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George Stobbart

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– Motorists hit by substantial hikes in insurance prices, as the Confused.com Car Insurance Price Index Q3 2015 reveals an annual price rise of 8.1% –

The days of cheap car insurance appear to be over, with comprehensive car insurance premiums rising substantially during the third quarter of 2015, with motorists now paying £47 more than they were this time last year, according to the latest Confused.com Car Insurance Price Index in association with Towers Watson.

This means that the average quoted premium for an annual comprehensive car insurance policy now stands at £629 in Q3 2015, compared to £582 in Q3 2014.

These sharp price hikes bring to an end three years of declining premiums, with motorists having faced a quarterly rise of 4.8% (+£29) – equating to a price increase of almost £10 a month over the last three months. This is the first time in nearly five years that motorists have been hit by such a dramatic quarterly increase (Q4 2010 – 7.1% quarterly increase).

Such substantial rises in premiums couldn’t come at a worse time for motorists, who will also be hit by the Government’s increase in insurance premium tax in November, which is expected to push up average prices by a further £21*.

While average premiums are rising strongly for most motorists, interestingly, prices for drivers aged 17 are going against the trend and have increased marginally by just 0.3% annually. This could potentially be a result of the use of black box technology, as many insurance firms focus their use of black boxes on the younger age groups.

Despite younger drivers (aged 17 and 18) enjoying some of the lowest annual increases, of 0.3% and 2.9% respectively, premiums for this age group are still higher than average. The average premium for 17 year olds in Q3 2015 was £1,916 – £1,287 higher than the overall UK average, and £1,934 for drivers aged 18 years old – £1,305 more.

However, it’s a different story for older drivers, who are bearing the brunt of the price hikes. And it’s those aged 68 who are being hit the hardest, experiencing an annual price increase of 15.3% – the highest of any age group, bringing their premium up year on year by £59 to £439, compared to £380 in Q3 2014. Drivers aged 60 are also amongst the worst off, as they are facing the largest quarterly price hikes of 8%, seeing their premiums increase by £29 over the quarter, more so than any other age group, to stand at £393.

Both men and women have seen their premiums rise year on year, with increases of 8.9% and 7% respectively. The average man’s premium now stands at £657 (+£54 year on year), and women’s at £593 (+£38 year on year).

These increasing premiums are being felt across all regions of the UK, with motorists up and down the country subject to rising prices. However, those in the West have been hit the hardest. Motorists in this region have seen their premiums rise by 12% over the last 12 months – the highest increase of any region in the UK.

And whilst the West as a whole has experienced bumper price rises, some cities in the region have seen larger increases than others. Drivers in Bath have seen their premiums increase annually by 14.7%, with motorists in nearby Bristol experiencing price rises of 12.8% over the year. Neighbouring Gloucester and Swindon have been hit by increases of 13.8% and 10.2% respectively.

Scotland is also facing steep rises in premiums, with the Scottish Highlands experiencing the largest quarterly price increases, of 8% – significantly higher than the national average (4.8%). However, drivers in the Scottish Hebrides are by far the worst off, where they face a quarterly increase of 20% – one of the largest quarter on quarter increase recorded since the Index began at the end of 2006.

Steve Sanders, Finance Director at Confused.com says:

“It would seem that the days of cheap car insurance really are over – just like 6 years ago we’re seeing substantial increases in prices for most UK motorists, with only the very youngest of our driver profiles being relatively unaffected.

“And with the Government’s increase in insurance premium tax, rising from 6 to 9.5 per cent this November, we’re likely to see continued inflation in car insurance prices across the rest of 2015, and into 2016.

“As ever, our advice to all drivers is to shop around at renewal using a site such as Confused.com, to make sure that they are getting the very best prices without compromising on levels of cover.”

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Confused.com Car Insurance Price Index Q3 2015, in association with Towers Watson, reveals that whilst Scottish Drivers face annual increases, they still enjoy some of the lowest insurance premiums across the UK-

• All Scottish regions have experienced yearly price rises, with motorists in the East & North East of Scotland suffering the largest annual price hike of 10.9% – equal to £44.
• Motorists in the Hebrides have seen the largest quarterly price rise of 20.3%, and the largest quarter on quarter increase recorded in Scotland, since the Index began in 2006.
• First time in four years that Scottish drivers have been hit by such dramatic increases over a 12 month period (Q2 2011).
• Male drivers in the East and North East of Scotland have been hardest hit across the board, facing the biggest annual price hikes – 11.7%
• Not all bad news for Scottish drivers, as they still enjoy some of the lowest insurance costs. Motorists in the Scottish Borders are paying the lowest average car insurance premium of anywhere in the UK – £421

Motorists in the UK have experienced car insurance premiums rising substantially across the board during the third quarter of 2015, and there is no exception for Scottish drivers.

Across the UK, comprehensive car insurance premiums have risen during the third quarter of 2015, with motorists now paying £47 more than they were at the same time last year. This means the average quoted premium for an annual comprehensive car insurance policy now stands at £629 in Q3 2015, compared to £582 in Q3 2014.

According to the latest Confused.com Car Insurance Price Index, drivers across Scotland have been impacted hugely by these car insurance price hikes. Motorists in the East and North East of Scotland have seen the biggest increase to their car insurance premiums, seeing them rise by 10.9% compared to this time last year, and 4.1% quarterly.

Drivers in the Scottish Highlands, saw a similar story with their comprehensive premiums increasing by 10.2% annually to £463 – and a rise of £34 in the last 3 months alone. And these drivers are continuing to bear the brunt as they experience the biggest quarterly price rise across the UK – 8%.

Drivers in Central Scotland saw their policies jump by 9.8% year-on-year, a price rise of £45. And motorists in the Scottish Borders saw their policies increase by 8.0% year-on-year – a rise of £31. For Scottish drivers this is the first time in four years that they have been hit by such dramatic increases over a 12 month period (Q2 2011).

However, it appears that its drivers in the Hebrides that have drawn the short straw, seeing their insurance policies increase quarterly by a staggering 20.3%, taking their average car insurance premiums to £541. This is the biggest quarterly increase across the UK, and the second largest quarter on quarter increase recorded since the Car Insurance Index began.

