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Sofia Ashmore

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National insurance law firm, Plexus Law, part of the Parabis Group, has consolidated its national credentials with the prestigious appointment to the Government Procurement Services Legal Services Framework Agreement.

This follows the firm’s appointment last year to the external panel of legal advisers to the Metropolitan Police. The legal panel’s services are available not only to the Metropolitan Police but also to police forces, police authorities and other emergency services throughout the country.

Simon Hills, the Northern based head of Plexus Law’s Public Sector Division, said: “We are delighted with this appointment to the government panel. It is pleasing all our offices across the UK are continuing to contribute successfully to securing appointments to national panels such as this.”

The new GPS panel becomes operational from 1 February and follows a rigorous competitive tender process.

Plexus Law has offices across the UK including Manchester, Leeds and London.

The Plexus Law Public Sector Group has a long record of working with local, police and fire authorities nationally. The firm acts for more than 50 public authorities, including central Government organisations.

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Cross-party political support is needed to ensure that the UK gets on top of the flood risk the ABI said today at a flood summit organised by the Labour Party.

Last year was the wettest on record in England, and only just short of being the wettest ever across the UK. Four of the five wettest years on record have been since 2000.

Speaking at the Labour Party flood summit, Nick Starling, the ABI’s Director of General Insurance, will say: “Flooding is the greatest natural threat facing the UK and the risk is rising, so political consensus on how we effectively adapt to it is essential. Insurers know the traumatic and devastating impact of flooding, through helping their customers recover after a flood. Political commitment in the key areas of investment in flood defences, sensible planning decisions and working in partnership with the insurance industry will ensure that flood risk communities get the protection and reassurance they need.”

Nick Starling outlined the key areas where cross party agreement is needed:

– A rigorous planning system that prevents developments in high flood risk areas. The House of Commons Committee on Climate Change reported that over the last ten years floodplain building has risen by 12%, compared to 7% in the rest of England.

– Sustained, long-term flood defence spending that keeps pace with the threat, targeted to those areas of greatest need. Before the last spending review, the Environment Agency estimated that an additional £20 million a year was needed every year between 2011 and 2035 just to keep the flood risk at current levels.

– Recognition that flood insurance can only continue to remain widely affordable and available with some form of government support, as happens in other countries. The ABI and the Government are continuing in talks on a scheme that could ensure this.

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Digital consumers around the world are starting to tire of their personal data being collected across the Internet, says Ovum. The global industry analysts paint a threatening scenario for the Internet economy, as consumers seek out new tools that allow them to remain “invisible” – untraceable and impossible to target by data means.

Ovum’s latest Consumer Insights Survey reveals that 68% of the Internet population across 11 countries would select a “do-not-track” (DNT) feature if it was easily available, suggesting that a data black hole could soon open up under the Internet economy. This hardening of consumer attitudes, coupled with tightening regulation, could diminish personal data supply lines and have a considerable impact on targeted advertising, CRM, big data analytics, and other digital industries.

“Unfortunately, in the gold rush that is big data, taking the supply of ‘little data’ – personal data – for granted seems to be an accident waiting to happen,” said Mark Little, principal analyst at Ovum. “However, consumers are being empowered with new tools and services to monitor, control, and secure their personal data as never before, and it seems they increasingly have the motivation to use them.”

Recent data privacy scandals such as WhatsApp’s use of address books, and the continuing issues over privacy and data use policies on Facebook and Google websites have fueled consumers’ concerns over the protection of their personal data. Ovum’s survey found that only 14% of respondents believe that Internet companies are honest about their use of consumers’ personal data, suggesting it will be a challenge for online companies to change consumers’ perceptions. Ovum believes that Internet companies should introduce new privacy tools and messaging campaigns designed to convince consumers that they can be trusted. Improving the transparency of data collection and use will help to build trust, a commodity that will increasingly become a sustainable competitive advantage.

“Internet companies need a new set of messages to change consumers’ attitudes. These messages must be based on positive direct relationships, engagement with consumers, and the provision of genuine and trustworthy privacy controls,” comments Little. “Most importantly, data controllers need a better feel for the approaching disruption to their supply lines, and must invest in tools that help them understand the profile of today’s negatively-minded users – tomorrow’s invisible consumers.”

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According to catastrophe modeling firm AIR Worldwide, a disturbance tracking across the Great Lakes is expected to merge later tonight with another low pressure system developing off the Mid-Atlantic Coast. The combined system is forecast to pass to the south of Cape Cod and then intensify rapidly. By Friday evening, heavy snow is expected to fall across southern New England, and by Saturday morning winds are expected to be very intense for coastal New England.

“Convective (thunderstorm) activity embedded within the system could result in short periods of intense snowfall, with rates reaching up to three to five inches per hour,” said Dr. Tim Doggett, senior principal scientist at AIR Worldwide. “The heaviest snow is expected from Friday evening through Saturday morning. This storm has the potential to impact a significant swath of the Northeast, depending on where the rain/snow line falls. For this reason, the National Weather Service has issued blizzard watches for locations from Long Island to southern New Hampshire border and for points as far west as Hartford, Conn.”

