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Sofia Ashmore

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Following recent authorisation by the FSA, the team behind the management buy-out of the UK and Ireland and International Health Solutions business of Europ Assistance has officially unveiled its new brand and vision of a single source of insurance and assistance services delivered with a superior service promise.

Aria Assistance will trade from its existing offices in Haywards Heath, West Sussex and Navan, Ireland.

The team at Aria Assistance, led by Tim Ablett and Patrick Leroy, now looks forward to introducing new products and services that complement and add value to their business partners’ brands. All will reflect Aria Assistance’s belief that business efficiency must come from smart management and operations, not by cutting corners on the assistance services.

Aria Assistance will be the largest independent assistance company in the UK offering both insurance and assistance solutions across all of its existing lines of business which include motor, travel, home emergency services, health assistance and international private medical insurance, working alongside its existing network of approved contractors and service providers.  The company retains access to Europ Assistance Group’s worldwide resources and network and will continue to provide assistance services on behalf of Europ Assistance Group in the United Kingdom and Ireland.

There will be a transitional period and, of course, existing underwriting arrangements will remain in place for policy holders. At renewal, most policies will be underwritten by Aria Assistance’s new partner, Great Lakes Reinsurance (UK) Plc which is a subsidiary of Munich Re, one of the world’s leading reinsurers.  Aria Assistance will continue to offer its own internal underwriting capacity through its subsidiary, Aria Insurance Limited.

Aria Assistance will also develop a broader offering building on the skills and resources within the business. Aria Assistance is the only UK owned firm able to offer a comprehensive range of insured solutions that are backed by its own assistance service centres. With a 40-year history of providing assistance services to UK and Irish customers, the firm has established relationships with vetted providers across the globe. Its superior assistance platform and a strong robust IT infrastructure enables business partners to offer white labeled services under their own brand with complete confidence.

At the heart of the proposition is a promise that one call to an Aria Assistance contact centre will give a policy holder the reassurance that they are in the best hands and that their problem will be dealt with competently, comprehensively and to its conclusion – be it a breakdown in Birmingham or a medical emergency in Managua.

The firm will continue to be managed by the current Chief Executive Officer Patrick Leroy, supported by the existing management team. Tim Ablett takes the role of company Chairman.

Commenting on the unveiling of Aria Assistance, Patrick Leroy said: “The strength of our organisation has always been its people and I look forward to working alongside them to introduce the new and innovative services we have in the pipeline, and to ensure that Aria Assistance is the benchmark for service delivery.”

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According to catastrophe modeling firm AIR Worldwide, a dangerous wildfire that started on June 23 in the Pike National Forest west of Colorado Springs, CO (estimated population of more than 400,000 as of 2010) increased significantly in size overnight, prompting officials to order the mandatory evacuation of 32,000 residents. As of Wednesday morning, the Waldo Canyon Fire has burned more than 15,000 acres (23 square miles) and is currently just 5% contained, according to the Colorado State Forest Service. The cause is still under investigation.

The Waldo Canyon Fire continues to grow in size on its northern and eastern flank, advancing rapidly toward densely populated communities. On Tuesday night, flames jumped firefighter containment lines into foothill neighborhoods. Recent reports show many homes in the Mountain Shadows neighborhood consumed by flames, but officials have not yet indicated the number of structures destroyed. Evacuations issued by the City of Colorado Springs are in effect for much of northwestern Colorado Springs west of I-25, including the U.S. Air Force Academy.

“More than 700 firefighting personnel are battling the blaze, with support from several heavy air tankers. The extreme terrain, strong and erratic winds, and record-setting heat complicate operations,” said Dr. Tomas Girnius, senior scientist at AIR Worldwide. “The weather forecast for the next several days indicates temperatures in the 90s (following nearly a week of 100-plus degree temperatures) with little chance of rain, and officials have characterized the fire’s growth potential as “extreme”. The date of containment is estimated to be July 16th.”

Dr. Girnius continued, “Prime fire conditions—including gusty winds, very high temperatures in the triple digits, and persistently dry conditions—have contributed to an active start to the wildfire season in the interior of the Western United States. Colorado officials have called this the worst fire season to date, with several active fires burning across the state. A fire that started earlier this month, the High Park Fire, consumed more than 87,000 acres, making it the second largest in Colorado history. That fire is located near Fort Collins, CO, and has destroyed more than 250 homes. It is currently estimated to be 65% contained.”

According to AIR, other notable blazes this month include the Little Bear Fire in New Mexico, which burned 44,000 acres and destroyed more than 250 structures, and the Whitewater-Baldy Complex Fire in New Mexico’s Gila National Forest, which at nearly 300,000 acres is the largest in the state’s history. In Utah, the Wood Hollow Fire consumed more than 45,000 acres and destroyed 50 structures.

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A new report on the UK manufacturing industry issued today by insurance governance experts Mactavish highlights a dangerous confluence of increasing claim disputes, inadequate risk governance on the part of manufacturers, and the failure of brokers and insurers to provide fit-for-purpose protection to their clients.

On the day when the Law Commission publishes its final Consultation Paper for the first major shake-up of corporate insurance in a century, the report is the result of in-depth consultations with 140 manufacturing businesses across Britain over the past 12 months with examples of the individual risks, and systemic failings, which threaten the sector. The Mactavish report is one of the Law Commission’s primary sources for its proposals.