Both men and women have seen their premiums rise year on year, however male drivers in the East and North East of Scotland have been hardest hit across the board. These motorists have faced the biggest annual price hikes – 11.7%, bringing their premium up year on year by £49 to £465. Females in this region have also been impacted, experiencing an increase over the last 12 months of 9.8%, bringing the average premium to £424.

It’s also bad news for female drivers in the Scottish Highlands who have been effected by the largest quarterly increase of 8.2% – the highest across the UK, taking the average policy to £433. However, even though they were dealt a price increase, they are paying £196 less than the national average of £629.

As Scotland continues to face steep prices in premiums, it would seem males aged 56-60 in the East and North East are facing the greatest price hike over the last year -16.3%. Their average premium now up year on year by £43 to £304, compared to £261 in Q3 2014.

And it appears to be a similar story for females aged 56-60 in the East and North East of Scotland. Females living in the East and North East have seen their premiums rise year on year, with an increase of 9.8% – the average premium now costing £424. And these bumper price rises seem to be continuing for the females who live in the Highlands, with the over 71s experiencing the largest quarterly price rise of 9.9%.

Whilst many Scottish drivers have experienced price rises, motorists in the Shetlands can breathe a small sigh of relief as they experience a year-on-year decrease of 2.8%. And interestingly this is the only area in the UK that has seen an annual price drop in their comprehensive insurance premium. In fact, drivers in this area have seen the biggest quarterly decrease across the board, with a price drop of 8.3%, bringing their average premium down to £477.

And its good news for females living in the Scottish Borders, aged 66-70, who are the only demographic in Scotland to have experienced a quarterly decrease – 4.2%. The average annual comprehensive car insurance policy for this age group now stands at £271, which is £358 less than the national average.

Though drivers in Scotland have seen a mixed bag of increases and decreases, the news that they are enjoying some of the lowest premiums of drivers across the UK must be a relief for many. In fact, drivers in the Scottish Borders are enjoying the lowest premiums of all drivers in the UK, paying £421, compared with the national average of £629.

Steve Sanders, Finance Director at Confused.com says: “Motorists in Scotland have been hit hard by the latest annual price rises, particularly drivers in the East and North East where premiums have risen by 10.9%. However, many drivers in Scotland may take solace in the fact they have some of the lowest premiums of drivers across the UK.

“However, the Index results seem to indicate substantial increase in premiums across the board. Therefore motorists in Scotland need to consider that further price increases are on the horizon, and that their insurance premiums may no longer remain as some of the cheapest in the UK. With that in mind, we would urge consumers to visit Confused.com to shop around and compare prices to ensure they get the best deal possible.”

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Aon Global Risk Consulting, the risk consulting business of Aon plc (NYSE:AON), the leading global provider of risk management and human resource consulting and outsourcing, in collaboration with the Wharton School of the University of Pennsylvania, today released its fourth edition of the Aon Risk Maturity Index Insight Report. The findings of the report evidence a direct relationship between strong risk management practices and superior operating performance for organizations.

The 2015 Report analyzes the inverse relationship between a higher Risk Maturity Rating and lower stock price volatility as well as a direct relationship between a higher Risk Maturity Rating and superior operational financial performance. Additionally, the report’s findings reinforced the relationship between a higher Risk Maturity Rating and the relative resilience of an organization’s stock price in volatile equity, currency, and commodity market scenarios.

“This year, we focused on identifying specific best practices around how organizations can develop a cross-functional understanding of risk to improve their risk maturity and ultimately help boost their financial results,” said Kieran Stack, managing director at Aon Global Risk Consulting. “Our data confirms that organizations that successfully focus on improving this set of distinct risk-related factors as well as utilize advanced quantitative risk management techniques are more aware of their risk exposure and have enhanced agreement and alignment on required actions to help successfully realize superior performance.”

The specific strategies organizations should implement to effectively understand and manage risk are outlined in several new key findings, including:

Communication of risk management strategies, objectives and practices
Collaboration in executing risk based practices across risk-based functions
Consensus on strategy for cross-functional risks
The report also finds that organizations that successfully utilize risk quantification techniques experience greater transparency into the organization’s specific risk exposure and risk appetite – ultimately boosting the company’s operational performance.

“In today’s dynamic economic and geopolitical landscape, risks are becoming more interconnected. The ability for organizations to understand and manage this increasing interconnectivity and develop the organizational governance and processes are imperative to their financial and operational well-being,” said Theresa Bourdon, group managing director at Aon Global Risk Consulting. “Aon’s fourth edition of the Risk Maturity Index Insight Report can help organizations increase their understanding of risk and adapt their risk frameworks to be more impactful on their bottom line.”

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ACE Limited announced today that Paul J. Krump, currently President of Personal Lines and Claims for Chubb, will serve as President, North America Commercial and Personal Lines of the new Chubb Group. The intended appointment will take effect upon ACE’s completion of the acquisition of Chubb, which is expected in the first quarter of next year.

Mr. Krump, who was named in an earlier announcement to serve as Executive Vice President for Global Underwriting and Claims, will have North America executive operating responsibilities that were previously announced for Dino E. Robusto, who is leaving Chubb to pursue another opportunity as Chairman and CEO of CNA.

Mr. Krump will have executive operating responsibility for the retail commercial property and casualty (P&C) insurance businesses serving the middle market and small commercial customer segments for all products in the United States and Canada through a broad distribution system that includes independent agents and brokers. In addition, the company’s personal lines insurance business serving affluent and high net worth (HNW) individuals and families in North America will report to Mr. Krump. Mr. Krump’s scope of responsibility will include all P&C products, underwriting, claims, actuarial and support functions related to these businesses, as well as a matrixed responsibility for the field organization personnel responsible for the sales and servicing of the middle market, small commercial and HNW personal lines markets.

As previously announced, Mr. Krump will have senior executive responsibility as head of global claims, and he will report to John Keogh, who is currently Vice Chairman and Chief Operating Officer of ACE Group and who will continue to serve in that role.