“Uncertainty still surrounds the exact track this winter storm will take. A shift 50 miles north or south will make a notable difference in snow totals and wind intensities impacting the coast. What is certain is that there is a high probability of snow accumulations of more than one foot over much of southern New England and parts of New York during the next 48 hours or so. A little more than 35 years ago, the Blizzard of ’78 hit Massachusetts and Rhode Island on February 5-7, a storm of historic proportions that still resonates for those who lived through the experience.”

According to AIR, the combination of heavy snow and intense winds means that drifting snow will be a problem over the watch area, increasing the possibility of roof collapse for light metal structures with large roof areas.  Design snow loads for structures vary across the United States. As little as zero pounds per square foot is allowed in Florida, southern Louisiana, Texas, and parts of the Southwest, while as much as 100 pounds per square foot is required in Michigan’s Upper Peninsula and northernmost Maine. Ten to 20 inches of snow can produce loads of roughly 15 to 30 pounds per square foot on flat roofs. Other building elements—porches, carports, awnings, and gutters—which often do not receive any specific design attention, are similarly vulnerable under the forecast conditions.

Dr. Doggett noted, “Further complicating the scenario is the possibility that rain and sleet may fall as mixed precipitation in southeast Massachusetts and Rhode Island.  If this happens, then there will be more weight added to the snow, and the damage potential will increase. The accumulated snow, together with winds, may also cause downed trees across the region, causing damage to structures and automobiles. They may also bring down power lines, causing power outages. In areas with long duration outages, lack of heat may cause pipe freeze issues as well.  In addition, the possibility of greater damage to structures  compromised by Sandy and not yet repaired increases over the forecast area.”

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Pension lessons learnt by those reaching retirement have been highlighted in new research from Friends Life. New research conducted by the pension provider among over 50s still in work has revealed that only a quarter (25%) felt that they contributed enough to their pensions through their 20s, 30s and 40s to be able to afford a comfortable retirement.

Over one third (35%) of the over 50s surveyed don’t feel they contributed enough to ensure a comfortable retirement, but they felt that realistically they couldn’t have done anything differently in early life to change this prospect.

Interestingly, two thirds (62%) have never increased their pension contributions, leaving their pension pots on a ‘slow burn’ throughout their working life. Of those who have made adjustments 56 per cent have only increased their contribution by up to five per cent. When it comes to the gender divide, over two thirds (68%) of women have never proactively increased the percentage of their salary contribution, whereas half of men (53%) have never done so.

There is however a small number, 12 per cent, of those within the 50 plus age group surveyed who plan to increase their contributions as they approach retirement by an average of nine per cent.

A country divided

The new research also considered how proactive pension contribution increases vary across the country. Whilst London may be considered the most switched on when it comes to financial matters, it is in fact those in the East Midlands who made the largest increases. The average proactive pension increase in the East Midlands is 15%, against a national average of eight per cent. East Anglia made the smallest increase in contributions and came bottom of the table with an average proactive increase of just six per cent. London, the North East, North West and West Midlands were all in line with the national average of an eight per cent increase.

Colin Williams, Managing Director, Corporate Benefits at Friends Life comments:”Difficulty in finding money to start contributing to a pension earlier in working life is not a new problem. Our latest research found that just 25 per cent of over 50s still in work believe they did enough in their 20s, 30s and 40s to provide a comfortable retirement with 40 per cent saying they should have started saving earlier. Auto-enrolment should help make this possible, by enabling more workers to start saving for the first time and easing the burden for those on lower incomes via a low starting rate for contributions.

“Our message to those who missed saving earlier in their careers is that there’s still time to make a difference. At 50 years old many workers still have 15 or more years left to work, and increasing contribution levels at this age could make a significant impact on the size of their pension pot. Keeping track of pensions built up throughout their working career will also help workers understand their collective pension position, and using tools and forecasters they can make informed changes to their contributions to help increase their final pot size to better meet retirement needs.”

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Munich Re’s preliminary figures show a profit of €3.2bn for 2012 (previous year: €0.71bn). The profit for the fourth quarter of 2012 totalled €0.48bn (0.63bn). Shareholders are to participate in last year’s success through a higher dividend: subject to approval by the Supervisory Board and the Annual General Meeting, the dividend will rise to €7.00 (6.25) per share.

CFO Jörg Schneider summed up the preliminary figures: “This very pleasing profit is founded on our rigorous risk management, disciplined underwriting policy and the realisation of profitable business opportunities. Our core business in insurance and reinsurance is healthy, while the claims burden from major losses was slightly below average. We also achieved a good investment result. 2012 thus brought good progress, allowing us to further strengthen our capital resources.” Schneider continued: “We want our shareholders to benefit from the Group’s performance: the substantially increased dividend of €7.00 per share is further confirmation of our attractive and stable dividend policy.” Only the Group’s smallest business field, Munich Health, performed below expectations owing to losses in US primary insurance business at Windsor Health Group (WHG) and to the resultant write-downs.

In 2012, the Group posted an operating result of €5.4bn (1.2bn). Due mainly to the high profit for the year, Group equity increased by around €4.1bn to €27.4bn (31 December 2011: €23.3bn). The return on risk-adjusted capital (RORAC), which serves as the core target for the Group as a whole, developed favourably at 13.2% (3.2%), whilst the return on equity (RoE) amounted to 12.6% (3.3%). Gross premiums written by the Group in the financial year 2012 rose significantly by over 5% to €52.0bn (49.5bn).

