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Sofia Ashmore

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It goes without saying that each and every Royal Wedding celebration is going to be different, unique and special. The successful organisation of such an occasion is going to be paramount to the overall enjoyment by all. If you have organised an event before, whether large or small you will understand what is involved and the insurance cover required. However, if not you are going to need some guidance to help you put on the perfect event.

We cannot answer all your questions, but we can give you some idea of what to think about.

Celebrating at home?

If your celebration is going to be held at your own property you should check with your home insurer as to whether your current policy will cover you for the scale and style of event you intend to hold. Depending on the size and nature, the policy may well extend to cover you. If not, you may need a Royal Wedding Celebration policy.

Street party?

For those planning a street party, you will need to contact your local council to obtain permission to hold your event, this can take some weeks to obtain and maybe longer if you intend to close the road to all traffic. Additionally you should enquire what legal requirements they will expect of you to hold this event. See our Royal Wedding Street Party page for more information

Hiring a venue?

If you are hiring a venue then there will be a contract of hire, this will contain a clause relating to your legal obligations whilst in occupation. You should carefully check the contract to ensure you are both happy with its content and that you can comply with its terms.

Don’t be put off by the terms ‘legal liability’, this is why you take out event insurance, obviously policy terms and conditions will apply but in the event of the unforeseen occurring you have the security you need with an insurance policy.

Our rationale is for the event to be achievable the premium has to be affordable and applicable to the scale and style of the event.

We have a number of policies that will undoubtedly suit your event requirements but if this is not the case then we are more than happy to provide a bespoke policy tailored exactly to suit your event. Policies are issued immediately upon receipt of payment, if however your event is sponsored by a local council or other body then we can issue the documents and invoice the relevant party (subject to proof).

Public Liability

Public Liability is going to be a term common to all events, this is basically your legal liability to third parties, guests, visitors or even passers by. Should anybody be accidentally injured as a result of your event and negligence then this is your legal liability. Additionally any third party property damage is also your legal liability, this is the accidental damage to the venue or any third parties property as a result of your event and negligence. For example, a guest slips on a wet surface and falls injuring themselves, or a gazebo blows onto a third parties car.

Employer’s Liability

Employer’s Liability is another consideration. If you have an employee, volunteer or helper at your event you will be legally liable for them. Therefore if they become injured, all be it accidentally whilst acting for you at your event, you could be held liable.

Event Equipment

Event equipment cover is something else you may or may not require. If you are hiring in or borrowing any items of equipment, tables and chairs, stage, sound systems etc, whilst this equipment is in your custody, care and control you are liable. Naturally policy terms and conditions apply, the damage has to be accidental but accidents do happen.

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Did you know that if you have an accident that is not your fault you could still lose money?  This could be the excess on your policy, or the cost of getting around on public transport or taxis while your car is off the road. These are all uninsured losses and they could all leave you out of pocket!

However you are entitled to claim back your uninsured losses from the person responsible for the accident.  But this can be expensive and time consuming.  We understand that after having an accident and losing money the last thing you have the time to do is chase up these losses.

We will provide up to £50,000 of legal costs in the pursuit of recovering your losses.  If you should need a solicitor then we will be able to appoint one for you, giving you one less thing to worry about.  Our Motoring Legal Protection not only covers you as the driver but also the passengers in your car at the time of the accident.  There is no financial cost to you for making a claim.  You just pay a small additional fee with your car insurance.

We can help you recover:

– Your policy excess

– Out of pocket expenses – for example train or taxi fares whilst without your car

– Solicitor’s fees and expenses

– Costs and uninsured losses relating to injury or death

– Loss of earnings

– Costs which you may be ordered to pay by a court or tribunal

These costs all add up and can be even more of a worry if you don’t receive sick pay and have to take time off due to the accident.  Motoring Legal Protection provides you with that extra peace of mind.

Why should you lose money when it’s not your fault?

This cover is available for a small extra cost and is an additional option you can choose when getting a car insurance quote.

Recovery of uninsured losses will only be undertaken where there are reasonable prospects of making a recovery and where it is economically viable to do so.

 

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Aviva expects to get 381 million pounds from selling a quarter if its stakes in Delta Lloyd, prompting speculation it could sell the entire holding.

