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Sofia Ashmore

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The Islamic Development Bank said on Wednesday  it will grant Egypt a $2.5 billion loan to finance infrastructure projects and as insurance for imports and exports.

The three year package will contribute to projects in electricity, roads, railways and education, the Saudi-based bank said in a statement. The money will also be used for a 650-megawatt power station.

Egypt has been struggling to put its economy back on track after a popular uprising toppled president Hosni Mubarak in February.

During three weeks of anti-regime protests that started on January 25, the country was practically paralysed and its lucrative tourism industry badly  affected.

Earlier this month, the International Monetary Fund granted Egypt a loan of  three billion dollars over 12 months.

The IMF loan grants Egypt a grace period of three years and three months  followed by five years to pay it back.

The economy has also been affected by neighbouring conflicts. Tens of thousands of Egyptian workers in Libya, who used to send money back  to their families in Egypt, have fled the fighting between loyalist troops and  rebels.

Egypt estimates it needs between 10 and 12 billion dollars in international  funding to keep it going until mid-2012.

Cairo, June 15, 2011 (AFP)

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According to a survey released earlier this year by the National Pest Management Association, one out of five Americans has had a bed bug infestation in their home or knows someone who has encountered bed bugs at home or in a hotel.

In response to the growing bed bug epidemic, Aon Risk Solutions, the global risk management business of Aon Corporation, announced today its strategic alignment with Global Excess Partners, an innovator in the insurance specialty products business, and Terminix, the national leader in pest control services, to unveil the first ever bed bug insurance solution for hotels, landlords, student housing, corporate businesses and leisure travelers.

This suite of products offers an integrated pest management approach to specifically target bed bugs and combines insurance coverage with Terminix’s specialist bed bug elimination resources to deliver cost savings and greater budgetary certainty while successfully treating and protecting premises.

“When we heard and saw what Terminix can do, we realized there was an opportunity to not only develop an insurance product, but to partner with the resources of the leading professional bed bug specialist to raise the stakes in the war against bed bugs,” said Mary Pat Thurston, a partner with GEP.

“This is the first comprehensive insurance product for bed bug infestation and the first response from the private sector to address a growing national issue,” added Aon Risk Solutions’ National Property Practice Leader Al Tobin. “We are committed to helping businesses and individuals stop the spread of this epidemic.”

Previously, the cost of bed bug elimination and replacement of infested property was excluded in property insurance policies, and only those hospitality companies with loss of attraction coverage on their policies had any protection for lost business resulting from taking rooms out of service. Most bed bug-related expenses were unplanned cost items paid out of pocket.

This new suite of products delivers the following benefits, subject to policy limits, terms and conditions:

– Insurance to cover the cost of bed bug elimination

– Insurance to recover lost revenue resulting from taking rooms out of service during bed bug elimination

– Dramatically reduced need to destroy room contents; in many situations, contents can be successfully treated rather than destroyed and replaced

– Multi-faceted, integrated bed bug management approach includes a new, non-toxic elimination treatment that can return a room to service in five days or less

– Discounted rates for mattress encasements and bed bug kits for greater peace of mind

– Tips to prevent further outbreaks

Nancy Green, executive vice president of Aon Risk Solutions, stated: “The hospitality industry has been dealing with this unplanned, uninsured exposure for years but never had a product to help manage its variability. With the heightened awareness in the real estate and education sectors and the elevated concerns of business and leisure travelers nationwide, there has never been a more important time for the private sector to bring a comprehensive solution to the table.”

Source : AON

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Anthony McErlean, aged 66, of Swarling Hill Road, Petham, Canterbury, had been charged with fraudulently making a claim to ACE European insurance to claim death benefit of £520,000, fraudulently obtaining a passport and two counts of theft in claiming pensions. McErlean claimed pensions of £40,658 from the Department of Work and Pensions, and £27,000 from the Port of London Authority.

McErlean has been remanded in custody at the hearing held at Canterbury Crown Court, until sentencing, which has been adjourned until the week commencing 18 July.

Between 5 December 2009 and 31 May 2010, McErlean made a false representation, by pretending to be his wife, claiming he had died in a road traffic collision in Honduras on 6 December 2009. He had claimed he had been struck by a produce truck and died from his injuries.

McErlean was charged with this fraudulent claim offence on 16 March 2011. He was given strict bail conditions, including not leaving or attempting to leave the UK at any time and not to apply for any travel documents for any reason.

On 17 March 2011, McErlean applied for a new passport claiming he had lost his last one. This in fact had been seized by police. A new passport was issued on 21 March 2011 and sent to a courier in order for it to be delivered.

Officers from the Serious and Economic Crime Unit at Kent Police, through their investigation, intercepted the new passport and McErlean was re-arrested on 28 March on the M6 in Staffordshire. He has since been remanded in custody and further charges were put to him – fraudulently obtaining a passport and two counts of theft.

McErlean had produced a faked witness statement which stated that on changing a wheel on the car he was travelling in, he was struck by a produce truck. The invented ‘witness’ who said he was travelling with McErlean to take some rural wildlife photos, said a truck full of farm workers took the body to Santa Rosa De Aguan, a small village, where local people took care of the body.