“Paul Krump is a veteran, experienced insurance executive and I am pleased he will lead our North American commercial and personal lines businesses. We also wish Dino well with his new responsibilities,” said Evan G. Greenberg, Chairman and Chief Executive Officer, ACE Group. “Paul has deep knowledge of all of Chubb’s businesses, particularly middle market commercial and personal lines. He is a natural leader and a great underwriter. The appointment of Paul to this senior executive position clearly demonstrates the deep bench of leadership talent within the new Chubb organization. John Keogh and I have great confidence in Paul’s abilities and his desire to drive the success of our new North American organization.”

The company also announced a change in title for John Lupica, who will now serve as President, North America Major Accounts & Specialty Insurance of the new Chubb Group. Currently, Mr. Lupica is Vice Chairman of ACE Group and Chairman of the company’s Insurance — North American businesses.

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To foster the digitalization of Allianz Group, a new unit called Digital Transformation will be established at Allianz SE. Solmaz Altın (41), currently CEO of Allianz Turkey, will be appointed Chief Digital Officer heading this unit as of January 1, 2016, and reporting to Christof Mascher, Member of the Board of Management of Allianz SE. At the same time, Aylin Somersan-Coqui (39), currently CFO of Allianz Turkey, will take over as CEO of Allianz Turkey.

As of December 1, 2015, Rémi Grenier (55), currently CEO of Allianz Global Assistance (AGA), will become President and CEO of Allianz Worldwide Partners (AWP). He will also report to Christof Mascher. Jacques Richier (60) will take over from Christof Mascher as Chairman of the Supervisory Board of AWP in addition to his responsibilities as CEO of Allianz France. As of January 1, 2016, Sylvie Ouziel (45) will become CEO of AGA and her current position as CEO of Allianz Managed Operations & Services (AMOS) will be assumed by Barbara Karuth-Zelle (47), currently Member of the Board of Management of AMOS.

Effective November 16, 2015, Iván de la Sota (51), currently CEO of Allianz Spain, will assume the role of Regional CEO of the Ibero-Latin America Region. He succeeds Vicente Tardío Barutel, who retired from this position in Summer 2015. De la Sota will be located in São Paulo and continue to report to Helga Jung, Member of the Board of Management of Allianz SE. José Luis Ferré (47), currently responsible for Sales and Market Management on the Spanish Board of Management, will take over as CEO of Allianz Spain.

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The digital revolution is capturing more and more areas of life. The media world has already been shaken up years ago. Meanwhile the revolutionary wave has not only reached the financial sector: DLDsummer 15 has shown that major changes are about to hit the health sector, too: the enlightened patient continually improves his network and takes his health in his own hands by means of cellphone, wrist computer or online chats.

Kerstin (32) has for several days been suffering from a sharp stabbing pain in her stomach – sometimes also an itch – directly under her rib cage. Only a few years ago she would have dismissed these symptoms. Not in the area of internet. For two evenings now she has been searching for similar symptoms and possible illnesses in the Internet. Somewhat confused – the web forums she consulted talked about all sorts of illnesses from jaundice and pancreatitis through to cancer – she finally decided to seek the advice of a doctor.

The myriad of information in the Internet does not always confuse patients. Above all the chronically ill use it to search for help, alternative therapies or simply fellow sufferers to exchange their experiences. This is confirmed by Florian Weiß from Jameda.de in a podium discussion at DLDsummer: “The behavior of patients has already changed. A lot of patients go to their doctor equipped with an idea of what their illness could be, along with an appropriate therapy.” A veritable trend was evidenced during the two days of the Digital Life Design (DLD) event, which for the first time took place under the name of DLDsummer in the Allianz Auditorium in Munich: Today’s patient is wised up, informs himself in web forums, obtains tips from cured people, asks others about their experience with medications. In contrast to these networked sick people there are the so called gods in white coats, who up to a few years ago were still non-contestable. Today they are meant to find a therapy on an equal footing with their patients. But this is only the start of Medicine 2.0.

Nothing can replace a personal discussion – except Skype

Above all in Germany patients visit their doctor very often. Various studies indicate that this could be as frequently as 18 times per year. In Sweden and America patients see their doctor only three to four times a year. This is a real challenge for medical practices and health insurance funds. The upshot: full waiting rooms and disgruntled patients. Yet many things could be settled without a personal visit to the doctor.

Moreover, the doctor-patient relationship will change fundamentally. In one of the workshops on the topic of “Digital Health Management” experts at the DLDsummer event discussed to what extent the individual can obtain more control over his state of health. Ida Luka-Lognoné from Allianz Worlwide Partners (AWP) and Peter Vullinghs from Phillips explained how their partnership wants to close a gap in health provision. In a pilot project on the topic of back problems, Phillips introduces the technical devices which alleviate back pain. In addition, AWP offers medical coaching for patients in a 12-week program. Luka-Logononé: “With our personalized coaching and support from our medical experts, we want to empower the patients to take care of themselves and actively contribute to prevention.”

However, if the DLD visionaries have their way, the development is not going to stop here. With the help of “wearables”, that is to say wristbands or other small devices to be carried on your body, it is possible to optimally monitor the state of health of the chronically ill in particular. If a specific value in his body rises, the patient gets a message that it is time for his asthma spray, to prevent a pending attack. In particularly severe cases an emergency doctor is informed directly. A lot of technical enthusiasts today are already monitoring their sleep or their run through the forest with such a wearable. This development could not only improve the life of patients, but also help to more sensibly organize the deployment of medication and medical staff. To date most of these type of functions are still carried out via cellphone. According to Aysegul Ildeniz from Intel, this does not have to stay this way: “We’re working closely together with other industries to find out what we can jointly develop in the future. New gadgets are sought!” We only need to think about the Jawbone wristband or the Apple watch.

The scientist as listener

Those using the technology are torn between two things: On the one hand they want to measure their running time and immediately post it on Facebook, while on the other, people ask themselves if it is good to leave behind their digital footprint everywhere.

According to Peter Vullinghs many people feel that they cannot control what happens with their data in the current health system: What do doctors and hospitals do with them? Vullinghs explains that the number of self-confident customers in the health area is constantly increasing. It very much looks as if we are going to look after our own health in a more autonomous manner in the future.

