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Zurich Financial Services Group (Zurich) is pleased to be supporting the PGA Seniors Open in Bad Ragaz for the fifth time as one of the co-sponsors. The tournament, which brings together the world’s elite professional golfers, is to take place at the Golf Club in Bad Ragaz, Switzerland, from August 7 to 9, 2009.

Supporting golf sport is an integral part of Zurich’s sponsorship strategy and provides Zurich with a welcome opportunity to reach customers and thus to communicate Zurich’s brand values in a symbolic and emotional way.

In Switzerland, Zurich also supports the Omega European Masters in Crans-Montana, the ZURICHOPEN in Schönenberg and the DB Ladies’ Swiss Open in Losone, bringing the excitement and skill of Europe’s best golfers to the Zurich region. In the US, Zurich is title sponsor of the Zurich Classic of New Orleans, an annual PGA tournament that has become a major element of the region’s economic recovery and raises significant amounts for local charities.

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Cooper Gay, the independent wholesale, reinsurance and specialist retail insurance broker, has announced a formal consultancy arrangement with Japanese reinsurance specialist Megumi Ugai.

Mr Ugai’s remit is to assist Cooper Gay & Co Ltd and other companies within the Cooper Gay Group with the development of reinsurance business opportunities in the Japanese market.

Based in Tokyo, Mr Ugai has more than thirty years of (re)insurance experience. Prior to setting up his own reinsurance consultancy Clifton Consulting Inc in 2008, he was Managing Director of Hannover Re Services Japan from 1999 to 2008 where he significantly improved market penetration and growth. From 1974 to 1997 he held a variety of roles at Sompo Japan (formerly Yasuda), spending the last four years of his time there as General Manager, Reinsurance Department where he was responsible for the placement of Yen 60 billion in reinsurance premiums both in the domestic and the international markets.

Andrew Hitchings, Managing Director of Reinsurance at Cooper Gay & Co Ltd, commented: “We are fortunate to be able to secure the expertise of Megumi Ugai. His vast experience of the Japanese reinsurance market and extensive contacts will be of huge benefit to us as we look to continue to build our reinsurance presence in Japan and the Asia Pacific area.”

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Willis Group Holdings Limited, the global insurance broker, today reported results for the quarter and six months ended June 30, 2009.

Highlights of the quarter include:

  • Reported (and adjusted) earnings per diluted share from continuing operations of $0.52
  • 20 percent reported growth in commissions and fees
  • 1 percent organic growth in commissions and fees; Global and International segments with 7 percent and 5 percent growth, respectively
  • Reported operating margin of 21.0 percent; adjusted operating margin of 21.2 percent
  • North America segment operating margin expansion of 660 basis points over a year ago, to 22.3 percent
  • Interim bridge facility fully paid at June 30, 2009

“Willis’ strength lies in its business diversity. We continue to see excellent results from our International and Global segments, and this is bolstering our overall performance in the face of difficult economic conditions, particularly in the US, UK and Ireland,” said Joe Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings. “The HRH integration continues to go better than expected, with synergies tracking ahead of schedule. We continue to run our company with discipline and foresight, implementing strict cost controls, right sizing for the current environment, and investing in areas that will drive current and future growth.”

Willis made a quarterly net income of $87m ($0.52 per diluted share). A massive increase compare to the $39m reported for the same period last year.

This could be due to the acquisition of Hilb Rogal & Hobbs Company (HRH), which totalled a cost of $62m. However, the net income was much lower than that achieved in Q1, when the firm made a net income of $192m.

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UK drivers could face a roadside saliva drug test if they are caught not wearing a seat belt or speeding in France. The one in 20 of Brits who used cannabis recently could be on a collision course with France’s policy of zero tolerance towards any trace of illegal narcotics.

As part of their campaign to reduce the country’s heavy road casualty toll, French authorities have adopted a more aggressive stance against driving while under the influence of illegal drugs. However, the Home Office’s latest British Crime Survey shows that 4.6 per cent of 16 to 59 year olds have used cannabis in the last month.

Official guidance shows that French police will routinely test for drugs after a fatal accident. They will also test after an injury accident where the police suspect the driver has taken drugs. A drugs test may also be carried out following: any road accident, a road offence that could lead to a driving ban, a speeding offence, the failure to wear a seat belt or helmet.

Penalties

Penalties in France are severe and offenders risk going to prison for two years and a fine of €4,500 (£3,893). A driver found also to have 50 or more milligrams of alcohol per 100 millilitres of blood (UK limit is 80) could be imprisoned for three years and face a fine of €9,000 (£7,786).

Comment

“UK drivers who take drugs days or even weeks before driving though France and other parts of Europe are taking a high-stakes gamble. Unlike the UK, where drivers have to be impaired, the French approach is to prosecute simply for having traces of illegal drugs in the body. In fact, the official French wording suggests a driver could be tested at the discretion of a gendarme anytime after a road safety offence,” says Andrew Howard, the AA’s head of road safety.

“The AA and other road safety organisations will be watching the procedures, results and impact of the French roadside drug testing regime carefully as the UK considers what sort of controls it may enforce in the future. Certainly, a survey among 8,800 AA members found zero tolerance of impaired drug-drivers.”

Official French guidance on drug-driving enforcement

German experience

In Germany a zero tolerance for drugs in drivers was introduced in 1998. In 2000, some 7,000 drivers were arrested for drug driving and this had risen to 35,000 by 2008. This reflected more screening and more testing. However, it was questioned whether these people were impaired to drive, or solely had traces of drugs in their bodies. They had been stopped for bad driving, interviewed and given a ‘little’ impairment test. What happened then depended on situation, but there was no automatic random test of drug presence.

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Life insurance offers a way to replace the loss of income that occurs when someone dies (usually the person who produces the majority of income in a family situation).