Kent Police’s investigation team were alerted to the fraudulent activity by the Insurance Fraud

Bureau who had been contacted by ACE European insurance company, suspicious of the claim McErlean was making. Officers from Kent Police’s SECU arrested McErlean and found him in possession of a credit card in the name of Green.

Officers discovered McErlean not only faked his own death to claim from an insurance company, but had been claiming pensions relating to his father in law from a previous marriage, who had died in March 2007.

Glen Marr, Director of the Insurance Fraud Bureau: ‘The insurance industry takes all form of insurance fraud very seriously. This shows the positive results that can be achieved by the insurance industry and law enforcement working in unison.

‘Our industry is no longer an easy target for these criminals and we are determined to protect our genuine customers.

Source : IFB

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Insurer PropertyRisks is warning landlords that their insurance cover could be invalidated by tenants illegally subletting during the London 2012 Olympics.

Nigel Atkinson, head of PropertyRisks, said tenants could easily be tempted into subletting due to the lucrative deals being offered. Sums of £2,500 per week for a one-bedroom flat in Stratford or £6,500 per week for a four-bedroom house in Berkshire are being quoted in advance of the Olympics in August 2012.

“Quite apart from the implications it could have on a tenancy agreement, from an insurance perspective, this form of subletting would be regarded by the insurer as unauthorised and tenants’ contents cover could be voided or prejudiced,” Atkinson said. “The tenant would not only have to carry the cost of any loss or damage to their own property, they would also potentially be responsible for cost of replacement of or repair to landlords’ fixtures and fittings.”

PropertyRisks, a specialist insurer for the residential lettings market, believes that with the sums on offer some tenants may still be tempted to take the risk and will hope to cover themselves with a damage deposit. On one website listing properties to rent, a typical level of damage deposit is £1,000. However, PropertyRisks warns that some of the occupancy levels being suggested considerably increase the possibility of damage – a one-bedroom flat has been advertised as accommodation for four people and a two-bedroom apartment is offered as accommodation for six to eight people. If major items such as carpets had to be replaced, the cost could easily erode the potential profit.

One measure landlords can take against unauthorised rentals is legal expenses and rent guarantee cover, as Nigel Atkinson explained: “If a landlord has this cover in place with us and is unaware that the tenant is subletting, cover will be maintained and the landlord will be protected financially.

“However, we are aware of one report on the rich pickings to be had, that suggests a tenant could do a deal with the landlord and share the profit. Landlords should be aware that if they agree to subletting in this way, their cover could be invalidated. The ultimate risk then is that the sublet tenants decide not to move out at the end of the rental period. Legal costs to re-secure the property may not be covered and the rent might not be paid.”

He added: “Some of the most popular areas for Olympic rentals are places like Docklands and Greenwich where there is a huge volume of rented property. It is inevitable that there will be unauthorised sublets when you are seeing sums like rental plus 70% or more being suggested as the going rate. Our advice is that letting agents alert their landlord clients to the possibility and recommend that they check that they have appropriate legal expenses and rent guarantee cover in place. Importantly, they should also be warning tenants that they could jeopardise their tenancy if they succumb to the temptation to sublet.”

Source : PropertyRisks

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Fitch Ratings has affirmed Standard Life Assurance Limited’s (SLAL) Insurer Financial Strength (IFS) rating at ‘A’ and Long-term Issuer Default rating (IDR) at ‘A-‘. Fitch has also affirmed the Long-term IDR of Standard Life plc (Standard Life), the top holding company for the Standard Life group, at ‘BBB+’. In addition, the agency has affirmed Standard Life’s subordinated debt at ‘BBB’. The Outlooks on the Long-term IDRs and IFS rating are Stable.

Standard Life’s ratings reflect its strong business position in the UK life and pensions market. In terms of sales volumes, the company is one of the leading players, driven by its success with self-invested personal pensions (SIPPs).

Standard Life has low debt leverage and remains well-capitalised. “Standard Life’s ‘capital-lite’ product mix does not generate high exposure to investment guarantees. This means that its capital buffer is less geared to financial markets than that of many other UK life insurers,” says David Prowse, Senior Director in Fitch’s Insurance Group in London.

“The downside is that the earnings power of Standard Life’s product mix is dependent on the value of funds under management, which is sensitive to financial markets and policyholder surrender rates, particularly for the large volumes of SIPP business sold in recent years. The extent to which the company can flex its charges and cost base in the event of falling fund values is key to maintaining profitability. However, Standard Life is still seeing strong net inflows and growing funds under management,” adds Prowse.

The main driver of Standard Life’s ratings is its ability to maintain its position and profitability in its key UK pensions market in the face of increasing SIPP competition and the introduction of the Retail Distribution Review (RDR). Failure to achieve this could lead to a downgrade. Greater product diversification beyond the UK pensions market, or enhanced profitability within it, as indicated by operating return on assets, could lead to an upgrade.

