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Flood Re launched on April 4 and will, in time, allow some 350,000 households at risk of flooding to benefit from affordable flood cover.
The roll out of the facility will be phased as insurers and software houses get their systems up and running. BIBA is working with both the main software houses and our partner insurers to make access available for the broker channel.

If you have an immediate need for flood cover, we do have members that can assist. Please contact us for details.

Meanwhile Flood Re, with our input, has created a guide for brokers.

The post Flood Re – broker guide available appeared first on British Insurance Brokers' Association.

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18th April 2016

In May 2015 BIBA announced its intention to open discussions with the Insurance Brokers ‘Standards Council to explore how the two bodies could join forces to create a single voluntary code of conduct and guidance for insurance brokers.

Steve White, BIBA Chief Executive announced today that the discussions have been fruitful and with immediate effect would create the BIBA Insurance Brokers’ Standards Committee.  Paul Anscombe, Chief Executive Officer of Seventeen Group and Chair of the Insurance Brokers’ Standards Council will now chair the new committee and will join the BIBA board as a main board director.

Commenting on the agreement, White said; “I am delighted that our two organisations have agreed to come together to provide guidance on broking standards and conduct. Paul’s experience will broaden our board and the new BIBA Insurance Brokers’ Standards Committee will benefit considerably from the input of others from his council’s team.”

Paul Anscombe added; “I’m looking forward to formally becoming part of the BIBA team.  This new framework provides an excellent opportunity to work with BIBA members and other experts to create a forward-looking framework of guidance for good practice that is both achievable and reasonable and created from member input.”

This agreement follows more than 10 months of discussion between the two bodies and heralds a single voice for brokers.  BIBA Chairman, Lord Hunt of Wirral said; “This is a highly important move at a time of great change in our sector.  As a profession it is vital to signal to customers the high standards to which we operate and for our members it is key to have a clear and concise set of principles to work with.”

White concluded; “I’m looking forward to the new committee coming together to set down this code, which was one of our 2016 Manifesto commitments.  I would like to thank the previous members of and advisers to the Standards Council for their advice and guidance in this area, work that will continue to inform the creation of broking standards.”

ENDS

  1. For further information please contact:

    BIBA press office:
    Pam Quinn, Communications Manager
    020 7397 0223
    quinnp@biba.org.uk

  2. About the British Insurance Brokers’ Association

 

The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.

BIBA membership includes just under 2,000 regulated firms having merged with the Institute of Insurance Brokers (IIB) in November 2011.

General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff.

54% of all general insurance is sold by an insurance broker and they arrange 78% of all commercial insurance business.

Insurance brokers put the client’s interests first, providing advice, access to suitable insurance protection and risk management.

BIBA helps more than 250,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.

BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.

 

 

 

 

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The Financial Conduct Authority (FCA) has published consultation paper CP16/10 setting out its response to HM Treasury’s review of enforcement decision making at both the conduct regulator and the Prudential Regulation Authority (PRA) and how it intends to implement recommendations contained within the report.

The Treasury review looked at the transparency, fairness, effectiveness and speed of the FCA’s and the PRA’s enforcement decision-making processes and arrangements and made a number of proposals aimed at improving them.

The paper also seeks to introduce recommendations arising from Andrew Green QC’s report into the Financial Services Authority’s enforcement actions following the failure of HBOS.

The consultation paper includes proposed changes to the FCA’s Decision Procedure and Penalties Manual (DEPP) and Enforcement Guide (EG).  Chapters 3 and 4 of CP16/10 seek comment in respect of co-operation between the FCA and PRA and subjects’ understanding and representations in the context of enforcement investigations, and are the subject of a joint consultation by the two regulators.

Members may access the consultation paper by clicking here.

Responses should be emailed to: cp16-10@fca.org.uk by 14th July 2016.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

 

 

The post FCA consults on implementation of enforcement review and Green Report recommendations appeared first on British Insurance Brokers' Association.

