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Thomas Hickey

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Irish Private health insurance to rise by €800 a year

International

Jan 26, 2012

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Private health insurance in Ireland is expected to rise a further €800 (£668) a year, forcing more people onto the countries already buckling public health system, the Irish Times reported.

All three Irish private health companies – Quinn Healthcare, Aviva and VHI – expect to raise their prices as government levy’s look to cost insurance companies €20 million each in one year.

Recent rises in private health insurance in Ireland have already been proving too much for customers, with price rises at the end of last year forcing many families to ditch their private cover.

Around 6,000 people leave their private cover each month in Ireland as they cannot afford to meet the soaring costs.

Quinn Healthcare yesterday announced it would be rising prices by 6 per cent, on to of the 25 per cent rise at the beginning of the month and two other rises last year.

Aviva is expected to rise policies from 15 per cent after two separate increases last year, and VHI is also expected to announce increases within weeks, after price rises last year resulted in customers being charged up to 48 per cent more for their cover.

Despite health minister Jamel Riley assuring customers that the increased levy’s wont affect the price of their insurance, the estimated €20 million a year per insurer has to come from somewhere, says Quinn Healthcare director Donal Clancy.

“We fear that these levy hikes will mean that, undoubtedly, more people who can afford it least will be forced into a public health system which is already buckling under intense pressure,”

On top of the levy, the government plans to charge insurers every time a person with private cover uses A&E. Legislation will be introduced this year to introduce the new system, expected to cost insurers around €143 million.

The incoming legislation could result in price rises of up to 50 per cent, VHI warned.

The latest Quinn rise will be implemented at the next renewal of policies. If will see the cost of a typical policy for two adults and two children on ‘Essential Plus Excess’ jump from €2,151 last January to €2,959.

Fitch affirms QBE credit ratings

International

Jan 26, 2012

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QBE had its Issuer Default Rating (IDR) and its Insurer Financial Strength (IFS) ratings affirmed at ‘A’ and ‘A+’ respectively, Fitch Ratings announced today. The outlook for both are stable.

Fitch said the ratings reflect the Australian group’s “diverse business profile, historically strong operating results, demonstrated financial flexibility and conservative underwriting and investment approach.”

On the other side of the coin however, was a lowering trend of capital ratios and a high financial leverage. The ratings agency said if these aspects were teamed with weaker operating performance the groups financial flexibility might suffer.

Despite a comprehensive risk excess and catastrophe program being put in place at the beginning of last year, higher than expected losses from natural catastrophe’s resulted in significant losses for both QBE and their reinsurer, Equator Re.

Fitch said QBE’s response to these losses was appropriate.

“In response to an adverse claims experience in financial year financial year (FY)11, QBE has advised of increases to premium rates, the reduction of certain underwriting exposures and an increase in the group’s large and catastrophe claims allowance to 10% of NEP (FY10: 9%).

“With a good history of correcting underwriting under-performance, Fitch believes these measures should support an improved underwriting performance in FY12.

“Moreover, should natural peril loss activity show some reversion towards long term means this would have a positive earnings impact.”

Declining government yields and lower risk free rates are expected to keep investment returns suppressed, and in doing so will reduce the risk margins in QBE’s claims reserves.

The ratings agency added that they don’t think an upgrade is likely in the near future, as QBE is operating with lower capital ratios and higher financial leverage in conjunction with its acquisition-led strategy.

“Moreover, recent acquisitions have been particularly large and have resulted in QBE developing exposures to insurance classes and distribution channels new to the group.

“Although past acquisitive success does help to mitigate acquisition risk, the agency nonetheless believes acquisition risk has been magnified by the absolute size and nature of recent transactions.”

Brits more prepared to risk health than finance

Financial News

Jan 26, 2012

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People in the UK are more likely to take a risk with their health than with their finances, according to the latest AXA Wealth survey.