Under the RDR, due to take effect by the start of 2013, financial advisers will no longer receive sales-based commissions from insurers. Instead, they will charge fees directly to their customers. Fitch believes the RDR will lead to a shift of some customers away from independent financial advisers (IFAs), the main sales channel for Standard Life and many other UK insurers. For more details on the RDR, see Fitch’s report “UK Life – Retail Distribution Review”, available at www.fitchratings.com.

Source : Fitch Ratings

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Kevin Mountford, head of banking at moneysupermarket.com comments on the Bank of England’s Monetary Policy Committee decision to hold base rate at 0.5% :

“With worries around economic growth, its no surprise to learn that the base rate is being held at 0.5 per cent for the 27th consecutive month. However, this situation cannot continue indefinitely and consumers, especially those with variable rate mortgages need to be aware of the impact a rate rise could have on their outgoings.

“Should base rate rise by just 0.5 per cent monthly mortgage payments for homeowners with a £150,000 variable repayment mortgage on an average 4.80 per cent SVR would rise by £43.80. If the base rate rises by one per cent, their monthly repayments would jump by £88.70, representing a huge hit to their finances.

“Since the base rate dropped in March 2009, many consumers have taken advantage of lower mortgage payments and absorbed the savings into every day living costs. The danger for these consumers is that when rates rise, as they inevitably must, many will find they don’t have the ability to cope with their increased repayments. The uncertainty around exactly when rates will rise puts home owners in a tricky position and anyone with a variable rate mortgage needs to consider their options carefully. On the one hand moving to a fixed rate product will protect them against sudden repayment rises, however, if base rate continues to remain at current levels or rises very slowly, they could be stuck paying over the odds for a considerable amount of time.

“For savers, while a base rate rise can also be seen as a boost, it worth noting that there are some excellent deals available for those prepared to lock their money away. Consumers need to weigh up the risk benefits of generating some interest on their savings now against the possibility that rates will rise soon and rise sharply. My advice, especially those with savings pots lingering in poorly paying accounts, is to be proactive, shop around for the best deal get their money working for them.”

Source : moneysupermarket.com

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Former politician Ann Widdecombe and professional ballroom dancer Anton du Beke are stepping out to help thousands of older people in care homes waltz, tango or jive their way to better health.

Ann and Anton joined Bupa care home residents, their families and care workers at London’s National Theatre to launch ‘Shall We Dance’, an international initiative to encourage dancing amongst older people as a way of achieving a healthier old age.

The initiative coincides with a new Bupa report, also launched today, which highlights the ways in which dance can contribute to the emotional and physical wellbeing of over-65s and urges policy makers to pay special attention to dance when looking at ways to promote fitness in older people.

The report shows how dancing is especially beneficial in improving the health and fitness of older people beyond other types of exercise. As well as improving coordination, reaction times, muscle endurance, flexibility, gait and strength – which all reduce the risk of falls in older people – it is proven to be beneficial in the prevention and treatment of conditions as diverse as dementia, arthritis and Parkinson’s disease. It also carries with it a social element which can help improve confidence and reduce isolation.

Ann Widdecombe and Anton du Beke are backing the ‘Shall We Dance’ campaign to improve access to dance for older people. The campaign is appealing for local dancers, dance troupes and dance teachers – of any style – to contact their local Bupa care home to share their passion for dance by performing for residents or teaching dance classes to people who have a range of mobility issues.

Ann Widdecombe said: “I support Bupa’s call to increase access to dancing for the over-65s. I discovered the benefits of dancing later in life; it’s a great social activity, good exercise and can be enjoyed by people of all ages. It’s never too late to get out onto the dance floor.”

Anton Du Beke said : “As a professional dancer I know the health benefits of dance; it’s a great form of exercise, but it’s also fun. That means older people are more likely to keep dancing and enjoy the mental and physical benefits it brings, whatever their level.

Ann and Anton took part in dance demonstrations today with care home residents and their families from Bupa care homes around London.

Bupa’s report highlights that 80 per cent of men and 83 per cent of women aged 65-74 do not get the recommended levels of physical exercise. For over 75s this rises to 91 per cent for men and 94 per cent for women.

Dr Clive Bowman, medical director of Bupa Care Services said: “This lack of exercise matters because taking part in physical activity improves both the health and life expectancy of older people.

“Our report shows that physical activity can have a beneficial effect on life expectancy, as older people who carry out more intense physical activity for longer periods tends to live longer than those with more sedentary lifestyles.”

Tracey Fletcher, customer services director for Bupa Care Services said: “We already know our residents like dancing and many of them have fond memories of going to dances.

“Now we have the evidence from Our Keep Dancing report that dance is so good for older people’s wellbeing – we will be increasing the amount of dance activities in our care homes.”

Source : Bupa

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Aon Benfield’s monthly Cat Recap Report has been released today, reviewing the natural disaster perils that occurred worldwide in May.

Published by Impact Forecasting, the firm’s catastrophe model development center of excellence, the report reveals that after a highly active April, severe weather events continued in the U.S. during the month of May with multiple outbreaks that left at least 169 people dead and more than 1,500 others injured.

