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Liberty International Underwriters Europe (LIU Europe), a division of Liberty Mutual Group, has made three new regional appointments to its UK property insurance team.  Matt Cullen and Daniel Fielding have joined LIU Europe as Regional Property Managers based in Birmingham and Manchester respectively, while Warren Ash joins as a Risk Engineer based in Manchester.

Cullen, Fielding and Ash will work closely with LIU’s property team in London to offer core insurance products in property damage, business interruption and risk management to clients with turnover of between £20m and £500m.

Commenting on the appointments, Sean Rocks, LIU Europe’s Chief Executive, said:

“When we established our London-based UK property team in 2009 under the leadership of Richard Coxon, we also set out our intentions to develop our regional property offering.  The appointments of Matt, Daniel and Warren are a significant step in that direction.

Their wealth of expertise and local knowledge will help ensure we provide the same high quality of regional service on the property side that our brokers and clients have come to expect from our liability products.”

Source : Liberty Mutual Press Release

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The insurance sector in Syria which includes 13 companies is rapidly developing with the aim to achieve a volume of more than USD 400 million by the end of 2010, Syrian Minister of Finance Mohammad al-Hussein said.

In a statement to SANA, Minister al-Hussein added that insurance premium volume has reached SYP 4,842 billion ( 1 USD ≈ 47 SYP) in the third quarter of 2010, recording a growth rate of 24,71 % as compared to the same period in 2009.

He pointed out that the total insurance premiums during the first three quarters of 2010 till the end of September reached SYP 14,608 billion as compared to SYP 10,441 billion over the same period in 2009, recording 39,92% growth.

The minister indicated to the growth in the obligatory car insurance market by 17,33 % with total premiums amounting to SYP1,791 billion, while the comprehensive motor insurance market has grown by 20,52% and insurance premiums were up to SYP 1,019 billion contributing by 21,6% to the total premiums of the third quarter of 2010.
He added that the health insurance market has grown by 120% with total premiums amounting to SYP 375,841 million, contributing to the total amount of the premiums of the third quarter of 2010 by 7,76 %.

He said that transport insurance market has recorded a drop of 22,48% with total premiums amounting to SYP 274,201 million.
Regarding engineering insurance market, the minister said that the sector has grown by 26% with total premiums of SYP 111,585 million, while the fire insurance market has recorded 54,89% growth and the life insurance market has grown by 60,35%, with SYP 73,142 million premiums, making 1,51% of the total amount of the third quarter of 2010.

Source : Global Arab Network

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The UK insurance industry is set for increased costs on outsourcing as other EU countries force through the removal of the VAT exemption on outsourced claims handling.  The UK’s HM Treasury is now preparing the industry for defeat on this concession in order to push forward a wider simplification of the insurance VAT rules.  This will mean a 20% increase in many outsourcing costs.

EU seeks to bring VAT rules up-to-date

The current rules on VAT for the insurance industry were drawn up in 1977.  These broadly exempt insurance and intermediary/broking services from VAT – meaning insurers or their service companies do not charge VAT.

However, as the industry has developed, many insurers have increasingly outsourced claims handling, accounting, IT etc., to reduce back-office costs.  As a result, a supply industry has grown up which is divorced from the VAT-exempt insurance activity.  Increasingly, this new sector has stretched the original scope of the exemption, and it has proved problematic to police.

The EU, which sets the European VAT rules, has therefore spent a number of years consulting on a new VAT law, or Directive, to more adequately reflect the modern industry.

UK insurance loses out

The UK has pushed for a wider scope on the new Directive, to extend the VAT exemption to all outsourced services.  However, this seems to have been thwarted by a number of Member States.  Many see the creation of an outsourcing industry as a prelude to offshoring jobs to low-cost countries outside of the EU.  They therefore have pushed to exclude much outsourcing from the new Directive.  HM Treasury, in communications with the UK industry, is now indicating that it may have to concede this issue in order to secure victories for other financial services in the VAT Directive.

Richard Asquith, MD of TMF VAT & IPT Services commented:

“This is going to create a big increase in costs for many UK insurers who have worked hard to contain operating expenses through outsourcing.  Whilst the Treasury is still seeking representations, it is likely that it will buckle to pressure from some of our EU partners – notably Germany – for gains elsewhere.  Insurers need to rapidly review their outsourcing strategy, especially as the planned 2011 VAT increase to 20% will now magnify this cash flow threat further.

