Thursday, December 26, 2024
Home Authors Posts by Thomas Hickey

Thomas Hickey

Profile photo of Thomas Hickey
286 POSTS 1 COMMENTS
http://www.newsinsurances.co.uk/insurbook/members/hickey-thomas-493

0 0

Allianz Global Corporate & Specialty (AGCS) has appointed a new Offshore Energy Global Product Leader who will take up the role on January 3, 2012.

Pete Connors will oversee AGCS’s offshore business worldwide. Based in New York, his core focus will be global product management, including global pricing strategy, underwriting appetite, product development, and underwriting compliance.

Connors has 25 years of experience in the energy industry, his most recent position being President and CEO of Zurich Global Energy.

“I am delighted that with Pete joining our team we have gained one of the most experienced and knowledgeable Energy underwriters in the marketplace,” said Paul O’Neill, Global Head of Energy.

“His extensive knowledge of the global energy insurance market will be instrumental in strengthening our underwriting resources, and will further our ability to deliver risk solutions to our clients as we expand our Energy portfolio.”

0 0

Aon has recieved a 100 per cent rating in the Human Rights Campaign Foundations Corporate Equality Index. Aon was one of 190 US companies to recieve the honor.

Aon was one of seven insurance companies to take out a perfect score, with Sun Life Financial, Prudential Financial, Nationwide, MetLife, ING and Chubb Corp each recieving 100 per cent.

The 2012 Corporate Equality Index rated 636 companies on how they protect the rights of their lesbian, gay, bisexual and transgender (LGBT) employees, consumers and investors. To achieve a perfect score and make the list of a “Best Place to Work”, companies must have fully inclusive equal employment opportunity policies, provide equal employment benefits, demonstrate organisational LGBT competency, evidence their commitment to equality publicly and excersice responsible citezenship.

“Diversity in all its many forms—race, religion, gender, sexual orientation, abilities and disabilities, age and citizenship—is the very foundation on which we have built our world-class organization, and we are honored to earn this prestigious rating for the fifth straight year,” said Greg Case, Aon’s president and CEO.

Of the 29 industry sectors judged, insurance in general was the sixth most successful industry with seven companies recieving the 100 per cent honor.

The ‘Law’  industry had the most companies make the list, with 55 companies recieving 100 per cent scores.

0 0

The price of car insurance is expected to rise by 11 per cent for some drivers, when a ruling by the European Court of Justice is implemented next year.

The ruling states that gender is no longer allowed to be a factor for insurers when calculating the price of premium. The law is expected to raise the price of insurance for demographics who are today considered ‘low risk’ drivers, such as young women, and lower the price for those considered ‘high risk’ drivers, such as young men.

A report by German insurance association GDV, estimates young women will see the biggest price jump of around 11 per cent. This would add around GBP400 per year to their average policy.

The study also revealed that high risk drivers, namely young men, will receive cheaper policies as a result of the ruling.

The law will apply to any risk assessment, so price changes are expected in other areas as well.

The study predicts that men will see a reduction of pension income of 4 per cent, and women will see life insurance premiums rise by at least 30 per cent.

Michaela Koller, the director general of the European Insurance and Resinsurance Federation, said: “The ban on gender in insurance pricing may have a number of potential unintended negative consequences for consumers, insurance markets and society more generally.

“The use of evidence-based statistics is indispensable in actuarial science, and the study proves that gender is one of the factors that has an obvious impact on the risks to be covered in such products as annuities, term-life and motor insurance.

“The European insurance industry will, of course, abide by the ruling of the court but the implications of that ruling for consumers and insurers need to be understood.”

The law will take effect from December 21, 2012.

0 0

Legal and General (L&G) have received an ‘AA-‘ rating for Insurer Financial Strength (IFS), Fitch ratings said today.

Other ratings which the company received included an ‘A’ issuer default rating and a ‘BBB’ for subordinated debt rating.

In their press release, Fitch said that the ratings reflect L&G’s “robust capital position and strong franchise in the UK as well as solid liquidity and operating cash generation.”

Fitch also outlined L&G’s consistent performance despite adverse market conditions in recent years as factors in their decision.

L&G announced in October 2011 that it had entered into a bulk annuity transaction worth GBP1.1bn and Clara Hughes, Senior Director in Fitch’s Insurance team, said the size of this deal was a promising sign for L&G.

“The average deal size written by the group between October 2010 and September 2011 was under GBP10m. L&G has 25 years experience writing annuity business, and continues to be a strong participant in the market.”

