayman Islands, Comoros, Dominica, Greenland, Antilles, St Lucia and St Kitts and Nevis have all been downgraded due to tighter credit conditions, which could lead to an increase in sovereign non-payment risk.

Legal and Regulatory Risk icon

An additional 10 countries attract this icon, bringing the total number of nations with this icon to 104 in 2011. As previously mentioned, some African nations, including Madagascar, Malawi and Uganda, have been added to this category because of increased levels of trade, as opposed to any specific change in risk profile. Additional countries joining this list in 2011 include Vietnam, Bulgaria and Saudi Arabia.

Political Interference icon

The 2011 map shows a marginal increase in the number of countries with a risk of investors losing their assets due to expropriation or nationalization by the host government. The increase from 85 in 2010 to 88 in 2011 includes countries such as Afghanistan, Benin and Zambia.

About the 2011 Political Risk Map

Aon ranked the political risk of 211 countries and territories, measuring risk of currency inconvertibility and transfer; strikes, riots and civil commotion; war; sovereign non-payment; political interference; supply chain interruption; legal and regulatory risk. The risk in each country was ranked as Low, Medium-Low, Medium, Medium-High, High or Very High.  A country with an “elevated” risk is defined as any country with a risk ranked at Medium-Low, Medium, Medium-High, High or Very High.

For the first time, Aon’s Political Risk Map has been made available through the Financial Times website, FT.com. Additional analysis and commentary, provided by the Financial Times, is available at www.ft.com/aon.

The results of the analysis are detailed on the 2011 Political Risk Map, produced by Aon Risk Solutions in partnership with Oxford Analytica, an international consulting firm. Oxford Analytica draws its analysis from a global network of more than 1,000 experts – including senior faculty members at Oxford University and at major research institutions worldwide – to make independent judgments about geopolitical risk.

Source : AON Press Releaase

0 0

The British government unveiled minimum prices for alcohol Tuesday in a bid to curb binge-drinking and booze-related violence, but health campaigners immediately condemned the measures as insufficient.

Retailers will be banned from selling alcohol below the cost of duty plus sales tax, meaning a can of lager must cost at least 38 pence (60 dollar cents, 45 euro cents) and a one-litre bottle of vodka at least 10.71 pounds.

“By introducing this new proposal we are sending a clear message that the government will not stand by and let drink be sold so cheaply that it leads to a greater risk of health harms or drunken violence,” said Home Office minister James Brokenshire in a statement.

Health campaigners condemned the measures, which they say have been watered down since they were first proposed and will do little to stop shops selling booze at rock bottom prices, one of the factors blamed for heavy drinking.

“It’ll have no impact whatsoever on the vast majority of cheap drinks sold for example in supermarkets,” health campaigner and liver disease specialist Professor Ian Gilmore told the BBC, dubbing it an “extremely small step”.

But he conceded: “If it shows the government accepts that cheap drink is the main driver of the health harm we’re seeing then perhaps we’ll manage to ease it up in the right direction where it might make a practical difference.”

Don Shenker, chief executive of charity Alcohol Concern, also warned the measures “will not go any way towards resolving this country’s binge drinking problem”, saying that alcohol taxes remained too low.

However, Gavin Partington from the Wine and Spirit Trade Association (WSTA) said the new rules were “pragmatic”.

“What we have got is a pragmatic solution which addresses some of the concerns about discount alcohol being sold in various parts of the industry, but does it in a way which doesn’t adversely affect the huge majority of drinkers who actually enjoy a drink in moderation,” he told the BBC.

In 2007, there were 6,541 deaths directly related to alcohol in England — an increase of 19 percent since 2001 — and alcohol-related harm cost the

National Health Service 2.7 billion pounds in 2006-07, official figures show.

London, Jan 18, 2011 (AFP)

0 0

Friends Provident International (FPI) announced today the appointment of Irvine Baxter to the role of UK regional sales director, reporting to Bob Pain, international sales director. Irvine will be responsible for running the UK sales team, providing the team with direction and support to help them achieve key sales targets for 2011.

Irvine Baxter has over 25 years of experience; most recently at AXA Wealth International where from 2005 he led the offshore team and product development, contributing to a 300% increase in sales.

