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George Stobbart

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German insurance group Allianz posted Monday a third quarter profit of 1.32 billion euros (1.97 billion dollars), in line with expectations and nearly double the previous year’s figure.

The results were further signs of a pick up in the global financial sector.

“Our very good third quarter result shows that Allianz has a sound platform for delivering solid earnings even in the new normal’ of a challenging market environment with structurally lower returns,” a statement quoted financial director Oliver Baete as saying.

Revenues gained 5.2 percent from the same period a year earlier to 22 billion euros, while operating profit rose by 23.4 percent to 1.9 billion, its highest level since the second quarter of 2008, the statement said.

The figures were presented pro forma, that is excluding those of Dresdner Bank, which Allianz sold early this year to Commerzbank for 4.7 billion euros.

Net income from operations soared by 143 percent to 1.3 billion euros, the insurance company said.

“Allianz is well capitalized and our solvency ratio has a firm base founded on a high quality investment portfolio and conservative risk management approach,” Baete said.

The group’s life and health insurance unit contributed in large part to the improved results with premiums gaining 14.6 percent to 10.8 billion euros in the three month period.

“Our Life and Health business is performing very well and generates both strongly growing revenues and very good margins,” Baete added.

Revenues from the group’s financial services unit gained 22.5 percent to 1.1 billion euros.

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Aviva has introduced a new offering for small motor traders.  Available to motor traders with up to six named drivers, businesses can now purchase either a Combined or a Road Risks only contract, providing the flexibility that many small businesses need when arranging their insurance.

As part of this new offering, which enables businesses to extend their insurance protection as they grow, Aviva can now accept part-time businesses, as well as businesses operating from home, or who run a mobile motor trade operation.

As Road Risks cover can now be provided on a named driver basis, premiums will reflect this cover choice, providing a highly competitive option.  Small motor traders will still be able to select an ‘open’ driving Road Risks cover as part of Aviva’s Combined contract.

Aviva estimates there are approximately 75,000 small motor trade enterprises in the UK* and the new offering will broaden its market coverage and therefore appeal to an even greater proportion of the sector.

Barry Hogg, Aviva’s motor trade underwriting manager, explains: “By listening to our staff, brokers and customers, we have developed and expanded our product offering, so that we can now provide a broader customer base with even greater cover options.

“We recognise that many small businesses simply want the essential covers to start with, or may have some cover arranged elsewhere, so our new offering allows motor traders to select Road Risks only, and then add other covers as and when required.

“While many motor traders have struggled to survive the effects of the recession, we recognised the need, particularly for the smaller motor trade businesses, to offer even more choice. In times like this flexibility is crucial as customers seek affordable solutions to their insurance needs and by offering this named driver alternative we believe we have achieved just that.”

The small business named driver option is available to businesses with:

  • Up to six named drivers
  • One recovery vehicle (with a gross vehicle weight of up to 7.5 tonnes)
  • One goods carrying vehicle used for hire and reward (with a gross vehicle weight of up to 7.5 tonnes)
  • One private hire vehicle
  • One set of trade plates
  • Five “other” vehicles.

Businesses who select the named driver option will benefit from Aviva’s extensive motor trade policy cover, dedicated claims handling team; and will have access to discounted fire and security equipment, as well as risk managers – for advice on health, safety and security issues.

Motor Traders wishing to take advantage of the offer should contact their existing insurance advisor or if they do not have one, they can find one by visiting www.aviva.co.uk/yourbusiness.

* Source: National and small business statistics 2008

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British Prime Minister Gordon Brown surprised G20 finance ministers by urging them to consider a tax on global financial transactions, but the idea got a lukewarm response.

Brown said Saturday such a levy, often called the Tobin Tax after the US economist who devised it, would force financial institutions to be more responsible and was one of a range of measures that could help curb risky behaviour.

It has always been thought that Britain opposed the idea, because of fears it could damage the interests of the City of London, Europe’s foremost financial centre.

But finance minister Alistair Darling said “times change” after 12 months in which G20 governments had been forced to inject billions of dollars to rescue banks from collapse.

A levy, Darling said, was one way that banks could contribute to the “wellbeing of the world” — and, more pertinently, provide funds to use if they needed bailing out again.