It is a contract between you as the insured person and the company or “carrier” that is providing the insurance. If you die while the contract is in force, the insurance company pays a specified sum of money free of income tax “cash benefits” to the person or persons you name as beneficiaries.

A good life insurance program does more than just replace the loss of income that occurs if you die. It should also provide money to cover the new costs that arise after your death funeral expenses, taxes, probate costs, the need for housekeepers and child care, and so on. And these cash benefits should provide for your family’s future needs as well, including college education for your children and part or all of your spouse’s retirement needs. In almost all cases, your beneficiary can use the cash benefits in the way he or she sees fit, without restriction.

Some types of life insurance : permanent life insurance policies have a cash value that you can obtain by cashing out the policy or by borrowing against it. Though it can seem attractive, most financial experts agree that this feature should be seen as a secondary purpose of life insurance. Another type of insurance is term life insurance policies are available as well.

See also in the news-insurance Glossary:

Life assurance

Life insurance

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Unawareness of the threat of cash-for-crash accidents is the main reason more criminals are not brought to justice, as new data reveals 41 percent of drivers have never even heard of this form of gang crime.

This dangerous form of highway-banditry occurs when criminal gangs deliberately cause an accident with an innocent motorist, with the intention of making a false or inflated insurance claim. But despite co-ordinated efforts from insurers and the police that have resulted in an 11 percent reduction in cash-for-crash cases in the last two years, awareness levels have not risen during that period. In fact, two-thirds of motorists would not even know if they were involved in a deliberate or staged accident, while a further 32 percent would not know what to do if they found themselves victim of one of these situations.

Worryingly, the insurer says that unless people become aware of the cash-for-crash scam they may not recognise the signs if it were to happen to them, meaning crimes would go unreported unless the insurance company noticed anomalies during the claims process.

Pete Markey, spokesman for MORE TH>N, commented: “Even though police and insurers are making great headway in eliminating the threat of cash-for-crash accidents, there are still thousands more cases that slip under the radar. The reason for this is that motorists either aren’t aware of this threat, or aren’t able to spot the signs that they have become a victim.

“If more drivers were made aware of the dangers they are facing, it becomes more likely that they will be able to report anything unusual to their insurance company who could then make investigations and cut down on levels of fraud. What’s more, not only does insurance fraud put innocent lives at risk, but it is also responsible for adding about £401 to the average honest policy holder’s premium so its in everyone’s interests that we make it harder for crooks.”

Regionally, drivers from the NorthEast were least aware of the threat, with 52 percent of them not having heard of deliberate accidents compared to only a third in the NorthWest. The Scottish were not too far behind, with 48 percent oblivious to the crime.

If caught and successfully prosecuted, fraudsters not only face a criminal record and, in extreme cases, a jail term, but they would also find it almost impossible to secure insurance cover or indeed any financial products in the future. But despite this, it seems fraud is only too common on UK roads. In fact, 2.6m UK drivers said they would consider or already had hit a parked car but driven off quickly without leaving their details, while a further half million had been involved in a road accident but had sped off to avoid taking the blame.

The bad news for insurers, however, is that almost a million motorists have had repairs made to their vehicles, via insurance, that were not caused during an accident they were claiming for, while half a million claim they have lied about the details of a smash in order to make sure the insurance company paid for their repairs.

To help motorists avoid being involved in a cash-for-crash situation, here is a list of useful tips:

  • Take extra care at busy roundabouts or junctions.
  • Check you rear view mirror.
  • Maintain a safe distance to the car in front at all times.
  • Be aware of overly helpful witnesses.

If witnesses appear surprisingly quickly to offer assistance beware as they may be a part of the act. Corrupt doctors and mechanics have also been known to be involved, helping to inflate the value of claims. You should do this anyway, but in these situations the driver in front may brake suddenly and for no reason. They may also have unscrewed their brake lights, making it harder for you to react. Often these gangs operate from several vehicles, with one following from behind who may try to push you into the vehicle in front if you manage to stop safely. Other drivers may also be following who act as ‘witnesses’. Crooks know your attention will be split between what’s ahead and what’s approaching from other angles. You may find the car in front has not proceeded in the way you may have expected it to.

Not only is it important that you can spot the signs of a deliberate accident, but that you know what to do if you think you may have been involved in one. Follow these tips if you suspect you may have been involved in a deliberate accident:

  • If you suspect you have been involved in a staged accident, don’t say anything other than ‘it is a matter for our insurance companies’
  • If anyone is injured, the police should be called
  • If possible take as many pictures of the accident as possible, including the driver, passengers, vehicle and any damage
  • The identity of the driver is crucial so take a good description
  • Establish how many passengers are in the other car and again, take a good description of them
  • Take note of any other cars involved including damage and registration numbers
  • Try to find an independent witness for the accident but be wary of any witnesses quick to offer their services as they may be corrupt
  • Be wary of any companies who contact you quickly offering to repair your car, unless these are through your insurance company
  • If you suspect the accident was intentional, inform your insurance company at the earliest opportunity
  • If you know of anyone involved in staging accidents you can confidentially call the IFB Cheatline on 0800 328 2550.

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The Financial Services Authority (FSA) has today imposed a public censure on a Derbyshire financial advice firm for failing to ensure its advice on pension income drawdown products was suitable.

The problems at Cheshire Life & Pensions Consultants (Cheshire) were picked up last year by an FSA team conducting a visit focused on treating customers fairly as part of the FSA’s enhanced supervisory strategy for small firms.

