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Starting January 1, 2010, Emmanuel de Talhouët is appointed AXA Belgium Chief Executive Officer (CEO). He will replace Eugène Teysen, who was AXA Belgium CEO since January 2007, and will report to Alfred Bouckaert, AXA NORCEE [1] Region CEO and member of AXA’s Management Board.

“AXA Belgium’s teams join me to thank Eugène Teysen and to wish him a great success for its projects to come. Under his mandate, AXA Belgium stood up as one of the strongest financial institutions of the country in the last 18 months,” said Alfred Bouckaert. “I am convinced that Emmanuel de Talhouët will succeed in capitalizing on our leadership position in the Belgian market to win the preference of our clients day after day, notably through the improvement of the quality of service.”

Emmanuel de Talhouët joined the AXA Group in 2001 as strategic auditor, one year before being appointed CEO of AXA France’s AXA Particuliers / Professionnels North-East region. In March 2008, he was appointed BSD director (Business, Support & Development) for AXA’s NORCEE Region. He had previously worked in the consulting and public works areas, as Chairman of the Board and CEO, Head of Strategy or CFO. Emmanuel de Talhouët is graduate of Ecole Polytechnique.

[1] : Northern, Central and Eastern Europe: Belgium, Germany, Luxembourg, Switzerland and Central and Eastern Europe.

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    President Barack Obama injected almost 600 million dollars on Wednesday into US health centers, saying the move would create jobs as well as provide care for an extra 500,000 low-income patients.

    The new spending, to come from the 787-billion-dollar stimulus package enacted in February, was announced as Congress debates a sweeping overhaul of the US health care system that Obama has made his top domestic priority.

    The funds will pay for repairing or rebuilding health centers, technological advances to bring medical records online, and a three-year study to see how care can be improved.

    The initiatives “won’t just save more money, and create more jobs, they’ll give more people the peace of mind of knowing that health care will be there for them and their families when they need it,” Obama said.

    “Ultimately, that’s what health reform is really about,” he added in a written statement.

    US health centers serve more than 17 million patients, about 38 percent of whom have no health insurance, according to official figures.

    “One of the first investments we made through the Recovery Act was in supporting our nation’s community health centers, and today we build on that progress by funding new construction and improvement projects at more than 80 facilities nationwide,” said Vice President Joe Biden.

    “This is what the Recovery Act is all about, providing immediate assistance for hard-hit families, improving our nation’s infrastructure and creating new opportunities for stable, well-paid work.”

    Obama still hopes to pass this year a bill overhauling the US health care system, but the proposals face blanket opposition in the Senate from Republicans and worries from some Democrats about the 848-billion-dollar price tag.

    The United States is the only industrialized democracy that does not ensure that all of its citizens have health care coverage, with an estimated 36 million Americans uninsured.

    And Washington spends vastly more on health care — both per person and as a share of national income as measured by gross domestic product — than other industrialized democracies, with no meaningful advantage in quality of care, according to the Organization for Economic Cooperation and Development.

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    The 28-year-old woman contacted officers recently to report a burglary at her home at Recreation Grove, claiming that offenders smashed a window to enter the house before stealing jewellery, a Nintendo Wii and other items.

    It was later discovered that the window had in fact been smashed weeks previously, and on speaking to the woman she admitted to making a false report so she could claim money for the items from on her home insurance policy.

    Detective Inspector Tim Hunt said:     “Making a false report can have serious consequences, and not just because of the amount of time it wastes by taking officers away from dealing with genuine inquiries.

    “Had the woman pursued her claim and we then proved her report to be false, she would have been committing an offence of fraud by false representation which carries up to 10 years in prison.”

    A spokesperson from Swinton, the high street home insurance retailer, said: “Anyone tempted to try and make false insurance claims need to be aware that it’s not just their insurer that may choose to look closely at the case – and that the police take such matters very seriously. In this case the offender got off with a modest fine, but potentially it could have been far worse.”

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    The Government’s announcement that the limitation on higher rate tax relief on pensions will be extended to those earning over £130k is yet another attack on pensions and sends completely the wrong signal to savers says Friends Provident.