But just hours after Brown gave the Tobin Tax idea fresh impetus in the Scottish town of St Andrews, where the two-day G20 finance ministers meeting wrapped up on Saturday, the United States appeared to shoot it down in flames.

US Treasury Secretary Tim Geithner said his country had not changed its long-held opposition to an idea first floated in the 1970s.

“No, that’s not something that we’re prepared to support,” he told Sky News television on Saturday.

Later, Geithner told the end-of-meeting news conference that “it is fair to say that we agree that we have to build a system in which taxpayers are not exposed to risk of loss in the future”.

But while he refused this time to say if Washington would actively oppose a levy on global financial transactions, his assertion that it was “an idea that has been around a long time” spoke volumes.

Dominique Strauss-Kahn, the head of the International Monetary Fund, the very body which the G20 has asked to study the feasibility of such a measure, was blunt in his assessment.

Introducing a Tobin Tax “is very difficult for a range of reasons, in fact it is impossible,” he said.

The IMF, which is due to give its report next April, is working on producing a different, “better” solution — a tax which would “curb risk-taking in the financial sector” and make bankers “take fewer risks because it will cost them more, while at the same time creating a reserve fund which could be used in a crisis.”

Brown said that as financial institutions began to emerge from the chaos of the crisis sparked by investment on risky subprime loans, a new “social contract” with banks was required to make them more responsible to society.

He added: “It cannot be acceptable that the benefits of success in this sector are reaped by the few but the costs of its failure are borne by all of us.”

He said a global levy on transactions was one way of bringing banks to account. Other options put forward by Brown included an insurance scheme.

Although he warned of the danger of imposing “prohibitive costs” on the banking sector, he added: “I do not think these difficulties should prevent us from considering with urgency the legitimate issues.”

Brown stressed Britain would not act alone on such a tax, saying it would also have to be implemented by all the world’s major financial centres.

Unless it was globally applied, it would be ineffective because it would be seen as penalising banks in countries where it was in operation, causing money to flow to nations without such a tax.

Brown at least got support from France, whose finance minister Christine Lagarde said it would be “a very good thing”.

Campaigners also welcomed Brown’s proposal, with Oxfam saying it signalled that “payback time for banks could be just around the corner”.

“A tax on banks would be a major step towards clearing up the mess caused by their greed,” the group’s senior policy advisor Max Lawson said.

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Jules Verne Trophy 2009-2010. Groupama 3 has been able to lengthen her stride since the latitude of Porto.

With the gradual rotation of the wind from the NW to the NE off the coast of Portugal, Groupama 3’s course has curved to accelerate: in a few hours time Franck Cammas and his crew will gybe to make for the equator on a single tack.

After a harsh first day to escape the Bay of Biscay, Groupama 3 has been able to lengthen her stride since the latitude of Porto: the giant trimaran has already made up two thirds of her deficit on the 2005 reference time and between now and the end of today, she’ll be ahead of Bruno Peyron’s record. Indeed, Orange 2 had some difficulty in negotiating the Canaries archipelago whilst Groupama 3 will benefit from a NE’ly tradewind system which is in the process of strengthening to up to 25 knots and more. In addition, Franck Cammas and his nine crew will avoid passing close to the archipelagos of Madeira and the Canaries, which cause a massive disturbance in the flow of wind due to their imposing land mass.

As such it promises to be a good weekend for the giant trimaran! A regular following sea, a NE’ly wind enabling her to sail under full mainsail and gennaker, temperatures which are already summery and above all a direct course southwards… Off Madeira, the trimaran will be reaching average speeds which are likely to exceed thirty knots. The Canaries are on tonight’s programme this Saturday and Cape Verde is scheduled for Sunday… As a result Franck Cammas and his crew should be within the record time from this evening and ahead from the end of the weekend. The weather window for setting off on the Jules Verne Trophy record remains excellent despite the rather unfavourable departure from Ushant in big winds and sea.

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A consumer should continue to pay their premiums while their claim is being considered. However, once a claim is being paid, the premiums are normally waived – and any premiums paid during a period of incapacity should usually be refunded by the insurance company.

When a claim is stopped by an insurance company because a consumer returns to work, the consumer should continue to pay the premiums – if they want to keep the policy in force, in case they need to make a claim at a later date.