Source : TMF Group Press Release

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Evidencing that law firms recognised the need to start the renewal process for their professional indemnity (PI) insurance early, Aon, insurance broker, was keen to work with the profession and received nearly four times the number of proposals at the beginning of August than the same time last year. Firms saw a real possibility of a lack of available insurance coverage in the lead up to the 1 October renewal date.

Aon, which now arranges the PI insurance for more than 40% of sole practitioners, found that this trend continued throughout the renewal season, with nearly 200% more proposal forms received by 1 September than the same time in 2009.

Andrew Gough, executive director of Aon Risk Solutions’ national professions team, commented: “In the lead up to the PI renewal date lawyers were concerned about the state of the insurance market, we worked with the profession, local law societies and through the Law Society, Insurance Matters, publication to make sure firms knew that getting proposal forms in early can have a positive effect on getting coverage and the premium offered. When fully completed proposals came in we worked hard to turn around quotes quickly, meaning for most of our new clients they could relax early into the renewal season knowing that they had their PI in place for 2010/2011.

“Risk management is now high on the agenda for many firms that previously may have taken a last-minute approach to their PI cover. If firms are worried about next year’s renewal, they should start working with their broker now to implement a robust risk management plan. We know firms who engage in managing their risk do have a better claims record.  We are already seeing a lot of interest in the risk management programme Aon runs in conjunction with XL Insurance, which provides a quality assurance gap analysis based on Lexcel, the Law Society’s industry quality assurance standard.

Source : Aon Press Release

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    Britain’s government Friday warned citizens travelling to France to avoid potentially violent demonstrations and to expect serious disruption amid ongoing strikes against controversial pension reforms.

    The Foreign Office said that industrial action in France — where President Nicolas Sarkozy’s bid to hike the retirement age from 60 to 62 has sparked widespread anger — was affecting road, rail and air travel.

    “Wildcat strikes continue to cause substantial and unpredictable disruption across the country,” the Foreign Office said in its updated travel advice for France.

    “You should avoid demonstrations, which have on occasions turned violent.”

    London announced Wednesday that the British retirement age would rise to 66 in 2020.

    The British travel warning highlighted the potential disruption from two more days of mass strikes and street rallies called by French trade unions on October 28 and November 6.

    On Friday French riot police tear-gassed workers trying to blockade a fuel depot and broke up a picket at a key refinery serving Paris, hours before the Senate votes on fiercely-contested pension reforms.

    The Foreign Office advised its nationals driving in France to ensure they had enough petrol or to make alternative travel arrangements. It also advised them to monitor local and British media.

    The warning comes less than three weeks after Britain upgraded its travel advice for France and Germany owing to an alleged terror plot. France responded days later by issuing a travel warning for Britain.

    London, October 22, 2010 (AFP)

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    A severe cyclone pounded western Myanmar on Friday, threatening to unleash flooding and landslides, authorities in the military-ruled country said. A weather warning broadcast on state television described Cyclone Giri as a “very strong” storm and urged people living in affected coastal areas in Rakhine state to move to safety.

    The storm was packing winds of about 177 kilometres (110 miles) per hour at its centre, with gusts of up to 193 kph, said the alert, issued by Myanmar’s department of meteorology. Sea levels could rise by 3.7 metres (12 feet), it said.

    A Myanmar official said there were no reports of casualties, but communication with the worst-hit region was difficult. Trees were reportedly toppled and power was cut to some areas, according to the official, who did not want to be named.

    Myanmar is frequently hit by tropical storms and in 2008 was battered by Cyclone Nargis, which left 138,000 people dead or missing, mostly in the southwest delta region.

    A Red Cross official in Yangon said the authorities in Rakhine State had prepared disaster relief camps since Thursday in preparation for the storm, adding, “We are hoping the worst situation will be avoided.”

    A resident in Kyaukphyu town in Rakhine State said the cyclone was bringing rain and rising water levels.

    “We’re staying inside the house. So far we haven’t heard of any casualties,” she said.

    The storm was expected to churn northeastwards towards the Chin, Magway and Mandalay areas, state television said, warning of a risk of landslides.

    Neighbouring Bangladesh advised its fishing boats and trawlers to remain in shelter and warned of the risk of flooding in low-lying areas. India’s meteorological department described Giri as a “very severe” cyclone.

    The US Navy’s Joint Typhoon Warning Center in Hawaii said Giri was expected to “rapidly weaken” as it moves across the rugged terrain of western Myanmar.