The research showed that 18 per cent of people are more likely to take a risk with their health over any other aspect of their life. This is double the amount of people who said they would be prepared to take a risk with their money or career, both at 9 per cent.

The riskiest generation when it comes to both money and health is generation X, the 35 to 44 year olds. This demographic was surprisingly more risky than the 18 to 24 year olds, with only 13 per cent saying they would be prepared to take a financial or health related risk.

Mike Morrison of AXA Wealth said this is the wrong outlook to have, and that “while people appear reluctant to be too risky when it comes to finances, they must be aware that some level of risk is often necessary to make a good return on an initial investment.

“This is particularly true of the younger generations because not taking a risk can impact on the growth of their money, as they should be looking to improve on their returns and reach their financial goals.

He continued, “it is essential that people take the time to properly consider where it is appropriate to take risks so as to avoid disappointing or detrimental results.

“This is a rule which should be applied not only to finances but all areas of their life including health and career.”

The study also showed that gender and age play a big role in a person’s risk taking mentality, with men being twice as likely to take a risk with their finances than women. The most cautious group were the younger demographics between 18 and 34 years old.

IFB appoints new Director

Social

Jan 24, 2012

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The Insurance Fraud Bureau (IFB) has appointed Phil Bird to the role of IFB Director on a six month secondment, effective from February 1.

Since the beginning of December, Phil has been overseeing the day-to-day operations of IFB while continuing to manage the customer services operations for MIB.

Phil will report to the IFB Supervisory Board, which will meet in February for the first time since it was established, and during the next 6 months the Board members will consider the responsibilities and requirements of the IFB Director role.

Part of the organisation’s new 3-year strategy is to deliver enhanced services to its customers, including developing fraud detection capabilities at the application stage.

David Neave, Chairman of the IFB Supervisory Board said, “Phil will work closely with the new members of the IFB Supervisory and Technical Boards to build their familiarity with the IFB’s operations.

“This will ensure that the strategy is rolled out as planned and that the investment is delivering the fraud detection services required by the industry. These changes will realise fraud savings of £60m over a 3 year period, representing a significant increase on current reported savings.”

Phil added, “In the last year the IFB has enhanced its core capability and a more resilient infrastructure has been implemented.

In 2012 the investment in the IFB has been increased and this will enable us to more than double the resources and play a far greater role in preventing fraud, by supporting our customers to manage more complex organised fraud networks.

“We will use our strategic partnerships with enforcement authorities to ensure this results in arrests and prosecutions.”

Xchanging appoints new Head of North American Insurance

Social

Jan 24, 2012

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Xchanging, the global business processor, has appointed Domenick DiCicco as Head of North American Insurance.

Domenick previously served as Head of Global Litigation Management for Zurich Financial Services and was General Counsel for Alexander Gallo Holdings. He is a U.S./North American insurance sector veteran who has held executive positions with CNA Insurance and Continental Insurance.

Domenick will use that vast experience to present the expertise Xchanging has provided to the London and International Insurance market to brokers, insurers and Third-Party Claim Administrators serving the North American insurance market.

In addition to earning a law degree from Delaware Law School, an MBA from Penn State University, and a Chartered Mergers and Acquisition Professional, Domenick is in the Economic Development graduate program at the University of Pennsylvania.

As Head of North America for the Insurance Sector, Domenick will be responsible for ensuring relationships with existing customers and also has responsibility for growing Xchanging’s US insurance business through a range of revised and new services. Domenick will report directly to the Executive Director, Global Insurance, Jane Tutoki.

Commenting on the appointment Jane Tutoki said, “I am delighted to announce Domenick’s arrival at Xchanging. He is a highly qualified, highly experienced figure in the North American market and he will be a great asset to our customers and operations there.”

Global Insurance provides a full suite of Business Processing Services powered by innovative insurance platforms and deep industry domain knowledge, driven from locations in the UK, Australia, the United States, India and Asia.