Irvine Baxter, UK regional sales director at Friends Provident International, said:

“I’m delighted to be joining FPI at this exciting time and look forward to meeting the team and delivering on my objectives. The UK offshore market is an area that I am very familiar with and it’s a great way to start the New Year.”

Commenting on the new appointment, Bob Pain, international sales director at Friends Provident International said:

“Irvine will be a great addition to the international team. FPI has gone from strength to strength recently. His appointment adds considerably to the UK offshore team and will help us to achieve our plans for this market. I’m confident Irvine will provide the direction, inspiration and leadership which will drive our business to new levels of success.”

Source : Friends Provident Press Release

    0 0

    As Apple’s legendary boss Steve Jobs goes on another medical leave of absence, analysts say his company’s myriad Asian partners could suffer — but rivals such as Samsung and Sony might cash in.

    Jobs, who is 55 and underwent surgery for pancreatic cancer in 2004 and a liver transplant in 2009, said he would continue as chief executive “and be involved in major strategic decisions for the company”.

    Apple’s fortunes have been uniquely linked to Jobs, who took the then flagging company in 1997 and transformed it with the introduction of innovative and wildly successful products such as the iPod, iPhone and iPad.

    But in Asia, home to many of Apple’s major rivals and where the firm’s products are actually made, analysts highlighted how uncertain its future would be without the talismanic innovator at the helm.

    Any long-term problem would see companies such as Japan’s Sony begin to recover ground lost to the US giant.

    “I’d say that Sony can take the initiative to make the next strategic step,” said Hiroshi Sakai, an analyst at SMBC Friend Securities. “As bad as that sounds.”

    And Alex Huang, an analyst at Mega International Investment Services in Taiwan, said: “I think the impact would be much more considerable if he were to take a long leave, as Apple’s future depends on him.”

    Samsung, however, could both gain and lose if Jobs remains absent from Apple for a long period and the American firm fails to innovate.

    Samsung competes with Apple in many markets, including tablet computers and smartphones, yet also provides up to a third of the components for the iPad and iPhone.

    “I think this whole worry in the market derives from the fact that Apple has a very narrow hierarchy, with the company heavily relying on Steve Jobs,” said Ha Joon-Doo, senior analyst with South Korea’s Shinhan Investment Corporation.

    “If this problem continues and such worries (about Apple’s future) become a long-term issue, then Samsung will have much room to benefit — as a rival,” added Ha.

    Though Apple’s drive and innovation comes from the company’s headquarters in Cupertino, California — it is Taiwanese tech firm Hon Hai, and its subsidiary Foxconn, that actually make the American firm’s top selling gadgets.

    Questions about Jobs’ health have resurfaced periodically since he underwent an operation for pancreatic cancer in 2004 and received a liver transplant in 2009. He returned to public view in September 2009 looking gaunt but healthy.

    Wall Street was closed for a holiday on Monday but the surprise announcement that Jobs was facing renewed health issues sent Apple shares tumbling in Frankfurt, where they fell 6.57 percent to 243.10 euros.

    Asian tech shares slipped in early trade on Tuesday although they later pared back the losses and in some cases closed in positive territory as the immediate concerns eased.

    Apple was scheduled to release its fiscal 2011 first quarter results after the markets closed on Tuesday. Its shares ended at a record high of $348.48 on Wall Street Friday.

    Silicon Valley analyst Rob Enderle said the challenge to the company without Jobs is “What will Apple do next?”

    “That is probably where Steve Jobs is going to be much missed,” he said, adding that with each departure “there is an increasing chance that he won’t come back.”

    Hong Kong, Jan 18, 2011 (AFP)

    0 0

    John Darwin, the man who faked his death in a canoeing accident as part of a £680,000 insurance swindle, has been freed from jail.

    He was released early yesterday morning after serving just half of his six-year sentence.

    The former prison officer was whisked away from Moorland open jail in South Yorkshire by a friend. Last night he was holed up at a secret location just miles from where he vanished in March 2002.

    A free man: This is the picture which revealed back from the dead canoe man John Darwin was alive and well and living in Panama

    His wife Anne, 59, remains in custody for her part in the plot but is due to be freed in two months.

    Darwin will now be entitled to an array of benefits paid for by the taxpayer and could be entitled to as much as £20,000 a year.