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Harriet Baldwin MP, Economic Secretary to the Treasury, has announced plans to replace the Money Advice Service (MAS) with a “slimmed down money guidance body”.  The Economic Secretary, who was speaking at an industry forum in London about the Financial Advice Market Review, told delegates that the new body would have no brand and would not engage in direct delivery.

“Instead it will focus purely on commissioning services and will seek significant input from the financial services sector.  Money will no longer be spent on marketing – allowing the new body to channel as much money as possible directly to the front line, via third parties and charities with local expertise,” she added.

Its priorities would be identifying gaps in the financial guidance market, and commissioning targeted debt advice, money guidance and financial capability projects to fill those gaps.

Exact details of the MAS replacement have yet to emerge and would likely be subject to consultation before implementation.  The move potentially could spell a reduction in the annual regulatory fees and levies that BIBA members are required to pay.

Members may access a full copy of the speech by clicking here:

https://www.gov.uk/government/speeches/economic-secretary-on-the-future-of-financial-advice 

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

 

The post Treasury minister reveals replacement for MAS appeared first on British Insurance Brokers' Association.

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The British Insurance Brokers’ Association has received confirmation from the Financial Conduct Authority that its members will need to actively seek to have the permission allowing them to advise on the new regulated activity of peer-to-peer (P2P) lending removed, if they do not intend to carry on this activity.

HM Treasury made legislation on 16th March 2016 that, among other things, created the new regulated activity of ‘advising on P2P agreements’ in order to allow firms to include the new Innovative Finance ISA within an ISA tax wrapper.  The new legislation contains a provision that broadly means that firms which currently hold permission for the regulated activity of ‘advising on investments’ (article 53 of the Regulated Activities Order) will automatically have their permissions varied to add the new regulated activity of ‘advising on P2P agreements’ with effect from 6th April 2016.

The legislation effectively captures the general insurance mediation sector of which there are roughly 5,600 regulated firms according to the FCA’s own data, that will, in the main, have the ‘advising on investments’ permission, but limited to the investment type of ‘non-investment insurance contracts’.  Even though P2P is not and never will be, part of the activity of a general insurance broker, all of these firms will need to apply to the FCA to have the permission removed.

In order to help, however, the FCA is not applying its full variation of permissions approach to firms that do not wish to retain the new article 53(2) permission to provide advice on article 36H agreements.  Firms should complete the short form which is available by clicking here and the FCA will look to process the application within 15 working days.

Members should be aware that this method of submission is only available until 6th October 2016, from which point they will be directed to apply through the Connect system.

Care needs to be taken so as not to remove the ‘advising on investments’ permission entirely, as firms will still need it in relation to non-investment insurance contracts.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

 

The post BIBA members need to take action to have new P2P lending permission disapplied appeared first on British Insurance Brokers' Association.

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The Financial Conduct Authority (FCA) has published its consultation paper (CP16/9) on the fees and levies it proposes to collect to fund the activities covered in its Business Plan for 2016/17.

The Annual Funding Requirement has been set at £519.3m which is made up of £481.6m for Ongoing Regulatory Activity (ORA) which is the same as the previous year and £37.7m for consumer credit supervision.

Offsetting the £519.3m total is a rebate from financial penalties of £49.6m (£43.6m last year) from which the A19 (general insurance mediation) fee block will benefit by £2.9m (11.3%).

The total ORA levy proposed for the A19 fee block is £27.6m, which is a 1.6% reduction on the £28.1m levied the previous year.

The minimum levy amount for ORA remains at £1,084 as per the previous year. The minimum levy for firms under the CC2 (Full permission) category (which includes insurance brokers) remains at £300.

The Financial Ombudsman Service levy from firms subject to the compulsory jurisdiction (which includes insurance brokers) has been set at £24.5m, with the I017 fee block (general insurance mediation) paying 22.1% (approximately £5.4m and subject to a minimum fee of £100) and a further 1.2% from firms with a full consumer credit permission (minimum £35).

Excluding the levy for debt advice (to which insurance brokers make no contribution) the Money Advice Service levy for money advice is set to be charged at £27.6m with firms in the A19 fee block likely to pay £0.6m (down 11.6% on the previous year), subject to a minimum £10 levy.