Lesley Titcomb, FSA director for small firms, said:

“This is the first enforcement case arising from our small firm assessment programme on the fair treatment of customers.  This public censure puts advisory firms on clear notice that they must have the right arrangements in place to ensure that suitable advice is given and recorded for investment products such as income drawdown.  We will continue to identify firms who fail to treat their customers fairly through our small firms assessment programme and other work and we will take action where necessary.  This can and will include enforcement action and sanctions where appropriate.”

The FSA investigation found that Cheshire had breached Principle 9 for businesses by failing to:

  • Gather or record adequate information about customers’ personal and financial circumstances to support its assessment of suitability
  • Adequately explain the reasons for the recommendation made in the suitability reports
  • Include adequate risk warnings in suitability reports about the recommended product
  • Undertake sufficient research to ensure the suitability of recommendations;
  • Undertake adequate monitoring to ensure suitability of advice and compliance with regulatory requirements.

The FSA has also required Cheshire to write to all its income drawdown customers, undertake a past business review and use an external compliance specialist to provide on-going advice and oversight.

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Total Revenue was $1.9 billion and EPS from Continuing Operations was $0.51


Second Quarter Highlights

  • EPS from continuing operations, excluding certain items, increased 9% to $0.76
  • Brokerage revenue was $1.6 billion with flat organic growth
  • Brokerage pretax margin was 13.3% and the adjusted pretax margin, excluding certain items, increased 130 basis points to 19.6%
  • Consulting revenue was $300 million with a decline in organic revenue of 1%
  • Consulting pretax margin was 13.7% and the adjusted pretax margin, excluding certain items, increased 100 basis points to 15.0%
  • Repurchased 3.4 million shares of common stock for $125 million
  • Completed 500 million Euro offering of 6.25% guaranteed notes due July 1, 2014

The full report is available here.

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Aon Benfield, the world’s premier reinsurance intermediary and capital advisor, announces today that the investment banking group of its affiliate, Aon Benfield Securities, successfully completed the private placement of Eurus II – a €150m European windstorm catastrophe bond. The notes were issued by Eurus II Ltd., an exempted company in the Cayman Islands established for this transaction.

The placement of the principal at-risk variable rate notes provides reinsurer, Hannover Re, with fully collateralized catastrophe protection for Europe windstorm risk across seven EU countries: Germany, France, the United Kingdom, Ireland, the Netherlands, Belgium and Denmark.

The bond was placed with investors in Europe and North America, and Aon Benfield Securities was a joint placement agent for the Rule 144A transaction.

Paul Schultz, President of Aon Benfield Securities, said: “We are pleased to complete our sixth insurance linked securitization since the re-emergence of the cat bond primary issuance market in February 2009.  The capital markets continue to offer our clients additional capacity that complements traditional reinsurance, and large buyers of catastrophe reinsurance worldwide are utilizing this source of capital.”

The transaction was structured with a parametric index trigger, providing recoveries based on wind speed as measured at 233 METAR weather reporting stations located throughout the seven countries in northern Europe.  This was the first issuance under the Eurus II shelf program.

AIR Worldwide Corporation provided the risk modeling and analysis for this transaction.  The notes were priced at EURIBOR plus 6.75 percent with a maturity of 6 April 2012 and rated BB by Standards and Poor’s.

“The deal was oversubscribed, enabling Hannover Re to increase the issuance size and achieve attractive pricing.  The non-US risk and simple parametric index structure proved to be very appealing to investors,” added Schultz.

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As part of its diversified risk management, Hannover Re has renewed its Eurus catastrophe bond issued in July 2006. The bond with a volume of EUR 150 million was placed with institutional investors in Europe and North America. “We are pleased that we succeeded in structuring an attractive transaction that met with keen interest among investors. We were able to place twice the originally planned amount of EUR 75 million at our preferred conditions”, Chief Executive Officer Ulrich Wallin explained.

Eurus II Ltd. provides cover from 30 July 2009 to 31 March 2012 against severe windstorm events in seven European countries (Belgium, Denmark, Germany, France, United Kingdom, Ireland, Netherlands). The performance of the bonds is linked to a wind speed index.

“This transaction strengthens our risk management and protects our capital against events with a return probability of between 50 and 80 years. We thus continue to be able to provide windstorm protection for our European clients”, Mr. Wallin affirmed.

The Eurus II transaction has received a preliminary rating of “BB” from the rating agency Standard & Poor’s. AIR Worldwide Corporation handled the modelling of the underlying risks.

The transaction was arranged by BNP Paribas and Aon Benfield Securities. Its insurance risk components are clearly and simply structured. Eurus II also benefits from an innovative repurchase agreement, under which BNP Paribas guarantees the minimum return on the portfolio and offsets any fluctuations in value on a daily basis. The investors’ paid-in capital is put into corporate and government bonds.

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PartnerRe Ltd. today reported net income of $474.3 million, or $8.10 per share on a fully diluted basis for the second quarter of 2009. This net income includes net after-tax realized and unrealized gains on investments of $279.6 million, or $4.86 per share. Net loss for the second quarter of 2008 was $26.0 million, or $0.64 per share, including net after-tax realized and unrealized losses on investments of $219.1 million, or $4.04 per share. Operating earnings for the second quarter of 2009 were $179.3 million, or $3.12 per share on a fully diluted basis. This compares to operating earnings of $183.8 million, or $3.39 per share, for the second quarter of 2008.

Net income for the first six months of 2009 was $615.8 million, or $10.43 per share. This net income includes net after-tax realized and unrealized gains on investments of $205.1 million, or $3.57 per share, as well as a net after tax gain of $57.0 million or $0.99 per share, from the purchase of approximately 75% of the Company’s outstanding Capital Efficient Notes (CENts) in the first quarter of 2009. Net income for the first six months of 2008 was $103.0 million, or $1.54 per share, including net after-tax realized and unrealized losses on investments of $210.1 million, or $3.77 per share. Operating earnings for the first six months of 2009 were $335.0 million, or $5.84 per share on a fully diluted basis. This compares to operating earnings of $294.0 million, or $5.28 per share, for the first six months of 2008.