The Mactavish report highlights the potentially critical oversights and blind spots that could see individual companies failing because an insurance claim is not paid out or is delayed longer than a company’s ability to sustain its business. Confidence in the sector, and its continued recovery, would be significantly damaged by one or two high-profile failures, even as manufacturers demonstrate their ability to adapt in the face of recession.

The report states that: “The current assumption that insurance will simply respond when needed is inconsistent with the legal reality.”

Some of the issues raised in the Law Commission paper are already being faced by manufacturers, the report shows, with many prominent firms’ current arrangements not standing up to scrutiny. One example is the shift in business models to include service provision as well as manufacture, thereby exposing companies to risks that are not understood or accounted for.

The Mactavish report analyses and explains the real-life impact of these legal failures on manufacturing, a sector which remains a vital part of Britain’s economy and hopes of returning to growth, and finds:

– Manufacturing & Engineering sector’s impressively innovative response to recession being let down by weak governance around risk and insurance leaving companies needlessly exposed

– Lack of proactivity from insurance industry brokers and insurers in keeping pace with change creating gaps in protection and driving an increase in disputed claims

– Insurance policies increasingly unreliable in respect of major losses with few aware of the problems or taking steps to address them

– Companies not geared up for the major coming legal reform announced today, the first to hit corporate insurance in more than a century.

The report warns that “most manufacturing businesses today remain needlessly exposed by addressable weaknesses in the insurance system, but usually do not find out until it is too late. The current economic climate has exacerbated many of the contributory factors.” It goes on to conclude that “far more questions need to be asked by both insurance buyers in the sector and those responsible for risk at board level.”

The report details practical steps companies can take to protect themselves and meet the twin emerging demands of increased corporate governance scrutiny and the greater demands on businesses coming from insurance law reform. The Law Commission paper cautions that:

 “We do not intend to produce a law which would protect businesses. Instead, we are seeking a “neutral” law that strikes a balance between the parties and which will impose reciprocal obligations on each”

Bruce Hepburn, CEO of Mactavish said: “The whole mechanism of corporate governance today neglects to recognise insurance failure as a large and increasing threat, with manufacturers facing especially dire concern as a result of its high rate of adaptation to current economic reality.”

 “Legal reform is overdue, and the reliability of insurance policies in responding to major events is in sharp decline. But the law alone will not solve the problem – companies need to do a lot more to play their part and the thrust of reform is that company practices need a total rethink.”

David Hertzell, Law Commissioner, said: “The Mactavish reports are a very powerful description of the problems in today’s insurance market. Policyholders, brokers and insurers all appear at times to ignore best practice. In our view this evidence highlights the need for clear up to date law to establish the parties’ responsibilities.”

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Northern UK Flooding :

A band of heavy rain associated with a low pressure system affected parts of northern England and southwest Scotland on Friday, June 22 through to Saturday, June 23. The counties most notably affected by the heavy rainfall were Cumbria, Lancashire, and West Yorkshire.

The heavy rain, falling on saturated grounds and into swollen rivers from rainfall over the last couple of weeks, and a noticeably wet April and May in the U.K., resulted in widespread flooding. Rivers and streams bursting their banks caused the most severe flooding, while surface water flooding, caused by heavy rain on saturated ground and congested drainage systems caused more localized areas of flooding.

According to the U.K. Met Office, 24 hour rain accumulations from Friday, include; 3.6 inches in Blencathra, Cumbira; 3.4 inches in Keswick, Cumbira; 2.9 inches in Stonyhurst, Lancashire; 2.3 inches in Levens Hall, Cumbira and 2.2 in Morecambe, Lancashire. For some places this is in excess of the June monthly average – the average rainfall across the north of England (1971 – 2000) for June is just 2.7 inches.

The heavy rains lead to record levels in some rivers resulting in many rivers bursting their banks. The peak flow of the River Calder at Hebden Bridge was a record 3.2 m on Friday – it burst its banks in Hebden Bridge, Mytholmroyd, and Todmorden. In Cumbira the River Yarrow burst its banks in Croston, as did the Rivers Caldew and Petteril in the north of the county.

At the height of the flooding there were 73 flood warnings in place, 44 across the northwest, 8 in the northeast, 18 in the southwest and 1 each in the Midlands, Southeast and Wales.

As of Monday, only 3 flood warnings remain are in place across the U.K., one in the northwest and two in the northeast. No further rainfall is forecast in the next few days, however further heavy showers may affect northern regions on Thursday.

Tropical Storm Debby :

Tropical storm winds and heavy rain are affecting the northeast Gulf States as Tropical Storm Debby lingers off the northwest coast of Florida.  As of Monday morning, Tropical storm Debby was located in the northeast Gulf of Mexico approximately 90 miles south-southwest of Apalachicola, Florida with maximum sustained winds of 60 mph.

Debby is a large storm with tropical storm force winds extending outward up to 200 miles, mainly from the north and east of the center (affected the coast of Florida). Debby is almost stationary and rainfall associated with the storm is already starting to affect the mid-west coast of Florida in the Tampa region and areas just to the northeast of Tallahassee.

There is still considerable uncertainty in the track and intensity guidance associated with Debby.  Most forecast track models take Debby in a northeasterly direction over the course of the next few days, making landfall in Florida between 48-96 hours.  The National Hurricane Center has opted for a more northerly track that brings Debby over northwest Florida sometime on Wednesday or Thursday.