Three arrested after Groupama fraud investigation

Legal

Jan 24, 2012

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Three individuals have been arrested on suspicion of selling fake Groupama insurance policies.

The arrests come after a six month long investigation led by Groupama. The insurer passed the case on to the Insurance Fraud Enforcement Department (IFED), ahead of their launch in January. The suspects have been released on bail.

The victims of the suspected fraud were motorists who purchased the false motor insurance policies, mainly young drivers in and around Greater Manchester.

Andrew Pagett, Groupama Insurances’ Counter Fraud Manager said, “It has always been clear that Groupama will do everything we can to combat insurance fraud and protect the interests of innocent policyholders.

“Operation Venom has been carried out over the last six months and we are delighted with the progress to date that would not have been possible without the assistance of the Insurance Fraud Enforcement Department”.

Detective Constable Kate Sibley added, “IFED is committed to working with insurance companies like Groupama to tackle insurance fraud right across the country.

“The arrests made in this case provide further evidence of how this new partnership has made an immediate impact on what is a major area of criminality.”

Travelers Insurance to expand event cancellation cover

Market

Jan 24, 2012

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Regional brokers will have greater access to event cancellation cover from Travelers as the product is expanded from its Lloyd’s syndicate, Syndicate 5000, to its insurance company operation as part of the company’s strategy to leverage its products across both platforms.

The new product from Travelers Insurance Company Ltd. is immediately available and is designed for commercial businesses staging events such as annual general meetings, conferences, trade shows and corporate entertainment;

Alex Clegg, Product Manager, Media & Entertainment at Travelers said,“Although this cover has been available through our syndicate for a couple of years we have seen a growing demand from non-Lloyd’s brokers and regional brokers. By launching a bespoke version of our product through our insurance company operation, we are making our products more accessible for these brokers and progressing the company’s goal of offering a broader range of products to our broker partners and customers.”

Travelers began to write event cancellation cover through its Lloyd’s syndicate in 2009.

Defaqto takes on Rodrigo as CTO

Social

Jan 24, 2012

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Defaqto, the independent financial research company, has appointed a new Chief Technology Officer (CTO).

Asitha Rodrigo joins the company after leaving Standard and Poor’s, where he was Senior Director for EMA Systems for over four years.

Rodrigo joins the team at Defaqto with over 15 years experience in technology and change leadership across the financial services, media and e-Commerce sectors, having held senior technology-related roles at Deloitte, Morningstar and Money Marketing.

In particular, Asitha has extensive experience of technology strategy and transformational change in fast moving financial markets, as well as working in a global multi-platform environment.

Developing software tools to enable the multi-channel distribution of product data and research to the financial service industry is a core element of Defaqto’s operation, and Asitha has joined Defaqto to lead this area of the business.

“I am delighted that Asitha has joined Defaqto as Chief Technology Officer,” CEO Kenn Herskind said.

“Independent financial research goes hand in hand with modern interfaces and research tools. This appointment of a CTO with considerable sector experience signifies our commitment to delivering a second-to-none online customer service. Watch this space.”

Asitha added, “I am extremely excited to be joining Defaqto which is the UK’s leading independent financial research and software company. Defaqto is an energetic, ambitious company with an impressive roster of talent.

“Software development is core to the business and I am looking forward to driving forward the company’s plans for developing leading-edge tools to deliver product data and research to our broad customer base.

“I look forward to being part of the company’s future growth and developing many of the team’s ideas.”

Three hirings and two promotions : changes at QuestGates

Social

Jan 24, 2012

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QuestGates announced a recruitment surge today, with four new hirings and two promotions in the group.

Promotions.

Richard Lawrence, who has been with QuestGates since 2006, has been promoted to the role of Divisions Operations Manager in the company’s Environmental division.

Andrew Davis has been promoted to the position of Senior Claims Handler within the Birmingham-based Corporate Claims Solutions team. Andrew joined QuestGates in 2010 with nearly 15 years liability claims experience.

New staff.