Operating earnings exclude net after-tax realized and unrealized investment gains and losses, net after-tax realized gain on the purchase of the CENts and net after-tax interest in results of equity investments, and are calculated after payment of preferred dividends. All references to per share amounts in the text of this press release are on a fully diluted basis.

Commenting on the second quarter and half year 2009 results, PartnerRe President & Chief Executive Officer Patrick Thiele said, “PartnerRe had an excellent second quarter and first half of 2009, with both its reinsurance and capital markets activities performing well. For the first six months of 2009, we achieved an operating return on beginning equity of 18%, and a 15% growth in GAAP book value per share. Our reinsurance results benefited from a low level of large losses while our investment operations participated fully in the improvement shown by the global capital markets.”

Results by Segment

The Non-life segment reported net premiums written of $724 million for the second quarter of 2009, compared to $814 million in the same period in 2008. The combined ratio was 83.5% for the second quarter of 2009 compared to 85.9% for the same period in 2008. The Non-life technical result was $171 million for the second quarter of 2009 compared to $176 million for the prior year period. For the first six months, Non-life net premiums written were $1.9 billion, compared to $2.0 billion for same period of 2008. The six month technical result was $319 million, compared to $292 million for the same period in 2008. The combined ratio for the six month period was 85.3% compared to 89.0% in 2008.

The U.S. business, which represented 29% of total net premiums written for the quarter, reported net premiums written of $249 million for the second quarter of 2009, compared to $246 million in last year’s second quarter. Net premiums earned were $258 million in the second quarter of 2009, compared to $285 million for the same period in 2008. The technical ratio for this sub-segment was 87.9% for the 2009 second quarter, compared to 102.3% in the second quarter of 2008. The technical result for the second quarter of 2009 was a gain of $31 million, compared to a loss of $6 million for the same period in 2008. For the first six months of 2009, net premiums written were $561 million, compared to $578 million in the first six months of 2008. The six-month technical ratio was 90.4%, compared to 95.9% in 2008. The technical result for the half-year was $48 million compared to $22 million in 2008.

The Global (Non-U.S.) P&C business, which represented 14% of total net premiums written for the quarter, reported net premiums written of $118 million for the second quarter of 2009, compared to $132 million for the same period in 2008. Net premiums earned during the quarter were $161 million, compared to $186 million in the second quarter of 2008. The technical ratio for this sub-segment was 75.2% for the second quarter of 2009 compared to 72.3% for the same period in 2008. The technical result for the second quarter of 2009 was $40 million, compared to $51 million for the same period in 2008. For the six months, net premiums written were $417 million, compared to $505 million for the first half of 2008. The six-month technical ratio was 74.5%, compared to 86.3% in 2008. The technical result for the half-year was $81 million compared to $53 million in 2008.

The Global (Non-U.S.) Specialty business, which represented 28% of total net premiums written for the quarter, reported net premiums written of $232 million for the second quarter of 2009, compared to $291 million for the second quarter of 2008. Net premiums earned were $232 million for the quarter, compared to $272 million in the same period in 2008. This sub-segment’s technical ratio was 87.0% for the second quarter of 2009 compared to 80.5% for the second quarter of 2008. The technical result for the second quarter of 2009 was $30 million, compared to $53 million for the same period in 2008. For the six-month period, net premiums written were $563 million, compared to $624 million in the first half of 2008. The six-month technical ratio was 87.5%, compared to 85.8% in 2008. The technical result for the half-year was $60 million in 2009 compared to $70 million in 2008.

The Catastrophe business, which represented 15% of total net premiums written for the quarter, reported net premiums written of $125 million for the second quarter of 2009, compared to $145 million for the prior year period. Net premiums earned were $52 million for the quarter, compared to $65 million in the same period in 2008. This sub-segment’s technical ratio was (35.1)% for the quarter compared to (20.5)% for the second quarter of 2008. The technical result for the second quarter 2009 was $70 million, compared to $78 million for the same period in 2008. For the six-month period, net premiums written were $330 million, compared to $343 million for the prior year period. The six-month technical ratio was 0.3%, compared to (3.3)% in 2008. The technical result for the half-year was $130 million in 2009 compared to $147 million in 2008.

The Life segment, which represented 14% of total net premiums written for the second quarter of 2009, reported net premiums written of $116 million for the quarter, compared to $136 million in the second quarter of 2008. The allocated underwriting result for the quarter was $15 million, compared to $7 million in the same period of 2008. For the six-month period, net premiums written were $277 million, with an allocated underwriting result of $20 million, compared with net premiums written of $307 million and an allocated underwriting result of $11 million in the first half of 2008.

The Company’s capital markets and investment activities are reported under the heading of “Corporate and Other”. Within Corporate and Other, capital markets and investment activities contributed $123 million to pre-tax operating income in the second quarter and $241 million to pre-tax operating income in the first six months of the year (exclusive of Life investment income), as compared to $128 million and $248 million in 2008, respectively. Separately, following the adoption of FAS 159, with changes in the unrealized market values of invested assets recorded in net income, capital markets and investment activities contributed pre-tax non-operating gains of $313 million and $236 million in the second quarter and first half of 2009, respectively, compared to pre-tax non-operating losses of $298 million and $272 million, respectively, in the second quarter and first half of 2008.