0 0

After five years in the job Managing Director at Ageas Protect, Martin Wearth, has decided to step down at the end of this year.

After spending five years with the Ageas, Mr Wearth said it was time to move on to face fresh challenges.

Barry Smith, CEO of Ageas UK said, “We are sorry that Martin is moving on and would like to thank him for his significant contribution in helping establish Ageas Protect as a real presence in the market.”

When asked about his time with Ageas, Mr Wearth said, “It’s been an exhausting and exhilarating five years. The business is in really good shape and there is a fantastic team in place to take it onto the next stage of its development. I will be taking a well earned break before looking at new opportunities.”

Mr Wearth will step down from the job on December 31 and Darren Springs, currently Operations Director, will temporarily take his place as acting Managing Director on January 1.

Darren joined Ageas Protect at the beginning of 2011 having previously been with Ageas’s retail business, RIAS. He has over 20 years worth of experience in managing large scale customer-facing operations and was part of the leadership team that introduced a joint Ageas Protect and RIAS Over 50s Life Plan product to market.

0 0

The mega yacht insurance industry will soon have another player, as Brit Insurance reveals they will be launching a specialist team to service the sector.

The new team will be lead by insurance industry veterans John Higham – a recent adition to Brit Insurance – and Mike Wimbridge. Together the pair have over 50 years of experience underwriting and broking yachts at Travellers, Chartis, Marsh and more.

They will also be working with senior claims adjuster Kevin Allmond, who has over 30 years experience in the yacht sector.

Asked what will set Brit Insurace apart from other insurers, Mr Higham said, “Our ability to underwrite risks valued in excess of USD100 million with the minimum of fuss and delay will become the hallmark of our service to brokers.

“I’m extremely confident we are well placed and have the appetite to become a major underwriter within the next 12 months providing all-risk coverage for mega yachts and their crews.”

The duo will service almost all areas of the world from emerging markets such as Brazil, India and Russia to the more established markets of Europe, US and the Middle East.

0 0

Unemployment insurance claims in the US tumbled to the lowest point in 10 months yesterday, a positive sign for the troubled jobs market, the US government reported.

The Labor Department said the number of people filing claims for jobless benefits last week (week ending 5 December) dropped from 404,000 two weeks ago to 381,000 – the lowest since February.

Sara Kline at Moody’s Analytics called the figure “an encouraging sign,” but warned of headwinds coming from Europe, where economic growth is slowing sharply amid the eurozone debt crisis.

“Firms are becoming more willing to hold onto existing workers, as renewed profitability and signs the recovery is gaining steam are supporting business confidence,” she said, but she noted that there are still “downside risks, most notable economic worries in Europe.”

The report confirms that the unemployment rate in America is on the decline. It sank to a 32-month low of 8.6 per cent in November, down from 9 per cent in October.

In October of 2009 the rate reached a 26 year high of 10.1 per cent.

0 0

The Earthquake Commission (EQC) in New Zealand is well ahead of schedule with it’s assessment of damaged property, the commission reports.

The EQC expected to finish assessment at the end of this year, but instead say they are already finished and can move on to the surrounding areas.

EQC’s Canterbury Event Manager Reid Stiven says he is pleased with the news.

“Assessment teams will begin assessments of houses [outside the Canterbury area] as we seek to wrap up all South Island earthquake claims.

“Assessments were originally set to begin in early 2012, but I’m confident that with progress on Christchurch assessments so well advanced, assessors will be able to start visiting houses further afield before Christmas.”

The large earthquakes in September 2010 and February and March 2011 caused extensive damage and brought claims from well outside the hardest hit area of Canterbury.

The EQC says it received about 2000 claims from outside Canterbury, mainly in Otago, over three hours away.

Mr Stiven says he expects assessment outside of Canterbury and Christchurch to be wrapped up before Christmas.

0 1

For the first time since the global financial crisis began, economic imbalances in the eurozone as a whole have relaxed slightly, an Allianz report suggests.

The annual report titled the ‘Allianz Euro Monitor 2011’, reveals that the private sector in particular has managed to reduce debt levels significantly. The report, which Allianz says is “an early warning tool measuring … stability of the euro area” shows positive signs for the eurozone.

“2011 was evidently critical for the eurozone.” said Chief economist of Allianz SE, Michael Heise.

“The confidence of financial markets in the sustainability of sovereign debt is not yet restored. However, although overshadowed by the frantic discussions on financial markets about apocalyptic outcomes and a possible blow-up of the eurozone, there actually have been some encouraging developments, as the report shows.”