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The best evidence is medical evidence from the consumer’s own treating consultant (or other specialist involved in their care) – where the specialist comments on the consumer’s condition at the dates relevant to the claim.

Other medical evidence could come from the consumer’s GP, an occupational physician or an independent specialist. It is helpful if a doctor or specialist can give an opinion on how any condition prevents the consumer from working in their existing occupation or in any other role.

We will look at this evidence carefully, taking into consideration the qualifications of the medical practitioner who provided it and the extent of their involvement in the consumer’s care.

Just because a consumer qualifies for state benefits does not necessarily mean they will meet their insurance policy’s definition of “total disability”. This is because the definition of disability for entitlement to state benefits tends to be less strict than in a typical income protection policy.

So while a consumer should send details of any state benefits they receive for their incapacity as evidence to their insurance company, they will generally also need to provide additional evidence to back up their claim.

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You should first raise your complaint directly with the insurance company – and give them the opportunity to review your case. By law it has to investigate your complaint thoroughly – and it has up to eight weeks to do this.

If you are unhappy with your insurance company’s explanation at this stage, we may then be able to get involved. We will ask you to complete our complaint form with your details.

If you are complaining about your claim being rejected, without any benefit paid to you, you will need to provide us with the medical evidence that you sent to the insurance company – to show that you met the definition of disability set out in the policy.

But if your insurance company initially accepted your claim and then stopped it, they will need to show why you no longer meet the policy’s definition of disability.

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    Bailed out insurance giant AIG on Friday announced a profit of 455 million dollars in the third quarter, a massive turnaround from a 24.4 billion dollar loss in the same period last year.

    The earnings from group, the largest recipient of US government aid during the financial crisis, were better than expectations.

    Excluding special items, the profit was 2.85 dollars per share, compared with a market forecast of 1.98 dollars per share.

    It was the second consecutive quarterly profit for American International Group after the prior quarter’s earnings of 1.8 billion dollars.

    “Our results reflect continued stabilization in performance and market trends,” said AIG president and chief executive Robert Benmosche.

    “AIG employees are working to preserve the strength of our insurance businesses in a challenging market by working closely with our distribution partners, with third quarter 2009 showing signs of stabilization.”

    AIG was the largest single recipient of US bailouts with the government pumping more than 170 billion dollars into the firm to keep it afloat and taking a controlling stake in the group in the process.

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    Highlights:

    • Pensioner poverty set to rise with 64 percent of UK workers looking to rely on state pension in retirement as occupational pension scheme membership falls
    • UK comes out ‘bottom of the pile’ in G7 for state pension provision
    • AXA support calls to review structure of state and occupational pensions
    • ‘Living on a state pension’ experiment launched to demonstrate consequences of current retirement inertia as part of My Budget Day 2009

    State pension provision in the UK lags behind its G7 counterparts and needs to be reformed in order to avoid today’s workers living in ‘pensioner poverty’, research from AXA reveals today.

    In the UK, the state pension is worth just 31 percent of the nation’s average earnings – less than half that of the Italians who retire with a state pension worth 68% of average earnings. Despite this, research from AXA found that some 64 per cent of UK residents intend to rely on their state pension in retirement as more and more workers move away from occupational pension schemes.

    Steve Folkard, Head of Savings and Pensions Policy at AXA said: “There has to be a concerted, co-ordinated effort to make sure that people are adequately provided for, or we will inevitably be faced with a pensions dark age.”

    AXA compared figures for state pension provision relative to income for the UK in relation to the other G7 countries:

    Figure 1: Top level of state pension provision relevant to average earnings per G7 country (2007/8)

    Canada France Germany Italy Japan UK USA
    43.9% 51.2% 39.9% 67.9% 34.4% 30.8% 41.2%

    State pension as % of earnings

    Table 1: Level of state pension provision relevant to average earnings per G7 country (2007/8)

    Looking to the Future

    Recent research, commissioned by AXA showed that 64 percent1 of people will use only the state pension to support themselves in retirement, while almost one in five (18%) of 25-34 year-olds believe equity in their house will support them in later years – something that may not be possible if the stricter lending criteria comes into force and mortgages are harder to come by. With the housing ladder potentially becoming even more difficult to jump on, just 7 percent of 18-24 year olds believe they will have any equity to support them in their later years.