Aviva said it would sell 25 million Delta Lloyd shares at 17.25 euros per share to institutional investors in a private placement, cutting stakes to 43 %, down from 58 %.

Shares in Delta Lloyd were down 7.2 % at 17.62 euros by 1015 GMT, reflecting speculation the British insurer could follow up with further sales. Aviva shares were 1.9 % lower.

“The sale confirms that Delta Lloyd is no longer a strategic stake to Aviva and that a further sale – and thus share overhang -is possible,” KBC Securities analyst Dirk Peeters said in a research note.

Aviva acquired Delta Lloyd in 1973, but offloaded a third of its 92 % holding in a Nov. 2009 IPO after an unsuccessful attempt to challenge corporate governance rules which severely limited its control over its Dutch subsidiary.

The British insurer, which operates in about 30 countries worldwide, said last month that the Benelux region was among 18 markets that it was “de-emphasising” as part of a plan to refocus on the territories where it is most profitable.

Aviva’s decision to reduce its stake in Delta Lloyd, a big investor in corporate bonds and mortgage loans, will also make the British insurer less vulnerable to credit risk, analysts said.

“The deconsolidation will help reduce Aviva’s above average risky asset exposure. We view the remaining stake as an equity investment which will be sold down entirely over time,” Jefferies analyst James Shuck wrote in a note.

Aviva had announced its intention to sell the Delta Lloyd shares on Monday, saying it would hold the proceeds in cash, improving its liquidity and giving it more financial flexibility.

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Aon Benfield and Shanghai Typhoon Institute (STI) of China Meteorological Administration – the only state-funded typhoon research institute in China – have entered into an exclusive strategic partnership to boost typhoon research in China and deliver relevant research to the insurance industry.

The partnership, part of Aon Benfield Research’s global academic and industry collaboration, is focusing on two initial projects:
– seasonal typhoon forecasting and real time typhoon tracking and mapping through ImpactOnDemand, Aon Benfield’s proprietary exposure management tool;
– developing an historical typhoon database for China to establish a consistent risk view of typhoon hazard and loss potential.

The scope of the partnership will continue to expand to engage in more in-depth research on typhoon activities in the Northwest Pacific Basin.

Will Gardner, Head of Aon Benfield Analytics in Asia Pacific, commented: “We are delighted to partner with STI and gain access to accurate and reliable data on tropical cyclone activities over a long historical period and on an ongoing basis within China. This in turn enables insurers to make informed decisions in risk management.”

Helen Ye, Executive Director and Head of Catastrophe Reinsurance at Aon Benfield in China, said: “In light of the fast developing insurance market in China, the collaboration with STI will help the industry to both better understand typhoon risks in China and guide the development of risk transfer solutions. We are excited to develop a center of excellence in China to better serve the market.”

Dr. Xiaotu Lei, Director of STI, added: “STI’s mission is to undertake applied research on tropical cyclones. We very much look forward to working with Aon Benfield to make our research more accessible and beneficial to the insurance market through its global platform.”

STI is a state-level institution founded with the approval of the Ministry of Science and Technology, the Ministry of Finance and the Central Office of Personnel Management. STI has developed and maintains a database of meteorological information specific to cyclone activities in China.

Source : Aon Benfield Press Release

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Citigroup announced Thursday it would  sell at least $273 million of its former affiliate, life insurance giant  Primerica, after taking it public a year ago.

The US bank is due to offer 12 million shares of Primerica at $22.75 each  at an unspecified date. An option to purchase an extra 1.8 million shares will  then be open for 30 days.

Through the stock sale, Citigroup’s beneficial ownership in Primerica would  drop from 39.3 percent to between 20.6 and 23.1 percent, depending on the  option’s outcome.

Primerica offers financial services aimed for the middle class.

Washington, April 14, 2011 (AFP)

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More than a third (38 per cent) of people due to retire in 2011 are cancelling their plans and delaying retirement, and a significant proportion (22 per cent) of these are doing so because they can’t afford to stop working.

The findings, from Prudential’s Class of 2011 study, revealed that those delaying retirement this year for financial reasons, had, on average, hoped to stop working at age 62 but now expect to be 68 years old before they can finally take up their pension. The study, now in its fifth year, questioned people who had planned to retire during 2011.