Notwithstanding our love for technology – DLD is not neglecting the emotional aspect: Different speakers emphasize that besides doctors, medication and operating theatres, what makes us healthy again is the patient’s feeling of emotional security and warmth. Mark Lightowler from Novartis Digital explains how he developed from a sober, science-driven physician to a listener who lets the patients have their say and sees this as part of the therapy.

Kerstin, too, is in a good mood following her visit to the doctor. After undergoing an examination by her general practitioner, she is advised to take some medication and change her diet, since she seems to have an irritable stomach. Time for more Internet research: “What is the right diet for a sensitive stomach?” After all, she does not want to ignore the experience of her fellow stomach sufferers.

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The recalibration of AXA Connect, the online SME trading hub for brokers, has been completed with the appointment of a seven-strong leadership team.

In February 2015, Deepak Soni joined to overhaul the insurer’s e-traded SME offering and build a structure and proposition to establish AXA as the digital insurer of choice for broker SME. That initial phase has now been completed with the following appointments:

Jessica Abetti, Head of Marketing – Abetti has over a decade of marketing experience, most recently at Frost and Sullivan where she was Marketing Manager Europe, Israel and Africa.

Charlie Hardie, Head of Customer and Operations – Hardie has joined from Capita 02 where he was Customer Sales and Service General Manager.

Jason Bridgman, Head of Digital SME deals and Partners – Bridgman has been with AXA since 2011 and has been integral in building and developing the insurer’s e-trading proposition.

Wayne Barker, Head of Digital SME Underwriting – Barker has over 15 years’ underwriting experience, most recently as AXA’s SME Broker Account Underwriting Manager.

Anita Fenna – Head of Digital SME Sales – Another internal appointment, Fenna brings over 25 years’ underwriting and trading experience to the new role

These key appointments are supported by Barry Hawkins, Head of Digital SME Pricing and Judith Waterhouse, Head of Commercial Property Claims, both of whom will provide central resource to the revamped SME offering.

Commenting on the appointments, Deepak Soni, Director of Commercial Intermediary E-trading at AXA, said: “The recruitment of the leadership team is a really important step for us as we drive the evolution of our digitally traded SME offering.

“We have a wealth of experience across the team, both within the insurance sector and outside it, allowing us to develop a differentiated proposition and deliver it in a seamless and simplistic manner.

“This is a crucial step in the evolution of our electronically traded business and I look forward to the team working with our brokers and increasing our SME digital footprint.”

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A series of organised, contrived motor collisions valued at over £140,000 have been blocked by a combined underwriting and claims anti-fraud operation conducted by AXA Commercial Lines and Personal Intermediary.

Operation Flower (so named as all third party addresses and accident locations were in the name of flowers or trees) was launched in August 2014 after nine claims in the Southampton area were highlighted with the same commonalities including:

Each accident involved the policyholder, driving a commercial vehicle, pulling out of a side road and colliding with the third party vehicle
Once the policyholder readily accepted liability, no further contact could be made
The third party vehicles had a pre-accident value in excess fo £4,000
All accidents occurred within weeks of policy inception
All the third parties resided in the Southampton area
A detailed investigation at both the policy inception and claims stages, sought to locate the policyholders and obtain engineering evidence to support the claims, however, the results of this investigation supported the view that the accidents had been contrived. They were all repudiated as a result.

Intelligence searches confirmed that this cluster of fraudulent claims was perpetrated by the same gang that had targeted another large insurer, with a similar group of contrived accidents.

Craig Conlon, Underwriting Fraud Manager at AXA, said:

“This is a great result which highlights the benefits of having aligned fraud strategies across the underwriting and claims functions.

“This was a real collaborative effort – internally, with our anti-fraud partners Absolute and even with a fellow insurer who had been targeted by the same gang.

“At AXA we use all the tools at our disposal to try and stop fraudsters at every point and the cumulative effect of attacking even relatively modest incidences of fraud will make it clear to these criminals that insurance is no longer a soft target for fraud.”

As part of this approach, all the individuals involved in this fraud are being uploaded to the Insurance Fraud Register, which has been developed by the insurance industry for the insurance industry to help prevent and detect fraudsters.

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AssuredPartners Inc. has acquired the business and assets of Sheehan Insurance Service, Inc. (dba Sheehan Insurance Group). The agency specializes in insurance coverage for businesses, including the senior living, transportation and hospitality industries; and insurance for individuals. Sheehan Insurance Group reports revenues of approximately $4 million.

As part of the acquisition 22 employees will join AssuredPartners. Sheehan Insurance Group operations are based in Haymarket, Virginia, and will continue under the local leadership of Pat Sheehan.

“When working with clients our main goal is to develop comprehensive and cost effective insurance programs that protect what matters most for their businesses or lives,” said Pat Sheehan, President of Sheehan Insurance Group. “We are excited to bring our clients new tools and insurance options as part of the AssuredPartners team.”

“The Sheehan Insurance Group acquisition expands the AssuredPartners presence in Virginia,” said Tom Riley, President and COO of AssuredPartners, Inc. “We welcome the Sheehan Insurance Group staff and clients to the AssuredPartners team.”

 

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Risk expertise and analytics provided by Lloyd’s insurer Amlin is helping Formula E race team Amlin Aguri develop a winning strategy, according to Peter McCool, Technical Director of Amlin Aguri.

How important is managing risk in a sport like Formula E?
This is a potentially dangerous sport that requires a sensible and level headed approach. Safety is a top priority, but it is also about being prepared for race day. In Formula E, practice, qualifying and the race all take place on the same day, so the team, drivers and cars must be ready or risk missing out.

How does Formula E differ from other motor sports?
All motor sports are potentially dangerous, but with Formula E the main difference with the cars is that they use high voltage electricity storage. We have all been on an FIA approved safety course to understand the risks of using these batteries. In addition, all the races take place in the centre of major cities that are mostly new to motor sport, which brings its own risks and challenges.