Hayley Wright is a new addition to the Corporate Claims Solutions claims handling team. She joins the group from Gallagher Bassett.

Chris Graham has been appointed as Senior Developer and Team Leader of the IT department. Chris joins from Kerry Floods.

Paul Stephens, previously with HSBC, has also been added to the IT department as a Developer.

John Helm was the last new recruit announced. He joins the Motor division from Endsleigh where he worked for over 20 years, most recently as a Customer Service Manager. He will take up a new role as a Technical Case Handler.

QuestGates Managing Director, Chris Hall commented on the changed, “Our business continues to experience growing demand across all areas because we have a proven track record for delivering a responsive, high quality service.

“We remain committed to ensuring that we have the right people with the right skills in the right jobs to maintain the level of service our clients have come to expect.

“I’m delighted not only to recognise the expertise we already have on board by promoting Richard and Andrew, but also to welcome our new recruits to our team.”

Vienna Insurance reaches 2011 goals

International

Jan 24, 2012

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Vienna Insurance Group expects to have boosted its 2011 pretax profit by 10 percent, and increased non-life premiums written by 5 per cent, the Austrian company said.

“Based on preliminary data, the forecast group profit (before taxes, consolidated) for the year 2011 will amount to nearly 560 million euros” (£468 million), it said in a statement.

“This corresponds to an increase by approximately 10 percent.”

The result was the “best in corporate history” despite the generally difficult economic situation, the company said in a statement.

It added it was considering increasing its dividend for last year.

“The Managing Board of Vienna Insurance Group considers proposing an increase in dividend for the year 2011 to the corporate bodies. This would result in a dividend yield of about 3.6 percent.

The group said in November it assumed but could not guarantee it would hit its 2011 profit goal, Reuters said.

In a preliminary development report for 2011, the company said “The management of Vienna Insurance Group continues its efforts to keep volatilities affecting earnings as low as possible, taking into account the economic environment, and to promote the organic growth in premiums.”

Unconsolidated premiums rose to 9 billion euros, including a 4.9 percent rise in non-life business to 5.1 billion and a 1.4 percent rise in life business to 3.9 billion.

It expected a 2011 combined ratio of around 97 percent, in line with its target and down from 98.4 in 2010.

Günter Geyer, CEO of Vienna Insurance Group (pictured), commented on the results, “Pursuing our consistent strategy, we have achieved a sizeable growth, as expected.

“Despite partly significant fluctuations of important CEE currencies, we report a substantial increase in premiums of 3.4 percent and are again performing above the market average.

He added, “The increase in profit before taxes by about 10 percent to nearly EUR560 million underlines the long-term favourable development of our Group”

Claims after Costa disaster could reach USD 1 billion, says Moody’s

International

Jan 24, 2012

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Insured losses relating to the Costa Concordia disaster could tip USD1 billion (£650 million) once all related costs are taken into account, according to Moody’s.

The ratings agency said a plethora of claims types including environmental damage and personal injuries would push the total insured losses to extreme levels. Most of the burden will fall on reinsurance companies.

The shipwreck “marks the first major insured loss of 2012 and will result in a drag on first-quarter 2012 earnings for affected firms,” Bloomberg sited Moody’s Senior Credit Officer James Eck as saying.

The damage to the ship itself is expected to account for around half of the total losses, costing USD500 million, Moody’s said.

The disaster will effect each of the 28 insurers of the ship. Hannover Re revised its estimate yesterday, saying they expect losses of around EUR30 million (£26 million). Munich Re, the biggest reinsurer in the world, estimated losses “in the mid double-digit-million-euro range”.

Bloomberg reported yesterday that specialty insurer Lancashire Holdings will likely face between $20 million and $30 million in claims.

Despite the enormous losses expected across the insurance industry, Carnival Corporation, the company who owns the Costa Concordia, will be relatively OK. Moody’s said the company “has the ability to absorb the immediate financial impact of the accident,” and thus the incident hadn’t affected the credit rating of the company.