As Debby is already fairly close to land and as the storm moves progressively closer, the land will have an impact on storm intensity.  Although some further intensification is forecast by the NHC and a couple of the global models, there is good consensus that Debby will not reach hurricane status due to the expected interaction with land.  However as Debby is located over sea surface temperatures around 27C-28C and upper level air conditions are likely to become more conducive to intensification, the longer Debby stays over these warm waters, the higher the chance there is of further intensification.

“The main risks associated with Debby are tropical storm strength winds that will continue to affect portions of the northeast Gulf Coast over the next few days, coastal flooding related to storm surge, flooding as a result of heavy rainfall,  and the risk of a few tornadoes across the eastern Florida Panhandle,” said Neena Saith, director of catastrophe response at RMS.

The rainfall may prove to be Debby’s greatest hazard, particularly as the storm is very slow moving and the regions due to be impacted already have saturated soils from previous rain events.  Rainfall accumulations of 10 to 15 inches are forecast over the Florida Panhandle and the northern part of the state, with isolated maximum amounts of 25 inches possible.

Debby formed on Saturday, becoming the earliest fourth named storm on record and two months earlier than when the average fourth  named storm is expected to form (i.e. on August 23). The previous record for the earliest fourth named storm was set by Dennis in 2005 which formed on July 5.

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Equity Insurance Partnerships (EIP) are celebrating a fantastic summer for Britain by offering Confused.com customers the chance to win car insurance for £20.12, or a discount of up to £1,500 off the full car insurance premium.

Every day between June 15th and August 31st one customer who has purchased a policy through Confused.com on any of the brands represented by EIP will win up to £1,500 off their car insurance, meaning some customers will pay as little as £20.12 for their insurance policy. The four brands on which the promotion is valid are Santander, Renault, Nissan and Honda.

EIP’s Online Development Manager Jacki Mosey said, “It is great to be British this summer, we’ve all enjoyed the Queen’s Jubilee, have our fingers crossed for the European Football Championships and can’t wait for the Olympic Games. At EIP, we felt 2012 is such a special year we wanted to mark the occasion for our lucky customers. Nobody will ever forget the year they got insurance for £20.12 and during the promotion we will provide this winning feeling to one customer every single day! Confused.com are a great partner to work with on a promotion of this kind, they have great marketing channels to speak to customers and a simple, flexible platform to unite us with customers of the fantastic brands we represent.”

Gareth Kloet, Head of Car Insurance at Confused.com said: “We have a longstanding partnership with the team at EIP, who represent some major brands. Through this relationship we have been able to offer customers a fantastic opportunity to win up to £1,500 off their car insurance policy. By winning this great prize we hope we can make 2012 a memorable year for many customers by getting them a huge saving on the cost of their car insurance.”

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Thousands of British doctors took industrial action on Thursday for the first time in nearly 40 years, in a row over changes to their pensions as part of government austerity measures. 

The British Medical Association (BMA) union said doctors were boycotting routine hospital appointments and non-emergency operations for 24 hours but emergency care was not affected.

The BMA said the government is reneging on a 2008 deal, and says plans to make doctors work until they are 68 years old and pay more towards their pensions are “totally unjustified”.

“Nobody likes taking anything that will inconvenience patients and I know a lot of doctors who have taken this step very unwillingly,” BMA chairman Hamish Meldrum said as the first doctors’ strike since 1975 got under way.

Prime Minister David Cameron’s government, which is battling a vast black hole in its public sector pensions budget, says rising life expectancy means the current scheme is unsustainable.

The new scheme will still be generous, it adds, with a doctor who starts work in 2015 receiving pension payments of around £68,000 ($106,800, 84,300 euros) a year in current prices if they worked until they were 68 years old.

Health minister Andrew Lansley, whose government has introduced steep austerity measures in a bid to shrink its yawning deficit, said the strike could result in the cancellation of up to 30,000 operations.

“I can’t see why anybody thinks there is any benefit in penalising patients,” he told ITV.

Participation in the strike varied across Britain, with the BMA estimating that four out of five hospitals would have to cancel some procedures, while one in three family doctors were taking part.  With more than 100,000 members, the BMA represents around two thirds of Britain’s doctors. Eight out of 10 voted to strike, on a turnout of 50 per cent.

London, June 21, 2012 (AFP)

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Banner Managed Communication announced that, following a formal tender process, it has been awarded a ‘first generation’ document management contract by Hastings Direct. BMC will take over management of the print and fulfillment of insurance documentation across Hastings Direct’s four core insurance portfolios: private car, van, motorbike and home insurance.

The anticipated value of the contract is around £10m over a five year (three years initial, plus two year extension option) term.

Lance Bennett, Customer Management Director of Hastings Direct said: “We have set ourselves the ambitious goal of insuring one in every ten of the UK population by the year 2020. This means scaling up our already extensive print requirements without compromising efficiency, quality or cost-effectiveness. That’s why now is the right time for us to move from an in-house to outsourced document production and fulfillment.

“BMC is perfectly positioned to manage these processes on our behalf. They have an immense depth of knowledge and experience within the insurance sector and an implicit understanding of our ambitions.”