    Cyclone Nargis in 2008 unleashed winds of 240 kilometres an hour and storm surges up to four metres high, sweeping away thousands of homes, flooding rice fields with salt water and ravaging schools and hospitals.

    Myanmar’s military government faced international criticism for its response to the disaster. It was accused of blocking emergency aid and initially refusing to grant access to humanitarian workers and supplies.

    Yangon, October 22, 2010 (AFP)

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    Two projects supported by AXA Art Insurance have recently been shortlisted for the 2010 Conservation Awards – ‘Valuing Excellence’: Tate AXA Art Modern Paints Project (TAAMPP), through Tate, has been shortlisted for The Anna Plowden Trust Award for Research and Innovation in Conservation, which is given for a completed research or development project that has advanced the knowledge of conservation.

    Salvaged: Restoring the Sirens and Ulysses – through Queens Park Conservation Studios & Manchester City Art Gallery – has been shortlisted for The Pilgrim Trust Award for Conservation, which is given to an outstanding project to conserve individual or collections of objects, or decorative, artistic or fine crafted elements of historic buildings (but not the building itself), or monuments and sculptures.

    Dr. Ulrich Guntram, Chairman of the Management Board of AXA Art Insurance, said of the TAAMPP that, “As a result of TAAMPP the art world has benefitted from a better understanding of the nature of works of art made from acrylic paints.”

    The extensive research and novel results generated by TAAMPP have meant that AXA Art is able to guide its customers, and other art collectors, to a significant bank of knowledge about the conservation and preservation of works of art executed with acrylic paints. The close collaboration has allowed AXA Art and Tate to jointly publish Caring for Acrylics: Modern and Contemporary Paintings (right) – an easy-to-use guide for collectors and conservators.

    For many years AXA Art has been supporting international research projects aimed at establishing and improving art conservation techniques. The AXA Art Research Grant (AARG) continues to sponsor a variety of institutions in their quest to better understand the nature of artistic media. As the world’s only art-led insurance company, AXA Art takes great pride in its unrivalled network of specialists, on whose knowledge we draw to best support our customers. The latest AARG recipient has just been announced.

    The TAAMPP was the first corporate sponsorship of conservation science research at Tate. Through it, AXA Art has facilitated ground-breaking research into acrylic paints by looking into their fundamental properties, their long-term behaviour and the effects of conservation treatments such as surface cleaning.
    “We are delighted”, says Dr. Guntram “that the TAAMPP has been shortlisted for the prestigious ICON Conservation Award, and much encouraged to continue our support for preservation and conservation of the art world’s heritage.”

    Source : AXA Art Press Release

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    Men with high-fat diets are more likely to have diabetic children, research showed Thursday, in the first study linking a baby’s health to what their father ate.

    The study tracked a group of rats that were fed fatty foods until they were obese and showing precursory signs of type 2 diabetes and were then bred with females of average weight, explained lead researcher Margaret Morris.

    Morris said that despite being reared on a strictly healthy diet, their offspring developed impaired glucose tolerance and insulin production when they reached young adulthood.

    “If what we are seeing here in a rat translated to a human it may well explain the emerging earlier rates of diabetes in younger and younger people,” said Morris, from the University of New South Wales.

    Rather than passing their ill health onto their children genetically Morris said the metabolic issues appeared to have come from damage done to the rats’ sperm by their diet. It was the first study to uncover such a link, she added.

    “We’ve known for a while that overweight mums are more likely to have chubby babies, and that a woman’s weight before and during pregnancy can play a role in future disease in her children,” she said.

    “But until now, the impact of the father’s environment in terms of diet on his offspring had not been investigated.”

    Morris said the message of the research, published in the latest edition of Nature, was that “blokes as well as women need to eat healthier, reduce smoking and reduce alcohol excess” before having children.

    Sydney, Oct 21, 2010 (AFP)

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    Aon Risk Solutions, the global risk management business of Aon Corporation, today announced that John Willett, most recently managing director for Aon’s New England office, was appointed to national industry practice leader.

    Willett will oversee several industry practices, including financial institutions, food and agriculture, health care, heavy industries, real estate, pharmaceutical and chemical as well as technology. He will work with each practice leader and brokerage, sales and account leadership to maximize Aon’s investment in industry expertise for its clients.