At €213.8bn (224.5bn at market values), total investments at 31 December 2012 increased compared with the year-end 2011 figure of €201.7bn. The Group’s investment result rose considerably by 24.9% to €8.4bn (6.8bn). This result represents a return of 3.9% in relation to the average market value of the portfolio.

In its primary insurance business, Munich Re showed a profit of €0.25bn (0.16bn) based on preliminary figures. A loss of €0.09bn (0.07bn) was posted in the fourth quarter of 2012 owing to the restructuring expenses accounted for in that quarter in connection with the sales reorganisation programme at ERGO; these adversely affected the result by around €130m. The operating result grew by 54.3% to €0.9bn. Gross premiums written in the financial year 2012 fell by 2.1% to €17.1bn (17.4bn). The combined ratio in property-casualty insurance was 98.7% (99.1%) for the year as a whole. In international business it improved appreciably, and in German business it was partly influenced by a number of random major losses for which intra-Group reinsurance is consolidated out in the segment view. In the fourth quarter, the combined ratio was 104.0% (101.5%).

Based on preliminary figures, the ERGO Insurance Group’s consolidated financial statements showed a profit of €0.29bn (0.35bn). Without the burden of restructuring expenses, ERGO would have reached its target for the year of approximately €400m.

The reinsurance segment contributed €3.1bn (0.5bn) to the consolidated result, with the operating result up by €3.9bn to €4.3bn. Compared with the previous year, premium income grew by over 8% to €28.2bn (26.0bn), 6.8 percentage points of which were due to currency translation effects. The combined ratio in property-casualty reinsurance was 91.0% (113.8%) of net earned premiums for the year as a whole and 83.2% (101.8%) for the fourth quarter. As a consequence of Munich Re’s customary review of reserves, the combined ratio for the full year includes around €0.90bn (0.60bn in the fourth quarter) from the reduction of claims provisions for prior years, which is equivalent to around 5.5 percentage points. This development mainly involves the years 2005–2009 and property, marine and aviation business. Over the year as a whole, the safety margin in the reserves rose slightly nonetheless.

Natural catastrophe losses amounted to around €1.3bn (4.5bn) for the entire year, and man-made losses to €0.5bn. The year’s biggest loss event was Hurricane Sandy, causing insured losses in the range of US$ 25bn (not taking national flood insurance into consideration) and costing Munich Re around €800m net before tax.

Business activities on the international healthcare market, combined under the Munich Health brand, posted a loss of €0.09bn (the previous year’s profit was 0.04bn) in 2012. The operating result fell by 32.1% to €0.11bn. The loss for the year was chiefly attributable to losses of €86m in US Medicare business at Windsor Health Group (WHG) and to the resulting burdens from write-downs of €166m for impairments of goodwill and other intangible assets of several Munich Health subsidiaries. In the meantime, Munich Health has taken extensive and fundamental measures at WHG to significantly improve the result situation. Given the difficult situation at WHG, however, a further loss for Munich Health in 2013 cannot currently be ruled out, although this would most likely be considerably smaller. Munich Health’s premium income climbed markedly by over 12% to €6.7bn (6.0bn). Its combined ratio for 2012 came to 100.2% (99.5%). WHG aside, Munich Health’s business developed very positively.

Renewals of reinsurance treaties in the property-casualty segment at 1 January 2013

Despite the unrelentingly competitive environment, Munich Re is satisfied with the results of the renewals. Prices, terms and conditions stayed largely stable overall.

Torsten Jeworrek, Munich Re’s Reinsurance CEO: “Demand for reinsurance cover remains relatively constant, and sufficient capacity is available. In a still-challenging economic environment, a consistent underwriting policy and active cycle and portfolio management are vital for the profitability of our portfolio.”

At 1 January 2013, slightly more than half of our non-life reinsurance business was up for renewal, which corresponds to a premium volume of around €9.2bn. Of this, 10% (€916m) was not renewed because it no longer met profitability requirements. By contrast, new business with a volume of approximately €880m was acquired. Altogether, the volume of business written at 1 January decreased slightly – by 1.5% to over €9bn. The price level, which gives an indication of the potential profitability of the business, rose marginally by 0.5%.

“In the forthcoming renewals in 2013, we will continue to provide our clients with significant capacity if the relevant business offers appropriate earnings opportunities. Munich Re’s added value for its clients becomes particularly apparent when their needs go beyond standardised capacity and call for know-how and tailored solutions”, Jeworrek emphasised.

The next renewals at 1 April 2013 (mainly Japan and Korea) and 1 July 2013 (chiefly parts of the US market, Australia and Latin America) will involve a greater proportion of natural catastrophe business than the January renewals. Munich Re expects the trend towards largely stable prices, terms and conditions to continue, unless there are any exceptional loss events.