Catherine Burke, Managing Director of BMC commented: “We’re really pleased to be working with Hastings Direct and are looking forward to helping them achieve the clear goals they’ve set out for the future.

The innovations and technologies that we’ll be implementing will enable the business to handle the anticipated increase in the volume of work over the coming years, while delivering even higher quality and greater accuracy.“

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The AXA Group pursues its commitment to Corporate Responsibility by signing the Principles for Sustainable Insurance (PSI), officially launched in Rio de Janeiro on the 19th of June, in parallel of the UN Conference on Sustainable Development Rio+20.

Following more than six years of work from the UN Environment Programme’s Finance Initiative (UNEP FI) and the insurance industry, the signatories of these principles commit to integrating environmental, social and governance criteria into their business and their stakeholder relationships:

– Principle 1: “We will embed in our decision-making environmental, social and governance issues relevant to our insurance business.”

– Principle 2: “We will work together with our clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions.”

– Principle 3: “We will work together with governments, regulators and other key stakeholders to promote widespread action across society on environmental, social and governance issues.”

– Principle 4: “We will demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the Principles.”

Learn more about these principles at www.unepfi.org/psi

The AXA Group has since the beginning been strongly involved in the design of these principles with the UNEP FI, and was notably Chair of the working group from 2006 until

2010.

Commenting AXA’s decision to become a signatory, Henri de Castries, Chairman and Chief Executive Officer of AXA said:

“As an insurer, our business is to protect people over the long term; we therefore have a responsibility to leverage our skills to help build a stronger and safer society. I am very proud the AXA Group is signing the Principles for Sustainable Insurance. I believe that by integrating environmental, social, and governance issues into decision-making across the insurance value chain, we will contribute to a more sustainable insurance industry. This is another step for us in our engagement towards corporate responsibility, but also a call for action for the coming years. I am convinced that, with these Principles, we will better serve our clients and society as a whole”.

To watch Henri de Castries’ speech about the PSI: http://www.axa.com/en/news/2012/principles_sustainable_insurance.aspx

Alice Steenland, Corporate Responsibility Director of AXA, said:

“We are delighted by this industry initiative which gives strong guidelines for the emergence of a more responsible insurance industry and will accelerate the implementation of our engagements. We have already taken some concrete measures, such as the development of a green product offer or the integration of corporate responsibility criteria in new contracts with suppliers. We are determined to go further in these commitments together with our peers.”

The signing of these principles is in line with the AXA Group’s global Corporate Responsibility Strategy. As a responsible corporate citizen, AXA strives to play a positive role in society by helping to better understand the risks faced by individuals and society at large.

This commitment also includes philanthropy initiatives, amongst which:

– A partnership with the NGO CARE on both research and education projects which aim to help vulnerable populations’ better face climate risks. A website dedicated to an international research project, on changing rainfall patterns and their impact on vulnerable people regarding food security and migration, will be launched during Rio+20 (http://www.wheretherainfalls.org). The outcome of this study will be released at Doha, in Qatar, during the COP 18 summit, at the end of 2012.

– The AXA Research Fund, which supports 300 researchers throughout the world, contributes to understanding and preventing environmental, life, and socio-economic risks. The Fund is endowed with a five-year budget of €100 million.

– The launch of an online social game “Forward+50” during Rio+20, which aims to raise the general public’s awareness of the challenges linked to taking collective decisions to mitigate climate change impacts over the long term. The game will simulate this impact on the city of Rio 50 years from now (http://www.forwardplus50.com).

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A total of 46.3 million people in the United States do not have health coverage, a trend that has been rising in the past 15 years, said a US survey published Tuesday. 

There was good news for children in the data from the 2011 National Health Interview Survey, which showed that seven per cent of US youths were uninsured last year at the time of the interview, compared to 13.9 per cent in 1997.

But for adults aged 18-64, it was a different story. For that group, lack of health insurance coverage was 21.3 per cent in 2011, making up 40.7 million people, according to the data from the Centers for Disease Control and Prevention.

The study recorded the fewest uninsured adults in 1997 (13.9 per cent). The high point came in 2010 when 22.3 per cent of the population was uninsured.

“There has been a generally increasing trend in the percentage of adults aged 18-64 who lacked coverage at the time of interview,” said the study, which was based on survey results from 32 of the 50 states.

The change in children’s coverage status was largely explained by a 36.5 percentage point rise in government-sponsored public coverage for the poor from 1997 to 2011.

Meanwhile, the rate of private coverage among low-income children was 25.1 percentage points lower in 2011 than in 1997.

Private coverage held by adults also declined over the period studied.  The survey comes as the US Supreme Court is expected to rule any day on lawsuits challenging President Barack Obama’s signature health care reform package.  The ruling could halt key parts or all of the package, which aimed at requiring all citizens to have health care coverage and at creating cheaper coverage options.

Washington, June 19, 2012 (AFP)

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With just 44 days to go before the start of the London Olympics AXA Wealth’s Mike Morrison is questioning whether Britain has lost its zeal and reputation for pioneering sport and financial services, having successfully exported some of the world’s most popular games and financial innovations over the past 300 years.

Speaking at the Marketforce and IEA’s 15th annual conference – The Future of Life and Long-Term Savings – in London today, Mike Morrison said he believed that the RDR was an opportunity for our financial services industry to show the world that it still had the imagination, drive, expertise and passion to lead the way in new thinking and new customer solutions in financial services.