Two fifths (40 per cent) of those delaying retirement in 2011 due to the financial strain that it will create, believe that they will have to keep working until they are 70 years old, or older, in order to retire with a comfortable income.

Prudential’s study shows that of all those planning to retire in 2011, 22 per cent now say they can’t afford to – a figure that has increased since 2010 when it was 15 per cent. In addition, 16 per cent of those planning to retire in 2011 do not want to quit working.

Vince Smith-Hughes, Head of Business Development at Prudential said: “The only realistic option for those who want to avoid having to delay their planned retirement is to start saving as much as they can as early as they can.

“However, as inflation reaches 5.5 per cent and disposable incomes are reduced, Prudential’s research shows that people are postponing retirement to either build up their pension pots further or simply to continue in a job that they enjoy. When economic factors are combined with changes in legislation, such as the abolition of the Default Retirement Age and an increasing trend of choosing to continue at work, it is easy to understand why more people are postponing their retirement plans.

“Seeking professional financial advice is a prerequisite to securing the retirement income that people need and we recommend that those who are approaching their planned retirement age should speak to a financial adviser on at least an annual basis.”

Scotland has the lowest percentage (31 per cent) of people who have delayed their retirement plans in 2011, whereas the South West has the greatest proportion of people (44 per cent) now looking to put-off their scheduled retirement until a later date.

Source : Prudential Press Release

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Bennetts’ has completed a significant project to overhaul its online quote journey, both for direct customers and those clicking through from a price comparison site. The changes delivered sales rates 72% higher than planned.

Bennetts wanted to ensure that its brand was brought to life for potential customers seeking insurance for their bikes and researched best practice from existing online retailers to ensure that an efficient and effective journey was achieved.

Phase One of the in-house built project involved a new look and feel. A key development was to change the order of the question set so prospective customers could quickly look up their bike and get a quote. The key focus was to deliver a quote in “four easy steps”.

New back-end functionality delivered additional flexibility, enabling marketing content to be rapidly changed in line with new campaigns. Pricing promotions and the ability to sell up to nine additional products were also added; these previously involved complex changes.

E-certificates were introduced allowing customers to receive their certificate of insurance via e-mail rather than the traditional mail.

Phase Two delivered a specific focus on Bennetts price presentation pages. This incorporated a new “shopping basket” function providing a summary of purchase details as well as details of any discounts. The price presentation screen delivered an increased focus on the benefits of being a Bennetts customer. A new, separate page offering add-on products (such as leather/helmet cover) was also introduced as part of this phase.

A new level of breakdown cover, along with the capability to accept online voucher codes created more comprehensive options for prospective and renewing customers.

Hannah Squirrell, Marketing and E-commerce Director for Bennetts said: “We knew that improving our journey would have a benefit to sales, but were thrilled with the level of impact it actually had. Although insurance is never seen as a ‘fun’ purchase, with Bennetts the customer is buying a well-known, contemporary brand that really understands the biker, and it was important for our journey to reflect that. The changes have delivered increased efficiency, greater flexibility and, ultimately, more sales.”

Source : Bennetts Press Release

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The average amount of personal debt, excluding mortgage debt, owed by individuals in the UK is £8,431, though it takes an additional £1,300 before it becomes a concern, according to new research from moneysupermarket.com.

On average, men have a 24 per cent higher rate of personal debt than women, owing £9,403 compared to £7,593. Men also allow more debt to rack up before they become worried about their finances, with the average ‘worry tipping point’ being £12,018, compared to £7,547 for women, nearly £4,500 less.

The research went on to find that whilst on average, borrowers worry about their finances when their debt reaches £9,767, only when their debt tips £19,478 do they seek paid advice. The North East had the highest worry tipping point, at a staggering £14,269, more than £4,500 the average total for the UK, and the region would wait until their debt reached £23,677 before seeking paid advice. Nearly half of all Brits (48%) said they would never pay for debt advice.

Tim Moss, head of loans and debt at moneysupermarket.com, said: “Recent changes in taxation limits, removal of certain benefits and the soaring cost of living has seen many the nation’s personal finances squeezed more than ever, and many people will be worrying about their financial situation. Making ends meet is hard enough without juggling debt repayments on top. However, there is no need to suffer in silence and there are many options to make steps in reducing personal debt, before it escalates out of control.