Ahead of this week’s EU summit, Heise says now is a time for action.

“EU leaders must map out a credible path to a workable fiscal union that banishes the dangers of fiscal profligacy for the future. This will require the pooling of fiscal sovereignty and a tight governance regime, including a Finance Commissioner with intervention rights, to ensure that public finances can no longer veer out of control.

“Leaders must demonstrate that Europe and the eurozone have not lost their direction. Half-baked or half-hearted measures will not suffice.”

0 0

A man has been convicted of insurance fraud and given a prison sentence today, after exaggerating his injuries and attempting to claim millions of pounds in compensation.

Michael Richards, 31, was involved in a serious car accident in 2004 which resulted in two fatalities. Mr Richards suffered head and orthopedic injuries in the accident which would have resulted in a substantial claim had he been honest. Instead he drastically exaggerated and attempted to claim GBP 2.3 million from the Motor Insurance Bureau (MIB).

As a result he will receive no compensation for his genuine injuries and will spend four months behind bars.

The court was shown evidence of Mr Richards running errands and working out in the gym, which proved he had attempted to deceive professionals and family members about the severity of his injuries.

Ashton West, Chief Executive at MIB said: “MIB is a not for profit organisation that exists to support genuine claims from innocent victims that have sustained injuries caused by uninsured or untraced drivers. The attempt to claim money under false pretences was one driven by greed.

“This judgement sends a strong message that MIB, the insurance industry, courts and public will not tolerate false or fraudulent claims and these cases will be pursued with vigour.”

0 0

Despite a large amount of natural disasters in 2011, Aon Benfield has reported that their financial strength has “remained broadly unchanged.”

In the latest edition of it’s Aon Benfield Aggregate (ABA) report, which assesses the financial performance of the worlds 28 leading reinsurers in the first 9 months of 2011, they said that despite a turbulent year the companies reported a decline in capital of just 0.6 per cent.

In the first quarter of 2011 Aon Benfield reported a decline of 3.4 per cent, so to almost break even after their negative start to the year was a good sign for the company.

The report also revealed that the debt crisis in Europe had little effect on most reinsurers. The only reinsurance company studied that was seriously effected was Munich Re, who had around EUR8 billion of direct exposure to the crisis.

A copy of the full ABA report for 2011 can be found on the Aon Benfield website.

0 1

Brendan McManus, former Willis boss, has been appointed CEO of Giles Insurance. McManus left his job at Willis in October and will take up the role at Giles in April 2012.

When asked about the move, McManus said, “I’m really excited to be coming to Giles. Everyone in the insurance industry recognises that Chris [Giles, founder of Giles Insurance] has done an amazing job in building the business to where it is today.

“The fact that he still has massive ambitions for it meant I couldn’t pass up the opportunity to be part of the story.”

Giles added, “I’m delighted that Brendan will be joining the group and I’m looking forward to working with him in what will be a new chapter of the group’s development. His pedigree and breadth in the sector will be real assets for us”

0 0

38 per cent of UK drivers don’t know what to do if their car goes into a skid, a new study by Sainsbury’s has revealed.

The study found that 38 per cent of people wouldn’t know what to do if their car skidded out of control and worryingly, more than a quarter (27 per cent) said they would take remedial action such as swerving, which actually makes the situation worse.

The findings are particularly distressing as we are coming into winter and black ice is becoming more common on the roads.

The supermarket bank estimates that around 264,000 accidents could be caused this year by icy roads, with their research showing that 1.3 million drivers had an accident in icy conditions in the past five years, with the average repair bill costing GBP1,773 to fix.

Icy conditions are clearly a major headache for drivers, with 22 per cent saying they only venture out in an emergency when it’s icy, and 7 per cent saying they won’t drive at all. The figure rises even higher for women, with more than a third (38 per cent) saying they will either not drive at all or only drive in an emergency when it’s icy, compared to 20 per cent of men.

Ben Tyte, Head of Sainsbury’s car insurance said, “Everyone knows that driving in wintery weather can be hazardous but our study shows that a staggering number of drivers do not know how to handle their vehicles in icy conditions. It’s important to drive even more safely and be extra vigilant and with another icy winter reportedly on its way we would encourage all drivers to make sure they know the correct way to handle their vehicle in slippery conditions.”