“Britain is a pioneering nation” Morrison said, “renowned for its ability to expand horizons and spread ideas around the world, from popular music in the 20th century and sport and financial services as far back as the 17th century.

“In a year that will see Britain host the Olympic games for a record third time, along with the Paralympic Games, isn’t it time we recognise the huge contribution this country has made to the world of sport but, with the revolution that RDR will help usher in, equally the role we have played, and can continue to play, in shaping the way financial services can transform people’s lives for the better.”

Since the starting gun was fired on both the Olympics in 2005, and RDR in 2006 with the Callum McCarthy ‘call to arms’, both ‘events’ have had seven years to get it right, but also to consider what legacy they want to leave for the future.

“I see the forthcoming period as our own ‘wealth games’,” said Morrison, where only those companies with the scale and strong brand, with an offer that delivers customer value and simplicity and the ability to continue to adapt and evolve, will win their chosen races; races where the focus is matching the right channels to the right customers.

“Many of the life companies of old now actually look old, really old, and are increasingly being overtaken by the new kids on the block with low cost, green field operations, better able in many ways to adapt and flex to the dramatic shifts in the consumer landscape.

“These new firms know that the key drivers of change will be the increase in self-directed investing, the RDR and its potential to transform the client outcomes, and a move towards simplifying every aspect of the customer’s experience with enabling technology.  Many of them are far better equipped to harness all of these compared with a traditional life provider.”

Recent research underlines the dramatic levels of confusion amongst employees on almost all aspects of pensions – 58% not understanding what an annuity is, is just one example; yet 9 out of 10 of us buy one! In response, NEST has published its own golden rules for communicating to employees. “A noble idea,” said Morrison, “and another sign perhaps that we are all waking up to the need to make investing as easy as we possibly can.”

The once frowned upon idea of marketing investments direct to consumers is now warmly embraced by professional advisers if the latest AXA Wealth/YouGov research is to be believed, with over 60 percent saying they are not threatened by such a service which is for clients who don’t have the need for regular on-going financial advice.

Morrison concludes: “To paraphrase the Olympic aspirations, as an industry we need to be stronger, by understanding our customers’ needs and building a more efficient, robust business. We need to aim higher, by growing our assets and nurturing new, creative ideas. And we need to become faster, by turning these ideas into reality for customers and our people. We also need to make it easy. If we can do that we will build a new, credible and trusted partnership with our clients, which is profitable for customers, shareholders and employees alike.

“The legacy of the 1908 Olympics was perhaps the template for the modern Olympic games. 1948’s legacy was arguably a more unified Europe after WWII, and a more optimistic future after years of austerity. It is too early for the 2012 Olympics, and also for the 2013 RDR. In my view though our legacy should be a more confident, modern, and customer-friendly industry, that has removed all the hurdles in order to make investing easy.

“Change is all around so the finishing line never actually finishes – there will always be games to win. If we all continue to aim to be stronger, higher and faster, we can build a legacy that positions us once again as the pioneer in financial services. Let the games commence!”

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People with cancer who were caught in the aftermath of the World Trade Center collapse during the September 11, 2001 terrorist attacks on New York should be eligible for aid, authorities proposed Friday. 

A wide range of dozens of cancers was recommended to be added to the list of conditions officially linked to 9/11, when thousands of local residents and rescue workers were forced for weeks to breathe dust and fumes from the fallen towers.

A $4.3 billion fund is available for 9/11 health victims but until now cancer sufferers — believed to be in the many hundreds — have not been able to place claims of their own.

Until now, most of the aid recipients have had respiratory diseases.  The official recommendation by the National Institute for Occupational Safety and Health has long been delayed since there has been little evidence of a direct link between the World Trade Center tragedy and cancer.

In the ruling, some cancers are excluded, but 14 categories are included and sufferers would qualify for free treatment and compensation.  However, the pool of available money will not expand.

“We recognize how personal the issue of cancer and all of the health conditions related to the World Trade Center tragedy are to 9/11 responders, survivors and their loved ones,” WTC Program Administrator John Howard said in a statement.

“The proposal posted today in the Federal Register would add all types of cancers recommended by the WTC Health Program Scientific/Technical Advisory Committee.”

Howard said that public comment would follow, meaning the change was not yet certain.  Three New York congressional representatives — Representatives Carolyn Maloney, Jerrold Nadler and Peter King — praised the proposal and said there was no doubt of a link between cancer and the toxic Ground Zero site.

“We are thrilled,” they said in a joint statement. “As we have all seen with our own eyes again and again, cancer incidence among responders and survivors is a tragic fact, and we must continue to do everything we can to provide the help that those who are sick need and deserve.”

New York, June 8, 2012 (AFP)

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The ‘Insurance Claims Management: Europe’ report, published by Clear Path Analysis, will bring together insurance claims managers, operation directors and regulatory officers to discuss how a search for profitability, new regulation and a new for increased efficiencies is changing insurance claims departments and how insurers can successfully navigate through the maze of issues faced in the near future.

Download the free report at http://www.clearpathanalysis.com/reports/insurance-claims-management-europe/

 

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A recent Which? report highlighted the practice of holiday companies automatically opting their customers in to the purchase of travel insurance while booking their flight, accommodation or holiday package. The practice was naturally portrayed as negative to the consumer with little consideration as to the impact of removing opt-out as a sales practice.