    As managing director for Aon’s New England office, Willett served on the Aon Risk Solutions’ leadership team with a focus on new clients and client retention. His 24 years of risk management and brokerage background helped him direct a team of experts to complete analytics and diagnostic studies that benchmarked clients’ total cost of risk as well as provided innovative solutions to clients. Prior to Aon, Willett was the national real estate practice leader for Chartis/Lexington and served as senior vice president of AI Risk at Lexington.

    “Industry expertise and intellectual capital are both key components of the Aon Client Promise as well as the two qualities that best define John Willett,” said Warren Mula, global CEO of Aon Broking. “We are thrilled to place John in such a key role as we continue to invest in Aon’s industry leadership and further expand our areas of specialization.”

    Launched this year, Aon Broking integrates Aon Risk Solutions’ broking infrastructure across the unit’s retail, wholesale and specialty businesses in 120 countries to provide clients with the benefit of a consistent global approach on a local level.

    Willett earned a Bachelor of Arts degree in economics from Hobart College and a Master’s in Business Administration from the F.W. Olin School at Babson College.

    Source : Aon Press Release

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    German companies operating in Ireland are not liable for German corporate tax even if their Irish operations are technically run by a skeleton staff, a Munich court has found.

    The Federal Fiscal Court ruled in favour of Hannover Re, Germany’s second-largest reinsurer, which has two subsidiaries in Ireland, ending a six-year battle with the German tax authorities.

    The company was taken to court in 2004 after an audit a year earlier revealed that its two Irish subsidiaries at the time, Hannover Re (Ireland) and ES Ruck, maintained only management staff in Dublin. Back office staff and other tasks were shared but outsourced to a third, service company, based in the same building.

    For the German tax man, this arrangement made the two companies the German equivalent of letterbox operations and their profits liable to German corporate tax. Hannover Re argued that its service company allowed the two insurance companies to share back office operations and control costs.

    The federal ruling came after the tax authorities appealed an earlier ruling by the Lower Saxony fiscal court. “We wanted to be taxed in Ireland because, at the time, we would have paid between 10 and 13 per cent tax in Ireland whereas we would have paid between 30 and 40 per cent tax in Germany,” said Karl Steinle, spokesman for Hannover Re. “We will continue to do business from Ireland, which was and remains an attractive place to do business.”

    The ruling has no immediate impact on the company’s operations: six years ago it wound up the three-company structure and now operates two companies in Dublin: Hannover Life Reassurance (Ireland), which employs 20 and was established in 1999 with an initial capitalisation of €100 million and Hannover Reinsurance (Ireland), which has 21 employees. Its profits fell by 74.2 per cent in 2007, following a €28 million write-down caused by a restructuring of the firm’s Irish operations.

    The ruling, which has yet to be published, allows Hannover Re to release €100 million it had set aside in case the court found against it. That will push up the company’s third-quarter net profit and annual profit, forecast before the ruling to reach €600 million.

    Source : Irish Times

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    Specialist business insurer Hiscox has launched its new Charities Insurance Portfolio product for charities, clubs and associations. The bundled liability and property package will enable charities to meet their insurance needs with the peace of mind of dealing with one policy from one insurer.

    The Charities Insurance Portfolio, available via brokers, provides trustees with separate limits for professional indemnity, employer practices liability and trustees’ liability cover, as well as covering charities for their commercial premises and events related risks.

    The package includes:

    – public liability cover (including volunteers at fundraising events)

    – employers’ liability

    – bequeathed contents cover

    – crisis containment cover (PR costs)

    – business HR

    – fidelity cover

    Charities will also be able to buy optional covers, such as event cancellation, and medical malpractice liability.

    Commenting on the launch of the Charities Insurance Portfolio product, John Heaney, Head of Professions and Specialty Commercial Division, Hiscox UK, said: “Having one insurer offer a single product to cover the range of risks that charities, their trustees and volunteers face will reduce the risk of a charity having potentially expensive gaps in their insurance. In addition, it makes the whole process easier to manage for both brokers and their charity clients.

    “With this product, we have combined the financial protection that trustees should have, such as professional indemnity and employment practices liability cover, with the more conventional commercial cover that every charity needs.”

    Brokers will also be able to offer the Charities Insurance Portfolio using pre-priced proposal forms for charities, clubs or associations with up to £2 million of income.