    The ‘buy now pay later’ culture of the ‘noughties’ has left almost a quarter (23%) of people believing they will still have to pay outstanding debts in their retirement (excluding mortgages) with almost one in five believing they will still be paying for their home (18%). 44 percent of people believe they will be able to dip in to savings in their retirement, however with a reduction in average savings seen recently, they may not be left with the financial cushion they are expecting.

    Occupational Pensions

    The number of active members in occupational schemes shows an alarming decline with 10.7 million active members in 1991 slipping to just 8.8 million active members in 20072. At this time two-thirds of the current working population3 were not engaged in any form of occupational pension schemes.

    While many believe Personal Accounts may improve this picture from 2012 with full implementation in 2016, there remains a large amount of uncertainty around their implementation and potential impact.

    The Pensions Policy Institute estimates that the introduction of auto-enrolment into workplace pensions and the continued shift by employers from Defined Benefit to Defined Contribution pensions in the private sector mean that by 2020 there could be an additional 10 million savers in DC pensions4, however, AXA’s research shows that just 19% of people are likely to take part in the automatically enrolled scheme.

    In light of the continued decline in occupational pension membership, AXA estimates that by 2020, there could be a rise of just 800,000 members in occupational pension schemes, far from the 10million private member estimations. The lack of political consensus coupled with the ongoing economic situation may yet require a further rethink of future pension reforms.

    Year 1991 1995 2000 2004 2006 2007 2020

    (est)
    Active members of occupational

    pensions scheme (millions)

    		 10.7 10.3 10.1 9.8 9.2 8.8 9.6

    Table 2. Active members of occupational pension schemes

    Figures from ONS show that in 2007, the estimated total number of occupational pension schemes in the UK was 54,110 – only 56 percent of the total in 20042.  Whilst such a drop should always be treated with caution the General Household survey GB also found a worrying gradual decline.

    The research completed by AXA supports this trend – highlighting that 10 percent have already cut back on their pension contributions over the past 12 months and a further nine percent are planning to cut back on this in the future.

    Steve Folkard, Head of Savings and Pensions Policy at AXA said; “The erosion of the once sound company pensions infrastructure in the UK, which supported the retirement needs of the working population over much of the 20th century presents a future government with a massive challenge.  Pensioner poverty is set to grow dramatically over the coming years and current reform measures will take years to implement.

    “At AXA, we have two major concerns: firstly around the continuation of means-tested benefits, and how the lack of clarity about what a person might receive impacts negatively on peoples’ willingness to save, and secondly, that automatic enrolment for existing schemes needs to be brought forward to increase take up amongst good existing schemes. This is all the more important now that Personal Accounts will not impact many employers until 2016.

    “Our research shows that 64 percent of people are planning to support themselves in retirement on the state pension and as such AXA is calling for more government messaging around the importance of pension saving. This should encourage individuals to take more personal responsibility in saving for an adequate level of retirement provision.

    “We risk heading past the point of no return for many people in this country who may be left living on the very minimum in retirement.”

    My Budget Day – ‘Living on a state pension’

    As part of its My Budget Day campaign to encourage people to take better control of their finances, particularly when it comes to retirement planning, AXA is launching a UK-wide ‘Living on a State Pension’ campaign.  The campaign starts on 2 November with 14 people, including former England rugby captain Kyran Bracken and author and broadcaster Rosie Millard living on the equivalent of the basic single state pension (£95.25 per week).  They will record their experiences on video diaries and regular updates at: www.axa.co.uk/mybudgetday.

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    In September 2009, as a founding member, AXA joined the ambitious Euro-China Center for Leadership and Responsibility (ECCLAR) program.

    Developed within the China Europe International Business School (CEIBS) and created by the European Union and China in 1995, the school has become one of the world’s leading business schools over the past decade.

    Faced with China’s growing role in the world, ECCLAR has set itself the objectives of further developing training for responsible Chinese leaders, while improving mutual understanding between Europeans and Chinese over the long term.

    To achieve these goals, the Center is committed to four principles, focusing on research, education and training, sharing and distributing knowledge through networking, and producing publications.

    A CEIBS partner since 2000, AXA is further strengthening its involvement by sponsoring ECCLAR. And proving its commitment to managing its Asian partnerships responsibly.