    Less than 8 months since announcing restrictions on tax relief for those earning over £150k, Chancellor Alistair Darling in his pre budget report today has changed the rules once again – now anyone with an income over £130k could be caught.

    Friends Provident believes the Government’s latest move demonstrates once again how pensions are being treated as a political football in a game where the goalposts are constantly shifting.

    James Ward, director of UK corporate, Friends Provident said: “This latest move will add yet another unwelcome layer of complexity to pensions in the UK. At a time when we should be pulling out all the stops to encourage people to save, the Government is instead creating barriers to prevent it. We need to highlight the benefits of saving into pension schemes and this constant tinkering around the edges is chipping away at consumer confidence and has to stop.  The question remains- whatever happened to pensions simplification?”

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    Sterling Insurance Group has announced it will increase premium rates for its high net worth clients at renewal from 1 January 2010. The increases will be approximately 7.5% on ‘clean risks’, excluding any increases applicable to add-on covers, with a further 3% direct debit charge on selected products.

    The increases are part of Sterling’s sustainable approach to pricing and follow the effects of the prolonged soft market combined with the downturn, which has created a pressing need for pricing corrections. The increasing access to online solutions for commoditised products and consumers’ desire to achieve lower premiums during the downturn has further compounded the issue of premium levels. Sterling believes other insurers must also act to correct artificially low prices soon to avoid customer dissatisfaction with claims in the future.

    Sterling consults with its brokers on a continual basis and the decision to increase rates from January was done with brokers’ full support.

    Director for personal and commercial insurances David Sweeney said: “We believe January 2010 is the right time for corrective action and hope that others will quickly follow to avert the collision course the market is currently on with dissatisfied, claiming customers.

    “Sterling has adopted a robust and sustainable approach to pricing over the last 24 months – prices have been increasing gradually. These increases are necessary to ensure prices remain correct in order to provide a service and products that perform in line with or beyond policyholders’ expectations. Proper pricing is the only way insurers can deliver this and ensure customers are treated fairly in the event of a claim.”

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    QBE European Operations announces that its market leading Casualty team, headed by Managing Director Ash Bathia, has been awarded the prestigious Underwriting Team of the Year Award in Insurance Day’s annual London Market Awards.

    The team received the award in recognition of its superior underwriting expertise, innovation and service. The award was presented at last night’s ceremony in London and Ash Bathia collected the award on behalf of the team.

    Commenting on this accolade, Ash Bathia said: “At QBE we are continually looking to build long-term, sustainable propositions that are underpinned by high quality service, empowered underwriting and core market understanding and we are proud to accept this award, which recognises these efforts.”

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    Bangladesh, Myanmar and Honduras were the countries most severely affected by extreme weather events from 1990 to 2008, according to a climate change risk study published on Tuesday.

    When only 2008 is considered, the top three worst-hit countries were Myanmar, Yemen and Vietnam, said the paper which was published on the sidelines of the ongoing UN talks in the Danish capital.

    The so-called Global Climate Risk Index aims at giving a pointer of a country’s vulnerability to violent weather events stoked by global warming.

    It is derived from a basket of factors, namely the total number of deaths from storms, floods and other weather extremes; deaths per 100,000; losses in absolute dollar terms; and the loss in terms of a percentage of a country’s gross domestic product (GDP).

    “Weather extremes are an increasing threat for lives and economic values across the world, and their impacts will likely grow larger in the future due to climate change,” said the report, authored by an NGO called Germanwatch.

    “Our analyses show that in particular poor countries are severely affected.”

    The report, which uses data provided by the insurance giant Munich Re, was issued on the sidelines of the December 7-18 talks under the UN Framework Convention on Climate Change (UNFCCC).

    The conference aims at crafting a post-2012 pact on reducing carbon emissions and providing funds for poor countries exposed to the impacts of climate change.