Members can access the consultation paper here:

The closing date for comment is 27th May 2016. Any member wishing to feed observations into the BIBA response, should email them to David Sparkes at sparkesd@biba.org.uk by 20th May 2016.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

The post FCA proposes rates for regulated fees and levies in 2016/17 appeared first on British Insurance Brokers' Association.

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The Financial Conduct Authority (FCA) has published its work programme and priorities for the year ahead.  The FCA’s Business Plan 2016/17 explains how the regulator will meet its three operational objectives to protect customers, promote competition and enhance market integrity in order to achieve its overarching strategic objective of making markets work well.  Incorporated into the plan is the regulator’s Risk Outlook which identifies trends in the markets and firms regulated by the FCA and the risks to which it needs to respond.

The FCA has identified seven priorities and has provided details of the work it is going to be carrying out in each of these areas to support the plan.  The seven themes where the FCA intends to concentrate its attention are as follows:

  • Pensions
  • Financial crime and anti-money laundering – in particular ensuring that the financial crime control regimes are proportionate and operate efficiently, and that any unintended consequences of regulation are minimised. Work will include further support to encourage good whistleblowing intelligence from firms, running a new phase of the ScamSmart campaign to protect consumers and rolling out the Financial Crime Annual Data Return to affected firms.
  • Wholesale financial markets – ensuring that these markets are clean, effective and competitive is vital to the UK’s economic prosperity.
  • Advice – Changing consumer needs and pension reforms mean access to affordable, professional advice is now more important for consumers than ever. Work will support helping people access a well-functioning advice and the support they need to make informed financial decisions at every stage of their lives and include implementation of the recommendations of the Financial Advice Market Review.
  • Innovation and technology – the FCA says it has a role to play in ensuring firms’ technology and systems become more resilient to both cyber-attacks and more traditional outages, safeguarding consumers and markets and building confidence in the effectiveness of financial technology. Work will include the launching of a so-called “Regulatory Sandbox” to give firms a safe space to test innovative products and services.
  • Firms’ culture and governance – the regulator wants to see firms managed in a way that promotes appropriate culture and behaviours. A firm’s governance and culture will need to contribute to delivering good outcomes for customers and market integrity, and to promote effective competition in the interest of consumers.
  • Treatment of existing customers – the FCA said it had seen poor practice in the treatment of existing customers who had become inactive (back books). This includes firms’ not informing customers about other available products, applying switching or exit fees or creating other barriers to reduce competition and discourage existing customers from changing providers or products.

Annex A of the document contains an update on ongoing market-based activity which shows: the FCA’s Big Data review in the GI market is expected to produce its report in Q3 2016; the review of GI brokers’ professional indemnity insurance is due to be completed in Q2 2016; and its appointed representatives’ review is also set for completion in Q2 2016.

The plan also indicates that a review of the Financial Services Compensation Scheme’s funding classes starts this month (April 2016).

Members may access the document by clicking here.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

 

The post FCA sets out its regulatory stall in business plan for 2016/17 appeared first on British Insurance Brokers' Association.

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The Financial Conduct Authority (FCA) has published final guidance (FG16/3) to firms in relation to voluntary redress schemes under the Competition Act 1998.  This follows amendments made by the Consumer Rights Act 2015, which gives the FCA concurrent powers to approve voluntary redress schemes in relation to breaches of UK and EU competition law.  The FCA had launched a consultation in this area which closed on 15th February 2016 and elicited no responses from across the financial services industry.

BIBA members may access the FG16/3 by clicking here.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

 

The post FCA finalises guidance on voluntary redress schemes under competition law appeared first on British Insurance Brokers' Association.

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HM Treasury will be changing its email addresses relating to financial sanctions correspondence.  As of 31st March 2016 the existing correspondence address of:

financialsanctions@hmtreasury.gsi.gov.uk

Will change to:

ofsi@hmtreasury.gsi.gov.uk

From this date all general enquiries about financial sanctions, including all licence applications, licence reports, reports of frozen assets, and breach forms should be sent to ofsi@hmtreasury.gsi.gov.uk.