    CEIBS Vice President and Co-Dean Zhang Weijiong, in his opening remarks said :”AXA enjoys a long and distinguished history as an industry leader in China, a company that has set and maintained standards of excellence in the insurance field. Therefore, AXA makes an ideal corporate partner to sponsor the Euro-China Centre for Leadership and Responsibility”. Prof Zhang pointed out that AXA has been a corporate partner of CEIBS since 2000, and welcomed the company in expanding its support of the school through assuming sponsorship of the ECCLAR.

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    The EHIC can be used to cover any necessary medical treatment due to either an accident or illness within the European Economic Area and Switzerland.

    The card entitles the holder to state-provided medical treatment within the country they are visiting. This may not cover all of the services you would expect within the UK and you may have to make a contribution towards the care you receive.

    The EHIC can also be used to receive treatment for pre-existing illnesses and chronic diseases, but conditions do apply so please check with your healthcare provider before you travel. Maternity care is covered by the EHIC whilst you are away, but if you are travelling to a country specifically to have a baby then you will need to complete an E112 form. Again, ask your healthcare provider for more information before you travel.

    The EHIC may not cover persons for all medical costs incurred, so you are strongly advised to also arrange travel insurance to ensure that you are covered for all possible eventualities. Furthermore, you will not be covered by an EHIC if the main purpose of your travel is to receive medical treatment.

    The EHIC is valid within the European Economic Area, which includes the European Union countries, Iceland, Liechtenstein and Norway. Switzerland also has an agreement in place with the European Union to accept the EHIC.

    The following countries are covered by the EHIC:

    Austria, Belgium, Cyprus (not including Northern Cyprus), Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland.

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      RSA Insurance Group Plc, the U.K.’s biggest non-life insurer, said nine-month revenue rose 4 percent on higher sales in Canada and Scandinavia.

      Net written premiums climbed to 5 billion pounds ($8.2 billion) in the nine months to Sept. 30, the London-based insurer said today in a statement. RSA said it expects to deliver a combined operating ratio of 95 percent this year.

      Highlights

      • Net written premiums of £5.0bn up 4%
      • IGD surplus remains strong at £1.7bn representing coverage of 2.4 times
      • Net asset value per share excluding IAS 19 of 104p, compared with 95p at 30 June1
      • Total net asset value per share of 98p compared with 101p at 30 June1
      • €500m subordinated guaranteed bond called on 15 October
      • Expect to deliver a COR of around 95% in 2009

      Andy Haste, Group CEO of RSA, commented: “We have produced another robust performance with our net written premiums again demonstrating the resilience of our strong and diversified portfolio. While economic conditions remain challenging, we are now seeing some encouraging signs, particularly in International and Emerging Markets. We are well positioned and taking the right actions to successfully manage through the downturn and take advantage as conditions improve.”

      To have further details on Q3 2009 RSA’s revenue click here

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        Swiss insurer Zurich Financial Services said Thursday its net profit fell 24 percent, slightly lower than expected, over the past nine months to 2.2 billion dollars (1.5 billion euros).

        Zurich’s Chief Executive Officer James J. Schiro comments: “In this period of ongoing economic uncertainty, our focus remains on maintaining our strong balance sheet, driving operational excellence and delivering sustained profitable growth,”. “By effectively balancing these levers, we have generated excellent quarterly results and ensured that Zurich is well positioned for the future under any economic scenario.”

        Nine-month performance highlights2 include:

        • Business operating profit (BOP) of USD 4.1 billion, down 3% but an increase of 2% as measured in local currencies, with all core operating segments improving on a local currency basis. Annualized BOP ROE3 after tax of 16.9%
        • Net income of USD 2.2 billion, a decrease of 24%. Annualized return on equity (ROE) of 11.6%
        • General Insurance gross written premiums and policy fees of USD 26.3 billion, down 10% or 3% in local currencies, and an improved combined ratio of 96.9%
        • Global Life new business value4, after tax, of USD 520 million, up 2% or 11% in local currencies. New business margin, after tax (as % of APE), of 21.8%, with APE up 5% or 17% in local currencies
        • Farmers Management Services’ management fees and other related revenues up 8% to USD 2.0 billion, with business operating profit also up 8% to USD 992 million
        • Shareholders’ equity of USD 28.5 billion, an increase of 29% over year end 2008, boosting the Group’s solvency position to 209%.