According to the U.S. Storm Prediction Center, one particular outbreak during the latter half of the month spawned at least 275 unconfirmed tornado touchdowns across an area stretching from southern Texas to New England. The most devastating tornado came in the city of Joplin, Missouri, where a confirmed EF-5 – the highest level on the Enhanced Fujita Scale – caused catastrophic damage and loss of life.

The tornado was classified as the deadliest since records began in 1950, killing at least 141 people and injuring 1,150, and is likely to be one of the costliest tornadoes ever recorded.

Total economic and insured losses from U.S. severe weather events during May are expected to reach into the billions of dollars (USD).

Steve Jakubowski, President of Impact Forecasting, said: “The first half of 2011 has seen substantial severe weather and flood activity in the U.S., which has claimed hundreds of lives and has resulted in billions of dollars of re/insured losses and an even greater economic loss to the affected regions and the country as a whole. To put this period into perspective, the last year to see more than one EF-5 or F-5 tornado touchdown in the U.S. was 1998; yet in 2011 five EF-5 tornadoes have already been recorded.”

Elsewhere in the U.S., flooding persisted throughout the Mississippi River Valley, northern New England and the northern Rockies during the month.

Along the Mississippi River, the American Farm Bureau Federation reported that over 3.6 million acres (1.45 million hectares) of farmland may have been damaged, with total economic losses reaching USD5 billion, and insured crop losses totaling at least USD1 billion.

Meanwhile, river flooding in Manitoba and Quebec provinces in Canada resulted in at least five fatalities. Total damages to property, agriculture and infrastructure are expected to exceed CAD1 billion (USD1.03 billion), and in Quebec, the Richelieu River Basin saw its worst flooding in at least 140 years.

A series of wildfires broke out across Alberta, Canada, including one devastating wildfire in Slave Lake town, where at least 431 homes and other structures were damaged or destroyed and nearly 100 others affected in surrounding communities. Insurers reported that losses could reach CAD200 million (USD206 million), which would make the event Canada’s costliest wildfire on record

Major ongoing flooding in Colombia had resulted in 116 deaths by the end of May, and had submerged more than 1.06 million hectares (2.5 million acres) of land and damaged over 372,000 homes, amid a forecast total economic impact estimated at COP10.44 trillion (USD5.85 billion).

In Europe, a powerful storm swept across parts of Scotland, killing one person, damaging hundreds of homes and businesses and causing GBP4 million (USD6.5 million) in crop losses.

Two moderate earthquakes were recorded in southern Spain, killing at least nine people and injuring 400 others in the town of Lorca. At least 20,000 homes, buildings and other structures were damaged, with total economic losses estimated at EUR88.4 million (USD125 million), and insured losses expected to breach EUR70 million (USD99 million).

Source : Aon Benfield

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Firms who operate a price comparison website have received a letter from the Financial Services Authority to ensure they are aware of their regulatory requirements.

The letter contains proposed guidance and highlights some concerns the FSA has around the fair treatment of customers. It also asks firms to think carefully about whether they are introducing, arranging or even advising customers on purchasing a contract of insurance – and whether they need to reflect that with a change in permissions.

The letter follows a review carried out between June and September 2010. Firms now have until 8 August 2011 to respond to the proposed guidance.

As well as asking firms to consider whether or not they need to extend their permissions it also sets out examples of good and bad practice.

Some of the areas the FSA has highlighted include:

– Making it clear that firms should take responsibility for checking eligibility or disclosure, rather than putting the onus on the customer;

– Reminding firms to check whether they hold the correct permissions, in particular where they may be inadvertently giving regulated financial advice without holding that permission;

– Reminding firms who are using a ‘white label’ service to make it clear to customers which firm they are actually dealing with and who they should complain to should they wish to do so; and

– Reminding firms that use a ‘white label’ service to check that their provider holds the necessary permissions to conduct regulated activity.

The letter can be found on the FSA website. As well as providing guidance to current price comparison websites it will also serve as a useful guide for firms considering entering the market.

Source : FSA

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While Britain’s churches have been struggling to protect themselves against criminals stealing lead from their roofs, churches in one part of the country are facing another crime wave:  the theft of expensive stone roof tiles.

According to new figures released by specialist church insurer Ecclesiastical, half of all churches that have made insurance claims for the loss of stone roof tiles over the last two years are in Gloucestershire, Wiltshire and Bristol. This is the region of the UK where valuable Cotswold stone tiles are a traditional roofing material costing £2,000-£5,000 to cover a square 10 ft by 10 ft.

Of the 48 churches to have claimed for theft of stone roof tiles from March 2009 to the end of this April, 24 were in Bristol, Wiltshire and Gloucestershire. Claims tend to range from a few thousand pounds up to £20,000 for a larger theft.

John Coates, Ecclesiastical’s director of Direct Insurance Services said: “Cotswold stone tiles are an attractive and highly sought-after roofing material. They’re also quite expensive in comparison with other roofing materials, hence there’s a buoyant market in reclaimed tiles.