    The “top 10” for 1990-2008 were:

    1 Bangladesh

    2 Myanmar

    3 Honduras

    4 Vietnam

    5 Nicaragua

    6 Haiti

    7 India

    8 Dominican Republic

    8 Philippines

    10 China

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    With over a third, 35%[1]  of Brits away for a few days or more over the Christmas and winter holiday period, AXA Home Insurance is warning that burst pipes could be a bigger threat than burglary while you’re away.

    Statistics from AXA show that during December and January last year, more people claimed for ‘escape of water’ than for either fire or theft. Yet while nearly two-thirds of us (57%) worry that our homes will be burgled while we’re away and a quarter (24%) worry that our homes might be destroyed by fire, only 8% are concerned that a burst pipe might be a problem.

    In fact, while we head off to see loved ones over the Christmas holiday period, only one in three (38%) people will take even the most basic of precautions to protect against burst pipes such as leaving the heating on, yet nearly three quarters (71%) will lock the windows.

    According to AXA’s data, the big freeze in January last year led to around one in every 1000 homes claiming for water damage from a burst pipe with average claims reaching a staggering £15,000.

    Claims for contents alone averaged £4,200 – around ten times the £418 people reckon they will spend on Christmas this year. And with many households having no cover for contents [2] , this could lead to a very expensive Christmas for some. Claims for burst pipe damage under buildings insurance came in at an average of £10,900.

    Nick Kidd, head of home insurance at AXA says: “Our research shows that people don’t really understand the importance of protecting their water systems from freezing conditions. Not only does burst pipe damage have financial implications, especially if insurance is not in place, but it can also cause huge emotional trauma from ruined personal belongings.

    “Arriving home after a Christmas break to find your home devastated by a burst pipe can be very stressful and even if you have the insurance in place to cover the cost, the sentimental value of many things we keep in the home can never be compensated.

    “Last January’s huge rise in claims (around 60% up from the previous year) was primarily down to a sharp drop in temperatures in early January leaving pipes vulnerable. But this was by no means an exceptional weather event and a few cold days this Christmas could mean a miserable New Year for many homeowners.”

    AXA’s tips for protecting pipes

    1. Leave your heating on at a minimum of 12°C while you are away. This will stop water in your pipes from freezing.
    2. Check the insulation on your water pipes – if there’s none in place get it sorted as soon as possible. Only 39% of people questioned had either insulated or checked on their insulation in the last three years.
    3. Get your cold water tank lagged – 28% of people were confident that this had been sorted in the last three years.
    4. Insulate your loft – not only will this keep your home warm, it has environmental benefits too. AXA research showed 56% had either had new insulation or checked their existing insulation over the last three years.
    5. Leave your kitchen and bathroom cabinet doors open – this will allow warmer air to circulate around the pipes that are often found inside these cupboards.
    6. Leave your loft hatch open to let warm air circulate – particularly if you have a cold water tank in your loft.
    7. Seal any holes that let in cold air. With modern technology, increasing numbers of people have holes in the wall for computer cables or TV links – yet less than half of us (47%) have taken the trouble to fill around these holes.
    8. Drain your water system. Probably not necessary if you are going away for just a short period, but if you are planning an extended break during the winter, this is a wise precaution. The group most badly affected by claims last year were the over 50s who were spending the winter abroad.
    9. Get your neighbours to check on your property – 58% of us do this anyway and while it won’t stop a pipe from freezing if you haven’t taken other precautions, at least early intervention may reduce the damage caused.
    10. Check your insurance is up to date and you are covered for the full value of your contents. If you’re an AXA home insurance customer and the worst happens, AXA will offer a dedicated claims handler to see you through your claim.

    Note:

    [1] All data (aside from 2 below) taken from OnePoll survey carried out in November 2009 among 2000 UK adults, or from AXA’s own claims database.

    [2] According to Datamonitor’s 2009 UK Household Insurance report, it is estimated that nearly 20% of the adult population does not have contents insurance.

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    Nearly a third (29%) of companies have made no changes to their employee benefits during the recession despite the almost complete collapse in the war for talent in the face of rising unemployment, according to research by Aon Consulting.