In recent years, the removal of pre-ticked boxes from airlines has influenced the business models of no-frills airlines to the point that travel insurance is no longer seen to be as valuable a revenue source as it once was. Instead, the simplicity of charging for baggage, boarding cards and other add-ons has become common practice.

In 2011, the EU Consumer Rights Directive was confirmed and must be implemented by member states before December 2013. In essence, it is designed to give consumers more protection when transacting over the phone or the internet. The consequences are likely to also impact the business models of many online retailers, including insurance providers.

Key rights to be granted to consumers will include:

– Customers must give express consent to the inclusion of any ancillary products or services. If consent is not given, consumers will be entitled to a refund. No pre-ticked boxes.

– Credit card fees cannot be higher than the actual cost of the  purchase

– Telephone calls must be charged at the standard rate

– Retailers must advertise the full price of the product including all unavoidable fees or charges. If not, the customer does not have to pay these charges.

– Refunds in full, including any delivery costs, will need to be provided within 14 days rather than 30 days.

This drive to transparency is undoubtedly a positive for the consumer and will encourage trust in retailing. However, there is a risk that reluctant purchases such as travel insurance will not be brought to the attention of customer at the point of sale of the flight, accommodation or holiday when they are most likely to buy. Equally, we may see an upward movement in commission requirement or basic premiums as direct providers struggle to recover their cost of administration and delivery.

In the long-term, as the red tape around privacy, regulation and consumer rights increases, travel insurance and low premium insurance products may become too costly to administer when compared to household and motor insurance.

Equally, we may see a continuation of the fall in travel insurance penetration with customers forgetting to buy before they fly. The advent of FSA regulation saw a marginal reduction in penetration from circa 83% to 75% in the last few years. With travel providers also seeing costs of selling travel insurance increase, they are already focussing more on their core products with customers being introduced to travel insurance providers post-sale.

Naturally, this is taking a pessimistic view but, with so many consumer champions pointing out the benefits of adding this legislation, someone needs to add a word of warning. As a mentor once said to me, it is better to hope for the best but prepare for the worst.

Greg Lawson, Head of Retail at Columbus Direct

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    Shareholders of Italian insurance giant Generali were preparing Friday to oust their CEO amid a climate of revolt against executives and as France moves to clamp down on top brass salaries. 

    Frustrated by the company’s poor performance on the stock market, “a large majority of shareholders” want to give Generali “a new start” by getting rid of Giovanni Perissinotto, a source close to the matter told AFP on Friday.

    Perissinotto’s fate will be decided at a board meeting set for Saturday at 0830 GMT in Milan. Several sources have said he is likely to be replaced by Mario Greco, executive committee member of the Zurich Insurance Group. But Perissinotto, who has headed up the Trieste-based Generali since 2001, is refusing to fall victim to a shareholder uprising.

    When investment bank Mediobanca — which is the insurance giant’s largest shareholder with a 13.24 per cent share — summoned Perissinotto on Wednesday, he refused to resign, forcing shareholders to put the matter to a vote.

    In a letter published Friday in the national media, he expressed his “incredulity” and accused Mediobanca of “putting its own interests once more ahead of those of the company.”

    The public battle has thrown Generali into turmoil, just a year after chairman Cesare Geronzi was ousted for “improper governance.”

    Mediobanca is not the only company baying for Perissinotto’s exit. Leonardo Del Vecchio, which holds 3.0 per cent of Generali, De Agostini publishers with 2.43 per cent and Caltagirone constructors with 2.27 per cent all want him out.

    The coup “is the result of unease felt among shareholders for several months regarding the company’s progress in the stock market and the management of the group, which has not been getting satisfactory results,” another source said.

    The company posted a 50-percent drop in net profit in 2011 and lost another 7.9 per cent in the first quarter of 2012, and the company was forced to reduce the dividend in 2011 to 0.20 euros per share, down from 0.45 euros in 2010.

    The revolt was started by Leonardo Del Vecchio in April when it called in the Corriere della Sera daily for Perissinotto to “resign with dignity.”

    The director general’s probable departure saw Generali’s shares shoot up 4.93 per cent on Milan’s FTSE Mib stock exchange in Friday morning trading. The shareholder uprising comes as new figures show Italian unemployment reached a new high in April and patience with high-earning executives wanes.

    In a Europe weighed down by an intense financial crisis, France’s new socialist government took the latest stand against what is seen as excessive executive pay, vowing to bring in new measures by mid-June to cap salaries.

    The proposal, to cap salaries at no more than 20 times the pay of a company’s lowest-paid worker, is likely to be very popular with those sick of seeing CEO’s ousted for poor performance but rewarded with golden parachutes.

    Milan, June 1, 2012 (AFP)

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    One-in-five travellers ventured abroad uninsured in 2011 although sales of annual travel insurance policies have increased during the past 12 months with 30% of travellers purchasing annual policies up from only 13% in 2010.

    Despite the bleak economic outlook, the travel market saw an increase of £2 billion injected into it in the 2010–11 financial year. This trend is set to grow, with 25% of travellers booking through the high street, up from 17% in 2010.

    Greg Lawson, Head of Retail at travel insurance provider Columbus Direct, said: “This growth in high street sales is believed to be fuelled by the 15–24 age group, giving an opportunity for high street brands to re-invent themselves through the use of social media and other technology to build trust and enhance the travel agent experience.”