HM Treasury is also changing the email address it uses to send out email notifications from:

HMT.FinancialSanctions@public.govdelivery.com

to:

HMT.OFSI@public.govdelivery.com

This change will also take place on 31st March 2016 and all subsequent notifications will be sent from this address. In preparation for this change members are advised to do the following:

  • Update their spam/junk filters to ensure that they continue to receive emails from HM Treasury regarding financial sanctions (in some cases this may require contacting your IT department); and
  • Monitor their spam/junk folder to ensure no messages are missed after the switch over.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

The post Reminder: Changes to HM Treasury’s financial sanctions email addresses appeared first on British Insurance Brokers' Association.

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The Financial Conduct Authority has set out its expectations and published case studies in a long-awaited note designed to assist firms in understanding and complying with the new rules and guidance confirmed as final in Policy Statement PS15/22 which looked to ban opt-out selling and improve the information provided to add-on buyers.

Members can access the document by clicking here.

 

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

The post FCA publishes expectations and case studies about add-ons (PS15/22) appeared first on British Insurance Brokers' Association.

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23rd March 2016

A healthy, competitive and diverse insurance industry is vital to the proper functioning of society – socially, economically and professionally. That is why the ABI and BIBA have made such a powerful commitment to working together and speaking with one voice, the better to inform, advise and serve our clients – and, ultimately, to protect individuals and firms from risks that might otherwise seriously damage or even overwhelm them.

Customers need their interactions with the insurance industry to be clear and straightforward and the ABI and BIBA are both passionate about enabling our members to fulfil those needs.  Insurers and brokers share a common and absolute determination to improve transparency and access to insurance.

That is why in January we saw a landmark agreement between the ABI and BIBA as we launched a cross-industry initiative between insurers and brokers designed to help potentially vulnerable customers at renewal.  The Code of Good Practice on Vulnerable Customers will enable insurers and brokers to recognise and help potentially vulnerable customers who may need extra support when renewing their motor or home insurance.

This initiative forms part of our commitment to help all customers make the most of the insurance market. We’ve previously worked together with Government to refresh the ‘Agreement on Age and Insurance’ to help older people find the insurance that meets their needs.  This spirit of partnership and common cause between the ABI and BIBA will continue – placing customers at the centre of everything we do, to become trusted partners in their everyday lives.

That trust is fundamental to the future success of our industry. Surveys show that our reputation has suffered in recent years, and levels of trust in the insurance sector are below where they should be. We have a shared duty to rectify this because our products and services are essential to the functioning of our economy and society.  Insurance helps people, businesses and society reach for their full potential without the fear for the financial consequences when things go wrong.  Every day more than £40 million is paid to motor and property insurance customers in claims, and we must do more together to build trust that our clients have paid a fair price for cover that will meet their needs if the unexpected strikes.

Pro-actively addressing the concern that vulnerable customers might be disadvantaged at renewal by simply renewing their policy from one year to the next without any check is just one example of how we hope to seize the agenda and enhance the reputation of our industry and the trust of our customers.

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Fitch Ratings-Frankfurt/London-11 December 2015: Fitch Ratings has affirmed Germany-based Allianz SE’s Insurer Financial Strength (IFS) rating at ‘AA’ and Long-term Issuer Default Rating (IDR) at ‘AA-‘. At the same time, the agency has affirmed Allianz’s main subsidiaries’ IFS rating at ‘AA’. The Outlook on all ratings is Stable. A full list of rating actions is at the end of this commentary.

KEY RATING DRIVERS

The affirmation reflects Allianz’s strong technical profitability, very strong consolidated group capital position, broad diversification by geography and product, and solid business position in its key markets. In addition, the group’s ratings also benefit from an investment mix of sound credit quality. Partially offsetting these rating factors are the currently suppressed profitability at its asset management subsidiary, PIMCO, and a challenging medium-term outlook for some of Allianz’s life markets.