    According to Aon’s survey of 70 leading firms, of those that have made changes, the majority (38%) have reviewed their DB provision, 11% have reassessed their DC scheme and 19% have reviewed their other employee benefits.

    Commenting on the research, Helen Dowsey, principal at Aon Consulting, said: “Employers are missing a trick when it comes to getting best value from their benefits programme.  Pension schemes and employee benefits programmes, for example, offer a range of opportunities to save money, both in terms of short-term fixes and long-term solutions.

    “Whether via a simple re-broking exercise for group health insurance while rates are currently low, or a major overhaul of pension scheme set-up, or any number of routes in between, there is money that can be saved while still offering a competitive and effective benefit programme.

    “Aon Consulting is offering a free ‘Benefits Healthcheck’ to employers wanting to improve the return on investment (ROI) of their benefits spend. Businesses looking to capitalise on an economic recovery need to be fighting fit and well prepared: ensuring their benefits programme is delivering value for money is key to this.  We would encourage all employers to review their benefits programmes to make sure they are achieving maximum ROI.”

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    The US Senate, locked in bitter battle over President Barack Obama’s push to remake the nation’s health care system, opened a new front Monday over the divisive question of abortion.

    Democratic Senator Ben Nelson, a key swing vote, unveiled a proposal aimed at barring any federal monies from going to pay for abortion, directly or indirectly, setting up a pitched intra-party political battle.

    Lawmakers who support abortion rights have said they will fight to defeat Nelson’s amendment to the underlying legislation, amid expectations the Senate will not adopt his proposal.

    Nelson has warned he will not support the overall legislation absent the restrictions, while many Democrats have said his initiative goes too far in banning the use of government funds to terminate a pregnancy.

    “As written, the Senate health care bill allows taxpayer dollars, directly and indirectly, to pay for insurance plans that cover abortion,” Nelson, who represents Nebraska, said in a statement.

    “Most Nebraskans, and Americans, do not favor using public funds to cover abortion and as a result this bill shouldn’t open the door to do so,” he added, noting that anti-abortion groups have condemned the bill as written.

    Nelson’s measure would prohibit Americans who receive government subsidies to pay for health care to buy into an insurance plan that covers abortion, and would prohibit a government-backed insurance plan popularly known as a “public option” from covering the procedure.

    The measure includes exceptions in cases of rape, incest, or in which a doctor certifies that the woman is “in danger of death unless an abortion is performed.”

    Nelson’s amendment mirrors a similar proposal that the House of Representatives attached to its version of the health care overhaul amid expectations that House and Senate negotiators might strip it later in the legislative process.

    Senate Majority Leader Harry Reid hopes to pass the health care bill before the end of the year, but has next to no margin for error to get the 60 votes needed.

    The White House-backed bill aims to extend coverage to some 31 million Americans out of the roughly 36 million who currently lack it, while curbing soaring costs and improving the quality of care.

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    Willis Group Holdings announced that Joshua King has been named Senior Vice President, Group Marketing and Communications. King will lead a worldwide function that includes external, internal and executive communications, brand and reputation management, community relations, corporate philanthropy and events. He will report to Joe Plumeri, Group Chairman and Chief Executive Officer.

    King comes to Willis with more than 20 years of experience in the public and private sector, ranging from the White House to the insurance industry. From 2003 to 2009, he served as chief spokesman and vice president of communications and community relations at The Hartford Financial Services Group, Inc., one of the nation’s oldest and largest insurance companies.

    “Willis sets itself apart through its ‘One Flag’ culture of teamwork, its ability to deliver global resources to each client locally, by being transparent with clients and advocating for their best interests at all times,” said Plumeri. “Communication is very important to the success of our company, and I’m delighted that Josh King is joining Willis to take our communications program to the next level. Josh has spent his career helping corporate leaders and public officials develop and deliver their message in new and compelling ways, from live events to the Internet and social media. His insurance experience and his strategic, creative and management skills will be great assets as we continue to differentiate Willis and grow our business in an intensely competitive industry.”