        The Group continued to exploit emerging opportunities, expanding its product range and distribution capabilities organically as well as through the ongoing successful integration of its recent acquisitions completed in Europe, the U.S. and emerging markets. Furthermore, Zurich continued to transform its operating platforms in ways that improve the effectiveness and efficiency of its business. The company is well on track to meet its operational improvement target under The Zurich Way initiatives of USD 900 million after tax, as well as its additional expense saving target of USD 400 million for the current year.

        To have further details on Zurich Financial’s result click here

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          The European insurance sector is demonstrating resilience to the economic crisis, according to figures released todaby the CEA, the European insurance and reinsurance federation.

          The provisional figures for 2008 indicate that total written premiums in Europe declined in nominal terms and at constant exchange rates by 6% to just under €1 060bn, but that European non-life premiums grew 2%. Non-life premiums have generally been little affected by the economic downturn except for a small number of lines of business, such as credit insurance, that have strong links to economic activity.

          The shrinkage of the total written premium in Europe is mainly due to the life sector, which accounts for more than 60% of all European premiums. Provisional figures show that total life premiums recorded a drop of 11% in nominal terms and at constant exchange rates in 2008, amounting to €644bn compared with €766bn in 2007. This decline follows a growth in premiums of more than 6% a year since 2002.

          As the insurance industry is one of Europe’s largest institutional investors, the fall in stock markets and the rise in spreads put insurers’ investment portfolios under pressure in 2008. The total value of European insurers’ investment portfolios, estimated at market value, declined from over €7 200bn in 2007 to around €6 900bn in 2008. This corresponds to a decrease of about 1%, compared to an increase of 4% in 2007. This is the first time in the last decade that the year-on-year growth rate has been negative.

          The number of insurance companies in Europe rose for the first time in a decade from 5 124 in 2007 to more than 5 170 in 2008. The number of people employed in the European insurance industry also grew slightly by 0.5% in 2007 to just under 1 million.

          These figures are published in “CEA statistics Nº 37: European Insurance in Figures”, which is available to download by clicking here.

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          Committed to sailing since 1997 alongside Franck Cammas, the Groupama Group has decided to renew its trust in its skipper.

          Major protagonists in oceanic sailing aboard the Groupama trimarans, Groupama 2 and Groupama 3, and as a follow-up to the Jules Verne Trophy, the French insurer and sailor will be attacking the most closely contested and most international of crewed ocean races, the Volvo Ocean Race.

          On stand-by in the port of Le Château in Brest since 1st November to set off on its bid to conquer the Jules Verne Trophy aboard the 32 metre maxi trimaran, Groupama and Franck Cammas today announced their participation in the next two editions of the Volvo Ocean Race, formerly the Whitbread race, a crewed circumnavigation of the globe with stopovers.

          “It’s now been over 12 years as owner that we’ve been writing pages in our shared history with Franck Cammas and the Groupama team. Today, we’ve decided to continue this commitment by participating in the Volvo Ocean Race to inspire a more international dynamic in our common project. Indeed Groupama is developing strong links overseas – where we carry out nearly 30% of our business – and the Volvo Ocean Race is clearly the most suitable sports event to reflect our Group’s new expansion” states Frédérique Granado, Director of External Communications at Groupama. “We trust in Franck to take up this new challenge as we appreciate his ability to create a team, manage a crew and also the design of the most high performance boats. These qualities will be decisive in the Volvo Ocean Race”.

          The duration of this commitment has enabled Groupama to become one of the most memorised French brands in the sailing world with some very strong attributes associated with the Group’s image including audacity, openness, innovation and human commitment. All these values further add to the cohesion and the strong sense of belonging amongst the Group’s 38,500 employees and 70,000 members.

          Despite concentrating on his imminent departure on the Jules Verne Trophy, the skipper of Groupama is delighted: “Groupama is once again showing its trust in me at the very moment where we’re committing to a new challenge, whilst a lot of sponsors wait for sports events to draw to a close before announcing that they’re renewing a partnership. This is even more motivating for me within the context of the Jules Verne Trophy and makes me keen to pay Groupama back for the trust they have shown.