    On leaving prison he may have received a £100 grant from the prison governor as part of a scheme to help prisoners who have no home to go to.

    He could also rake in as much as £130.90 a week for jobseeker’s allowance and income support followed by a further £250 for a one-bedroom property. That comes to a total yearly amount of £19,806.

    He may also be entitled to apply for a crisis loan or a community care grant depending on his circumstances.

    Darwin is also said to be desperate to salvage his ruined relationship with his grown-up sons, Mark and Anthony, who believed for years that their father had drowned.

    A source told the Daily Mail: ‘He’s waited for this day for a long time and, obviously, he now wants to get on with his life and put everything behind him, if he can.

    ‘He’s determined also to try to rebuild the relationship he had with his two sons after they were led to believe he was dead. He wants to repair the damage if at all possible.’

    Although a free man, Darwin will remain on licence for the next three years. He must report regularly to the probation service but will be entitled to benefits if he cannot find work.

    His wife will be able to pick up the same benefits and if she remains separated from him will be entitled to a house of her own. She will also be entitled to a state pension as soon as she is freed. Darwin will have to wait until he is 65.

    To read more please click here…

    0 0

    A potential decline in physician office visits, record spending on health information technology, a total redesign of insurance markets, and the creation of accountable care organizations are among the health industry trends in store for 2011, according to a PriceWaterhouseCoopers report.

    The report authors used an online survey of 1,000 U.S. adults to assess consumer perspectives on health reform, healthcare usage, and payment for healthcare. Those surveyed represented a cross-section of the population in terms of insurance status, age, gender, income, and geography. The survey results were incorporated into the analysis given in the report.

    High Deductibles = Fewer Office Visits

    Health insurance deductibles for people in employer-sponsored plans rose an average of 77% between 2003 and 2009, while premiums for family coverage increased by 41%, the Commonwealth Fund recently reported. And that trend will continue in 2011, according to the report, by the Health Research Institute at PriceWaterhouseCoopers (PwC), a large accounting and consulting firm.

    In 2010, the most common plan had deductibles ranging from $400 to $999, according to PwC.

    As deductibles rise, patients will forgo medical care to avoid paying out-of-pocket costs. Couple the rising deductibles with the struggling economy, and patients are even more likely to skip doctors visits.

    “With more employees being squeezed with high-deductible plans and coinsurance, their increased cost sensitivity will push them to make hard decisions on how often to go to the doctor or what prescriptions to fill, “the report authors said.

    The first group to be affected will be doctors and drug companies, because consumers’ first-dollar spending in health plans tends to be on office visits and medication. Fewer office visits will eventually trickle down and effect other medical services, such as lab tests and imaging scans, the study authors said.

    Health IT

    Health information technology (HIT) spending is likely to hit record highs in 2011 as providers beef up their HIT capabilities to comply with new government regulations, according to the report.

    Starting in 2011, hospitals and physicians can start collecting money for “meaningful use” of electronic health records (EHRs). The money comes from the 2009 economic stimulus bill, which authorized $19 billion to upgrade the nation’s HIT capabilities and to provide incentive payments through Medicare and Medicaid to clinicians and hospitals when they use electronic health records.

    Stage one of meaningful use is that physicians be able to provide patients with paper copies of their health records, which would be a “sea change for patients,” the authors said.

    Redefining Insurance

    The primary foci of the insurance industry in 2011 will be the medical loss ratio (MLR) — which mandates the proportion of an insurer’s revenue that must be spent on patient care as opposed to administrative expenses — as well as the new health insurance exchanges.

    The Affordable Care Act (ACA) requires that, starting in 2011, insurers covering large groups must spend at least 85 cents per dollar of revenue on medical care or “activities that improve healthcare quality” (for small group and individual plans, they must spend 80 cents per dollar).

    Beginning in the second quarter of 2011, the federal government will provide grants to help establish insurance exchanges, and debate will intensify over what defines a qualified health insurer. According to the report, 13.8 million people are expected to enroll in health insurance exchanges in 2014.

    ACOs

    The healthcare reform law will create a new care model, called an accountable care organization (ACO), which already has insiders buzzing.