More details can be found here

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Book value per ordinary share increased by 26% to $18.89 at June 30, 2009

• P&C operations Combined Ratio of 93.0%

• Total Shareholders’ Equity of $7.5 billion, up from $6.1 billion

• Net income available to ordinary shareholders of $79.9 million or $0.23 per ordinary share

• Operating income1 of $162.6 million or $0.47 per ordinary share, or $0.86 per ordinary share, excluding foreign exchange losses

Commenting on the Company’s performance, Chief Executive Officer, Michael S. McGavick, said:

“Finally! We are pleased to report a quarter in which the strength of the XL franchise shines through clearly, despite challenging market conditions in the sector.

“It is also pleasing to be able to prove that investment portfolio accounting marks can go up as well as down. For the quarter, we are reporting a 26% increase in XL’s book value per ordinary share to $18.89 and a 31% increase in tangible book value per ordinary share to $16.41.

“This was another turbulent quarter for foreign exchange markets with the US Dollar reversing some of its strengthening of recent quarters and the overall impact on XL, inclusive of the income

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Aviva is tackling one of the nation’s retirement concerns head on with a new series of television and press adverts focusing on annuities.

The campaign, which can be seen on UK TV screens now, shows how by choosing the right annuity, individuals can boost their retirement income by up to 10%. The adverts are designed to inform consumers about the importance of shopping around for the best annuity rate, rather than simply sticking with their current pension provider.

Nearly 450,000 annuities are taken out in the UK each year* but it is estimated that only 37% are taken out using the Open Market Option. Aviva – one of the UK’s leading providers of retirement solutions – estimates that many consumers could get up to 10% more income if they chose this route.

Gary Pepler, marketing, brand and communications director for UK Life, Aviva says: “When devising this campaign we worked extremely closely with people approaching and in retirement to truly understand their wants and needs. We discovered that while most new retirees love the freedom that retirement affords, there are still concerns over managing money.

“For example, nearly half of retirees said they found it difficult to adjust to living on their retirement income in the first year, and more than a quarter said they overspent, seven per cent by a significant amount. Our latest advertisement series is just one of the ways in which we are addressing the concerns of today’s retirees by helping to maximise their retirement income.

“At Aviva we are keen to work with our customers to offer advice and find the right solutions to give them a more comfortable retirement, whatever their circumstances. It is vital that people make best use of the full value of their assets, whether these are pensions, property or savings. By taking control of retirement planning sooner rather than later and by seeking sound financial advice, we can help to alleviate people’s fears and prepare them for the retirement they deserve.”

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Established in June 2006, Gocompare.com is an independent insurance comparison website offering consumers the right insurance at the right price. Gocompare.com went live in November 2006 with car insurance and we added a breakdown cover comparison service to our offering in January 2007, motorbike insurance in February 2007, van insurance in May 2007 and home insurance in September 2007. In seconds our website searches insurance policies from a panel of insurers including household names such as Churchill, esure, MORE TH>N, Swiftcover.com and Tesco.

Gocompare.com differs from other insurance comparison websites because we offer consumers informed choice. We were the first comparison site to focus on displaying product features rather than just listing prices, and it was this philosophy that led to Gocompare.com becoming the first price comparison site to be invited to join the British Insurance Brokers Association (BIBA) in May 2008. Our approach helped force older comparison sites to change their ‘quick quote’ ways and stop using assumptions to calculate estimated figures.

Gocompare.com also uses a special five star rating system to help consumers judge which policy best matches the criteria they are looking for. Our aim is to produce the best value insurance quote tailored to what the customer has told us they want.

Gocompare.com is run by an experienced team of insurance industry professionals, led by managing director Hayley Parsons, who has worked her entire career in the insurance broking and aggregator markets.

Gocompare.com Ltd is authorised and regulated by the Financial Services Authority.

Contact Gocompare.com

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Brits have revealed their sensible side when it comes to cutting back on insurance to save money, according to moneysupermarket.com, and would only cancel what could be considered as “unnecessary” policies.

  • Brits are resisting the temptation to cancel important insurance policies to save cash says moneysupermarket.com
  • Over two thirds of Brits (68 per cent) scour the market when it comes to renewing their motor insurance

The research* reveals most Brits looking to curb their spending by cutting back on insurance products would not cancel essential policies such as motor and home insurance – only 4 per cent would cancel either policy. Instead, they are more likely to shun mobile phone or home appliances insurance, with 31 and 26 per cent of respondents respectively stating they would cancel these to save money over the next 12 months.

The research also found a quarter of the Brits who have it (19 per cent) would consider cancelling their Loan Payment Protection Insurance (LPPI) and 6% would cancel Mortgage Payment Protection Insurance (MPPI). 5 per cent would cancel life insurance and 10% would cancel private medical insurance. One in eight (12 per cent) would also consider cancelling their annual travel insurance policy if it meant saving money.

Steve Sweeney, insurance expert at moneysupermarekt.com said: “It is great to see that Brits have wised up to the perils of cancelling important insurance policies. Despite the fact it is illegal to drive a car uninsured, cancelling motor and home insurance will prove a costly false economy. However foregoing standalone cover for mobile phones and home appliances is a great place to start, especially as they can be covered through your home contents insurance from as little as £106 per year with AXA1.

“For Brits considering cancelling LPPI, MPPI or life insurance it is crucial to assess your current situation and work out what cover you need, especially in the current climate; you don’t know what might stop you from working, which could, prevent you from being able to afford costly monthly bills. Similarly, annual travel cover is very often only marginally more expensive than single trip cover, and for jet-setting Brits, buying a single policy every time they travel could mean they end up paying more. Annual worldwide policies for a couple start from as little as £38 per year with Insurewithease compared to £23 for a single trip2, a relatively inexpensive safeguard for stress free travels.”