    “Willis has delivered impressive growth and performance, and also championed trust and transparency in an era demanding this assurance as never before,” said King. “I’m proud to be joining Willis at an important moment, both for the company’s growth strategy and also for the future of the financial services industry.”

    At The Hartford, King oversaw external corporate and business unit communications – including product, financial, legal and regulatory media relations issues – as well as the company’s philanthropy, civic engagement and employee volunteerism. King also has served as a senior vice president of Penn, Schoen & Berland Associates, a research-based consulting firm of the WPP Group specializing in communications strategy for corporate, political and entertainment clients.

    In the Clinton Administration, King served for five years as director of production for the White House Office of Communications, where he was credited with introducing a new visual style for the President’s public appearances. King earned his B.A. from Swarthmore College and completed the Program for Global Leadership at Harvard Business School.

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    The ABI has launched guidance for life insurers on when internal actuarial advice should be subject to external review. It follows a public consultation earlier this year. Its origins lie in the Morris review and subsequent work by the actuarial profession and the Financial Reporting Council.

    The guidance, External Reviews of Internal Actuarial Advice: Best Practice for Life Insurers, recommends that boards consider seeking an external review when actuarial advice is critical to a decision that has significant implications for the company.

    This could include where there are major changes to the running of life insurance policies, the regulatory environment and established industry and actuarial practice.

    The ABI guidance is not prescriptive and recognises that external advice may often be unnecessary.

    Peter Vipond, the ABI’s Director of Financial Regulation and Taxation, said: “This guidance is designed to assist boards in making informed decisions based on sound advice. We urge boards to assess each case individually, and to consider the advantages and disadvantages an external review would have.”

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    The rise in the number of crash for cash scams that are blighting insurers could mean those who have real accidents are treated with more suspicion, it has been claimed.

    Steve Foulsham, technical services manager at the British Insurance Brokers Association (BIBA), said car insurance providers are being inundated with more false claims and as such, it is important they deal with each case in as thorough a manner as possible to ensure scammers do not get through.

    Unfortunately, this means all accidents are being treated with more suspicion.

    “Insurers have a duty to the policyholder where they have grounds [for] suspicion. They probably look at claims more cautiously than they did in the past,” he commented.

    BIBA is the UK’s leading general insurance organisation. It represents the interests of insurance brokers, intermediaries and customers and has partner members from the leading companies in the insurance industry.

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      Scottish motorists pay the least for their motor insurance premiums in the UK, according to research from moneysupermarket.com1, which reveals the UK’s hotspots for the cheapest and most expensive car cover.

      • Scotland dominates top ten but Truro in Cornwall takes the top spot for UK’s cheapest car insurance
      • Manchester and Birmingham pay £500 more for car insurance

      The price comparison site analysed one million motor insurance quotes over 12 months, to reveal that Scotland dominates the top ten with seven of the cheapest areas in the UK for car insurance. Truro in Cornwall however takes the top spot, with Penzance in Cornwall and Bury St. Edmunds in Suffolk also featuring within the top ten.

      The research reveals Birmingham and Manchester as the most expensive postcodes in the UK for motor insurance, featuring six times in the top ten. This includes areas such as Small Heath, Spark Hill and Washwood Heath in Birmingham, and Ardwick and Crumpsall in Manchester. Overall, motorists in Manchester could find their premiums around £500 more expensive than those in Scotland – an increase of 126 per cent. Postcodes in Edge Hill in Liverpool, Girlington in Bradford, Falls in Belfast, and Manor Park in London also feature within the top ten most expensive UK postcodes for car insurance2.

      Steve Sweeney, head of motor insurance at moneysupermarket.com said: “It is great to see motorists living in areas in Scotland, Cornwall and Suffolk getting such competitive deals on their premiums. At a time when most motorists are looking to save pounds, car insurance is yet another added, but necessary, expense – so the more cost effective the car insurance the better. Of course it’s no surprise to see urban hotspots such as Manchester and Birmingham topping the chart for the most expensive postcodes, where motorists could see the cost of their cover double.