Allianz scores “Very Strong” in Fitch’s Prism factor-based capital model (FBM) based on end-2014 data, which is supportive of the rating. The group’s core capitalisation remained strong at end-9M15 with shareholders’ funds of EUR61.3bn (end-2014: EUR60.7bn) and the Solvency II capitalisation improving to 200% (end-2014: 191%).

The subdued outlook for economic growth in the eurozone, low interest rates, and a possible re-intensification of the peripheral eurozone debt crisis creates a challenging operating environment. For 2016 Fitch expects that sound underwriting profitability from the non-life business will help Allianz offset earnings from asset management, which are likely to remain under pressure.

For 9M15 Allianz reported an operating profit of EUR8.15bn (9M14: EUR8.14bn), composed of EUR4.4bn (+2.9%) from property/casualty insurance, EUR2.7bn (+1.5%) from life/health insurance, EUR1.7bn (-17.6%) from asset management, and EUR-0.6bn (+16%) from corporate and other. Asset management continued to suffer from net asset outflows at PIMCO, which appear to have peaked by end-2014. The combined ratio deteriorated slightly to 94.1% (93.6%). For 9M15, net profit attributable to shareholders increased by 3.9% (EUR5.2bn).

Allianz is one of the largest insurance groups in Europe. IFRS gross written premiums were EUR74bn and total assets stood at EUR806bn at end-2014. The group is active in both the non-life and life/health businesses as well as in asset management and has a strong business position and franchise.

RATING SENSITIVITIES

Key rating triggers that could lead to a downgrade include a deterioration of Allianz’s capital position, with its Prism FBM score falling below ‘Very Strong’ for a prolonged period of time or a sustained decline in profitability with a net return on equity below 9%.

An upgrade is viewed as unlikely by Fitch over the medium term, but upgrade triggers include a sustained significant increase in the Prism FBM score to “Extremely Strong”, a decline of the financial leverage ratio to below 15%, and a sustained strong improvement in profitability with a return on equity consistently above 15%.

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Cyber Monday kicks off the online holiday shopping season. Unfortunately, nearly 12.7 million U.S. consumers had their identities stolen last year and thieves may be looking to take advantage of the online traffic this holiday season. With this in mind, The Hanover Insurance Group, Inc. is offering a few simple tips to help consumers protect their personal information from cyber identity thieves.

“An identity theft or fraud can have a major impact on a consumer, often leaving them to deal with the mess created by cyber criminals,” said Richard W. Lavey, president, personal lines and chief marketing officer at The Hanover. “Many consumers may not realize their homeowners insurance policies may help provide protection against the burdens of dealing with identity fraud,” Lavey says.

The Hanover suggests online shoppers follow a few simple practices to help stay protected against cyber fraud:

Be savvy about Wi-Fi hotspots – Do not share personal or financial information over an unsecured Wi-Fi network (one that does not require a password for access).
Make sure the site is legitimate – Before entering any credit card or personal information, look for a closed padlock on your web browser or a URL address that begins with shttp or https.
Protect your personal information – Make sure the information requested is only that needed to complete the transaction. Check the website’s privacy policy to understand how the information will be used.

Keep a clean machine – Smartphones or other devices used for shopping should have up-to-date software.
Keep a paper trail – Save records of online transactions and check credit card statements as soon as they arrive. Immediately report any discrepancies.

“An independent insurance agent can help review your coverages to make sure you have the protection you need if your identity or credit card information were to be stolen,” Lavey suggests. “Look for the better insurance policies, ones that offer expense reimbursement, proactive and restoration services, document replacement assistance, and credit card fraud coverage.”

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The magazine “AM Best’s Review” acknowledges the company as a recommended brand when taking out GAP insurance, which protects the market value of the vehicle when it is purchased.

MAPFRE ABRAXAS, part of MAPFRE ASISTENCIA in the United Kingdom, has won its third “AM Dealer Recommended for GAP insurance” award in the 2016 edition. This coverage, which MAPFRE ASISTENCIA has been offering since 2003, ensures the protection of the market value of the vehicle when it was purchased in cases of theft or total write-off.