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    Allianz Global Corporate & Specialty (AGCS) recently held its annual one-day Clinical Trials Conference, addressing a number of vital issues and challenges that the Life Science Industry and Insurance Market currently face when conducting and insuring Clinical Trials around the globe.  Proposed changes to EU regulation, the risks of carrying out Clinical Research and what happens when Clinical Trials go wrong all topped the bill of presentations by clinical experts to a broking audience.

    AGCS Senior Liability Underwriter and Clinical Trials expert John Wadsworth opened proceedings with an updated overview of the clinical trials market from an Insurer’s perspective.  It was highlighted that with Clinical Trials Insurance consistently producing favourable combined operating ratios, it is a class of business that is increasingly attracting more insurers into the market, but still remains a Class of business that needs to be significantly resourced with the right underwriting expertise in order to meet Clients ever increasing demands for the very highest level of quality service.

    AGCS have seen a consistent rise in the number of clinical trials taking place annually since 2010.  Simultaneously AGCS have seen a 30% uplift in the average number of patients taking part in the clinical trials on their books.  Whilst the Insurance Market welcomes the increasing volume of trials and the demand to insure them, the trend can add to underwriting challenges.  Ethic Committees, governed by their own country’s strict legislation and keen interest to ensure their citizens are adequately protected, continuously alter the requirements that need to be met by Insurer’s policies, before they will give their endorsement for any Clinical Trial to go ahead.  It is therefore vital that Insurer’s have a flexible approach in order to anticipate and address the evolving requirements of individual countries and their Ethic Committees.

    New EU regulations governing Clinical Trials have recently been drafted with the aim for these to take effect in 2016.  One of the clear aims of the new regulation, is to relax and streamline the rules governing the Clinical Trial approval process to boost clinical research in Europe.  The general accepted view is that legislation and Ethic Committee approval requirements outside of Europe are far more relaxed, and this has negatively impacted upon the number of Clinical Trials taking place in Europe, in comparison to the rest of the world, over the past couple of years

    The proposed EU regulations were the subject of much debate at the event and Professor Alyn H Morice, who has conducted over 300 clinical trials, welcomed the move to simplify “overly bureaucratic” existing regulations.

    Whilst the EU’s proposed changes are likely to have an impact on the insurance industry, particularly if it achieves the desired affect and further increases the number of trials taking place in Europe, there is some way to go before 2016, so in the short to medium term the expected impact is minimal.

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    Jubilee, the specialist Lloyd’s insurer, has broadly welcomed the joint Financial Services Authority (FSA) and Office of Fair Trading (OFT) final guidance on Payment Protection products as an important move forward in rebuilding consumer confidence in PPI.

    Jubilee is a long-established underwriter of payment protection insurance. The company passionately believes in the value of these products and is committed to actively developing a range of customer-focussed offerings that meet the needs of consumers in the post-PPI mis-selling era.

    Commenting on the publication of the guidance, David Swan, Senior Mortgage Underwriter, Jubilee Syndicate 5820, said: “The past PPI mis-selling scandal has had a huge impact upon the public perception of the product and has led to many distributors withdrawing completely from offering any insurance protection on mortgages or other financial commitments.

    “It is now time for providers to look forward with products and sales methods that will rebuild the confidence of consumers and regulators alike. This joint FSA and OFT guidance Paper can only help distributors and insurers move forward with confidence.”

    Jubilee believes that the emphasis being placed on ensuring the right products are provided for the right target market is an important provider imperative. Swan added: “In our view, this need to understand the target customers when designing product terms and features is not just a requirement for compliance but makes commercial sense.

    Swan continues: “Firms need to recognise that this is not just a requirement at product design stage but needs to be measured reviewed by the insurer and distributor throughout the product’s lifespan to ensure it is achieving the correct consumer outcomes.”

    Jubilee has also welcomed the clarity provided on the use of debt waiver products as a replacement for PPI. Swan said: “The fact that facilities including debt waiver or debt freeze provisions are unlikely to be classified as insurance, addresses the considerable doubt and argument there has been previously over this issue.

    “It is now up to lenders and finance intermediaries to utilise such products in a responsible way and avoid any possibility of a repeat of the previous PPI abuses.”

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      The AA British Insurance Premium Index released this week suggests insurers are putting more weight on factors other than gender, including occupation, now that they are prohibited from using gender as one of the factors to determine the price of premiums. An individual’s occupation provides an insurer with insight into the likely driving habits, lifestyle and hence potential risk of a prospective policyholder. This makes it a valid and valuable factor for motor underwriters, Fitch Ratings says.

      Insurers have historically used occupation as part of the underwriting process. A 2011 pre-EU Gender Ruling survey conducted by Confused.com suggests that occupation was not used as a proxy for gender in the past. The survey listed pilots of harbour ships being quoted lower premiums than state-enrolled nurses, even though traditionally ship piloting has been a male dominated industry while nursing has been a female dominated industry.

      The same survey listed mobile disco owners as paying the highest insurance premiums. These individuals are most likely to be driving late at night or early in the morning, the period that is statistically proven to have the highest proportion of fatal accidents.

      The recent AA survey showed the premiums for young (17-22 years old) male drivers were roughly static while premiums for young women increased by about 12%, a result we would have expected from the gender ruling. In general, premiums for men of all age groups fell, while premiums for women under 30 increased. The recent general fall in premiums for the market as a whole is more related to long-run pricing trends within the UK personal motor market than the gender ruling.