      “An array of factors can determine the price you will pay for car insurance, from crime and population levels in your area, to where you park your vehicle. If your area is classified as ‘high risk’, insurers who don’t assess motor insurance on an individual basis may adopt a blanket approach and many motorists could find their insurance is quite high to compensate for this. If premium costs were evaluated on a case by case basis, many motorists would receive quotes at a better price to match their individual circumstances.”

      Top tips for reducing the cost of car insurance:

      • Shop around – This is one of the easiest ways to save money. Don’t assume that your current provider is giving you the best renewal quote; look at other insurers using the moneysupermarket.com car insurance comparison tool and see if you can save.
      • Buy online – Many car insurers offer discounts to customers that buy online.
      • Reduce your mileage – When applying for insurance, you estimate the number of miles you’ll do each year. If you aren’t travelling much then you’ll usually pay less. That means that if you car share with a colleague or decide to take the train a couple of times a week, you can bring down the price.
      • Keep it safe – Insurers look at the risk every driver presents, so you’ll get a better deal if you can reduce that risk. By keeping the car off the road at night in a garage or on a drive you make it safer, meaning your premiums will come down.
      • Car security – Make sure you have an alarm and immobiliser.
      • Drive a car with a smaller engine – If you’re struggling to pay your insurance then give some thought to the car you’re driving. The bigger and faster the vehicle, the more it will cost to insure.
      • Up the excess – Agreeing to pay a higher excess, such as £500 instead of £100, can reduce your premiums. Don’t forget that this is what you will need to pay in the event of a claim, so be sure you can afford it.
      • Add an older driver – If you have a partner or parent who is more experienced behind the wheel, adding them to the policy can sometimes reduce what you pay. Whatever you do, don’t make them the named driver, though. This is called fronting and could invalidate your insurance.
      • Ensure it’s adequate – As you look for the lowest price, don’t be tempted to scrap things you really need. It might cost more to have a courtesy car or legal fees paid, but if you need it then include it. Skipping extras that you can’t do without will be a false economy if you do need to claim.

      Notes to Editors:

      1 The 10 cheapest areas in UK for car insurance

      Average lowest quote

      Postcode

      Post area

      £355.72

      TR1

      Truro, Cornwall

      £374.99

      KY12

      Dunfermline, Scotland

      £379.26

      KY6

      Glenrothes, Scotland

      £379.69

      DD5

      Dundee, Scotland

      £381.50

      AB15

      Aberdeen, Scotland

      £382.76

      IP33

      Bury St Edmunds, Suffolk

      £383.33

      FK3

      Grangemouth, Scotland

      £384.75

      IV30

      Elgin, Scotland

      £385.68

      TR18

      Penzance, Cornwall

      £386.13

      DD2

      Dundee, Scotland

      Quotes based on a total sample size of 988,742, taken between September 2008 and August 2009.

      2 Top 10 most expensive areas in UK for car insurance

      Average Lowest Quote

      Postcode

      Postcode area

      £873.45

      M13

      Ardwick / Longsight / Chorlton-on-Medlock, Manchester

      £839.87

      B10

      Small Heath, Birmingham

      £821.12

      M8

      Crumpsall / Cheetham Hill, Manchester

      £819.93

      L7

      Edge Hill / Fairfield / Kensington, Liverpool

      £818.79

      BD8

      Girlington / Manningham / Lower Grange, Bradford

      £818.59

      B11

      Sparkhill / Tyseley, Birmingham

      £814.04

      B12

      Balsall Heath, Birmingham

      £809.72

      B8

      Washwood Heath / Ward End / Saltley, Birmingham

      £808.58

      E12

      Manor Park, London

      £805.20

      BT12

      Falls, Belfast (Northern Ireland)

      Quotes based on a total sample size of 988,742, taken between September 2008 and August 2009.

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        Britain’s support for its banks has hit 850 billion pounds in the wake of the global financial crisis, a watchdog report said Friday, amid tensions over performance pay for senior bankers.

        The National Audit Office said Prime Minister Gordon Brown’s government was justified to spend the “unprecedented” amount on rescuing the banks, which went into meltdown after the collapse of US investment bank Lehman Brothers in 2007.