    Source : Hiscox Press Release

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    The RSPB has welcomed the Government’s decision to abandon plans to build the Severn Barrage. Mark Robins, senior policy officer for the RSPB in the South West said: “Climate change threatens an environmental catastrophe for humans and wildlife. Harnessing the huge tidal power of the Severn has to be right, but it cannot be right to trash the natural environment in the process.

    “A barrage like the one proposed between Cardiff and Weston-super-Mare would not only destroy huge areas of estuary marsh and mudflats used by 69,000 birds each winter and block the migration routes of countless fish, but, as confirmed by this report, it would dramatically increase risk of flooding to residential properties.

    “Does not make economic sense”
    “The Government study needed to demonstrate that a big barrage could form a cost effective part of a radical plan to tackle climate change. It is clear that a barrage does not make economic sense.

    “It’s a great shame that we have been fixated on outdated environmentally destructive technology. We have consistently called for investment in more innovative and potentially less destructive schemes on the Severn which take environmental considerations into account in their design.

    Sustainable solutions
    “The Government has signalled it will be prepared to review this decision if the strategic context changes. We now want the Government to announce that only truly sustainable solutions which respect the estuary, its people and its wildlife will be considered in the future.

    “Such an announcement would provide a clear signal to the engineering community and provide some much-needed incentives for the development of these technologies for use not just in the Severn but also in estuaries around the UK and elsewhere.

    “It would also mean that if the situation changes and this or a future government decides to reopen the debate about how to harness tidal power from the Severn, then it will not have to rely on outdated, environmentally destructive technologies.

    “The UK could and should be a world leader in sustainable tidal power if the investment and the will could be found.”

    Source : Wild Life Extra

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    BCIS (The Building Cost Information Service of the Royal Institution of Chartered Surveyors) releases research highlighting how a high proportion of homeowners could be paying the wrong premium for their buildings insurance if they make the common mistake of insuring for market value rather than rebuilding cost.

    According to price comparison company Confused.com, three out of ten home owners incorrectly believe that the rebuilding cost of their home is the same as the market value. The BCIS research shows that for the UK as a whole, around six of every ten people would be over-insured if market value is used, with homeowners paying an average of £140 more in premium than necessary. Conversely, a fifth will be under-insured with an average shortfall in cover of £40,000.

    Insuring for market value has different likely impacts depending on location. In London, there is a high risk of over insurance with, on average, homeowners paying £570 more in premiums than necessary. However, in Yorkshire and Humber, there is a good chance that homeowners would end up being under insured. Insuring at market value here leads to an average shortfall in cover of £72,000, exposing homeowners to the risk of their claim not being settled in full. This could affect any claim, not just a total loss. See end of article for full regional breakdown.

    BCIS is the Building Cost Information Service of the Royal Institution of Chartered Surveyors (RICS) and the UK’s leading independent expert on rebuilding costs. Its residential rebuilding cost models are accepted as industry standard by surveyors and insurance loss adjusters. The BCIS research compared a statistically representative sample of 225 homes across the UK showing the difference in premiums when the buildings sum insured is based on the property’s market value rather than the rebuilding cost.

    Andrew Thompson, International Development and Data Director, BCIS comments: “The research we have carried out demonstrates the importance of insuring for rebuilding cost rather than market value. Homeowners can avoid having to determine the rebuilding cost of their property by opting for a bedroom rated buildings policy with capped or unlimited cover but ultimately, they can only be assured of the best deal if they obtain both bedroom rated and sum insured based quotations. Through insurance brokers and price comparison websites, BCIS rebuilding cost data allows homeowners to do just that.”

    Homeowner Hints and tips from BCIS to avoid over or under insurance on buildings insurance:

    – Where applicable, buildings insurance quotations should be based on the rebuilding cost of the property and not the market value. Many insurance brokers and price comparison websites use BCIS data and can help.

    – There are no reliable methods of converting market value to rebuilding cost.

    – If the property is changed, e.g. an extension added, recalculate the rebuilding cost and advise your insurance company as soon as possible.

    – Even if no changes have been made to the property, obtain a new rebuilding cost at least every three years. Do not rely on index linking for prolonged periods of time.

    BCIS provides data solutions to the insurance industry to enable insurers to assess risk based on accurate rebuilding costs and ultimately provide homeowners with the right level of cover at competitive prices. Its range of solutions include the Rebuilding Cost Calculator for insurance brokers, the Notional Rebuilding Cost Matrix, containing 2.6 million residential rebuilding cost values for insurers, and the Residential ‘Look Up Service’ designed for online providers of buildings insurance and price comparison websites.