This is the third time in the last four years that MAPFRE ABRAXAS has won this prestigious award in the automobile sector, given by the magazine “AM Best’s Review”, published by the ratings agency “A.M. Best Company”, which is a benchmark publication in the insurance industry with over 10,000 readers per month in the United Kingdom.

The prize is awarded in accordance with the results of a survey among franchised dealers in the United Kingdom and is given in recognition of the best providers in the automobile sector. The Operations Manager of MAPFRE ABRAXAS, Jair Marrugo, explained that “this has been a very demanding year as a result of changes in the regulations governing the sale of GAP insurance in the United Kingdom. Nevertheless, this award goes to show that our innovative solutions like the launch of our new Sales Point Plus system have meant that dealers have been able to continue offering GAP insurance in compliance with the new regulations and have been well received in the market.”

Marrugo added that the award, together with those received in 2013 and 2014, shows that “we are still the brand leader in terms of the support given to our associated dealers.” Furthermore, he assures us that this is an acknowledgment of the work undertaken by the team in the United Kingdom to offer dealers “the excellent service they have come to expect from MAPFRE”.

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The 2015 United Nations Climate Conference in Paris is a key event of 2015. Political and industry leaders, civil society and media from around the world will converge on Paris Le Bourget. The insurance sector is particularly affected by the problem of global warming, as it bears a significant share of the cost of natural disasters, and costs are expected to increase in the future. This international conference is an opportunity to highlight these issues, to raise awareness of the various existing compensation schemes, to reflect on possible adaptations and to emphasize the need to prevent natural disasters and limit damages and associated costs.

Register here

World premiere screening during the Conference
Natural disaster insurance in a changing climate: anticipating the challenges

Wednesday 9 December 2015, 11 a.m. to 1.30 p.m.

Nelson Mandela Auditorium, Climate Generations Area
Paris Le Bourget Exhibition Centre
Carrefour Charles Lindbergh, 93350 Le Bourget

The conference will be chaired by Margareta WAHLSTRÖM
Special Representative of the UN Secretary-General for Disaster Risk Reduction and Head of the UN Office for Disaster Risk Reduction

Program
11:00 : Opening of the conference by Margareta WAHLSTRÖM
11:30 : Projection of the documentary « Get Ready : adapting to cope with natural disasters »
12:00 : Debate « Natural disaster insurance in a changing climate: anticipating the challenges»

Register here

Producers

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News Assurances Pro is the media benchmark for insurance professionals. It breaks down the key issues and problems of the sector on a daily basis. A pioneer in video news coverage, Insurance News Pro is establishing itself at the forefront of data journalism. With its animated maps, rich and connected video and media content, Insurance News Pro offers a novel approach to news coverage. The production of documentary films such as Get Ready is a reflection of our desire to take the dissemination of information to the next level.

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The Caisse Centrale de Réassurance, as a public reinsurer, provides assistance to individuals and local governments by offering financial protection of property and activities from damages caused by natural disasters.

Their particular expertise in natural disasters helps insurers and governments to better understand their exposure to climate risks and so helps them to reduce their vulnerability through preventative measures and regional planning. Given their central role in risk management in France, CCR is very aware of issues related to the link between climate change and the occurrence of natural disasters. In addition, they are committed to engaging with the latest data and research to develop a better knowledge of the subject.

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Fitch Ratings-London-19 November 2015: Fitch Ratings has affirmed Norwegian life insurer Kommunal Landspensjonkasse’s (KLP) Insurer Financial Strength (IFS) rating at ‘A+’ and its Issuer Default Rating (IDR) at ‘A’, with Stable Outlooks.

KEY RATING DRIVERS

The ratings reflect the group’s ownership structure and importance in the Norwegian life market, its strong capital adequacy, as well as its market-leading position in the occupational pension market for public sector entities in Norway. KLP is a mutual organisation whose policyholders and clients are the municipalities and counties in Norway. These entities legally cannot default on their obligations, rely on ‘AAA’ state support, if required, and have a statutory obligation to support KLP if necessary. Fitch views the ownership structure and potential support as key factors underpinning KLP’s ratings.