“Churches around Gloucestershire, Wiltshire and Bristol and clearly being targeted for their Cotswold stone tile roofs. Thieves tend to take the lower tiles, which might be accessible from the ground or a step ladder – the tiles on porches, lych gates and the eaves. However, in some cases it’s the ridge tiles that are the target.”

Ecclesiastical is urging churches in Gloucestershire, Wiltshire and parts of Bristol to be particularly vigilant if their roofs are made of Cotswold stone tiles and consider applying SmartWater. John Coates explained: “SmartWater is a colourless liquid that can be applied to stone and metal, which leaves a chemical fingerprint that police can trace.  Using SmartWater and displaying the signage provided with the kits so that criminals know the church has been marked also acts as a strong deterrent. We’re encouraging churches with expensive stone roofing tiles to apply Smartwater to some of their tiles so that, if they are stolen and recovered, police can use the Smartwater evidence to help get a conviction.”

If not detected quickly, the theft of roof tiles can allow rainwater into the church, creating further damage and expense.

Source : Ecclesiastical

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Industrial Insurance Company HDI-Gerling has appointed Mark Appleton to the position of liability underwriting director for the UK and Ireland.

Mark joins from RSA where he was European casualty director. Previously he held senior positions at Chubb and CNA and brings with him a wealth of experience in the UK and global insurance markets.  Mark has over 20 years liability underwriting experience specializing in complex risk-managed business.

He will be responsible for the UK and Ireland liability portfolio with a focus on developing and managing the liability business in HDI-Gerling’s Major and Global division.  Mark will report directly to David Ball, director, Major and Global Risks and also Richard Taylor, managing director for the UK and Ireland.

Richard Taylor commented: “I am delighted that Mark has chosen to join our company.  Mark combines significant industry experience and strong broker relationships with an in-depth knowledge of industrial business in the UK and global sectors.  He has proven himself to be an effective leader who understands how to develop and grow a profitable account.”

Source : HDI-Gerling

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PruHealth customers can now collect up to 200 Nectar points and 10 Vitality points each week when buying £20 worth of healthy foods during the weekly shop at Sainsbury’s, under a new and exclusive partnership with Nectar, the largest loyalty programme in the UK.

Enhancing PruHealth’s existing partnership with Sainsbury’s, the innovative insurer that rewards healthy behaviour has become Nectar’s exclusive healthcare partner within the programme. Policyholders with Nectar membership can now receive 10 Nectar points per  £1 spent in Sainsbury’s on over 1,500 healthy foods. Customers will also be rewarded 1 Vitality point for every £2 spent on healthy foods, which contributes towards discounts with PruHealth’s reward partners and cashback on the individual’s policy.

Furthermore, Nectar customers wishing to join PruHealth will receive 5,000 Nectar points for taking out a new private medical insurance policy, meaning they could potentially collect up to 15,400 Nectar points in the first year, as well as 520 Vitality points.

Recent findings from PruHealth indicate a third of British adults (33%) want to improve their diets and eat more healthily in 2011, and PruHealth and Nectar are committed to helping their members live a healthier lifestyle.

Dr Katie Tryon at PruHealth commented: “We all know what we should be doing to look after ourselves, but we need encouragement to implement these changes into our lifestyle on an ongoing basis.  Incentivising healthy behaviour is our core philosophy and we believe our healthy foods initiative can help drive behavioural change amongst our members. We are extremely excited about the possibilities presented by our new partnership with Nectar and our enhanced relationship with Sainsbury’s and look forward to developing further initiatives in the future.”

The innovative insurer hopes the rewards offer an attractive incentive for members to eat healthily, while also providing an attractive proposition for new customers as well. One in ten (12%) British adults said receiving discounts for leading a healthy lifestyle would be an incentive to take out private medical insurance.

James Frost, Marketing Director at Nectar said: “We are really pleased to be part of this innovative partnership. Not only can our collectors now earn points on health insurance through PruHealth but by purchasing the right products at Sainsbury’s they can earn points five times faster than usual. We also believe there’s a lot more potential to use the Nectar currency to reward other positive lifestyle or behavioural choices in the future.”

Source : Prudential

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Readers of News Insurances will now enjoy a new enhanced version of the online source of information dedicated to the insurance sector.

The objective is to better help the visitor search for information. This new version is a real evolution.The idea is to optimise the organic referencing of insurance related topics while respecting and staying vigilant concerning search rules set up by search engines.

The construction of the new version is based on a three months eye tracking study. Sébastien Jakobowsky, co-founder and Communication Director, sais “this is what allowed us to understand the navigation process of our viewers. The location of the information on each page has been carefully studied to meet expectations of our visitors”.

Audio-visual content also occupies a strategic place. The two main broadcasts are now signalled by a small camera pictogram. This will allow the reader to differentiate the video content from the standard article.

The second version of News Insurances will also bring strong evolution on the sideline: “ this is a true work of technical optimisation,” declares Nicolas Mortel, co-founder and Publishing Director. “To keep a head start with organic referencing on insurance related topics, we have to be mindful of the rules imposed by Google, Yahoo or Bing. We have developed a technical architecture that is flexible and at the top of the heavyweight search champions’ requirements”.