    Source : BCIS Press Release

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    XL Insurance Company Limited today announced that it has been granted a license from the Malaysian Federal Territory of Labuan to underwrite business in and through the Labuan insurance market.

    The licence will enable XL Insurance to better serve its customers in the areas of property, construction, energy, casualty, specialty, and professional lines insurance.

    Mr. Gernot Klantschnig, XL Insurance’s Regional Operating Officer for Continental Europe, Asia & Latin America, commented: “The Labuan license marks an important step in our expansion in Asia. Our expert underwriters in the region are well placed to drive the effort to expand our business in this important Asian market.”

    Mr. Andrew Vigar, Regional Manager for XL Insurance in Asia and Principal Officer of the Labuan Branch, commented: “With one of the fastest growing economies in Asia, Malaysia provides significant opportunities for XL Insurance to support clients with our wide range of products. We see particular demand for our expertise in Directors & Officers and Professional Indemnity.”

    Source : XL Insurance Press Release

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    – 51 % of Britons wish to continue working after they reach the retirement age as a way of staying active

    – Less than one in five retired people think that it’s their responsibility to leave an inheritance to their children

    Old age has been delayed indefinitely. The age at which Britons consider themselves ‘old’ is steadily moving upwards as the UK’s older citizens spurn the traditional view of ageing.

    Whilst many people today view ageing and retirement pessimistically a report from Friends Provident reveals there is scope for optimism. In the fourth chapter of the Visions of Britain 2020 series (www.visionsofbritain2020.co.uk), Ageing and Retirement, it was found that Britain’s ageing population are healthier and more energetic than any previous generation.

    Over half (51%) of respondents stated they wish to continue working after they reach the retirement age as a way of staying active. This dynamic ageing population is creating a demand within the British workforce for alternative ways to fund retirement.

    Moreover, 47% of respondents fear that they will get bored when they stop working with 43% stating that they enjoy the social contact that comes from being in a working environment.

    In 2020, older Britons will be having a colossal impact on local communities through volunteering and are already doing so with 51% of volunteers being aged 60 years or over (British Household Panel Survey/The Future Foundation). By extending their working lives or volunteering, the survey respondents felt that they were making contribution to society whilst also remaining engaged.

    Trevor Matthews, CEO Friends Provident Holdings (UK) said, “It is important to recognise that although our ageing society creates a number of challenges, there are also many positive factors to consider. The definition of old or retired has evolved and by 2020, the face of retirement will look completely different from the one that we have become familiar with in recent years. People are living longer and this new breed of energetic and healthy individuals want to remain involved and not become economically inactive. These individuals will not only continue to contribute to their pensions with their continued earnings, but those who will position their activity towards volunteering will make momentous contributions to their local communities.”

    Though Britons have already started to see an end to ‘cliff edge retirement’ and a steady turn towards phased retirement, this trend will intensify dramatically in the next ten years. By a ratio of two to one the Delphi Panel of experts felt that older workers will seek jobs which carry less responsibility as they wind down to full retirement. Because of this increasing trend, employers in the next decade will have to act swiftly in adapting their businesses and the roles within them for the new breed of older workers.

    Surprisingly, despite the fact that the amount that people inherit, on average, has increased by 80% in the last 11 years (at real 2008 prices), less than one in five retired people think that it’s their responsibility to leave an inheritance to their children. Instead retired people expect to help their children with education and housing costs. Moreover, 26% of grandparents stated that they expect to contribute to the cost of tertiary education.

    Trevor Matthews continues, “Because we are living longer, it is therefore understandable that a majority of retirees will then spend what may have at one time been left as an inheritance for their family, during their retirement.”
    As life expectancy continues its upward trajectory, people will continue to fund their retirement through a number of different vehicles including savings, state pensions, employer pensions, shares and an extended working life. Over one-third (37%) of workers stated that have a company pension scheme, but less than 40% of the sample felt that employer schemes were better than private schemes. Conversely, despite the fact that a house is usually considered to be the largest asset that most retired individuals have, 77% of retired Britons wish to remain in their home and do not want to fund their retirement through equity release or downsizing their property.