The ratings agency also said that the nature of the incident made it difficult to predict the effect on sales for the company.

“This incident is unique and unprecedented and so it is difficult to assess the impact on consumers’ perceptions of cruising as well as the ultimate financial liability to Carnival,” the company said.

The task of removing the ships 500,000 gallons of fuel will start today, weather permitting, and is expected to take almost a month.

Markel expands European presence with German deal

Industry News

Jan 24, 2012

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Markel International has signed a joint venture with Munich based Anglo Underwriting to further expand its already rapidly growing market position.

The deal sees Markel take a 50 per cent stake in the German insurer, with the prospect of securing the other half by 2017. The move further expands Markel’s reach into Europe, after the opening of a new office in Rotterdam in September.

Anglo will be Markel’s first office in Germany, but the company said they see it as a good start to grow the business and open further offices in the area.

Commenting on the venture, William Stovin, President and Chief Operating Officer of Markel International, said, “With premiums of more than €180 billion a year, Germany is one of the largest and most attractive markets in Europe.

“Anglo Underwriting is a successful local player with a culture and niche products that fit our brand.

“The agreement is a first step in building a much stronger presence in Germany and is part of our overall plan for European expansion.”

Anglo Underwriting was founded in 2005 by Garlich Wulff. His son, Frederik, has been the managing director since 2007.

They work with around 2,500 broking firms across Germany and Austria, and have some 8,000 individual clients.

This wide distribution is one of Anglo Underwriting’s key strengths, and it is an asset that will be maximised with Markel’s backing and technical resources.

The business is split into six lines – industrial; commercial; private; errors and omissions; professional indemnity; and specialties. With Markel’s support, Anglo Underwriting’s primary focus will be to increase opportunities in the specialty area (professional indemnity, contingency, personal accident, directors and officers) and the private lines business.

Frederik Wulff, MD of Anglo Underwriting, continued, “Markel’s values as a family business, entrepreneurial spirit and long-term commitment to its markets make it an ideal partner for our business.

“Markel is a growing and very successful international brand, and its financial strength as well as specialist product know how are key for us to improve our product offering and enhance our service and reputation for our partners as a specialist insurance boutique for the German and Austrian market.

“We look forward to a great future with our new partner.”

Mandatory contraception cover for U.S. insurers

International

Jan 23, 2012

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Most insurers in the US will be required to cover women for contraception at no extra fee, after US health authorities finalised changes last Friday (20 January).

By August next year all organisations, including churches and other groups who object to contraception on religious grounds, will be obliged to comply to the rule.

“This additional year will allow these organisations more time and flexibility to adapt to this new rule,” said US Health and Human Services Secretary Kathleen Sebelius.

“This decision was made after very careful consideration, including the important concerns some have raised about religious liberty,” she added.

“I believe this proposal strikes the appropriate balance between respecting religious freedom and increasing access to important preventive services.”

The final rule, which followed an interim decision announced in August 2011, was applauded by women’s rights advocates.

“This is a huge and important victory for women,” said Cindy Pearson, head of the National Women’s Health Network.

“Women need full and affordable coverage for all our health needs — including comprehensive contraceptive care — regardless of where we work.”

Among the services to be covered are “[Food and Drug Association]-approved contraception methods and contraceptive counselling; breast-feeding support, supplies, and counselling; and domestic violence screening and counselling,” HHS said.

Also included are annual office check-ups, screening for gestational diabetes, human papillomavirus (HPV) testing for women 30 and older, sexually transmitted infection counselling and human immunodeficiency virus (HIV) screening and counselling.

Cardinal-designate Timothy Dolan, president of the US Conference of Catholic Bishops, lashed out at the decision, saying it forced some people to act against their beliefs.

The decision by the administration of President Barack Obama “ordered almost every employer and insurer in the country to provide sterilisation and contraceptives, including some abortion-inducing drugs, in their health plans,” he said.