        “It is difficult to imagine the scale of the consequences for the economy and society if major banks had been allowed to collapse,” said NAO head Amyas Morse for the release of the report Friday.

        “The Treasury was justified in using taxpayers’ money to safeguard savings and stabilise and restore confidence in the financial system. “But the big question is what all of this will eventually cost the taxpayer. This will take time to answer,” he added.

        Britain was among countries that spent billions of pounds bailing out leading banks including Royal Bank of Scotland (RBS) and Lloyds Banking Group
        (LBG) during the crisis, while Northern Rock was nationalised outright.

        LBG is 43-percent owned by the taxpayer while RBS, ravaged by the credit crunch and the takeover of Dutch giant ABN Amro at the top of the market, is set to become 84 percent state-owned after the latest bailout.

        The government’s rescue packages, including purchase of shares, guarantees, loans and insurance schemes made to financial institutions, totalled 850 billion pounds (933 billion euros, 1.40 trillion US dollars), the NAO report said.

        Some 117 million pounds has been spent on buying shares in and lending directly to the banks, and the government will have handed over another 107 million pounds by April 2010 to financial advisers about handling the crisis.

        Despite the injection of money, banks are unlikely to meet targets set for increased lending to businesses in recession-hit Britain, one of the conditions for receiving the bailouts, the report said.

        Both LBG and RBS are however on target for mortgage lending.Morse said the eventual sale of RBS and LBG will be “crucial” to determining the final cost to taxpayers of rescuing such institutions.

        The report comes amid a row over bonuses for bankers, with reports Friday that 200 executives at LBG are set to receive a one-off payment worth up to 80 percent of their annual salaries.

        Staff will receive the money for integrating Lloyds with HBOS in a government-brokered deal, which has led to more than 11,000 job losses at the combined bank since January, according to The Times.

        Brown on Thursday sought to defuse tensions seen emerging between Royal Bank of Scotland and the government over planned cuts to bonuses.

        The board of ailing bank RBS could resign in protest at the Labour government’s plans for a crackdown on performance payments, reports said.

        Some observers blame the bonus culture of the world’s two pre-eminent financial sectors — the City of London and Wall Street — for encouraging excessive risk-taking, which helped to tip the global economy into chaos.

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          Sales of new cars soared by 57.6 percent in November from sales at the same time last year, industry body the Society of Motor Manufacturers and Traders said on Friday.

          New car sales last month jumped to 158,082 vehicles partly thanks to a government-backed scheme that subsidises the cost of buying a new car.

          The jump in sales was a result also of a reduced rate of VAT, or tax levied on goods purchased, while November 2008 had been a particularly weak month for car purchases as it coincided with the start of the global financial crisis.

          “The increase in new car registrations in November reflects the positive impact of the Scrappage Incentive Scheme, customers avoiding the VAT increase… and the very difficult conditions we experienced a year ago,” said SMMT chief executive Paul Everitt.

          The November car-sales figures matches SMMT data for November 2007.

          Car sales for the January-November period fell 8.8 percent to 1.84 million cars, compared with the equivalent period in 2008, the SMMT added.

          The scrappage scheme, which was introduced in May and was originally due to end in February, is being extended as Britain remains in recession. The cost of the 2,000-pounds incentive is shared equally between the taxpayer and car manufacturer.

          Meanwhile, Value Added Tax (VAT) was cut to 15.0 percent last December to help boost consumer spending during Britain’s deep recession.

          However, the VAT rate is set to return to its pre-recession level of 17.5 percent rate in January.

          See also on News-Insurances :

          Cheap Car Insurance – 7 Tips To Reduce Your Car Insurance Costs

          Get the best deal during the car insurance renewals boom period

          Beware of low price cars

          Third-party motor insurance not cost saving anymore

          Warning ! Rise of uninsured driver on the roads

          Be careful when driving in Europe : Ten tips on accidents abroad

          Administration fee…What could be unexpected insurance charge ?


          With AFP, London

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          The US Senate on Thursday cast its first votes on legislation to enact President Barack Obama’s top domestic priority, overhauling US health care, four days into its bitter debate on the plan.