The research also found money saving Brits’ quest to rein in spending goes even further, with over two thirds of savvy motorists (68 per cent) scouring the market to find the best deal when it comes to renewing their motor insurance – 35 per cent would shop around and swap to the best deal available, while 33 per cent would shop around and approach their provider to see if they could match the best price they found. However, over a fifth (22 per cent) are exposed as missing out when it comes to saving a bundle by not shopping around at renewal time – 13 per cent say they automatically accept the renewal quote from their existing motor insurance provider because they don’t think they can save money by shopping around, while almost one in ten (nine per cent) reveal apathy is rife stating they just can’t be bothered to shop around.

Steve Sweeney continued: “In times like these there is no doubt every penny counts and it is encouraging to see Brits are making every effort to see where savings can be made. Shopping around when it comes to renewing your motor insurance policy is crucial; it is quick and easy to do and could save you hundreds of pounds.”

Notes to Editors:
*Opinium Research carried out an online poll of 2,009 British adults from Tuesday 21st to Friday
24th April 2009. Results have been weighted to nationally representative criteria.

1Home contents insurance including possessions away from home:

moneysupermarket research 2

Based on a male aged 30. Annual cost to cover a semi-detached house with £35,000 contents and a personal possessions value of £1,000 (M20)

Sourced by www.moneysupermarket.com 21.07.2009

Home contents insurance including accidental damage cover:

moneysupermarket research

Based on a male aged 30. Annual cost to cover a semi-detached house with £35,000 contents and Accidental Damage cover (M20)

Sourced by www.moneysupermarket.com 21.07.2009

2Travel insurance – worldwide annual cover:

moneysupermarket research 3

*Benefit may be subject to excess

Based on a couple aged 30

Sourced by www.moneysupermarket.com 21.07.2009

Travel insurance – worldwide single trip cover:

moneysupermarket research 4

*Benefit may be subject to excess

Based on a couple aged 30 – two weeks to USA

Sourced by www.moneysupermarket.com 21.07.2009

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The Insurance Industry Working Group (IIWG) today published its report into the medium and long-term challenges facing the insurance industry.

The group was set up in October 2008 to look at the challenges and opportunities facing the UK Insurance Industry. It is co-chaired by Chancellor of the Exchequer, Alistair Darling and Andrew Moss, Group Chief Executive of Aviva and includes leading figures from across the insurance sector.  Its findings will be reported to the Chancellor’s High-Level Group on City Competitiveness, which will meet later this year.

The report sets out a Vision for the UK insurance industry in 2020 as the leading global insurance centre with an unsurpassed reputation for excellence, a deep and constructive relationship with its customers and a close and effective partnership with Government. The report recommends:

  • Action from the insurance industry, Government and the FSA to increase customer confidence and trust through improving financial education and considering further steps to improve transparency, simplicity and access for consumers.
  • A partnership between the insurance industry and Government to better manage risk in society and to explore options to increase savings and protection provision. For example Government and industry should consider sharing data and research findings that can help efforts to reduce the likely impact of different risks, such as flood risk and crime.
  • Work to help consumers manage financial distress, building on the Government’s financial capability initiatives. The insurance industry should work with Government to assess the scope for a greater industry role, where it is commercially viable, such as helping people with the need for a retirement income and help with long term care.
  • Encouraging capital flows into the UK insurance industry by ensuring its competitive position in the global marketplace is maintained and enhanced.

Alistair Darling said:

“The insurance industry is a vital part of the UK economy, employing around a third of all people who work in financial services and managing almost £1.5 trillion in assets. While the industry has fared well relative to other financial sectors in the face of the global financial crisis, it is facing the challenge of an increasingly competitive global market. I welcome the industry’s commitment to work in partnership with Government to improve confidence in insurance products, enhance financial capability and further build the competitiveness of this key British industry.” Andrew Moss said:

“The insurance industry makes a great contribution to the UK economy.  Taking forward the recommendations in this report will create a stronger partnership between Government and the industry, which is essential to help people manage the risks of everyday life.  There is a real desire for better customer engagement through greater financial education and awareness, improved accessibility and transparency of products and a need to attract capital to the UK insurance industry.  Taking steps now will build customer confidence and deliver our vision to become the world’s leading insurance centre.”

The group has discussed a range of issues affecting the long-term competitiveness of the UK’s insurance industry and developed a vision for the insurance industry for 2020. Its report will be considered by the Chancellor as chair of the High Level Group on City Competitiveness, which was set up by the Government in 2006 to develop and support a strategy for promoting London as a world-leading financial centre.

3. The IIWG includes representatives of life, non-life and wholesale insurers and insurance brokers.  The group is supported by secretariat provided by HM Treasury and the Association of British Insurers. The group’s members are:

Group Co-Chairs

Rt Hon Alistair Darling MP, Chancellor of the Exchequer

Mr Andrew Moss, Group Chief Executive, Aviva

Members

Mr Tim Breedon, Group Chief Executive, Legal & General

Mr Adrian Brown, UK Chief Executive, RSA Insurance Group

Sir Sandy Crombie, Group Chief Executive, Standard Life

Mr Archie Kane, Group Executive Director, Insurance, Lloyds Banking Group

Mr Brendan McManus, UK and Ireland Chief Executive, Willis

Mr Nick Prettejohn, UK and Europe Chief Executive, Prudential

Mr Steve Taylor-Gooby, Managing Director, Towers Perrin

Dr Richard Ward, Chief Executive, Lloyd’s of London

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Holidaymakers were advised today to check their holiday insurance and keep in touch with tour operators as swine flu sweeps across the UK.

People who contract the virus should take the advice of their doctors about whether to stay at home, according to travel association Abta.

Almost 10,000 Britons have gone down with swine flu after it spread to the UK from Mexico.

Few weeks ago, a hospital patient became the first British person without underlying health problems to die after contracting the illness.

The patient died at Basildon and Thurrock University Hospitals NHS Foundation Trust, NHS East of England said – taking the total number of UK swine flu-related deaths to 15.