“Never before has the federal government forced individuals and organisations to go out into the marketplace and buy a product that violates their conscience,” he added.

“In effect, the president is saying we have a year to figure out how to violate our consciences.”

Coverbox using “17th century” underwriting practices

Market

Jan 23, 2012

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Telematics based car insurer Coverbox is set to head “back to the 17^th century” after an acquisition of the company.

The acquisition promises to bring about change to the company, with the new owners planning to introduce new insurance rating and charging processes aimed at moving away from the “one price fits each demographic” model.

The company said it’s latest technological development for underwriting insurance is reminiscent of underwriting practices 300 years ago, when insurers would sit in dockside coffee houses to assess the risk value of each and every ship leaving the port according to cargo, rout, season, state of repair and the level of experience of the captain.

As part of the changes new offices will be opened in Billingham and Peterborough, but they will be staffed with employees from the current Portsmouth presence.

Managing Director Johan van der Merwe said, “Coverbox is a telematics-based insurer – we basically monitor and assess the driving behaviour of the vehicle user via on-board technology which enables us to provide a much more accurate rate, and a very specific understanding of risk.

“The amount of information we gather from devices installed in customers’ vehicles – time and location of journeys, driver behaviour during those journeys and so on – means that we are in a position to develop much more bespoke insurance products, personalised to specific drivers.

He also said that with the technology well-behaved driver will be rewarded for their low risk driving.

The fear of ‘big-brother’ style information gathering would not be an issue for customers, Van der Merwer added.

“Even just a few years ago, people were wary – and a little scared – of the amount of ‘Big Brother’ information gathered about them, but the younger generations in particular recognise the benefits of person-specific information gathering, and are largely unworried by how their lives are monitored.

“As attitudes change from resistance to change to demand for change, the opportunity for the insurance industry to drive efficiencies, gain trust and develop new products grows.”

Coverbox Limited acquired the Coverbox business asset from technology company Wunelli.

Coverbox pay-as-you-drive insurance allows drivers to take out comprehensive cover paid for by the mile, with the price per mile varying according to the time of the day or night: off-peak, peak or “super-peak” times.

MoneySupermarket launches comparison site with a difference

Market

Jan 23, 2012

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Insurance comparison websites are great tools for finding a range of quotes quicklyy without visiting 20 different websites, but for one in five Brits they are almost useless.

Or at least they were, until last Tuesday (17 January).

MoneySupermarket.com has released the first travel insurance comparison site in the UK which takes into account pre existing medical conditions, something that affects around 20 per cent of Brits.

While the service currently includes just nine different insurers, more companies are expected to be added over the coming months.

Analysis from MoneySupermarket.com shows that travel insurance premiums covering pre-existing medical conditions range significantly depending on the condition and the age of the individual, and the new program takes this into account.

For example, a 45 year old female with asthma taking a 7 day break to Europe could pay just £12.70 on a policy which covers the condition. A couple in their fifties with one partner suffering from a major heart condition could pay as little as £68.16 for 7 days in Cyprus, but would be covered for every eventuality where a standard travel insurance policy would not cover the condition.

James Clarke, travel insurance expert at moneysupermarket.com said, “previously, customers needing a travel insurance policy for a pre-existing medical condition would have had to approach individual providers with the relevant details and medical information, one by one, in order to obtain the best deal.

“With the launch of the new site, customers will find a range of comprehensive travel insurance deals all in once place, and will only need to enter their details once in order to find the best quote.”

According to Clarke, one in five people require a travel insurance policy which covers them for a pre existing medical condition, but many take standard insurance as they think their condition is too minor to disclose.

This is a false security though, as sometimes doing this can de-validate the policy. Insurers will classify conditions such as mild asthma or high blood pressure in this category, and travellers need to purchase adequate insurance if they, or anyone in their party, suffer from a pre-existing condition.