          Lawmakers voted 61-39 on an amendment, authored by Democratic Senator Barbara Mikulski, to make it easier for women to get no-cost preventive care including mammograms or annual tests for heart disease.

          The vote came after a government advisory task force sparked fears of future rationing of health care by issuing an instantly controversial finding that regular mammograms were not necessary for women under 50.

          Senators also defeated a Republican amendment taking aim at the legislation’s 400 billion dollars in cuts to the Medicare health plan for the elderly, a key part of paying for the nearly one-trillion-dollar bill.

          After months of fractious debate in committee and behind closed doors and a key procedural vote two weeks ago, the Senate finally began its formal consideration of the bill on Monday.

          Democrats hope to finish work on the measure this year — but many votes, and likely Republican delaying tactics, stand in their way.

          The White House-backed bill aims to extend coverage to some 31 million Americans out of the roughly 36 million who currently lack it, while curbing soaring costs and improving the quality of care.

          The measure includes a government-backed insurance “public option” to compete with private insurers, tough new restrictions on dropping care for pre-existing ailments, and an end on lifetime caps for coverage.

          It is estimated to cost 848 billion dollars through 2019 but cut the sky-high US budget deficit by 130 billion dollars over the same period, according to the non-partisan Congressional Budget Office.

          Senate approval of the measure would force the Senate and House of Representatives to reconcile their rival versions of the bill and vote again on whether to send it to Obama.

          The United States is the world’s richest nation but the only industrialized democracy that does not provide health care coverage to all of its citizens, about 36 million of whom are uninsured.

          Washington spends more than double what Britain, France and Germany do per person on health care, but lags behind other countries in life expectancy and infant mortality, according to the Organization for Economic Cooperation and Development (OECD).

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          Insurance Australia Group (IAG) today announced completion of its INR 5421 million (approximately A$126 million) investment in its general insurance joint venture with State Bank of India, SBI General.

          The investment will be funded from internal resources. The capital has been invested directly into the joint venture vehicle and no further capital is expected to be required until at least the fourth year of operation.

          The joint venture is expected to commence trading in the first half of calendar year 2010, subject to final approvals from Insurance Regulatory and Development Authority.

          IAG will initially hold 26% of the joint venture, the maximum allowable under India’s current foreign investment rules, and has an option to increase its stake to 49% in future, subject to regulatory and other conditions.

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          Duck Creek Technologies, Inc. (Duck Creek), a leading provider of software and services for the insurance industry, today announced that it has signed an agreement with its second Canadian carrier, RSA Canada, headquartered in Toronto, Ontario.

          RSA Canada offers personal and commercial products across Canada, writing approximately $1.9 billion in annual premium. RSA Canada has regional offices throughout the country employing more than 3,000 people. RSA Group, headquartered in London, England, owns RSA Canada, and collectively writes more than $12 billion in annual premium in 130 countries while employing 22,000 people.

          According to Steve Knoch, Vice President of Underwriting Operations and CIO at RSA : “We selected Duck Creek Technologies’ (DCT) Policy Administration System as our strategic platform for Commercial Insurance operations because of its tremendous flexibility. More than just an administration system, this solution lets us better manage business processes and automate workflows, which improves underwriting discipline and drives efficiency.

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          QBE, the specialist business insurer, today announced the appointment of Nicola Marshall as Senior Underwriter to the Emerging Markets team of its growing Professional Indemnity (PI) unit, which is part of the broader offering within its Casualty Division.

          Nicola joins QBE from Axis Pro Europe, and was previously with Media Professional prior to its acquisition by Axis in 2007. Nicola has over a decade of experience handling specialist risks across a range of professions within the media industry.

          David Harries, Head of PI at QBE European Operations, commented: “Nicola’s appointment will further extend our expertise in this specialist area of PI. With her extensive knowledge of the media market, Nicola will enhance QBE’s presence in the sector and improve our ability to capitalise on the opportunities that this increasingly complex sector presents for the insurance industry.”

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