Can the management of risk give a team a competitive advantage?
It most definitely is a competitive advantage. This is a high risk and high pressure sport, so managing risk by being organised and prepared is essential. When the unexpected happens it is easy to get flustered and make the wrong decisions. But we have strategies in place to help understand the risks and make informed decisions.

Is there a strong risk culture in motor sport?
There is a tangible culture of managing risk in motor sport. Races are very high pressure events, especially for the drivers and engineers. You can’t just turn up and race, you need to prepare and make decisions in advance where possible.

Is risk management about helping people make decisions?
Human error and behavioural risks are probably the biggest risks we face. Even the calmest of people can struggle to perform when they are overloaded with work and are having to make decisions under pressure. So we provide an environment in which they can make decisions through planning and support.

How do you approach risk management – who is responsible for it?
For sporting and technical risks we have risk management strategies, procedures and action plans that go right through the organisation, enabling the mechanics and engineers to deal with any issues that occur. With business risk we make sure that we work closely with quality partners and sponsors. For example, we jointly developed our risk management strategy with our sponsor Amlin, which has helped us put what we believe to be the right risk management procedures in place and at the highest level.

Is there a risk culture that runs throughout the team?
Risk management touches everything and everyone. The culture in motor sport is about managing risk to ensure that you have both cars and drivers on the starting grid. It’s a military approach that requires organisation and strategies to mitigate risk for a range of scenarios.

Is insurance an important part of managing risk for the team?
Yes. Formula E is an international sport; we race at high speeds through city centres in different jurisdictions, with new technology and expensive cars and equipment. This all needs insuring correctly and for the right values.

Is managing risk about safety, or is there more to consider?
Safety is of paramount importance, but it is only a small part of the risk management function because it is so engrained in everything we do. Safety management is the bedrock of what we do, but we are also focussed on getting the best race result. As well as mitigating all the risks of getting to the track with the drivers and cars ready, we also manage the risks during the race and look to optimise performance.

How do you manage the risks during the race?
A Formula E race is fluid – there are many variables that can change during the race and affect energy consumption. We have worked with Amlin to develop a tool to analyse data and help us set the best race strategy, as well as making strategic decisions as events unfold during the race to minimise risk and optimise gains.

How have you been able to use Amlin’s expertise in risk?
Formula E cars produce a huge amount of data. We have been working with Amlin to develop a bespoke strategy software tool that helps us to make the right decisions at the right time, reducing risk and optimising performance.

What does an insurer bring to the team as a sponsor?
Our partnership with Amlin is fantastic. It is not just a sponsor, it is fully engaged with our strategy. Amlin is a huge resource – its expertise in mathematics, analytics, modelling and software development has been truly impressive. Amlin has also used its marketing, design and digital media experience to build the Amlin Aguri Brand from scratch and position us as the team with the largest social media following and, we believe, the best looking car on grid.

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Stressing over what presents to buy their children and grandchildren is the biggest festive worry for Britain’s over-50s, who are planning on spending around £300 on gifts this year, Aviva research shows*.

But it is time spent with their families that the over-50s most enjoy at Christmas (59%), compared to giving and receiving gifts (11%), the traditions of Christmas (10%) and having time off work (8%).

Over-50s’ partners come second to children on the Christmas gift list, with 29% saying their children will receive the most expensive gifts, followed by their partners (28%), and then grandchildren (20%).

The over-50s will spend an average of £109 on each of their children, compared to £76 on each of their grandchildren.

While 30% say they are concerned most about buying gifts for their children and grandchildren, a further 21% say they worry about being able to afford all the gifts they need to buy, and 26% about keeping everyone happy.

For 19% of over-50s, the quandary of what gift to give their grandchildren is overcome by just giving money. And the majority (67%) of over-50s do not plan to spend more money on gifts this year compared to last year.

Despite the anxiety of Christmas shopping, 56% of over-50s plan to go on buying presents for their grandchildren indefinitely, and only 18% say they will stop buying presents at some point.

The majority of over-50s (70%) will spend Christmas at home, (66%) with their partners, 53% with their children, and 27% with their grandchildren. While some will also spend Christmas with other family members or friends, 8% say they will spend Christmas alone, with 8% also raising loneliness as a key concern at Christmas.

Clive Bolton, Aviva’s managing director, retirement solutions, said:

“The over-50s are used to spending their money wisely and with careful consideration, so it is no surprise to see them applying the same rigour to selecting their Christmas gifts.

“But Christmas for the over-50s is not really about the gifts, it’s all about spending time with their loved ones and it is great to see so many people will spend the festive period with their families. But we should not forget those that may be alone or feeling lonely over the holiday period.”

*Aviva consumer research was conducted by ICM Unlimited on behalf of Aviva in November 2014, with 2,000 over-50s in an online poll.

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As UK families prepare to welcome loved-ones into their homes on Christmas Day, two-fifths (41%) of Generation Rent (25-34 years olds) are yet to host their first Christmas, and don’t think they’ll be in a position to until they’re at least thirty-seven years old, according to new research* from home insurer Aviva.

With record number of young adults living at home**, many are putting off playing host until they move in with a partner (15%), have a family of their own (15%) or have their own place (14%). Whereas over two-thirds (70%) of the previous generation (aged 55+) had hosted their own festivities before the age of thirty-five.

Parents attempt to keep alive the magic of Christmas for their children long after they’ve become adults, with:

almost a third (29%) of todays 30-40 year olds expecting a Christmas stocking
a fifth (20%) of all adults still getting a selection box
and one in ten (13%) receiving presents labelled ‘from Santa’
Over half (52%) of all those who have hosted Christmas before said their first time was more stressful than expected, with the main problem being the lack of fridge space (25%) followed by the need for extra plates (21%), seating (19%), cutlery (16%), glassware (13%) and baking trays (13%).

With most people (80%) hosting their first Christmas with a partner, Christmas-clashes are commonplace. The customary festive fisticuffs are over how to cook Christmas dinner (10%), the other half not doing their fair share (9%) and who does the washing up (8%).

Party-planning expert, Polly Betton, said: “Hosting Christmas for the first time is a real milestone moment. It marks the transition into ‘proper’ grown up. The pressure to make it perfect can make it a pretty stressful experience. The key to a great day is preparation and planning; write a list, work out your timings and have most of it ready the day before – giving yourself more time to spend with the family, which is of course what makes Christmas truly magical.”