Advertisers have not been forgotten since they dispose of a privileged presence to communicate their campaigns. “The whole difficulty is to offer an efficient way to spread the commercial proposals of our sponsors with out indisposing our readers,” sais Romain Deslandres, co-founder and Business Director.  “We have sought advice from a leading online advertising agency to build and optimise the advertising space on the site. We offer of course the usual devices, and even more. We have innovative possibilities, which bring real profitability to the advertisers. Henceforth, we can guarantee a strong, immediate and measurable impact for insurance events from companies who want to make a lasting impression”.

This alchemy between visitors and advertisers seem to operate on the French version News-Assurances, as can testify the click rate ratios observed on the skilfully distributed commercial ads throughout the web site. “We have privileged in 2011 the advertisers who bring an added value in their way of advertising On Line. The current success of News Assurances in France is such that we can allow ourselves to be somewhat picky in the choice of our sponsors” concludes Romain Deslandres.

 

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The annual Scottish Widows UK Pension Report 2011 reveals that 49 % of those who could and should be saving are preparing inadequately for retirement.

Levels of saving remain broadly consistent over five years, pre and post the financial crunch, with those preparing inadequately never falling below 46 percent or rising above 52 percent.

The Scottish Widows Pensions Index – looking at those between 30 years-old and state pension age who earn more than £10,000 per year – shows that only 51 per cent of the current generation of potential savers are making sufficient provisions for their retirement. This drops to around 25 percent when those with a final salary pension are excluded. A fifth (20 percent) of people are failing to save anything at all.

This comes despite the fact three quarters (73 percent) of people recognise the need to take personal responsibility for their retirement planning, demonstrating that awareness in the importance of saving is not translating into action.

The Scottish Widows Average Savings Ratio – which tracks the percentage of income being saved for retirement by UK workers not expecting to get their main retirement income from a final salary pension – remains at just over 9 per cent. This is a 3 per cent shortfall from the 12 per cent Scottish Widows believe people should be saving to achieve a comfortable retirement.

Ian Naismith, Head of Pensions Market Development for Scottish Widows, said: “This year’s report clearly illustrates the stark difficulty we face in helping people to recognise the urgent need to take personal responsibility for their future. We need a step-change to overcome this ingrained inertia and help people prepare for their retirement.”

Retirement Perceptions: Myth and Reality

The average age people would like to retire remains unchanged from 2010, at 61 years and 8 months. The maximum age respondents would be prepared to work until also remain broadly consistent with 2010 at 66 and 6 months. Only one-in-five said that would be happy to still be in employment at 70 years old.

On average people would like to have an annual income of £24,300 to be comfortable at 70 years-old, a sizeable drop from the amount we saw before the recession in 2009 (£27,900), showing signs of more modest expectations following the economic downfall. However, this will still be unobtainable if the number of people failing to save adequately remains at current rates.

Surprisingly, respondents claim that they are able to put aside an additional £97.10 per month on average for the long-term in 2011, this is an increase following a drop in 2010.  However, people are failing to do so.

Ian Naismith continues: “Put simply, people need to save an extra £58 per month** on average to prepare adequately for retirement and make up the shortfall we are seeing currently. That is roughly the cost of a cup of coffee every day.  Even though for many this is realistic, and is in under the average £97.10 per month people say they can afford, we appreciate the difficulty in setting aside extra money. It’s about breaking through that inertia. And for some the amount that needs to be saved will be higher but it’s about taking small steps, getting on to the savings ladder and, more importantly, staying on it. Much higher saving levels are needed to get towards the average £24,300 a year people aspire to.  The message is that everyone should be putting aside as much as they can afford for their retirement.”

Introduction of NEST

A ninth (11 percent) of non-retired respondents indicated they are likely to opt out of NEST if they are automatically enrolled into it.  This is unchanged from last year. The amount they are prepared to contribute has increased and now stands at £37.50 per month, in comparison to £33.90 in 2010. However, this is well below what will be required after the initial phasing-in period. The mean amount was higher for men than women.

Ian Naismith continues: “The successful implementation of automatic enrolment, combined with state pension reform, could help galvanise consumers into action to think more about how much they are saving and when they start to make provisions. However, these measures need to be accompanied by a clear message that most people need to see these as the foundation for their retirement savings rather than the full solution.”

Source : Scottish Widows

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Bean sprouts from the German state  of Lower-Saxony are suspected of being the source of the deadly E. coli  outbreak which has killed 22 people, the region’s agriculture ministry said  Sunday.

There was no definite proof as yet but “a connection has been found  involving all the main outbreaks,” regional agriculture minister Gert  Lindermann told a news conference.

Initial test results from a farm producing the bean sprouts, on the  outskirts of Lueneburg, showed contamination by the bacteria, the minister  said, adding that two people working there had fallen ill, and that one was  definitely sick with the bacteria.

Early indications are that the farm “is at least one of the sources of  contamination,” he added.

The bean sprouts are from a variety of products, mainly lettuce, his  ministry said in a statement.