    Loosely defined, an ACO will be a group of providers that works together to treat a set number of patients, and splits the payments it receives for the care provided. Under the ACA, the government will begin offering providers the option of forming ACOs with the hope that the setup will improve patient care and save money. Starting in 2012, Medicare will pay ACOs using a “shared savings” design which pays bonuses based on meeting certain quality and cost-saving benchmarks.

    In other words, if providers in an ACO can reduce the cost growth of Medicare in their communities, they will receive cash rewards.

    The report authors warn that one of the biggest risks for ACOs will be managing a patient population and trying to keep the population healthy and enrolled in the ACO.

    When PwC asked survey respondents how likely they would be to stay within an ACO, half said they would always stay with a hospital or group of physicians if they knew that group was accountable for their care.

    Source : Medpage Today

    0 0

    Commercial lines underwriting specialist Arista Insurance has appointed Tony Collman as head of liability underwriting.

    He will be responsible for the growth and profitability of Arista’s general liability and employers’ liability accounts across the UK. Tony will be based in London and report to Arista’s head of underwriting Richard Addis.

    Starting with immediate effect, Tony brings 20 years experience to the role and is a specialist in general liability and employers’ liability. Prior to Arista he was London corporate liability manager at Chartis Insurance where he was responsible for the profitability and growth of the London Liability account. Before that he was regional underwriting manager and operations manager for NIG.

    Commenting on the appointment chief executive Charles Earle said: “It is great to welcome someone of Tony’s caliber to Arista. His knowledge and expertise will complement that of the existing team extremely well.  His track record of achieving profitable growth in liability is directly relevant to the opportunities we have and will add momentum to Arista’s plans grow both the liability portfolio and our wider commercial business.  Our regional staff and their brokers will benefit from his presence and experience.”

    Source : Arista Press Release

    0 0

    Showcasing a year in design, the fourth annual Brit Insurance Design Awards features an international shortlist ranging from Yves Behar’s Swarovski Chandeliers to concrete Emergency Shelters designed in Wales. Nominations also include the Apple iPad as well as six different app’s including the popular Angry Birds game.

    Industry experts have nominated innovative and engaging designs from around the world across seven categories: Architecture, Fashion, Furniture, Graphics, Interactive, Product and Transport. Stephen Bayley will chair the 2011 jury and will be joined by art and design curator Janice Blackburn, graphic designer Mark Farrow, novelist Will Self, Pro Vice-Chancellor of Kingston University Penny Sparke and Simon Waterfall co-founder of digital agency Poke. We are pleased to announce that Bill Moggeridge, Director of the Cooper-Hewitt National Design Museum, New York will also join this year’s jury.

    The nominations will be on show at the Brit Insurance Designs of the Year Exhibition at the Design Museum from 16 February – 7 August 2011. From this comprehensive list, the jury will select the seven category winners to be announced on 28 February 2011. The overall Brit Insurance Design of the Year will be announced at the Awards Dinner on 15 March 2011 and this year’s awards trophy will be exclusively designed by Ross Lovegrove.

    Alex Newson, curator of the Brit Insurance Designs of the Year exhibition comments, “The sheer breadth of the shortlist reaffirms the importance of good design and how it can help improve daily lives or even refresh the familiar. Whether it is through ingenious temporary home solutions or a new cycle scheme for London, it is a fascinating list of nominees.”

    Source : Brit Insurance Press Release

    0 0

    France’s health minister vowed Sunday to rebuild a more transparent health care system following a scandal over a diabetes drug that was linked to more than 500 deaths.

    Xavier Bertrand told French radio Europe 1 that he wished “to be heard as soon as possible” by the parliamentary panels looking into the drug Mediator in order to “debate proposals to rebuild the health care system”.

    France’s biggest health scandal in years, the drug was banned in France, where millions of people took it, after being linked to heart valve damage. It is also banned in the United States, Spain and Italy.

    The drug for overweight people with diabetes was also widely prescribed to others as an appetite-suppressant. It was first sold in 1976 and was linked to the deaths of 500 to 2,000 people over three decades.

    The pharmaceutical company Servier that sold Mediator “had primary and direct responsibility,” Bertrand said, adding: “They should respond to their actions.”

    The health minister is pushing to create a new system to control drugs that will be more independent of the pharmaceutical industry.

    He insisted on the need to publish a list of 76 drugs that are currently being monitored, “even if they are not all dangerous”.