Sainsbury’s offers the following tips inscase you find yourself in a skid:

– Lift your foot gently off the accelerator. This will allow your car to slow smoothly and gently

– If you need to continue driving then do so slowly using a high gear. This will help you avoid hard acceleration, which could spin the wheels

– If there is no response when you turn the steering wheel and the car continues on ahead remove your foot from the accelerator. This throws the weight balance of the car forwards and helps the tyres find grip

– Take care on motorways and dual carriageways – don’t let other drivers influence your speed and don’t hug the car in front

– Take extra care around large vehicles which may not see you

– Give motorcyclists and cyclists plenty of room

– If you get stuck in ice or snow make sure your handbrake brake is on – clear the area around the wheels and apply grit or salt around the slipping wheel – use low revs to gently move away. Taking off in second gear can provide more traction.

0 2

The British Insurance Brokers Association (BIBA) has said that more recognition should be given to the value insurance brokers bring to UK plc, and that the language used by the government when discussing the financial crisis is a challenge facing the insurance sector.

A BIBA source said that the use of the term ‘financial services crisis’ paints the insurance sector in a bad light.

In his address at the reception marking the merger between BIBA and the Institute of Insurance Brokers (IIB), BIBA CEO Eric Galbraith said that the insurance sector was not responsible for the financial crisis and its reputation with clients remains  positive.

Galbraith highlighted BIBA’s key regulation issues saying that since launching their research into the future of regulation it has opened a dialogue with the regulator to achieve more appropriate, proportionate and cost effective regulation.

Client money and adequate resources were highlighted as “crucial” issues that require work from the sector and the regulator to achieve better regulation.

Turning to the Financial Services Compensation Scheme (FSCS), Galbraith said that insurers must take more responsibility if they are prepared to have their products sold by non-professionals and said that “the regulator must be quicker in future to both spot and take action on issues of wider implications, such as PPI.”

Finally, on the topic of the merger with the IIB, Galbraith said that for members, staff, parliamentarians and all other stakeholders, they would aim to make the transition period as quick and as smooth as possible.

0 0

While the majority of pet owners consider their pet a part of the family, less than half actually insure their animals, a study by Gocompare.com has revealed.

New research shows that 86 per cent of pet owners consider their pet a part of the family, but 56 per cent of people are yet to take out pet insurance.

One in four went on to say they would put their pet down if it were to become seriously ill rather than pay for an expensive treatment, so it is obvious that the family ties aren’t too strong.

Phil Paterson-Fox, head of pet insurance at Gocompare.com says, “The research shows that we are a nation of pet lovers and with such a high number of pet owners considering their pet to be a member of the family, it’s surprising that so many aren’t protecting themselves from the potential cost of a claim.”

The two main reasons why people don’t have an insurance policy for their pets are either because their pets are too old or young, or because they don’t think they can afford it.

But Paterson-Fox dismissed these claims saying, “there really isn’t an age restriction on insurance. It’s sad to think that a quarter of pet owners would consider putting their pet down rather than investing in an insurance policy that could save them having to make this difficult decision,”

Some of the research highlights include:

-7% of pet owners aren’t sure if they have pet insurance or not

-20% of pet owners have never considered getting pet insurance

-25% of pet owners cite price as their reason for not purchasing pet insurance

-73% of pet owners who don’t have of pet insurance do not put money aside each month ‘just in case’

0 0

With gusts of up to 80 mph and heavy rain being forecast for tomorrow, Aviva is warning residents to prepare their homes before the storm hits.

BBC weather has predicted that strong winds will effect the whole of the UK on Thursday, and that there is a “significant risk of structural damage”.

Some things residents can do to minimise damage to their homes include:

– Park the car in a garage, or away from large trees.

– Secure or lock-away loose objects such as garden furniture and ornaments, bikes, children’s toys and ladders.

– Fasten all doors and windows.

– With electrical storms, remove the aerial from the TV set.

If you have time:

– Check for loose tiles on the roof

– Secure any weak fences and posts – to minimise the risk of causing damage to other parts of your property

– Check aerials or satellite dishes are securely fixed

Aviva outlined a few of the most common type of storm claims:

– Roof tiles blown off, often in conjunction with damage to gutters, fascias etc.

– TV/radio aerials damaged.

– Breakage of glass – most often greenhouse glass.

– Lifting of roofing felt, particularly on sheds.

– Damage to chimneys.

– Trees falling down and damaging buildings

– Boundary walls blown down.

0 1

Almost 8,000 people received USD52.6 million in overdue life insurance payments, after the US Department of Financial Service’s pushed insurers to match their policies against a master file of deaths to find when benefits are due.