    “In addition, there has been a growth of investment in mobile booking platforms as tablets and smartphones proliferate. Travel companies and capital investors are seeking mobile opportunities so travel insurance companies need to be equally mobile to ensure they remain connected to this point of sale.”

    Another age group which has proved resilient to the current climate is the over-55s or baby boomers. This group is considered higher risk for insurance purposes but 30% of those aged 55–64 took more than four trips in the UK last year and 10% took more than four holidays abroad.

    An increasing travel trend is the authentic holiday experience which includes conservation and adrenaline ‘holidays’ or remote destinations. These types of holidays have been on the rise but sometimes have limited access to quality or nearby medical facilities, often needing specialist or long-distance extraction or repatriation as well as having a higher holiday cost.

    Lawson continued: “Our primary role as a travel insurance provider is to ensure we understand what our customers want and endeavour to offer that at a price they believe is appropriate.

    “The risks of travel are always changing in one way or another and any insurance industry should change with the times and our products should reflect both the way customers want to buy insurance and what they want covered.”

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      French insurance group Axa stopped buying Italian and Spanish bonds several months ago but has not sold those it owned already, chief risk manager Jean-Christophe Menioux said on Wednesday. 

      “We froze our investments in (bonds issued by) Italy and Spain a few months ago, as we did a few years ago regarding Greece,” Menioux told a conference in Preignac, southwestern France.

      Financial market pressure on Italy and Spain has risen sharply as institutional investors worry about the state of those countries’ balance sheets, with analysts debating the cost of possibly huge bail-outs.

      The interest rates that Rome and Madrid must offer to obtain longer-term loans on global equity markets have climbed above six per cent and in the case of Spain, are close to a “tipping point” at which Greece and others had to seek international rescue packages.

      Menioux stressed Wednesday that Axa had not sold the Italian and Spanish bonds it owned already, though it has liquidated its portfolio of Greek debt.

      In early March, private creditors agreed to cut the value of the debt owed them by Athens by an unprecedented 107 billion euros, roughly half the total amount.

      As of January 31, the French insurer indicated that it owned Italian bonds with a market value of 15.1 billion euros, and Spanish bonds worth 8.1 billion.  Axa continued to buy French debt, the insurer’s chief risk manager said.

      Preignac, France, May 30, 2012 (AFP)

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        UK motor insurers have seen greatly improved financial results in 2011 but need to do more to improve profitability, according to Deloitte, the business advisory firm.

        Figures presented at Deloitte’s 22nd Annual Motor Insurance Seminar show that, despite seeing the biggest single-year improvement in profitability, the industry is still collectively declaring an underwriting loss.

        Insurers in 2011 posted a net combined ratio of 106%, which means the combined cost of claims and expenses was £106 for every £100 of net earned premium. This is a significant improvement on 2010 when the net combined ratio was 120%.  The market claim ratio was 79% and the market expense ratio was 27%.

        James Rakow, insurance partner at Deloitte, said:

        “At an industry level, the underwriting losses were close to £600 million in 2011 despite improvements in profitability over the year. Investment returns will have helped to alleviate underwriting losses. With total premiums now reaching £14 billion a year, the motor insurance market is still attractive for insurers who are successful at attracting and retaining profitable customers or selling add-ons to basic motor cover.

        “The motor insurance market achieved a 10% increase in gross written premiums between 2010 and 2011.  This was not enough to return the market to underwriting profitability and many consumers are expected to face further increases in 2012 as insurers seek to improve their results.

        “We expect improved results to be delivered by motor insurers in 2012 and we could see an underwriting profit for the industry. The last time this was seen was in 1994.”

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        A remote Scottish community is set to enjoy an economic boost of more than £20m after The Co-operative Bank agreed to finance the UK’s largest community wind farm.

        Ambitious residents in the Western Isles have come together to develop plans to erect the three wind turbine project on South Uist. The Stòras Uibhist Trust made the scheme possible following £1m of grant and loan funding from Social Investment Scotland, £2.4m from the European Regional Development Fund and £8m of finance from The Co-operative Bank.

        It will generate more than £20m income for the local economy over the next twenty years, all of which will be re-invested in the local economy.  The revenue will be used to help tackle many of the Island’s economic and social challenges, with funds earmarked to improve tourism facilities, promote economic activity, improve recreational facilities and to make improvements to the islands’ port facilities for fishermen and leisure sailors.

        The project is announced as the UK’s largest renewable energy event, the All-Energy Conference, begins in Aberdeen today (23 May).

        Angus MacMillan, Chairman of Stòras Uibhist said, “This project has always been about generating income to re-invest into the local community for the benefit of the people who live on the islands of Eriskay, Benbecula and South Uist.

        “We are now looking to the future when Storas Uibhist, in partnership with other local organisations, can make best use of this revenue and the people of this Estate can take their future into their own hands and transform these islands into a vibrant and growing place to live and work.

        “This could only have happened with community ownership and demonstrates that when communities can manage their own assets they are able to transform their futures.”

        Chris Matthews, Renewable Energy Manager at The Co-operative Bank, said: “This scheme pushes the boundaries of community renewable energy.

        “The quality of life for many residents on the Islands will be improved as a result, helping to create local jobs and diversify its economy at a time when like many communities it is facing significant economic and social pressures.”