In 3Q15 low interest rates and falling equity markets resulted in weaker-than-expected operating profit for the quarter. KLP reported a negative value-adjusted return on its common investment portfolio for the quarter. As a result, financial buffers were weakened with the securities adjustment fund falling by NOK2.1bn to NOK17.5bn. KLP remains strongly capitalised in accordance with both the regulatory solvency margin and Fitch’s own assessment of capital adequacy. The regulatory solvency margin ratio was 245% at end-3Q15 (end-2014: 228%).

In Fitch’s opinion, the threat to profitability and capitalisation arising from a prolonged low interest rate environment is substantially mitigated by Norwegian life insurers’ ability to annually re-price the interest rate guarantees for existing defined-benefit schemes.

Negative rating factors include KLP’s limited geographical diversification and growing interest by municipalities to set up proprietary pension schemes. KLP’s customers will have the opportunity to establish their own pension funds, which will pose the biggest challenge to the company over the medium term.

KLP is one of Norway’s largest life insurance companies with total assets of NOK527bn at end-3Q15. The company provides pension, financing and insurance services to the local government sector and state health enterprises as well as to businesses in the public and private sectors. KLP is 62%-owned by Norwegian municipalities and counties, 27% by the Norwegian government via state health enterprises, and 11% by public sector enterprises.

RATING SENSITIVITIES

An upgrade is unlikely unless KLP can greatly enhance the scale and profitability of its non-life operations, while maintaining or improving its strong group capital position.

KLP could be downgraded upon a loss of business from local authorities or if a material number of its municipal clients set up proprietary schemes. In addition, a material depletion of capital strength, to a level at which supplementary reserves are insufficient to fund one year of minimum investment guarantees, could also contribute to a downgrade.

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Insurer Honors Veterans Day with Events Countrywide in Partnership with the National Auto Body Council, Veteran Organizations and Business Partners

This Veterans Day, more than 130 veterans and their families will be getting the keys to newly-refurbished vehicles as part of The Progressive Group of Insurance Companies’ third annual Keys to Progress® event. The vehicle giveaways will take place on November 11th at 60 of Progressive’s Service Centers across the country. Regularly used as one-stop facilities where Progressive handles claims and coordinates repairs for customers, on Veterans Day, the Service Centers will serve a different purpose. Several organizations are partnering with Progressive to make Keys to Progress a reality, including the National Auto Body Council (NABC) and its body shop members, Enterprise Rent-A-Car, Veracity Research Investigations Inc. (VRC), and 1-800-Charity Cars.

For the annual program, Progressive works together with local NABC member body shops to recycle and donate vehicles that have been involved or recovered in a claim. They’ve been restored for the veterans as an extension of the NABC Recycled Rides® program. At more than 130 vehicles, it is once again the single largest one-day vehicle donation for the program, exceeding last year’s record donation of 117 cars. Since the start of the Keys to Progress event and including this year, Progressive has donated considerable time and resources to provide more than 300 deserving military families and organizations with reliable transportation.

According to the U.S. Department of Transportation, approximately four in 10 veterans live in rural areas where available transportation options are limited, and where it’s necessary for them to travel great distances to receive medical care, reach employment centers, and access other services. The continued expansion of the Progressive Keys to Progress event provides direct assistance to veterans and their families to provide reliable transportation so they can get back on the road faster and move forward in life.

“We recognize a need in our communities to provide support to military men and women who may be facing tough circumstances in life—from difficult personal and family health needs, to excessive rent burdens, unemployment and even homelessness,” said Mike Sieger, Claims President. “One of Progressive’s company core values is the Golden Rule. Keys to Progress is a great way to put that into action, extending that principle to people who have given so much for their country—our military veterans.”