    The public agency in charge of health products safety needs to inform him of “the necessary steps that could lead to a withdrawal of certain (drugs) from the market”, he added.

    Servier last week conceded that Mediator was a “true risk”. In November it had said that 500 deaths represented a tiny risk compared to the number of people who took the drug.

    Scores of alleged victims pressed charges against the drug company on Tuesday at a Paris court.

    Paris, Jan 16, 2011 (AFP)

    0 0

    Against the backdrop of the natural and man-made disasters lurking around the country, insurance chief executives in the country have admonished Nigerians against overlooking the importance of insurance including insuring their lives.

    The Managing Director and Chief Executive Officer of Sovereign Trust Insurance Plc, Mr. Wale Onaolapo speaking with Vanguard urged Nigerians to more than ever, embrace the culture of insurance in 2011.  He gave this advice at the company’s annual end-of-year party held at the Head Office in Lagos.

    According to him, “Nigeria is highly blessed with so much natural and human resources which has translated into a lot of wealth creation in the form of businesses and commercial activities that we see around us in the country today but the big question is how many of these businesses have that continuity and longevity elements that insurance provide”

    He asserted that there are enormous advantages in embracing insurance and making it a way of life as one can never go wrong with it.

    Onaolapo commended the efforts of the National Insurance Commission, NAICOM and the Lagos State Government respectively for ensuring that Nigerians comply with compulsory insurance policies that the law of the land has identified.

    These compulsory insurances include Motor Vehicle, (third party or comprehensive), Building under construction, Public buildings, Employer’s liability, Medical professional liability and Group life for all employees.

    The STI boss said that Nigerians do not need to be compelled to do what will add value to their lives rather they should cultivate a proactive culture of sustaining their wealth and business concerns through a consistent insurance culture.

    Also Mr Akin Ogunbiyi, Group Managing Director of Mutual Benefit Assurance said that insurance culture in the country was virtually non-existence but added that the need has come for the Nigerian populace to take insurance seriously going by the disasters flying around.

    He said, “Insurance culture is virtually non-existence in Nigeria. Less than 2 per cent of commercially Insurable risks are covered by one form of insurance or the other even the commonest insurance which is the third party act which according to the law of the country gives a better leverage to road users than the comprehensive insurance, nobody does it.

    Is it that the act is not there because there is no compliance or that monitoring agency are not doing their work that nobody is doing it”.

    “Insurance penetration is as low as 1 per cent. Out of 150 million people living in Nigeria, less than 1 million carry one form of insurance or the other.  So insurance has not really started in Nigeria and the people that patronise insurance companies that is the corporate world has been negatively affected due to the meltdown because there is no liquidity”.

    Though Ogunbiyi admitted that the level of insurance culture overseas cannot be compared to Africa more especially to Nigeria but agreed that the culture was imbibed overtime with the aid of  regulatory instruments availed by those countries  for enforcement.” You cannot compare insurance in the developed countries with a third world economy like Nigeria.

    Insurance is crucial there because their daily transactions involve insurance and insurance is part and parcel of their lives and insurance policy is also made compulsory”

    Source : Vanguard

    0 2

    Innovative gadget insurance provider, Protectyourbubble.com has launched a new free app for iPhone users, allowing them to insure their iPhone and indeed any other gadget quickly and easily. It takes less than 3 minutes from downloading the app to being fully insured.

    Currently in the “New & Noteworthy” section of The App Store, it is the first app to provide gadget insurance directly through the app. There will be an iPad version available in February. The app also has a built-in prize draw for anyone who takes out a policy, with a chance to win an iPad.

    Stephen Ebbett, Director at Protectyourbubble.com, says “We want to make protecting your iPhone or other gadgets as easy as possible. Insuring your iPhone on your iPhone in just a couple of minutes gives consumers a quick and convenient way to get covered”, he continued “This app represents a huge step forward in innovation, we can provide our customers with an unparalleled level of service quickly and efficiently”.

    The app allows you to get all your gadgets covered from just £1.49 a month. It provides an easy-to-use “shopping list” style interface where you can get instant quotes for all your gadgets, including mobile phones, laptops, games consoles, cameras and more. Once your shopping list is completed, simply tap in your details, and the gadgets are covered. It’s that simple. There are discounts of up to 30% for additional gadgets on your list.