        The Co-operative Bank specialises in small to medium projects with a capital value of up to £25m.  It has considerable expertise in supporting development of renewable technologies such as onshore wind, hydro, biomass and combined heat & power systems.  It intends to lend £1bn to the sector by 2013 as part of The Co-operative’s Ethical Plan.

        Huw Francis, Chief Executive of Stòras Uibhist added, ‘The realisation of this project will transform these islands and generate significant income for re-investment over the next 20 years. The construction of the UK’s largest wholly community owned windfarm has been made possible by the dedication of the staff at Stòras Uibhist and with the support of Iochdar Hill Common Grazing Committee, HIE, BIG Lottery and Community Energy Scotland.’

        Five years ago residents on the islands of Benbecula, Eriskay and South Uist took control of the South Uist Estate, in the largest community buyout in Scotland, and began working towards the economic and social regeneration of the islands.

        The 93,000 acre estate is famous for its sea-trout and brown trout fishing. It is also host to some of Scotland’s finest wildlife, including golden eagles, sea eagles and red deer. The community also restored and re-opened an ‘Old Tom’ Golf Course in 2008 which was originally laid out in 1891.

        HIE and BIG Lottery have provided grant support to the company during the development of this project and Community Energy Scotland has provided both grant and technical support.

        Work to erect three Enercon E-70 2.3MW turbines will now begin and will be completed during August 2012.

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        The first quarter of 2012 has seen a fall in the average premium quoted for a typical comprehensive car insurance policy, according to the latest benchmark AA British Insurance Premium Index.

        At the end of March 2011, the average Shoparound quote, based on the five cheapest premiums from a range of insurers against a nationwide basket of risks, had dropped by 1.1% to £1,132.  The same criteria applied to price comparison sites showed a fall of 4.3% to £737.

        The ‘market average’ of all quotes in the Index, showed almost no premium movement.  The average quote for comprehensive cover remains at £1,452. The Index data shows that while a few insurers are heavily discounting to attract new business, others have continued to increase premiums.

        Over the year ending 31 March, the Shoparound index rose by 7.7%, the smallest 12-month increase since 2008.  While still higher than inflation, it is significantly less than the record 40.1% annual increase recorded in April 2011.

        For young drivers, men aged 17-22 also saw their premiums fall by almost 1% over the quarter although those for young women increased by 4.8%.

        Simon Douglas, director of AA Insurance, says that the fall in the Shoparound quotes is welcome news for customers who have seen record premium increases over the past two years.

        However, he warns that the factors that drove premiums up haven’t gone away.

        “The industry is still having to deal with fraud as well as increasing numbers of personal injury claims, despite the number of crashes on Britain’s roads falling.  Industry costs continue to rise at around 10% per year,” he says.

        “I can’t see this drop in premiums being sustainable for long.  My fear is that if prices do continue to drop, we’ll see a repeat of 2009, when industry losses led to premiums suddenly rocketing up following a long period of little movement.”

        However, Mr Douglas believes that new legislation and other changes in the industry will help to bring costs under control.

        “We are already beginning to see the number of uninsured drivers coming down due to better police detection and the introduction of Continuous Insurance Enforcement legislation last year,” he says.

        “In addition, insurers are getting smarter at dealing with and exchanging information about fraud, while the new police Insurance Fraud Enforcement Unit is making significant progress in tackling major insurance fraud such as cash-for-crash scams and ghost broking.

        “I also expect new legislation designed to manage no-win no-fee personal injury claims will eventually help reduce costs.”

        From December 2012, a European Court of Justice ruling means that insurers will no longer be able to use gender as a means of calculating insurance premiums.  Young drivers will be particularly affected as young women pay premiums up to 40% less than their male counterparts.

        “The latest figures suggest that insurers are starting to adjust their pricing ahead of the ruling, particularly for young drivers,” Mr Douglas says.

        “After December, young women can expect to see premium increases of up to 25%.

        However, Mr Douglas says that with Government weight behind it, telematic or ‘black box’ insurance points the way forward particularly for young and inexperienced drivers.

        “I expect this type of cover to become increasingly main-stream.  It is gender-neutral and measures driver performance against criteria such as speed, time of day, cornering and braking and can bring significant premium reductions for safe drivers.

        “There is growing evidence to show that users of ‘pay by performance’ systems such as AA Drivesafe are much less likely to be involved in a crash than those with conventional cover.”

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        Taiwan’s Consumers Foundation said Friday it had launched a group lawsuit seeking a record Tw$7.8 billion ($260 million) in damages from companies for selling food and drink items containing banned chemicals.

        The group said it filed the suit on behalf of 568 people against leading food producer Uni-President Enterprises and 38 other firms for allegedly using banned chemicals over a period of several years in food and drink products.

        The foundation accused the companies of violating the civic code by selling flawed goods, as well as breaking the consumer protection law by failing to ensure the safety of their products, it said in a statement.

        Taiwan’s government last year tightened the law on tainted food after various items were found to contain banned chemicals, which experts say can cause hormone problems in children.

        The incident prompted a major recall of sports drinks, juice and other products in Taiwan, while China, South Korea, the Philippines and Hong Kong temporarily banned imports of certain food and drinks from the island.  Uni-President declined to comment on the case.

        Taipei, March 16, 2012 (AFP)

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