“Anyone with a pre-existing condition, no matter how minor, needs to make sure they purchase a policy which is suitable for their needs, and covers them in the event of needing to make a claim,” Clarke said.

“Although pre-existing cover will be more expensive, it is worth paying the extra premium. The cost of being declined on a travel insurance claim where you haven’t declared a pre-existing condition could be great”

S&P downgrade Lloyd’s syndicate

Financial News

Jan 23, 2012

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Standars and Poor’s lowered its Lloyd’s Syndicate Assessment (LSA) on Canopius Managing Agents on Saturday, saying the syndicate’s capitalisation had deteriorated to a marginal level. The LSA was moved from 2+ to 3- with a stable outlook.

The ratings agency said the recent deterioration of the capitalisation of the syndicate was “not supportive of an LSA in the ‘3’ range”.

The assessment of the capital of Canopios Managing Agents was done by looking at the capital adequacy of Canopious Group Ltd (CGL), which generated around 73% of the syndicate’s 2011 capacity.

The ratings agency said, “We believe that CGL’s current risk-based capital is materially deficient at ‘BBB’ level because of the revised catastrophe risk charge being significantly higher than what we previously included in our capital model.

“We are expecting CGL to report a significant bottom-line loss for year-end 2011 that will materially reduce its shareholders’ funds, reflecting large losses in 2011”

They said the slightly increased market risk also played a minor role in the downgrade.

Despite the downgrade S&P said they syndicate continues to perform well, with a strong competitive position, good prospective earnings and strong risk controls. However its marginal capitalization, exposure to potentially large losses, and the potential execution risk associated with its long-term growth strategy partly offset these positive factors, the ratings agency said.

“The stable outlook reflects Standard & Poor’s expectation that CGL’s capitalization and, in turn, the syndicate’s capitalization will not deteriorate further,” an S&P spokesperson said.

“We expect the syndicate to report a net combined ratio of 110% and a material bottom-line loss for year-end 2011 because of the large losses.

The spokesperson added that, “in 2012, we expect Canopius will return to good operating results, achieving a combined ratio close to 95%, assuming average historical levels of catastrophe losses and a difficult pricing environment in most noncatastrophe business.

“Given the low performance of most investment asset classes, we believe it will be difficult for the syndicate to post a return on revenue above 10% in 2012.”

Manchester Cathedral latest targeted in metal theft

Industry News

Jan 23, 2012

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Manchester Cathedral has been the latest church affected by the growing issue of metal theft, with a cross worth £2,500 taken from one of its chapels.

A thief removed a silver chain which attached the cross to a shelf in the Lady Chapel and left with the 2ft souvenir.

A spokesman from the church said, “we’re one of a number of chapels who are open to the public. We don’t charge to come in and the doors are open from 8 in the morning to 6 or 7 in the evening.

“Unfortunately sometimes this gets abused.”

“As a result we’ve had to beef up our security. There are areas now which are out of bounds and we’ve had to increase our alarmed areas.”

The Cathedral, like most churches and cathedrals throughout the UK, is insured by Ecclesiastical.

On Friday the Telegraph quoted the Very Reverend Rogers Govender, the Dean of Manchester, as saying the church had made too many claims for metal theft.

“We have exhausted our insurance claims on metal theft. Anything which is now stolen from us has to be replaced from money raised in collections.”

The spokesman who spoke to News Insurance denied this, saying “Ecclesiastical are fantastic. They’ve been fantastic and we’ve had no problem at all with them.”

“We have an excess of £2,500 which is a figure which we decided on ourselves for any claim on metal theft and this cross was valued just under £2,500, although to replace it will probably cost terribly more.

“That’s where the confusion came from.”

The spokesman said that to have another cross made could cost up to £8,000.

The cross was originally made in a workshop around 1940 and presented to the Cathedral in 1957 to commemorate rebuilding after a bomb had damaged part of the building. It was later placed in the Lady’s Chapel where it rested until the theft last Friday.

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