This is the third year that Progressive worked alongside National Auto Body Council, Enterprise Rent-A-Car, Veracity Research Investigations, 1-800-Charity Cars, national salvage partners Copart and Insurance Auto Auctions, Inc. (IAA), and numerous local charitable organizations to make Keys to Progress a reality:
NABC member body shops volunteer staff, resources and thousands of hours of collective time to repair the vehicles free-of-charge to veterans.
Enterprise Rent-A-Car provides insurance for each donated vehicle for the first six months, and also offers free car rentals to transport families to the Progressive Service Centers for the event as needed.

The insurance policies are written by Progressive.
VRC Investigations, a veteran-owned and operated organization, helps support the recipient selection process each year.
The Original 1-800-Charity Cars, powered by AudaExplore, a Solera Company, donates resources to facilitate titling and registration of vehicles for recipients.
Salvage partners Copart and IAA donate some of the vehicles.
Local charity partners help to identify the most deserving recipients in each region.
Progressive Service Centers participating in Keys to Progress are located in the following cities (some cities have multiple locations and will have multiple vehicles being given away):
Arizona: Phoenix
California: Pasadena, San Diego, Sacramento
Colorado: Denver
Connecticut: Hartford, New Haven
Florida: Ft. Lauderdale, Jacksonville, Miami, Orlando, Tampa, West Palm Beach
Georgia: Atlanta
Illinois: Chicago
Indiana: Indianapolis
Kansas: Kansas City
Louisiana: Baton Rouge, New Orleans
Maryland: Baltimore
Massachusetts: Boston
Michigan: Detroit
Minnesota: Minneapolis
Missouri: St. Louis
Nebraska: Omaha
Nevada: Las Vegas
New Jersey: South Plainfield
New York: Albany, Buffalo
Ohio: Akron, Cincinnati, Cleveland, Columbus, Dayton
Oklahoma: Oklahoma City
Oregon: Portland
Pennsylvania: Chester County, Harrisburg, Pittsburgh, Philadelphia
Rhode Island: Providence
Texas: Austin, Dallas, El Paso, Houston, San Antonio
Utah: Salt Lake City
Virginia: Springfield, Virginia Beach
Washington, D.C.
Washington: Seattle
Wisconsin: Milwaukee

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Allstate Rewards earned a Gold level prize in the Best Customer Insights in Customer Experience category as well as a Silver level recognition in Best Technology & Trends in Customer Experience at the Loyalty360 CX awards expo held in Dallas this week. At the end of the ceremony, the loyalty organization also honored Allstate Rewards with the 360 Degree Bronze trophy which recognizes overall excellence in customer experience.

Allstate Rewards is the breakthrough platform powered by the Drivewise mobile app that encourages and rewards drivers for their everyday safe driving habits – even drivers who are not Allstate policyholders. The program offers a number of features like those listed below:

  • Drivers just need to drive safely. There’s nothing to buy or a bill to pay in order to reap rewards.
  • Anyone can join and earn rewards – even if they don’t have an Allstate insurance policy.
  • Those who do have an Allstate policy earn rewards in addition to earning savings on their auto insurance policy.
  • The Drivewise program that powers Allstate Rewards provide drivers feedback and coaching related to safer driving behaviors.
  • Interactive challenges on the app encourage drivers to adopt safer driving behaviors. For example, the app might offer rewards for driving slower than 80 mph and avoiding hard braking for three consecutive days.

The Allstate Rewards platform offers a customized experience for each user which is supported by technology from Deluxe Rewards. Deluxe helps to seamlessly integrate the rewards program into Allstate’s existing mobile app so users don’t need to download a separate app to participate in the program and have another to manage their Allstate account.

The Loyalty 360 CX awards were presented on November 10 at the Engagement & Experience Expo in Dallas.

The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties through auto, home, lifeand other insurance offered through its Allstate, Esurance, Encompass and Answer Financialbrand names. Allstate is widely known through the slogan “You’re In Good Hands With Allstate®.” The Allstate brand’s network of small businesses offers auto, home, life and retirement products and services to customers in the United States and Canada. In the 20 years since Allstate became a fully independent public company, The Allstate Foundation, Allstate, its employees and agency owners have donated more than $405 million to support local communities.

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