      Over a longer period, the AA survey indicates that premiums for the 17-22 age group have roughly doubled since January 2010, with substantial increases affecting all age categories over the same period. During this time, insurers have raised prices to restore underwriting profitability, in response to a steep rise in claims costs from fraudulent and bodily injury claims, which the industry continues to seek to control more tightly.

      Occupation though has several shortfalls as a rating factor and therefore needs to be supplemented with other factors, such as postcode, age and driving experience. Postcode is a good indicator of the likelihood of vehicle crime and accident rates, given that a high proportion of accidents happen within five miles of the person’s home.

      The best predictor of an individual’s likelihood of claiming remains their personal driving history. The length of time since a claim or accident is likely to remain the best way of judging a person’s driving history, until black boxes for cars become cheaper and more ubiquitous. Black boxes can be wired in to a car to provide data on speed, braking and driving style to the insurer.

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      1st Central Insurance research, conducted with 2000 UK motorists, has revealed that despite the hype, only 15.8% of drivers have ever suffered damage to their car as a result of a pothole. The majority of these (69%) cover the cost of fixing the damage from their own pocket, rather than via their insurance company or by claiming from the council.

      The issue of potholes appears to be growing with the increasingly hard winters faced by the UK impacting road surfaces. Scottish drivers reported the highest percentage of damage to vehicles, with 18.9% of individuals surveyed having suffered damage to their car as a result of a pothole.

      Women are more likely to claim via their insurance company (14.5%) compared to men (12%), whilst conversely 12% of men claimed via the council compared to only 5.9% of women.

      The majority of claims cost between £100 and £200 to repair, but the North West topped the league table with 2.86% of respondents fixing pothole damage, reporting costs of up to £900.

      Only 16.75% of people have ever reported a pothole, with over 55 year olds being the most likely candidates (21.07%).  Of those reported, the council fixed 62% of the offending potholes, whilst 30% remained unattended.

      Claire Burrell, Claims Director at 1st Central commented: “The prevalence of potholes is undoubtedly on the increase, yet reports of damage to vehicles and frequency of the public reporting them is still relatively low. Despite ongoing criticism of council action and the budget allocated to fixing the UK’s highways, it is encouraging to see a large percentage of reported potholes being fixed. It must however, be remembered that despite a relatively low percentage of motorists claiming direct from their insurers, probably due to excess costs exceeding the cost of the damage, councils are also making claims on their own insurance to counter balance their costs in fixing this growing problem.”

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      The BGL Group has expanded its HR leadership team with the appointment of a new Associate Director for Executive Recruitment.

      Shelley Simone will manage the executive attraction strategy and will be responsible for ensuring BGL continues to attract top quality leaders as the business moves forward with its growth drive.

      Shelley Simone has broad experience in HR, both in the UK and internationally. Blending a corporate HR career for a variety of global organisations and, more recently, early stage companies, Shelley’s career has spanned consumer, technology and high tech manufacturing businesses. Shelley has led culture change initiatives, M&A  projects and has partnered with business leaders to align people performance with business goals. Prior to joining BGL Group, Shelley spent five years as a Director of Sheridan Evans Executive Search where she managed the talent pipelines for the mobile industry.

      Matthew Donaldson, Chief Operating Officer at BGL Group said: “At BGL Group we are fortunate to have a highly expert and proactive executive team, but as we move forward with our five year growth strategy it’s key that we continue to attract the industry’s finest. Exceptional people are the drivers of BGL Group’s ongoing success, and with her extensive talent management experience, Shelley Simone will play a vital role in strengthening our leadership even further.”

      Shelley Simone, Associate Director for Executive Recruitment at BGL Group, said: “Talent is the engine of any business and I have joined BGL to implement innovative solutions to source and engage exceptional talent. BGL is passionate about building high-impact initiatives and is in a period of exciting growth, so I am looking forward to partnering with business leaders and talent management professionals in the design, development and implementation of leading edge candidate journeys.”

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        Tariq Mehmood was sentenced to 12 months in prison at Harrow Crown Court on Friday (25 January 2013) for conspiracy to defraud and dangerous driving. Ansab Rizwan and Ihtisham Gondal received suspended sentences and 180 hours of unpaid work each for their parts in the scam, whilst Nasser Khan received a 12 month community order and 100 hours unpaid work.

        CCTV footage from the HGV’s in-cabin camera helped to expose the scam, with footage showing a black Volkswagen Golf working in tandem with a blue Mercedes to induce the crash. Travelling in convoy, the Golf – a decoy car – brakes hard and late to turn into a side road. The Mercedes that is following then performs an emergency stop, which causes a rear-end shunt by the HGV.

        Towergate Insurance, the HGV’s insurer, referred the case and CCTV footage to the police. A joint investigation by the Metropolitan Police’s Operation Catcher team and the Insurance Fraud Bureau (IFB) linked members of the criminal gang to induced crashes in Bedfordshire and also identified an associated claims management company, which has since ceased trading.