The sprouts grow in “temperatures of 37 degrees celsius which is ideal for  all bacteria,” the minister added. The farm involved in producing them is located in the small village of  Bienenbuettel, some 80 kilometres (50 miles) south of Hamburg, one of the main  cities hit by the bacteria outbreak.

News of the possible breakthrough came as the death toll climbed to 22,  with the latest figures from the European Centre for Disease Prevention and  Control (ECDC) adding three victims to the previously confirmed 19.

All but one of the deaths occurred in Germany, the source of the   enterohaemorrhagic E. coli (EHEC) outbreak which has affected 12 countries.  The other victim died in Sweden.

German Health Minister Daniel Bahr, who was on Sunday visiting Hamburg’s  Eppendorf University clinic where many of the region’s EHEC patients are being  treated, has warned that the source of infection could still be active.

“Food health officials are working around the clock to identify the source  of the infection,” Bahr told the Ruhr Nachrichten newspaper on Saturday.    “But from earlier outbreaks we know that we can’t always identify the  source.

“It can’t be ruled out that the source of infection is still active,” he  added, pointing to the need for continued vigilance as authorities still  counsel against eating raw tomatoes, lettuce and cucumbers.

Speaking to Bild am Sonntag, Bahr said also the situation in a number of  north German hospitals, especially Hamburg and Bremen, was “difficult” because  of the high number of admissions, adding that other hospitals would be called  upon to help.

Cases of E. coli poisoning have also been reported in more than 12 other   countries, including Austria, Britain, the Czech Republic, Denmark, France,  The Netherlands, Norway, Spain, Sweden, Switzerland and the United States.  Each was related to German travel.

Meanwhile, several German scientists Sunday suggested the outbreak could be  linked to bacteria found in biogas plants.

Biogas, or methane, is produced by the anaerobic digestion or fermentation  of biodegradable materials such as manure, sewage and green waste.    “There are all sorts of bacteria which didn’t exist before which are now  produced in biogas fermentation tanks,” Bernt Schottdorf, a medical analyst,  told Welt am Sonntag newspaper.

“They crossbreed and mix with one another — what goes on precisely hasn’t  really been studied,” he said, adding that 80 percent of the production waste  finds its way back onto fields as fertiliser.

Ernst Guenther Hellwig, head of the veterinary and agriculture academy in  Horstmar-Leer, said that because it had rained very little in the spring it  was possible such fertilisers had not been washed off growing plants.    “Dangerous bacteria could be brought onto the fields this way and could  contaminate vegetables,” he said.

The WHO has identified the bacteria as a rare E. coli strain never before  connected to an outbreak of food poisoning. It is said to be extremely  aggressive and resistant to antibiotics.

The ECDC reported 1,605 cases of EHEC infection and 658 cases of the  associated condition haemolytic uraemic syndrome (HUS) on Sunday.

Hanover, Germany, June 5, 2011 (AFP)

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A four-day bike ride from London to Paris to help support a cancer charity plan. Turning up to the office in a spandex one-piece can be a career-limiting move in the insurance market, but for five senior managers from specialist engineering and construction insurer HSB Engineering Insurance Limited, it marks the beginning of the epic bike ride in aid of charity.

The five HSB managers, including CEO Stephanie Watkins, have donned their Lycra suits and are in the midst of a gruelling four-day cycle ride from London to Paris for Marie Curie Cancer Care.

Christened Lycra Warriors, the HSB team started from London’s Crystal Palace park on Wednesday and are cycling over 300 miles to finish at the Eiffel Tower in Paris on Saturday 4 June.

HSB’s Lycra Warriors are:

Stephanie Watkins      CEO

Peter Milton                 Managing Director Engineering Division

David Threlfall             Group IT Manager

Neville Green               Group Underwriting Manager

Allan Padget                MIS Manager

Stephanie Watkins said: “We’re going to be covering around 80 miles a day so it will be pretty challenging – especially on day one when we have to traverse the North Downs”.

“What’s really driving us on is the knowledge that we and our friends, family and colleagues who’ve sponsored us will be making a big contribution to an organisation which helps so many people who suffer with cancer.”

HSB’s Lycra Warriors are aiming to raise over £7,000. Anyone wishing to sponsor the team can do so online at www.justgiving.com/allan-padget.

Source : HSB

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ARAG UK, a specialist legal expenses insurance provider, has appointed William Brooks to the newly created position of ATE Business Development Executive (London).

William is tasked with expanding ARAG’s reach into the commercial litigation ATE market with the top London solicitors.

Paul Hurley, Business Development & Marketing Director said: “Over the past few years we have built relationships with a number of firms in London and during this time we have developed a product specifically for those firms involved in commercial litigation. Now is the right time to extend the product to other solicitor firms.”

William joins from London-based legal expenses broker QLP.

ARAG UK has grown significantly over the last fives years,  with growth of 51% against a target of 21%. With plans to expand corporate business partnerships, the company’s  sights remain set on further significant gains over the coming years.