          We’re committing to the Volvo Ocean Race thanks to the support and trust demonstrated by Groupama, our loyal partner. For our team it’s a huge responsibility that we’re tackling with enthusiasm and determination.

          I am very proud to be able to benefit from such commitment and such loyalty and I’d like to make the most of this opportunity to thank all the Group’s representatives and colleagues for their unfailing support during what has been over 12 years.”

          Whilst he is sailing around the world in a bid to conquer the Jules Verne Trophy aboard his maxi trimaran, Franck Cammas will be able to count on his team to prepare for the Volvo: “We’ve already chosen the naval architect with whom our team will be working. It’s Juan Kouyumdjian who has already collaborated with teams participating in the Volvo Ocean Race and won the last two editions of the race. He will be starting work with Stéphane Guilbaud and the team”.

          As regards the organisation, Knut Frostad, CEO of the Volvo Ocean Race is very pleased about the return of a French boat to the crewed round the world: “The French certainly have their place in the Volvo against the cream of the Anglo-Saxon and European crews. It’s excellent news that the Groupama team is joining the race. I have known Franck Cammas and his team for a long time. They’re formidable competitors, who are remarkably well organised. I wish them a warm welcome”.

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          Aviva has today lifted restrictions on withdrawals from its unit-linked UK property fund.

          Aviva introduced restrictions on surrenders, switches and transfers from the Aviva Unit-Linked Property Fund (Life and Pensions) on 22 January 2009 following a difficult period in the UK commercial property market between 2007 and 2009. The restrictions applied to investors in life bonds and pensions, and requests to move money out of the fund could be deferred for up to a maximum of six months. * (See note to editors).

          Customers will now be able to surrender, switch or transfer investments from the fund in line with normal business practice.

          David Barral, marketing director at Aviva, said: “Aviva introduced deferred withdrawals from the fund to safeguard the interests of all investors in what was an extremely difficult time for the UK commercial property market. We understand that restricting withdrawals was inconvenient for some investors but this enabled us to sell properties at more attractive values, which was in the interests of the majority of investors. We want to thank investors in the fund for their patience during this period, with most having to wait up to four months rather than the maximum six.

          “With improving conditions in the commercial property market, Aviva is now confident that current cash levels are sustainable. This enables us to lift the current restrictions for all investors in the fund from today.”

          *: Deferred settlement is allowed under Aviva’s product terms and conditions and means some customers may have to wait up to six months to withdraw some or all of their investment in the fund.

          Life & Pension products affected were onshore bonds, individual and corporate pensions, Aviva and JV SIPP, & TIP contracts. Offshore bonds and collective investments were not affected.

          The deferral period has not applied where a contractual maturity, retirement, death claim has been made and customers who had previously arranged regular withdrawals have continued to receive their money.

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            Rising global temperatures will put the heat on insurance as flood costs rise – new research from the ABI

            A rise in global temperatures could lead to more expensive and harder to obtain property insurance in the UK and throughout the world, according to a new report published today by the ABI. In the UK, predicted temperature changes could increase significantly the insured cost of flood damage. The cost of windstorm damage is also likely to increase.

            The Financial Risks of Climate Change was produced for the ABI by climate catastrophe risk modelling experts AIR Worldwide Corporation and the Met Office. Using current climate and insurance catastrophe models, it examines the financial implications of the widely predicted temperature increases of two, four and six degrees Celsius on the insured cost of flood and windstorm damage in the UK, and of typhoons in China.

            The study highlights that:

            • In the UK, the average annual insured losses from river flooding and flash floods could rise by 14% to £633 million, based on a four-degree rise in global temperatures which could occur as early as 2060. The average annual windstorm losses could rise by 25% to £827 million, due to changes in ‘storm tracks’, along which cyclones travel.
            • The insured cost of extreme flood losses occurring on average once every 100 years in Great Britain could rise by 30% to £5.4 billion. The costs of windstorms occurring on average once every 100 years could rise by 14% to £7.3 billion.
            • Wales and the south west region of the UK could be most badly affected. In the south west, average annual flood and wind damage insured losses could rise by 29% and 24% respectively.
            • In China, average annual insured losses from typhoons could jump by 32% to £345 million, based on a global temperature rise of four degrees.