        Ben Fletcher, Head of Operations at the Insurance Fraud Bureau (IFB), said: “Crash for cash is a menace to our society. Fraudsters are putting innocent motorists in danger by deliberately causing crashes across the UK. This type of fraud is also costing the insurance industry almost £400 million every year, which in turn inflates premiums for honest policyholders.

        “Working alongside the Metropolitan Police, the IFB helped to build evidence against the four men convicted today. The sentences passed are testament to the insurance industry’s determination to help the police catch and convict fraudsters.

        “The IFB continues to up the ante on organised criminal gangs targeting the insurance industry. By 2014, the Bureau is forecasted to manage fraud investigations worth in excess of £160 million, which could translate to over 90 police operations. Our objective is to stop these scams at the source by taking out the organisers.”

        Larry Smith, MD of Towergate Insurance Motor Division, said: “We’re delighted that the footage from our client’s camera assisted the police in this vital operation. Without the footage, it would have been very difficult for our client to prove this was a ‘crash for cash’ scam. This case clearly demonstrates the benefits of having this type of camera installed. The footage used was a catalyst for a police operation which has helped to bring down a gang of criminals.

        DI Dave Hindmarsh, of the Metropolitan Police, said: “This case demonstrates the organised nature of these criminals, further highlighting that fraudsters do not respect the geographical boundaries of police services and will often travel some distance to commit these types of offences. Today’s sentences should serve as a reminder to anyone considering fraud, that the Metropolitan Police’s Operation Catcher team work in partnership with many organisations to catch and prosecute offenders.”

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        XL Group reinsurance operations has announced the appointment of Guillermo Delfino to General Manager of XL’s reinsurance operations in Brazil, pending approval by the Brazilian authorities.

        Mr. Delfino, who is currently based in Buenos Aires, Argentina, will relocate to Sao Paulo, Brazil, later this year and will report to XL Re Latin America Ltd President and Chief Operating Officer Philippe Rochaix and XL Re Latin America Ltd Regional Chief Underwriter Gino Smith. Mr. Delfino will work closely with Mr. Smith, who is currently based in Sao Paulo, and will be responsible for developing and executing XL’s reinsurance underwriting strategy in Brazil.

        Prior to this appointment, Mr. Delfino was a Senior Underwriter for XL’s reinsurance operations in Buenos Aires. During his career with XL, he has held progressively senior underwriting roles.

        Commenting on Mr. Delfino’s promotion, Mr. Rochaix said: “Guillermo has made a significant contribution to our technical underwriting unit in Argentina and has taken the lead on improving the analytics behind our catastrophe pricing for Chile and Agro pricing across the region. I look forward to working closely with him to reinforce XL’s tailor-made underwriting approach and further strengthen our position as a key reinsurer in the Brazilian market. I would also like to thank Edson Wiggers, who previously carried out this role, and wish him well with his future endeavors.”

        Mr. Delfino holds an undergraduate degree in Civil Engineering and a Master’s degree in Agribusiness and Food, both from the University of Buenos Aires.

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        Covéa Insurance has announced the appointment of Steve Jackson as Head of Financial Crime.

        Steve will lead the development of Covéa Insurance’s internal and external counter-fraud strategy, encompassing both claims and underwriting fraud.  The company already has a 39 strong counter-fraud team and alongside developing the strategy, Steve will also lead future investments in appropriate intelligence, skills and technology to maintain the team’s market-leading capabilities and successfully combat application and claims fraud.

        Adrian Furness, Claims Director of Covéa Insurance commented: “Fraud continues to be a major issue for our industry and we’ve invested heavily in our capabilities, to ensure we have a robust approach to the detection and management of fraud. However due to the increasingly sophisticated nature of fraudulent activity, it’s an area that requires ongoing investment and focus. So I’m delighted we’ve been able to recruit someone with Steve’s experience and insight, to lead the development of our counter-fraud strategy. However this isn’t just about fraud, as service is a big part of this too. Having the right skills, tools and techniques to quickly and effectively identify and manage fraudulent activity is essential in ensuring that we deliver a quality service to our ‘honest claimants’”.

        Prior to joining Covéa Insurance, Steve held senior fraud management roles with Equity Insurance and Zurich Insurance and specialist investigation roles with Cunningham Lindsey and Capita Insurance Services. From 2008-2011 Steve chaired the North West Fraud Forum, a forum for sharing counter-fraud advice between local businesses and public authorities within the region and prior to this served with Lancashire Police for 22 years.

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        French health regulator ANSM has launched a probe into the drug Diane-35, used to treat acne and also as a contraceptive, after linking it to four deaths over the past 25 years. 

        Produced by the German drugmaker Bayer, Diane-35 is authorised in 135 countries and sold in 116. In 2012, about 315,000 women in France used the drug, ANSM said in a statement Sunday.

        Four deaths due to thrombosis — a kind of blood clot — were linked to the use of Diane-35, ANSM said, promising to release a full report on the drug and its risks next week.

        Three other deaths reported by French newspaper Le Figaro on its website as connected to the drug were linked to existing health conditions, the regulator confirmed.

        Diane-35, also sold as Dianette in some countries, is a hormone tablet that treats certain types of acne for women and is also used as a contraceptive.  A database of information from French doctors shows 125 cases of thrombosis related to Diane-35 or other forms of the drug since 1987, when the drug was first released onto the market.  In response, Bayer said on Sunday that the blood clot risk was “known and clearly indicated in the patient information leaflet”.