Source : ARAG UK

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Allianz Legal Protection (ALP) has further boosted its before-the-event (BTE) insurance team with the appointment of Calvin Smith as new business developer.

Calvin will be responsible for driving the sales and distribution for new legal protection opportunities through their target markets, which include commercial brokers, insurers, underwriting agencies and affinity partners.

Steve Rowley, BTE business development manager, Allianz Legal Protection, said: “Calvin’s appointment highlights our commitment to legal expenses and strengthens the high-calibre team we already have in place to deliver legal products and services to our existing and prospective business partners. We see considerable growth opportunities in the BTE market and Calvin will play a crucial role in facilitating our expansion.”

Prior to joining Allianz, Calvin held various development underwriting positions within financial lines development at Chubb Insurance and AIG.

Source : Allianz

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Mobile phone users may be at increased risk  from brain cancer and should use texting and hands-free devices to reduce  exposure, the World Health Organisation’s cancer experts said.

Radio-frequency electromagnetic fields generated by such devices are  “possibly carcinogenic to humans,” the International Agency for Research on  Cancer (IARC) announced at the end of an eight-day meeting in Lyon, France, on  Tuesday.

Experts “reached this classification based on review of the human evidence  coming from epidemiological studies” pointing to an increased incidence of  glioma, a malignant type of brain cancer, said Jonathan Samet, president of  the work group.

Two studies in particular, the largest conducted over the past decade,  showed a higher risk “in those that had the most intensive use of such  phones,” he said in a telephone news conference.

Some individuals tracked in the studies had used their phones for an  average of 30 minutes per day over a period of 10 years.

“We simply don’t know what might happen as people use their phones over  longer time periods, possibly over a lifetime,” Samet said.

There are about five billion mobile phones registered in the world. The  number of phones and the average time spent using them have both climbed  steadily in recent years.

The IARC cautioned that current scientific evidence showed only a possible  link, not a proven one, between wireless devices and cancers.

“There is some evidence of increased risk of glioma” and another form of  non-malignant tumour called acoustic neuroma, said Kurt Straif, the scientist  in charge of editing the IARC reports on potentially carcinogenic agents.

“But it is not at the moment clearly established that the use of mobile  phones does in fact cause cancer in humans,” he said.

The IARC does not issue formal recommendations, but experts pointed to a  number of ways consumers can reduce risk.

“What probably entails some of the highest exposure is using your mobile  for voice calls,” Straif said.

“If you use it for texting, or as a hands-free set for voice calls, this is  clearly lowering the exposure by at least an order of magnitude,” or by  tenfold, he said.

The new review, conducted by a panel of 31 scientists from 14 countries,  was reached on the basis of a “full consensus,” said Robert Baan, in charge of  the written report, which is yet to be released.

“This is the first scientific evaluation of all the literature published on  the topic with regard to increased risk of cancer,” he said.

But the panel stressed the need for more research, pointing to incomplete  data, evolving technology and changing consumer habits.

“There’s an improvement in the technology in terms of lower emissions but  at the same time we see increased use, so it is hard to know how the two  balance out,” Baan noted.

One major international study underway, known as MOBI-KIDS, is  investigating potential links between communication devices and brain cancer  in children.

“Children are most vulnerable due to the intensity of emissions compared to  the mass of tissue exposed,” said Dominique Gombert, head of risk evaluation  at France’s Agency for Food, Environment and Occupational Health and Safety,  but not part of the IARC panel.

“We need to redouble our efforts to reduce exposure,” he told AFP.

The IARC ranks potentially cancer-causing elements as carcinogenic,  probably carcinogenic, possibly carcinogenic or “probably not carcinogenic”.

It can also determine that a material is “not classifiable”.

Cigarettes, sunbeds and asbestos, for example, fall in “Group 1”, the top  threat category.    Cell phones now join lead, chloroform and gasoline exhaust in Group 2B as  “possibly carcinogenic”.

Paris, June 1, 2011 (AFP)

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Southern Cross, the troubled owner of 750 care  homes in Britain, announced Wednesday it would pay a third less rent for the  next four months as trade unions called on the government to step in.

The firm, responsible for looking after 31,000 elderly residents, is taking  what effectively amounts to a loan from its landlords as it grapples with a  £230 million (262 million euros, $378 million) annual rent bill.

The company recently warned it was in a “critical financial condition” as  it unveiled a £311 million loss in the six months to March 31.

The GMB trade union, which has around 12,000 members working in Southern  Cross homes, urged politicians to take action to help secure the future for  the staff and the residents.

The union’s general secretary Paul Kenny said: “These are not factories  facing closure, they are a vital part of the social fabric of every community.”

Southern Cross is facing rising rent bills, but has also felt the effect of  public spending cuts as fewer councils place residents in the company’s homes.

Local authority admissions declined by 15 percent in the first half of its  financial year.

The company said it was confident that a “critical mass” of landlords will  support restructuring plans which it will draw up over the summer, with an  announcement expected in July.

Chairman Christopher Fisher said: “We believe that all of the key  stakeholders in Southern Cross want this restructuring to succeed.”

London, June 1, 2011 (AFP)