    “As individuals we now have more choices, but coupled with this comes increased responsibility and the need to plan adequately for our own retirement. It is crucial that we do this planning early enough in life whilst we have more options available to us rather than waiting until we reach our mid 60s when the only stark choices might be to keep working into our 70s or accept a lower than expected standard of living in retirement. As part of this planning, it is important to consider whether we are still on target to be able to retire when we want to or whether we need to take some further action and indeed whether our aspirations for our life in retirement have changed. Employers can play a pivotal role in encouraging and supporting their employees to ensure their savings are on track to meet their retirement goals, especially as they reach their mid 50s and the prospect of retirement begins to take more significant in their thoughts”, said Matthews.

    Source : Friends Provident Press Release

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    Allianz Legal Protection is highlighting to brokers the recent changes to the National Minimum Wage system which affects the remuneration of employees.

    Employers generally anticipate the annual financial changes to the minimum wage limits but this year the Government has also altered the age ranges within the system. The highest age band has been lowered from 22 to 21, meaning that anyone aged 21 and over will be entitled to a minimum wage of £5.93 per hour compared to the previous £5.80.

    The rate for workers aged 18 to 20 also rises from £4.83 to £4.92 per hour, while the amount for workers under 18, and not of compulsory school age, rises from £3.57 to £3.64. A brand new rate of £2.50 per hour has been introduced for certain apprentices.

    Employers failing to comply with the National Minimum Wage rules face enforcement action and a fine of up to £5,000.

    Richard Simpkins, lawphone supervisor at Allianz Legal Protection, said: “We advise all employers to pay attention and act on the changes if necessary when it comes to processing salary payments. This is another example of the need for businesses to keep up-to-date with legislative changes to avoid potentially damaging fines and legal costs.”

    Source : Allianz Press Release

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    Chedid Re and Price Forbes & Partners have entered an association agreement for the insurance and reinsurance placement of upstream and downstream hydrocarbon energy business.

    The association agreement indicates that both Chedid Re and Price Forbes & Partners will utilise each other’s services in respect of risk management and brokerage of energy business emanating from the Middle East North Africa region.

    “We are delighted by the strategic alliance we have with one of the leading oil and gas brokers at Lloyd’s”, said Farid Chedid, chairman of Chedid Re.

    “The sharing of expertise between our companies will further reinforce the leading positions Price Forbes & Partners and Chedid Re enjoy in the MENA region and beyond. Chedid Re will extend Price Forbes & Partners’ global network and service its international clients operating in the region”.

    Michael Donegan, chief executive of Price Forbes and Partners, commented: “Price Forbes is extremely pleased to have entered into this association with Chedid Re for MENA regional energy business. We believe that the combination of Chedid’s regional development and expertise combined with the Price Forbes brand and technical energy capability will be a strong combination for the benefits of clients within MENA and beyond.”

    Founded in 1998, Chedid Re operates four regional offices in Beirut, Dubai, Limassol and Riyadh and offers reinsurance solutions to over 170 insurance companies in the Middle East, Africa and Europe.

    Price Forbes & Partners is a Lloyds’ broker formed following a management buyout from Marsh & McLennan of the business and the rice Forbes brand that has its origins from 1893. The company has more than 200 employees, serving clients through its offices in London and Bermuda.

    Source : Post Online

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    The British Insurance Brokers’ Association (BIBA) has produced a collection of legal guidance to help brokers understand and manage the potential risks surrounding the use of social media.

    BIBA appointed law firm Beachcroft LLP to produce the documents for brokers following increased interest from members about social media. The legal documents include a guidance note on managing social media, a template social media policy and a template disclaimer for use on Linked In groups.

    BIBA Communications Manager, Leighann Burtrand, said: “Many members have been talking to us about their plans to increase their use of social media. We have therefore highlighted the important issues and many risks that social media can present to members. These include copyright issues, the speed of communication, defamation and reputation. We hope that members find the legal documents helpful in identifying and managing these risks.”

    Emma Bate, Partner at Beachcroft, said: “BIBA Members need to be aware of the legal and commercial risks of using these sites, as do their employees. The speed and simplicity of social media means it is all too easy for staff to post something inappropriate or unlawful. In particular, as brokers are FSA regulated, they must take reasonable steps ensure that all communications, including tweets or posts on social media websites, are “clear fair and not misleading” and, if they are a financial promotion, should be signed off in the usual way”. The documents can be downloaded by members from the BIBA website.

    Source : BIBA Press Release

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      French truck drivers blocked roads as protests against pension reforms intensified Monday after the prime minister vowed to do whatever necessary to stop fuel supplies running out.