        Bayer added that the drug was only supposed to be prescribed for acne, and in the context of a medical consultation addressing all the precautions of use.  In France, Diane-35 is only authorised for the treatment of acne, but its hormone make-up means it could work as a contraceptive by blocking ovulation.

        France announced last year that so-called third generation birth-control pills — newer pills that contain variants of the hormone progestin — will no longer be reimbursed by the social security system from March.

        Earlier this month, ANSM launched a probe into the use of newer contraceptive pills on the market over fears of blood clots after a woman sued Bayer over an alleged clot caused by her pill.

        One French lawyer told French media on Sunday that around 100 women had contacted him, intending to sue both Bayer and ANSM for not raising the alarm sooner.

        Paris, Jan 27, 2013 (AFP)

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        Aon’s catastrophe model development center, Impact Forecasting, announces the launch of its Annual Global Climate and Catastrophe Report and new website, Catastrophe Insight, which provides 10 years of catastrophe data, including economic and insured losses across nine key natural perils.  

        The Annual Global Climate and Catastrophe Report reveals that 295 natural peril events occurred worldwide in 2012 (2011: 257) causing total economic losses of USD200 billion, only slightly above the 10-year average of USD187 billion.

        While economic losses were close to average, insured losses in 2012 were 36 per cent higher than the ten year average (USD72 billion vs. USD53 billion) because the two most costly events of the year occurred in the U.S. which has higher than average insurance penetration. 2012 insured losses were significantly lower than the record 2011 insured loss of USD133 billion.

        To allow further analysis of catastrophe data over the past decade, Impact Forecasting has now launched its new Catastrophe Insight website at www.aonbenfield.com/catastropheinsight, which includes charting functions and annual top 10 catastrophe loss tables from 2005-2012.

        Stephen Mildenhall, Chief Executive Officer of Aon Benfield Analytics, said: “Despite growing support for ‘the new normal’ theory of a world dominated by rapidly escalating global catastrophe losses, our study highlights that 2012 returned to a more normal level of losses after the extreme economic and insured losses of 2011. While nominal catastrophe losses are increasing at an alarming rate, economic losses as a per cent of global GDP – a measure appropriately normalized for inflation and economic development – has remained relatively stable over the past 30 years. The moderate level of catastrophe losses for 2012 is reflected in strong growth in reinsurer capital during the year.”

        Two U.S. natural peril events, Hurricane Sandy and a year-long drought, accounted for two-thirds of all 2012 insurance losses globally and nearly half of all economic losses for the year.

        Hurricane Sandy was the costliest single event of the year, to date causing an estimated USD28.2 billion in insured losses across private insurers and government-sponsored programs, and approximately USD65 billion in economic losses across the United States, the Caribbean, the Bahamas, and Canada.

        The most deadly event of 2012 was Super Typhoon Bopha, which killed more than 1,900 people after making landfall in the Philippines.

        A total of 14 tropical cyclones made landfall globally in 2012, compared to a long term average of 16. Major flooding affected China and the United Kingdom, with other floods recorded elsewhere in Asia, Europe and Oceania.

        Two earthquakes struck Italy causing considerable damage in the Emilia-Romagna region.

        In 2012, Europe, Asia and North America (outside the U.S.) all sustained aggregate insured losses above USD1 billion due to flooding, earthquakes and tropical cyclones. Losses in Asia and Oceania were well below their recent 10-year averages, and Europe was slightly below its average.

        Steve Bowen, Senior Scientist and Meteorologist at Impact Forecasting, said “After a year in which Asia and Oceania sustained significant natural disaster losses, the focus shifted back to the United States in 2012. The country was hit by nine separate billion-dollar insured loss events, including Hurricane Sandy and the most extensive drought since the 1930s. Tornado activity was dramatically lower than 2011, which can partially be attributed to the drought. U.S. severe weather losses were close to the recent five year average and 46 per cent less than the record losses seen in 2011. Finally, 2012 marked the seventh consecutive year that no major hurricane made landfall in the U.S.; a streak not seen since the 1860s.”

        Records show that 2012 ended as the eighth warmest year in world history since global land and ocean temperature records began in 1880.

        0 0

        Covéa Insurance has announced that Barry Street, Head of Claims Engineering Services, has joined the Thatcham Board of Directors. The Motor Insurance Repair Research Centre (or Thatcham as they are widely known) carries out research to reduce the cost of motor insurance claims, while maintaining safety and quality standards.

        Barry Street said: “It’s an honour for Covéa Insurance to have representation on the Thatcham Board of Directors. Being part of the board will ensure that Covéa Insurance is closely involved in guiding the research centre’s work and ensuring that the strategic goals support the wider interests of their insurer members and the consumer.”

        Barry Street has been working in the insurance industry for over 25 years with experience in a number of senior claims management roles. Barry has worked closely with key members of Covéa Insurance’s senior claims management team, to lead strategic operational changes and implement innovative and award winning technological and customer service improvements.