While some life insurers use the US Social Security Administration’s Death Master File (an up-to-date list of recent deaths) to see when payments are due, it was revealed that many companies don’t stay up to date and as a result owed money to policy holders.

Financial Services Superintendent Benjamin M. Lawsky said, “Our findings clearly show that matching life insurance policies against a comprehensive list of recent deaths is essential to ensure that all beneficiaries receive the benefits they are owed.

“The fact that some life insurers are already using the lists for this purpose and have paid out hundreds of millions of dollars proves it can and should be done.”

On top of the 8,000 people already paid, the review found a further 28,000 matches for which claims processing has been initiated, and a further one million which need further checking.

As a result of the investigation, the Department has now made it a requirement for insurers in New York to use reliable data to see when policy holders die and benefits are due. The insurers are also required to report their findings to the Department once a month for six months.

The earliest year of death for which a benefit payment has been made thus far is 1970, and the largest benefit payment made thus far is USD673,485. Insurers are required to pay interest on delayed payments.

0 1

Six large insurance companies have entered an agreement to regulate the way price information for motor insurance is shared, after the Office of Fair Trading (OFT) deemed previous practices were violating competition laws.

The OFT said insurers were sharing their pricing intentions with brokers who would publish this information on an information exchange program provided by ‘Experian’. Other insurers could then use this information to compare their prices against their competitors and “prevent, restrict or distort competition”, the OFT said.

The insurers involved (Ageas Insurance, Aviva Insurance, AXA Insurance UK, Liverpool Victoria Insurance Company, RBS Insurance Group and Zurich Insurance) agreed to restrict the kind of, and amount of information shared on the program, the OFT said.

The OFT said the deal would stop the potential for price fixing and ensure healthy competition.

“The exchange of future pricing data between competitors has the potential to dampen competition, preventing customers from getting the best value,” said Clive Maxwell, executive director at the OFT.

A copy of the agreement is available at http://www.oft.gov.uk/shared_oft/ca-and-cartels/OFT1395.pdf

0 2

Losing customers and not finding workers are the two main worries employers face today, according to a new report published by the Lloyd’s.

The report sees the cost and supply of credit, the issue that topped the list in 2009, replaced by the more “fundamental” issues of staffing and finding customers.

Lloyd’s CEO Richard Ward said, “Two years ago, businesses told us they were primarily concerned about the cost and supply of credit. Now they are facing an even greater business fundamental, with many wondering just what’s happened to their customers, and where can they find the skilled staff they so desperately need.”

The report, which is based on a global survey of 500 business leaders, reveals that despite an unusual amount of natural disasters in the past few years, business owners rank ‘natural hazard’ risks in the bottom ten of 50 risks.

The study also showed that business leaders have learned from the past, with 70 per cent saying they are better prepared today to face the risks they encountered two years ago.

1 4

UK pensioners are financially worse off today than they were one year ago, says Aviva.

While the average income for over 55’s has dropped since this time last year (GBP1,335 per month last year compared with GBP1,285 per month today), the biggest worry is savings, the insurer said.

The typical person over 55 now has GBP11,153 saved away – 27 per cent less than they had last year. This is partly because people have found themselves dipping into their funds to meet day to day costs.

Clive Bolton ‘at retirement’ director at Aviva said, “with income levels falling and inflation rising, it is going to make it difficult for some to maintain their standard of living and to secure a comfortable retirement income for themselves.”

Unfortunately the woes don’t end there for UK’s pensioners. On top of smaller wages and savings, unsecured debt for over 55’s has risen adding even more strain to the demographic.

The average unsecured debt for over-55s has increased to GBP21,901 (December 2011) from GBP19,878 (March 2011). However, the total debt of those with mortgages and other debts is GBP80,849 (December 2011), which is down from GBP84,985 in March 2011.

But it’s not all bad news. The average house owned by a retiree is worth GBP238,284, which is 46 per cent more than the average UK home (GBP163,311).

Bolton finished by adding, “The importance of planning for your income in retirement cannot be stressed enough, and the earlier people begin the more they will potentially boost their financial security in the long term.”

Prev1...131415Next Page 14 of 15

POPULAR POST

Seroni Interactive is an independent publisher of information BtoC and BtoB sites in banking and insurance & specialist digital content. Our productions of brand content possible to affirm your image, positioning, demonstrate your expertise and create a traffic or a hearing and therefore advertising exposure for your brand.
Contact us: contact@news-insurances.com

SOCIAL

34FansLike
6Subscribers+1
965FollowersFollow

Popular category

© Seroni Interactive