In the other 14 cases, the people had underlying health issues such as heart problems and long term illnesses.

Abta spokeswoman Frances Tuke said tour operators had not reported an increase in cancellations but said the trade organisation would “monitor” the situation.

She also said there were concerns about whether insurers would cover the cost of disruption to holidays caused by swine flu.

“We have had calls about this with regard to insurance – apparently some insurers are placing exemptions on policies,” she said.

“If you need to cancel because of swine flu you need to check your travel insurance policy to ensure it is covered.”

According to Ms Tuke, customers wanting to rearrange trips might face more difficulties during the peak summer holiday period.

She said: “Within the travel industry over the past few weeks it hasn’t been an issue for us but we will be monitoring it.

“It could potentially become a problem. Where tour operators can be flexible they probably will be, for example if they can defer to a later date, but that will incur costs.

“It will become more difficult in peak summer holiday time because it will be very busy in some resorts.

“The advice would be to keep in touch with your tour operator.

“The good thing about swine flu is that generally speaking, for most people, it’s fairly mild so chances are you would be able to travel. We would advise people to find out from their doctors whether it is sensible to go.”

There are at least 9,718 confirmed cases of swine flu in the UK – third highest in the world after Mexico, where the bug was first identified, and the US.

Mexico has 10,262 cases of the disease, with 33,902 in the US.

It is not known how many people in the UK are truly suffering from swine flu as many are treating themselves at home rather than contacting their GP.

The NHS advises anyone who thinks they might have flu to check their symptoms on www.nhs.uk

    0 0

    The Chubb Corporation today reported that net income in the second quarter of 2009 was $551 million or $1.54 per share, compared to $469 million or $1.27 per share in the second quarter of 2008.

    Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, increased to $533 million from $518 million in the second quarter of 2008.  Operating income per share increased 6% to $1.49 from $1.40.

    Total net written premiums for the second quarter of 2009 were $2.8 billion, a decline of 7% from premiums of $3.0 billion in the second quarter of 2008.  Excluding the effect of foreign currency translation, premiums were down approximately 3% in the second quarter of 2009.  Premiums were down 5% in the U.S. and down 12% outside the U.S. (up 3% in local currencies).

    The second quarter combined loss and expense ratio was 85.9% in 2009, compared to 88.5% in 2008.  Catastrophe losses for the second quarter of 2009 accounted for 1.5 percentage points of the combined ratio.  In the second quarter of 2008, catastrophe losses accounted for 5.4 points of the combined ratio.  The expense ratio for the second quarter was 30.2% in 2009 and 29.8% in 2008.

    Property and casualty investment income after taxes for the second quarter declined 5% to $312 million in 2009 from $327 million in 2008.

    During the second quarter, Chubb repurchased 2,310,029 shares of its common stock at a total cost of $90 million.  As of June 30, 2009, there were 15,669,371 shares of common stock remaining under the current repurchase authorization.

    “Chubb’s excellent results in the second quarter demonstrate our ability to deliver superior performance to our customers and shareholders in a very challenging economic environment,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “Chubb performed very well across the board in underwriting, investments and earnings, and this is reflected in our strong return on equity and in the significant increase in our book value per share.  These results were achieved through our focus on underwriting discipline, our conservative investment philosophy and our strong capital position, all of which continue to differentiate Chubb in the marketplace.  We also saw a continuation of the positive momentum in commercial and specialty premium rate increases that we have seen in recent quarters.

    “In light of Chubb’s earnings in the first half and our outlook for the rest of the year,” said Mr. Finnegan, “we are increasing our 2009 guidance for operating income per share to a range of $5.20 to $5.50.  Given our strong capital position and the improved capital market environment, we also intend to accelerate the timing of our share repurchases.  We now expect to repurchase by the end of this year all of the 15.7 million shares remaining as of June 30, 2009 under our current share repurchase authorization.”

    Mr. Finnegan also said that John J. Degnan, Vice Chairman and Chief Operating Officer, will defer his expected retirement until December 31, 2010 and that the company would announce a decision about filling his responsibilities later next year.

    0 1

    An AXA PPP healthcare survey* has revealed that a third of people believe that real cuts in NHS spending are on the way, irrespective of which political party comes to power in the next election. And worryingly, only 23% reckon the NHS is currently on top of hospital cleanliness, with 62% saying they are worried about catching an infection should they have to be admitted and 8% claiming they have picked up a bug during a hospital stay.

    The poll has highlighted public concern about the government’s stewardship of the NHS, including questions about the cost effectiveness of its record spending and the impact of the ‘target culture’ that has been a prevalent feature of the regime.

    Only 20% of respondents agree that the unprecedented levels of funding given to the NHS by the government has been money well spent, while 62% of respondents feel that government pressure has made NHS staff more concerned with hitting targets than with the quality of patient care. Despite a belief that the NHS is obsessed with targets, only 50% of respondents think that the NHS is doing OK or well at hitting its target of ensuring cancer patients see a cancer specialist within two weeks of seeing their GP, while 53% feel likewise about the target for patients who need an operation to get it within 18 weeks of seeing their GP.

    Dudley Lusted from AXA PPP healthcare comments:

    “Despite unprecedented levels of NHS spending, there’s a lot of anxiety about the service’s performance and governance and issues such as hospital cleanliness and safety (only 35% reckon NHS hospitals are safe places to be) and the ‘target culture’ are a real worry for patients.”

    Asked who’s most capable of running the NHS, 27% plump for the Conservatives while 26% back Labour; on the other hand, 29% of respondents don’t think any of the UK parties are up to the task.

    People are also worried about the impact of the economic downturn on the NHS – 64% agree that increased government spending on the likes of bank bail-outs and unemployment benefits will adversely affect the NHS.