        Peter Shaw, Chief Executive at Thatcham said: “The Thatcham research team are delighted that Covéa Insurance has taken a place at our board table. Barry Street has the motor insurance management experience that will help to guide our future focus and research agenda in what is a fast changing market place. Provident Insurance has long been a supporter of Thatcham’s work in the motor insurance industry and we look forward to continuing to work with the newly formed Covéa Insurance.”

          0 8

          after the business has consistently failed to live up to expectations since it was set up in 2009. 

          Allianz said in a statement that it will pull the plug on Allianz Bank at the end of June, with the loss of 450 jobs.  Allianz Bank was set up in 2009 as a branch of Allianz’s Oldenburgische Landesbank (OLB) unit with the aim of expanding the group’s banking services.

          “However, our growth expectations have not been met. Allianz Bank has not moved out of the red,” the statement said.

          “Our hopes for profitable growth in the fiercely competitive private customer business have not been fulfilled. And given the difficult market environment, a lasting turnaround is not in sight,” said the board member responsible for the banking business, Andree Moschner.

          “Allianz Bank will therefore cease operations on June 30.”

          Nevertheless, OLB would continue to operate in the northwest of Germany, where it was the region’s biggest private bank, Moschner added.

          Frankfurt, Jan 24, 2013 (AFP) 

          0 1

          The Financial Services Authority (FSA) has appointed two new non-executive directors to the Board of the Financial Services Compensation Scheme (FSCS).

          Marian Glen and Charles McKenna will take up their positions on 1 February 2013.

          Marian Glen was General Counsel at Aegon UK plc from 2009 to 2011 and prior to that was a partner at Shepherd and Wedderburn from 1994 to 2008. She was also involved in the critical programme of remediation for Scottish Equitable customers and worked on the effective and speedy provision of redress.

          Charles McKenna spent 22 years as a corporate partner at Allen and Overy, specialising in corporate transactions, financial services and regulatory bodies. In the 1980s he was involved in the formation of The Securities Association, the first UK self-regulating organisation. This included advising on its constitution and rule book.  Charles was also involved in creating Allen and Overy’s regulatory practice and served for three years on the Board of Hart Citizens Advice Bureau Service.

          Lord Turner, the FSA’s chairman, said: “We are very pleased to announce the appointment of Marian Glen and Charles McKenna, whose experience will prove invaluable for the FSCS during this period of regulatory change.”

          Lawrence Churchill, FSCS Chairman, said: “I am pleased that we have been able to appoint two people of such high calibre as Marian Glen and Charles McKenna to the FSCS Board. They have a wealth of experience that will benefit both consumers and the firms to whom we are accountable. I am delighted to welcome them to the Board.

          “I would also like to pay tribute to Ros Reston and Tony Ashford for their exemplary service to the FSCS during the height of the financial crisis. They brought a huge amount of experience and insight to the work of the Scheme at a pivotal point in our history.”

          As well as appointing two new members to the Board, the FSA also reappointed Alex Kuczynszi and Kate Bartlett as Executive Directors for a further term.

          0 0

          Claims Portal Limited (formerly known as RTA Portal Co) has been preparing the software for an extended Claims Portal, as planned by the Ministry of Justice (MoJ). The company has been working towards a start date for the extended Claims Portal of 01 April 2013. As the Protocols, Forms and Rules have not yet been finalised, the work has been carried out on the basis of drafts provided by the MoJ.

          Claims Portal Limited is now continuing with that work while waiting for two decisions, both of which are outside its control and may impact on the start date.

          First, the Civil Procedure Rule Committee (CPRC) will decide the final form of the Protocols, Forms and Rules. It is anticipated that this will be on 8 February. When the Protocols etc are available in final form Claims Portal Limited will be able to compare them with the drafts it has been working on, consider the extent to which any changes mean that the software needs to be updated and then estimate the possible start date by reference to the time necessary to make the changes. In estimating the necessary time it is necessary to allow for the crucial testing of the functionality of the system before it is rolled out. At present Claims Portal does not know if software updates will be necessary or whether it will be possible to use the software as built with some manual work-rounds.

          Secondly, the company awaits the Justice Secretary’s verdict on the start date. On 21 December the MoJ announced that, “Following a legal challenge the Justice Secretary is now considering afresh the timing for implementation of the extended scheme. Further details will be announced in the New Year.”

          When both of these decisions have been made Claims Portal Limited will provide a further update. Meanwhile, there is sufficient information available to provide some valuable information to users and potential users in a series of free February talks being arranged by Claims Portal Ltd. The Talks will be on the 19th, 21st and 28th February in Manchester, London and Cardiff respectively. Further details will be communicated with users shortly.

          Tim Wallis, independent Chairman of Claims Portal Limited, said: “We want to introduce users to the extended Claims Portal and provide them with an understanding of how the Portal works. We hope to provide assistance to users in how to interact with the extended portal and how to best to use it. The final version of the new Protocols, Forms and Rules are not currently available but we shall provide separate workshops on the Protocols once they are available.”

          The company will continue to work closely with the MoJ to provide realistic information on the feasibility of timescales. Additionally, Portal users will be provided with regular technical updates and information on any requirements received by the company regarding the timetable, as further information becomes available.

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