      Truckers staged go-slows on motorways near Paris and several provincial cities, and drivers blocked access to goods supply depots and joined oil workers blocking fuel depots to defend their right to retire at 60.

      The truckers’ action marked an escalation of the protests that have brought millions onto the streets in recent weeks. Another day of mass strikes and nationwide protest rallies is planned for Tuesday.

      High school students joined the protest en masse last week, and on Monday riot police fired tear gas at masked youths who set a car on fire, smashed bus stops and threw stones outside a school in a Paris suburb.

      The violence erupted after around 300 students tried to blockade the Joliot-Curie lycee in Nanterre, one of 261 schools across France that officials said were affected by the protests against President Nicolas Sarkozy’s reforms.

      Labour wants to force Sarkozy into backing down on his plan to raise the minimum retirement age to 62, which is in the final days of its journey through a parliament in which the right-wing leader enjoys a comfortable majority.

      Sarkozy has staked his credibility on the reform package, but unions are hoping for a repeat of 1995, when then president Jacques Chirac backed down on pension reform after a lengthy transport strike that paralysed France.

      Most French back the current protest movement, with a poll published Monday in the popular daily Le Parisien showing that 71 percent of those asked expressed either support for or sympathy with the anti-reform protests. With 11 out of France’s 12 oil refineries shut down by strike action, and many fuel depots blocked by pickets, panic buying led to a 50 percent jump in petrol sales last week.

      Around 1,500 petrol stations on the forecourts of French supermarkets had run out of fuel by Monday, their industry association said. Some 4,500 of France’s 12,500 filling stations are attached to shopping centres, and they are the country’s busiest, supplying 60 percent of the fuel used by French motorists.

      Prime Minister Francois Fillon had on Sunday sought to calm fears of petrol shortages, and he vowed to take any “necessary decisions” to ensure the country’s fuel supplies flowed.

      “I will not let the French economy be choked by a blockade of fuel supplies,” Fillon told TF1 television.

      “The right to strike is respected, but this is not the right to block access to fuel, or to deny non-striking workers access to their workplaces,” he said.

      The premier did not say what those measures might be, but the threat did little to deter the truckers who on Monday joined oil workers who maintained their pickets or threw up new ones outside fuel depots.

      “We will stay here as long as we can,” said the CFDT union’s Joseph Sieiro, one of the hundred people, most of them truckers, who turned up on Monday morning to block an oil terminal at Port-La-Nouvelle in southern France.

      Unions slammed the management’s reopening of a crucial pipeline bringing fuel to Roissy-Charles de Gaulle airport in Paris, which officials warned could have run empty as early as Monday, saying untested fuel was flowing to planes.

      “Turning the pumps on again was done secretly this morning (Sunday) around 7:00 am by a handful of managers who are absolutely not trained for this kind of operation,” said Philippe Saunier of the powerful CGT union.

      Unions have said their protests may not end even after the pension reform is passed by the Senate this week.

      Paris, October 18, 2010 (AFP)

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      Insurance broker UIB has appointed Mikael Ardell, as divisional director for Marine and Energy, to drive growth across the Nordic region in the property and energy sectors. Mikael, who will be based in Stockholm and brings 21 years experience to the role, was previously Nordic energy practice leader at Jardine Lloyd Thompson.

      Marine and energy is a core focus of UIB’s Nordic operation and Mikael’s appointment, with his strong track record in property intensive areas of the energy industry, will help UIB build on its traditional pure marine specialism.

      Mikael is an expert in risk management, consulting and insurance design, placement and implementation for complex property and energy risks.

      His appointment is also in line with UIB Nordic’s strategy of focusing attention on select areas where the greatest value can be added to the end client. The ultimate objective for UIB in the region is to be the market leader in its chosen niches.

      Mikael has previously worked in similar roles at Marsh and Willis in Nordic countries and also in North America. In addition he founded and served as managing director of the Swedish subsidiary of Integro Insurance Brokers.

      Commenting on the appointment managing director of UIB Nordic Peter Sundlöf said:  “Mikael’s skills fit hand in glove with those of the existing team and we are extremely pleased to welcome such a highly regarded specialist to UIB. There are substantial synergies between our existing marine business and our casualty unit and I believe UIB Nordic is the perfect platform for Mikael given his strong entrepreneurial ability as well as his expertise. Mikael has a very good name in the market with both clients and underwriters and we expect great things from him.”

      Source : UIB Press Release

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