    Protect your bubble are renowned as a leading specialist insurance provider covering all types of gadgets, travel, motoring and more.

    Source : Protectyourbubble.com Press Release

    0 0

    US health authorities released a first of its kind report on Thursday that documents inequities across race, sex and income levels with respect to how likely a person is to be sick or healthy.

    Access to health care, exposure to environmental hazards, and behavioral risk factors varied widely according to ethnicity, gender and social class, said the report from the Centers for Disease Control and Prevention.

    “I don’t think we saw any surprises necessarily,” said Leandris Liburd, director of the CDC office of minority health and health equity.

    “But what the report does provide that we haven’t seen before is a really detailed analysis of the 22 topic areas,” she said, adding that it showcased the “disproportionate burden” faced by certain groups when it comes to major health issues.

    “For me, they are all concerning.”

    For instance, African American men and women were much more likely than whites to die from heart disease or stroke.

    Hispanic teenagers had a five times higher teen pregnancy rate than Asians, and households near the poverty level were more likely to have smokers than homes where the incomes were higher.

    American Indians and Alaskan natives had the highest death rate in car crashes (29 deaths per thousand). Across the board, men were four times as likely as women to commit suicide. Deaths due to drug use were highest among non-Hispanic whites and lowest among Asians and Pacific Islanders. High blood pressure was most frequent among blacks (42 percent) versus 29 percent in whites. And the rate of preventable hospitalization rose as incomes fell.

    Eliminating these disparities could save 6.7 billion dollars per year, the CDC said.

    “Better information about the health status of different groups is essential to improve health,” said CDC chief Thomas Frieden.

    “This first of its kind analysis and reporting of recent trends is designed to spur action and accountability at the federal, tribal, state and local levels to achieve health equity in this country.”

    Washington, Jan 13, 2011 (AFP)

    0 0

    Fitch Ratings has commented today that catastrophe reinsurance offers reasonable protection to Australia’s major non-life insurance companies against floods in Queensland and Northern New South Wales.

    “Initially, insured losses appeared to have been relatively low given that the areas affected were less densely populated,” commented John Birch, Director at Fitch Ratings. “However, with the floods now inundating Ipswich and Brisbane cities, losses could escalate substantially,” added Mr Birch.

    While events continue to unfold and it is too early to know what the final insured cost will be, Fitch notes the comprehensive catastrophe reinsurance protections that are in place to deal with these events.

    As measured by premium volume, Suncorp Group Limited (Suncorp) has the largest exposure to the Queensland region, have originated AUD1.9bn of premiums from the state in the year to 30 June 2010. While it is uncertain whether the gross losses from the floods to-date will trigger a recovery on the group’s main catastrophe reinsurance program, they will count towards the group’s aggregate cover.

    Suncorp’s main catastrophe reinsurance provides a significant AUD5.6bn of cover, in excess of AUD200m per event, should the inundation of Ipswich and Brisbane be extremely severe. In addition, as time restrictions governing what defines a single event will likely result in the floods being multiple events, each event in excess of AUD10m would count towards the group’s aggregate cover. This provides AUD400m of protection once the sum of these net losses exceeds AUD300m. Based on a 1 July start date, this reinsurance lessens the annual impact on earnings from an increased frequency of large loss events. Moreover, following larger natural peril losses in recent times, Fitch notes that premium rate increases have allowed Suncorp to fund an increase in its natural peril allowance up 15% to AUD460m in FY11 from AUD400m in FY10.

    Insurance Australia Group (IAG) generates around AUD600m of premium from Queensland, but also has a significant reinsurance program should the crisis escalate or spread further into New South Wales. As IAG’s reinsurance arrangement runs on a calendar year basis, losses to date in excess of AUD15m and up to AUD50m may be covered by their 2010 aggregate policy due to an active year for large loss events in 2010 having already eroded IAG’s aggregate deductible.

    Notably, Fitch would expect that further losses from the current catastrophe may be defined as separate events and captured under the 2011 program. During 2010, IAG’s main catastrophe program provided AUD4.1bn of cover in excess of AUD200m, although additional reinsurance reduced the net retention to AUD135m for a first event and lower for a second and third. Renewing 1 January 2011 IAG has not yet announced the extent to which their 2010 program has been maintained in 2011 and while Fitch believes the group would have sought to obtain similar cover, following the Christchurch earthquake losses additional lower cover below the AUD200m layer may have been expensive to renew.