    Looking ahead to the state of healthcare after the next general election, 33% believe the NHS will experience real spending cuts. Very few expect the number of doctors (13%) or nurses (15%) working in NHS hospitals will increase and only 14% believe it will be easier to make a GP appointment or register with an NHS dentist.

    People may also have to do more for themselves: 30% believe that more people will be topping up their NHS treatment with privately funded care and 22% reckon there will be an increase in the number of people going abroad for privately funded care.

    Asked where the NHS could make savings, 70% favour reducing NHS managers’ pay and pensions; 35% say likewise for NHS consultants and, for GPs, 20%. Only 4% felt nurses’ pay and pensions should be reduced and only 8% say the same for junior hospital doctors.

    People also favour cutting back spending on treatment of conditions with an element of personal choice or culpability, including cosmetic plastic surgery (59%), obesity related conditions (40%), smoking related conditions (39%), stop-smoking aids such as patches (36%), alternative remedies such as acupuncture and homeopathy (30%) and rehab for alcoholics or drug addicts (28%).

    Services to be safeguarded include care for the elderly, with only 1% supporting cuts, and A&E treatment and pregnancy & childbirth care, with only 2% supporting cuts. Only 3% say spending on hearing aids should be trimmed and only 11% think the NHS spending on drugs and prescriptions should be reduced.

    When it comes to the health worries of the nation, stress and depression have emerged as a big worry, with 28% of people indicating this is one of their top three health concerns. Young people in particular seem to be feeling particularly under pressure with 33% of 22 to 25 year olds saying this is their biggest health worry. Twenty-three per cent cited cancer as their biggest worry – increasing to 30% for people over the age of 56. Swine flu came third, with 20% saying this is one of their three top fears.

    Lusted concluded:

    “Unsurprisingly, the prevalent mood is downbeat and, given the current economic climate and eye watering debt Britain is facing, it is understandable that stress and depression are such a big concern.
    “This survey should be very helpful to policy makers as it shows that the public has a strategic view of the NHS and is quite clear that we will have to tighten our belts. When that happens their key priority is to cut the cost of administration as 70% want to reduce managers’ pay and pensions.
    “They are also very clear about where funding for treatment should continue and where cuts should be made. The lack of support for paying for health problems that may be self inflicted suggests that people want individuals to take more personal responsibility for their health and that people who bring medical problems upon themselves should do more to pay for their care.
    “Perhaps what people want most is to be treated as individuals and for the NHS to put their personal care ahead of a tick in some bureaucrat’s box.”

    * Survey carried out by OnePoll between 10 – 12 July 2009. 2000 respondents.

      0 1

      The government has launched the National Pandemic Flu Service. This will help take the pressure off front-line health services and give people access to antiviral drugs without having to see a GP. This is just part of the government’s coherent national and local response across the UK.

      The National Pandemic Flu Service

      A new National Pandemic Flu Service has been launched. This is designed to free up GPs so they can focus on helping those in higher risk groups and patients with other illnesses.

      A website and call centres have been set up to help diagnose people who think they might have swine flu.

      If you think you might have swine flu, check your symptoms by following the link below, or call 0800 1 513 100 (0800 1 513 200 for textphone).

      For more information on what to do if you think you have swine flu, follow the prevention and treatment link below.

      National Pandemic Flu Service

      Swine flu – prevention and treatment

      Containment to treatment

      As more people catch the virus in their communities rather than from abroad, it has become less effective to try to contain swine flu.

      Health services need to spend more time and energy treating the increasing numbers who have the virus, so following the agreement of ministers in all four UK nations, the government has decided to move from containment and outbreak management policies to the treatment phase.

      This means that:

      • GPs can diagnose swine flu on the basis of symptoms rather than waiting for laboratory testing
      • all tracing of people who have been in contact with a sufferer will stop
      • people who may have been exposed to the virus will not be given antiviral drugs
      • anyone who is diagnosed with swine flu will continue to be offered antivirals until further notice

      Slowing the spread of a pandemic

      Social gatherings

      Although close contact with others, particularly in a crowded and confined space, speeds the spread of the virus, there is little evidence that cancelling public gatherings would help the community.

      However, international gatherings held in the UK, with participants coming from infected areas, may be postponed.

      Travel restrictions

      Imposing general travel restrictions is unlikely to have a large impact on a pandemic. It is far more effective for people feeling the symptoms of flu to stay at home and rest.

      Health

      The Department of Health leads the response to the swine flu (influenza A H1N1) outbreak. Its contingency plans include:

      • looking after patients in the community
      • providing specialist care for those who need it
      • making sure the appropriate infection control facilities are available
      • helping to distribute antiviral drugs
      • minimising the disruption to other NHS work
      • providing arrangements to make sure enough health staff are available
      • making arrangements for mass vaccination when required

      All NHS organisations have pandemic plans in place and they continue to review and test those plans.

      Schools and services

      All public services – including schools – may be affected by staff being ill or through disruption to transport. Schools may also be shut if there is a confirmed outbreak of swine flu. Stay tuned to local radio or TV and keep up to date with local, recent developments.

      Swine flu advice for parents and pregnant women

      Find local swine flu information

      General advice

      If you think you have swine flu, check your symptoms online by following the National Pandemic Flu Service link below, or call 0800 1 513 100 (0800 1 513 200 for textphone).

      Contact your GP directly if:

      • you have a serious underlying illness
      • you are pregnant
      • you have a sick child under one year old
      • your condition suddenly gets much worse
      • your condition is still getting worse after seven days (five for a child)

      Follow the links below for more information.

      National Pandemic Flu Service

      Swine flu – prevention and treatment

      Swine flu advice for parents and pregnant women

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