While most are planning to spend an average £436 on Christmas this year and the majority of that spent buying presents (£199), most say spending quality time with the family is what makes for a magical festive period (62%), followed by giving presents (55%) and eating Christmas dinner (52%).

Heather Smith, home insurance expert at Aviva, said: “Christmas is traditionally the worst day of the year, on average, for fire claims***. A combination of chaotic cooking, perfection-pressure, candles and tree lights can be devastating. If you’re hosting for the first time this year, a dry turkey is probably the least disastrous thing that can happen.”

Polly Betton’s Top Tips for hosting your first Christmas can be found here, on our website, www.aviva.co.uk.

– Ends –

If you are a journalist and would like further information, please contact:

Karen Butcher: H+K Strategies: 0207 413 3181: Karen.Butcher@hkstrategies.com

Notes to editors:

*Aviva commissioned polling with OnePoll of 2,000 GB adults who celebrate Christmas online between 19 and 20 November 2014.
** 20-34 year olds: Office for National Statistics – Young adults living with parents, 2013 http://www.ons.gov.uk/ons/rel/family-demography/young-adults-living-with-parents/2013/index.html
*** 120% increase on the average day according to Aviva claims data, 01 January 2003 to 31 December 2013

Aviva provides 31 million customers worldwide with insurance, savings and investment products.
We are one of the UK’s leading insurers and one of Europe’s leading providers of life and general insurance.
We combine strong life insurance, general insurance and asset management businesses under one powerful brand.
We are committed to serving our customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which our people are proud to work.
The Aviva media centre at www.aviva.com/media/ includes images, company and product information and a news release archive
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Zurich commented on the Government’s response to its pensions consultation on the Budget changes.

Simon Foster, Head of Corporate Life and Pensions, UK and International Savings, Zurich UK Life, said:
“Giving responsibility of delivering the guidance guarantee to independent organisations is sensible. But the changes introduced by the Budget make the availability of information around saving even more important and we believe that guidance should be provided throughout people’s working lives, not just at retirement, if savers are helped to make the right decisions.

“That’s why employers willing to offer workers advice should be given a safe harbour to prevent them from being sued decades after having provided guidance. In order to ensure innovation in this space, we believe the FCA should also work with advice providers.”

‘We also welcome the measures the Government has chosen to ensure that people do not use the new flexibilities to avoid tax on their current earnings. These measures are the most fair and practical of the alternatives under consideration, and demonstrate a genuine commitment on the part of the Government towards effective consultation.”

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British families are enjoying record incomes and falling expenditure, putting them on a firmer financial footing than at any time during the last three and a half years, Aviva’s latest Family Finances Report reveals today.

More families are starting to splash out on luxury items such as holidays, leisure goods and satellite television subscriptions, while growing numbers are putting away money for a rainy day. However, this rise in income and fall in expenditure disguises a growing wealth gap, while fears about rising inflation are being replaced with worries about interest rate increases.

Single income families are most exposed financially

Aviva’s report tracks the financial circumstances of different UK family types and shows that although more families are saving, many have fairly thin financial cushions. A third (31%) of all families have less than £500 in savings, but among single parents, and those who are divorced, widowed or separated, that figure rises to 64pc and 46pc respectively.

These types of family also have the smallest monthly incomes. Families who are divorced, separated or bereaved with children take home just £1,315 a month, compared with an average of £2,185 across all family types. Single parents – despite a 10% uplift in income since January 2011 – still bring in just £999 a month, less than half the average monthly take-home income.

Housing north / south divide is evident in family homes

Aviva’s data shows that the average family home is worth £230,030, the largest figure ever recorded by the Family Finances Report series and a substantial increase of £7,213 or 3% since December 2013.

There are clear regional splits within this data however. Families in Yorkshire and the North East and West have seen their homes fall in value by up to 7% since December 2013. The average family house price in Yorkshire is now £197,004, down from over £201,000, while in the North West it is £170,719 down from more than £183,000. Meanwhile the average London family home has increased in value from £359,331 to £372,931, an increase of nearly 4%.

Household debts continue to fall

Household debt is now lower than it has been at any point since November 2011. This debt has frequently exceeded £10,000 over the last three years, and was as high as £12,834 in May 2013. It is now at less than half that maximum level, at £6,354, down £342 in the last six months alone.

While many families in the UK have reduced their overall debts, increasing numbers have taken out a bank overdraft. The percentage of families using a bank overdraft has increased from 20% to 27% over the last six months, although the average overdraft amount has decreased sharply in the same amount of time. Across all UK families, the average bank overdraft is now £318, down from £642 six months ago.

Rising interest rates cause concern

The last six months has also seen a reduction in the number of families who are worried about the rising cost of living. As inflation has fallen during this period, 5% fewer families cited this as a worry, although 2% more are worried about the spectre of rising interest rates instead. Families are also worried about the loss of income from their investments, and the possibility of serious illness for family members.

Louise Colley, protection director for Aviva, said: “Britain’s families seem to be recovering well from the financial crisis, saving more and even feeling confident enough to spend a little on luxuries. However, fears about the future, including rising interest rates, as well as increased use of bank overdrafts, indicate that for many people finances are still finely balanced.

“These latest figures show how quickly financial situations can change so we’d urge people to take steps to protect themselves against unexpected financial shocks. While some families do appear to be on a firmer footing, an unexpectedly lost income can have huge repercussions, so it’s important that people make sure they protect their loved ones’ futures.”

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Fitch Ratings-London-10 June 2014: Fitch Ratings has upgraded Lloyd’s of London’s (Lloyd’s) Insurer Financial Strength (IFS) rating to ‘AA-‘ from ‘A+’.