            Nick Starling, the ABI’s Director of General Insurance and Health, said: “These findings have serious implications for insurers, householders, businesses and governments. The continued widespread availability of property insurance in the future depends on taking action now to manage the threats of climate change.

            “A two-degree temperature rise may be inevitable, but we can limit further increases. The clear message to world leaders meeting at the UN’s Copenhagen Climate Change Summit in December is that they must reach agreement on ambitious emission reduction targets. And, closer to home, the UK Government needs to push ahead with the Flood and Water Management Bill, and ensure long-term investment in flood management as a priority, so that the long-term flood risk is better managed.”

            0 0

            Brit Insurance, the international general insurance and reinsurance group, today announces the appointment of Reinhard Seitz as Head of Outwards Reinsurance. Reporting to Jonathan Turner, CEO of Brit Reinsurance, he takes up his new position immediately.

            Reinhard has over 20 years of experience in the reinsurance arena and joins Brit Insurance from Swiss Re, where he was Head of the Munich Retrocession team. Prior to this, he held a number of senior roles at Swiss Re and at Frankona / GE Insurance Solutions.

            Jonathan Turner, CEO of Brit Reinsurance, commented: “Reinhard has an excellent reputation in our industry as a reinsurance buyer with an exceptional grasp on the issues affecting the sector. He is a well-respected and well-known figure in the London Market and internationally and his appointment is a major boost to the Group’s risk management and risk mitigation capabilities”.

            0 2

            Groupama has confirmed its strategy to increase growth in Europe with an objective of a premium income of €20bn through organic growth by 2012.

            Groupama’s strong advantages and the linchpins of its future expansion

            • A group that is global in scope thanks to an increase in acquisitions made between 2006 and 2008: 15th European insurer with 16 million customers in 14 countries
            • 38,500 employees
            • A presence across all business sectors
              • Multi-line insurance, banking and services
            • A strong distribution network
              • In France: 5 local networks, 3,500 sales outlets; Internationally: 3,700 branches; and dynamic growth in the direct sales channel (success of Amaguiz in France, Clickseguros in Spain and Clickinsurance in Great Britain)
              • Successful growth as a result of a strong push in urban areas with the opening of new branches and the recruitment of more sales representatives and wealth management advisors
              • Promising partnerships and bancassurance agreements (Banque Postale, Pro BTP, Cegid, OTP Bank, etc.)
            • Solid positions in France and internationally, consolidated in recent years
              • Strong awareness of the Group’s brands resulting from major marketing and communications initiatives
              • Leadership positions in key business lines: “non-life” (motor and home insurance) and “life and health insurance” (provident and health insurance), and therefore an ability to invest and innovate (Pay as you drive, Groupama Renfort, etc.)
              • Dynamic growth in savings inflows – exceeding the market average in France
              • Innovative banking solutions for individuals, already resulting in 500,000 new customers
              • Good positioning in high growth markets: presence in major European markets and regions where insurance is likely to enjoy strong growth (CEEC, Mediterranean and China)

            A group that combines organic and external growth and improved profitability: trends already identified in 2009* indicate that the objectives set in the previous strategic plan will be achieved

            • Premium income: average annual growth of 6.3% since 2005
            • Combined ratio: a ratio of between 98% and 102% for the period 2005-2009
            • Operating income**: three times that of 2005

            The above was achieved in spite of very poor market conditions and the current economic crisis.
            Groupama keeps its course – Strategic choices are confirmed:

            • Boost growth in France
            • Expand internationally
            • Improve profitability and operating efficiency

            *forecast, excluding impact of storms at the beginning of 2009
            **operating income before shareholder capital gains, exceptional transactions and the impact of unrealised gains and losses
            “Groupama has made great strides over the last three years, thanks primarily to the commitment of its employees, its operating efficiency and prudent management. Despite an unstable economic environment, Groupama has achieved sustainable and profitable growth through innovation and investment, and recent acquisitions have given the Group a solid presence in Europe, which now accounts for 26% of the Group’s premium income. The trends correctly forecast in the 2007-2009 strategic plan have been gaining momentum.
            Our strategy proved viable and we will continue to pursue it through our 2010-2012 strategic plan and external growth, to become one of the European leaders in insurance.”

            Jean Azéma, Chief Executive Officer, Groupama

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