    The largest listed insurer in Australia, QBE Insurance Group (QBE), manages aggregate exposure through geographic and product diversification in addition to various reinsurance programs. Premium originated through its Australian operations is around 25% of total premiums, although it also has Australian risk exposure through its Lloyds of London operations. While QBE has not disclosed its exposure to the Queensland floods, Fitch expects the impact to the group will be immaterial given the group’s historically strong aggregate management and low level of concentration in any one particular line or geography. Business units including the Australian operations purchase individual catastrophe cover, while a group-wide, three year aggregate cover provided additional protection for group earnings against an increased frequency of large losses. The latter provided up to AUD500m of cover over the three year period against an increased frequency of large losses (defined as net losses in excess of AUD2.5m), and ended on 31 December 2010.

    Source : Reuters

    0 0

    Northdoor, the IT consultancy and solutions provider specialising in the London Market, has identified three key factors that will shape the start-ups market in 2011:

    1. the demand to meet regulatory compliance
    2. the increased pressure on profitability
    3. the internationalisation of insurance business

    Rob Stavrou, Director of Consultancy at Northdoor, said:
    “Despite the soft market, we think that there will be a number of new start-ups in the insurance market next year. For those companies that commence trading in 2011, compliance and regulation – particularly Solvency II – will be a real challenge. In order to comply, insurance companies must be able to ensure that their data is reliable, controlled and accurate, that financial reporting practices are being introduced to improve internal risk management and that the technology is enabling the management to make informed decisions based on trusted and quality data.”

    “Start-ups have a real advantage here – they can use the regulatory demand to create value in their business by getting the processes and the technology right from day one – they don’t have the legacy issues to deal with. Our advice is to plan for the longer term so that the system is reliable and flexible to support the business as it grows.”
    Northdoor also predicts that the pressure on profitability due to the soft market will drive stronger focus on process improvement and cost reduction. Finally, Northdoor sees increasing opportunities in the global market for insurers.

    Stavrou concludes:
    “We’re really starting to see increased awareness of the need to accommodate the international nature of today’s insurance market among those start-ups we’re talking to. As a result, demand for technology platforms that support multiple languages and can be accessed globally via the internet is increasing as well.”

    Source : Northdoor Pres Release

    0 0

    Xchanging, a global business processor, today announced the appointments of Mark Badman, Alan Ratcliff and Greg Denham to Xchanging Ins-sure Services . The appointments underline Xchanging’s commitment to the London Market modernisation programme. All three executives will immediately engage in reviewing and further enhancing Xchanging’s internal processes in order to ensure the best service possible to the market.

    Alan Ratcliff joins Xchanging as Implementation Quality Director, with overall responsibility for service quality. Alan’s career spans more than three decades, and he joins with immediate effect from RI3K where he was Programme and Quality Assurance Manager.

    Greg Denham joins Xchanging as Portfolio Manager, responsible for workflow and internal systems development. Greg brings 16 years of IT experience. He joins from RI3K where he was responsible for a 60% reduction in production defects as the result of processes he introduced.

    Mark Badman also joins from RI3K as Project Manager, supporting Greg Denham in his role as Portfolio Manager. Mark has over 10 years’ industry experience as a Project Manager and Business Analyst, working with both end-users and service providers in the UK and Europe.

    Max Pell, Managing Director of XIS said, “I am delighted to welcome these three talented and well regarded specialists to XIS. They bring broad-ranging expertise and proven track records of delivering in the insurance and reinsurance space”.

    Source : Xchanging Press Release

    Prev1...434445...98Next Page 44 of 98

    POPULAR POST

    Seroni Interactive is an independent publisher of information BtoC and BtoB sites in banking and insurance & specialist digital content. Our productions of brand content possible to affirm your image, positioning, demonstrate your expertise and create a traffic or a hearing and therefore advertising exposure for your brand.
    Contact us: contact@news-insurances.com

    SOCIAL

    34FansLike
    6Subscribers+1
    965FollowersFollow

    Popular category

    © Seroni Interactive