Fitch has also upgraded the Society of Lloyd’s Long-term Issuer Default Rating (IDR) to ‘A+’ from ‘A’ and Lloyd’s Insurance Company (China) Ltd’s IFS rating to ‘AA-‘ from ‘A+’. The agency has additionally upgraded Lloyd’s subordinated debt issues to ‘A-‘ from ‘BBB+’, as detailed at the end of this comment. The Rating Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects Fitch’s expectation that Lloyds’ future cross-cycle underwriting performance will be more favourable than that achieved by the Lloyd’s Market historically, both in absolute terms and compared with peers. The upgrade is also supported by Lloyd’s strong financial profile, including a level of Fitch risk-adjusted capitalisation that is in line with the new rating level, low financial leverage and a significant market position in both insurance and reinsurance classes.

Fitch views the market oversight by Lloyd’s Performance Management Directorate (PMD) and other market functions as having played a key role in a reduction in cross-cycle earnings volatility, since the directorate was established in 2003. Processes, including business plan reviews and syndicate benchmarking, have assisted the Corporation of Lloyd’s and syndicates in improving key aspects of underwriting, including pricing, reserving, claims management, risk-adjusted capital setting and catastrophe modelling techniques. The work undertaken by the PMD has provided Fitch with increased confidence that, on an aggregate basis, prior underwriting years will continue to develop favourably across the rating horizon.

Further, the agency considers that the substantial investment made by Lloyd’s in preparing for Solvency II has further enhanced risk and exposure management practices across the Market.

Fitch recognises that Lloyd’s continues to face a number of headwinds that will also test the wider (re)insurance industry. These include a persistently low yielding investment environment and softening prices across certain major (re)insurance classes. The conservative and hence lower yielding investment portfolio held by the Lloyd’s Market leads the agency to view a deterioration in technical profits as the greatest risk to earnings across the rating horizon.

The diversity provided by Lloyds’ (re)insurance portfolio, by line of business and geographically, is expected to provide resilience to a protracted period of premium price softening, should this occur. The agency currently views revenues and profits generated from property catastrophe reinsurance lines as being of a level that is unlikely to result in profit metrics deteriorating to a level not commensurate with Lloyds’ ratings.

Market participants at Lloyd’s collectively underwrote GBP26.1bn of gross written premiums (GWP) in 2013, a y-o-y increase of 2.4%, which included a risk-adjusted rate reduction (RARC) of 0.3%. Profit before tax increased to GBP3.2bn (2012: GBP2.8bn). The Market achieved a combined ratio of 86.8% (2012: 91.1%), with the burden from major claims reducing to 4.4pp (2012: 9.7pp). Lloyd’s has a global franchise and operates in over 200 countries and territories. It is a leading market for reinsurance and specialist property, casualty, marine, energy and aviation insurance.

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With an unemployment rate of 10.9 percent for 2013 college graduates, recruiting managers from Progressive® Insurance will offer their knowledge and expertise to the approximately 1.6 million graduating seniors this year, in a live Twitter Q&A on May 7th from 1pm-2pm EST.

Over the past five years, Progressive has hired hundreds of recent graduates in locations across the country from Sacramento, California to its headquarters in Cleveland, Ohio. The company has routinely been recognized as one of Northeast Ohio’s best places to work according to the Plain Dealer, and nationally ranked as one of the 44 Healthiest Companies to Work for by Greatist.com.

Flexible work arrangements, including working from home and compressed work weeks; a gainshare bonus program; a casual dress code; on-site medical facilities; and fitness centers are just some of the amenities that Progressive can offer recent college grads.

“With summer right around the corner, many graduates are starting to worry that they haven’t received a job offer yet,” said Christy Palfy, recruiting manager at Progressive. “We understand how difficult the application process can be, which is why our recruiters are offering insight into how job-seekers with little experience can market themselves. We feel it’s important to help guide the next generation—they have the potential to be part of our team of the best and brightest talent.”

Participants will have the opportunity to connect directly with recruiters and ask questions about everything from the job application process, including the STAR interview method, to ways sophomores and juniors can maximize summer internships, to information about Progressive’s culture.

For those interested in a job at Progressive, employees also enjoy:

aerobics, spinning and yoga classes, along with access to discounted Weight Watchers at select locations
quiet rooms for relaxation and meditation at select locations
a world-renowned contemporary art collection
potential bonuses based on company performance
parenting resources, such as a child-care subsidy and maternity services
tuition assistance; and
employee-organized running clubs at select locations

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AXA Wealth announces first quarter 2014 financial results, with significant growth across the business. This growth helped increase AXA Wealth’s overall assets under management (AUM) by eight per cent from £24 billion to £25.9 billion over Q1 2013. AXA Wealth total retail sales were up 20 per cent to £827 million over the same period.

AXA Wealth’s wrap platform, Elevate, saw assets under management (AUM) up 30 per cent from £6.0 billion to £7.9 billion. AUM for the remaining AXA Wealth pensions and investment range totalled £18.0 billion. Assets under management and advice also increased for Architas, AXA Wealth’s specialist investment business, up seven per cent from £12.1 billion to £13.0 billion.

During Q1 2014 AXA Wealth has notably:

Created a Budget-ready business across its proposition, with the new flexible drawdown income requirement of £12,000 and the new triviality limit of £30,000 on both its individual and family SIPPs; Retirement Wealth Account and Family Suntrust family SIPP. The new GAD income levels of 150 per cent are also available on these two products and via the AXA Wealth platform, Elevate
Enhanced pricing for high net worth clients investing over £1 million on AXA Wealth’s platform Elevate.

Mike Kellard, chief executive officer, AXA Wealth, commented: “We strive to make investing easy for individuals and their families. The removal of the legacy business back in 2010 means we are a more nimble and agile business, able to respond to industry changes such as announcements in the recent Budget, so that investors can make the most of the flexibility and freedom it affords them. We are committed to continually improving the experience for our customers and advisers, which along with ongoing investment into the development of our product wrappers, investment platforms and range of fund options, will help us stand out from the crowd.”

Business results summary (Q1 2014 over Q1 2013):

AXA Wealth’s wrap platform, Elevate

Inflows on to the platform increased by 30 per cent, to £544 million, driven in part by a 34 per cent increase in Elevate ISA sales
It is now even easier for advisers to use with simpler navigation, faster payment systems and clearer illustrations.

AXA Wealth’s retirement and investment range outside wrap – Retirement Wealth Account, Family Suntrust, onshore and offshore bonds, and Corporate Trustee Investment Plans (CTIP)

Pensions and onshore bonds, sales up three per cent from £85 million to £87 million

Offshore AUM up two per cent from £8.7 billion to £8.9 billion

CTIP AUM remained at £3.9 billion, with APE totalling £76 million.

0 47

The UK War Risks Club is pleased to announce the affirmation of its A- ‘Excellent’ financial strength rating with a ‘Stable’ outlook from the insurance rating agency AM Best.

AM Best’s rating reflects the Club’s “excellent risk-adjusted capitalisation, track record of good operating performance and its established business profile as a specialist underwriter of war risk insurance for ships.”

Club Manager Andrew Ward welcomed this confirmation of the Club’s financial rating:

“The continuing ‘Excellent’ rating by AM Best re-affirms the UK War Risks Club’s financial strength and stability. Shipowners and their insurance brokers who seek independent and trusted information in a volatile and niche class of insurance will find this assessment encouraging.”

Despite the volatility of this sector, the UK War Risks Club continued its policy of returning premiums to Members at the 2014 renewal, as well as reducing its annual rates to Members. It remains committed to providing high quality cover and service at competitive rates.

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With much of the UK under ice and snow, new research worryingly reveals many UK motorists are over-confident yet unprepared to drive in frozen conditions.

Online insurance expert, elephant.co.uk surveyed 2,000 UK motorists about their experiences of driving in wintry weather and found more than two fifths (44%) have lost control of their car on snowy or icy roads, with one in eight (13%) crashing as a result.

Nearly two fifths (38%) of drivers say they have been shown how best to control their car in the ice, however many more than that (66%) believe they know what they need to do if they hit an icy patch of road.

Men are more confident than women when it comes to their ability to drive on frozen roads. Almost three-quarters (73%) of men claim they would know how to control their car if it skidded on ice, compared to three fifths of women (60%).

Despite this more men than women admit they have lost control of their car in the ice (47% compared to 41%) and more men have crashed their car due to snowy and icy conditions (15% compared to 11%).

Elephant.co.uk managing director Brian Martin said, “With so few of us having been shown how best to control our cars on frozen roads it’s not surprising many have lost control or worse still, crashed.

“As the temperature drops and roads get icy, accidents can happen to anyone, but you can reduce your chances of a collision. Taking extra care, finding out how to spot black ice and learning the best way to control your car if you do skid will go a long way to keep you safe if you have to drive.

“That’s why we’ve created a short video to show motorists how to prepare their vehicle for this weather and how to best to handle their car if they can’t avoid driving in icy conditions.”
Elephant’s study also found just a third (32%) of motorists know how to spot black ice. By its nature black ice is hard to detect before you hit it but there are things you can look out for.

Brian Martin continued, “Black ice tends to form in the early morning and evening when the temperature is freezing or below, or in more shaded spots of the road. So, if the conditions are cold, the road appears to be wet but you don’t see any spray it could well be a patch of black ice. “

Worryingly the research revealed as many as one in eight (13%) drivers said they do not drive more slowly or cautiously when conditions are snowy or icy.

Brian Martin continued, “If you cannot avoid using your car, it’s important to take extra care and drive much more cautiously.

“You should also make sure you’ve made the necessary preparations to your vehicle, however our study revealed only a third of us do make any special preparations to their car in the winter.”

One in ten people don’t keep anything at all in their car to prepare for difficult conditions, however the most common things people have are windscreen scrapers, de-icer, torches and blankets. Very few motorists keep a shovel, tow rope or salt in their boot all of which could prove essential if the worst happened.

elephant.co.uk has created a short film to help motorists drive safely in icy and snowy conditions. With the help of former rally driver and expert ice driver Andrew McKenna, the video provides advice on how to best control your car if you hit ice and simple steps to prepare your car for winter driving.

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ACE Group today announced the appointment of Keith Higdon as Vice President, Claims Data Analytics, Claims, ACE Group. In this newly-created position, he will support both ACE and ESIS, Inc., a risk management services company and member of ACE Group, in advancing and executing a claims data analytics strategy for each organization to more fully meet the evolving needs of its clients and support industry-leading claim capabilities.

Based in Chicago, IL, and reporting to Steven Laudermilch, Senior Vice President, Claims, ACE Group, Mr. Higdon will work collaboratively with ACE’s Predictive Modeling team, placing an emphasis on accessing data and transforming it into decision-making information, as a basis for implementing efficient and effective claims management to drive down clients’ total cost of loss.

In addition, Mr. Higdon will strategically use data to best serve multinational clients with claims across the globe by working with ACE’s Global Accounts division, which was launched in 2013 to service large multinational customers with complex underwriting and servicing needs.

“I’m pleased to welcome Keith to this key role, which represents ACE’s continued investment in our multinational claims operations. His extensive experience and successful track record in predictive modeling and client relationship building will enable ACE and ESIS to develop and deploy analytic solutions that drive improved claims efficiency, outcomes, and branding with current and prospective clients,” said Mr. Laudermilch.

Chris Maleno, Division President, ACE USA, commented, “This data analytics and predictive modeling-driven strategy will further enable ACE and ESIS to develop a deep understanding of our customer-centric and balanced approach that blends people, process, and technology, and the distinctive difference in the way we use data analytics to measure outcomes and pinpoint cost drivers of claims.”

With nearly 20 years of both data analytics and client relationship management experience, and expertise in both the Property and Casualty market and the TPA arena, Mr. Higdon most recently served as Senior Vice President at a North American leading provider of claims management services, where he coordinated a multidisciplinary team to identify new efficiencies for clients, including cost saving opportunities, new products and technologies. Prior to this role, he held various data analytics and evaluation, and business management roles at a global brokerage.

Mr. Higdon is a graduate of Northern Illinois University, where he received dual Bachelor of Science degrees in Sociology/Criminology and Anthropology. In addition, he was awarded a Master of Information Technology and Management (MITM) degree from Illinois Institute of Technology. Mr. Higdon serves as Chairman of the Advisory Board – Center for Employee Health Studies, University of Illinois at Chicago.

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