“It is worrying to see that while people become concerned about their debt at £9,767, it takes a further £10,000 to trigger a need to seek debt advice. For most people, paid advice, e.g. a fee charging debt management plan, is a last resort and consumers should explore do-it-yourself solutions and fee free debt advice from some of the many debt charities such as the Consumer Credit Counseling Service (CCCS), Money Advice Trust or Citizens Advice Bureau.

“It appears that men take a more lax approach to debt than women and it is worrying that it would take up to an additional £4,500 of debt before they become worried. The research suggests that men are burying their heads in the sand for longer while women are better at trying to face debt problems head on.”

Worryingly, one in ten (10 per cent) can only afford to make the very minimum repayments to resolve their debt, meaning they will be paying over the odds in interest on their debt for a very long while. Seven per cent feel debt will always be a burden in their life, leaving them at risk of spiralling debt problems.

Tim Moss continued: “Debt can be hard to shift, and a lump some of nearly £20,000 can be a daunting amount to pay back. Borrowers may feel like they will be forever in the red, but this doesn’t need to be the case. It is always worth speaking directly to your creditors to try and come up with a suitable repayment plan, but for those who can no longer control and service their debts, a debt management company could be an alternative option; but it’s vital that you compare the best solutions available to suit your circumstances. Whatever you do, burying your head in the sand is not an option, especially when there is a range of help available.

“moneysupermarket.com lists only DEMSA OFT Approved Code firms which means you can be confident these companies will treat you fairly, but you should still make sure you fully understand what they will charge you before entering into an agreement.”

Source : Moneysupermarket.com Press Release

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Rare event, French general agent unions from ten insurance companies have gathered to assign to court their company.

News Assurances, the leading online media dedicated to the French insurance sector, has consulted a specific document indicating that the motion lead by AGEA (National Federation of Insurance General Agents) concerning commissions on the Universal Medical Coverage (CMU) contributions on health insurance contracts.

According to the information gathered, unions have assigned their companies to court in February of this year.

The consulted document, the subpoena was made by the general agents’ union to the company : Réussir against Axa, Triangl’ against Generali, Mag3 against Allianz, Suisssaga against Swiss Life France, Snagan against le Gan, Convergences against Areas, Sagamm against MMA, Snaga against Aviva, Agtion against the Mutuelle de Poitiers Assurance and Réunir against Thélem Assurance.

The general agents accuse their companies to not have included the CMU contribution, which became a tax in 2011, in the commissioning of health insurance contracts.

The complaint focuses on the previous two years (2009 and 2010) according to AGEAS.

According to the CMU official figures, the above named companies would have contributed up to EUR260 million to the CMU fund, in 2009 (latest available figures).

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Based on a combination of detailed modeling and analysis of preliminary damage information, Risk Management Solutions (RMS) estimates the total insured property loss from the powerful M9.0 Tohoku Earthquake and Tsunami will be between ¥1,500 and ¥2,170 billion (US$18 and $26 billion). After combining expected payouts by the life and health insurance sector for deaths and injury, the total insurance loss from this event is likely to be between ¥1,750 and 2,840 billion (US$21 and $34 billion). The earthquake and tsunami will reflect the largest insurance loss in more than five years, affecting many different lines of coverage in both the local and international markets.

The insured loss total reflects losses across multiple lines, including local market residential, co-operative insurers, domestic and international commercial and industrial lines, international facultative placements, marine and aviation lines. The losses for commercial and industrial risks are modeled to include the impacts of both direct and contingent business interruption. Also included is the expected impact of post-event loss amplification, particularly to the commercial and industrial lines. The insured loss estimate does not include any impact from damage to the Fukushima Daichi nuclear power facilities, as nuclear risks are excluded from all these coverages.

“Insured exposure in Japan is a complex landscape of coverage, varying considerably by class of exposure and line of business,” said RMS’ chief research officer, Robert Muir-Wood. “The biggest challenge to loss modeling of the Tohoku event is not the details of the property damage itself, but rather sampling and modeling the underlying pattern of insurance take-up rates and restricted terms of coverage. Residential and commercial earthquake insurance was purchased in areas where people perceived the threat, but the Tohoku earthquake was not an event they were led to expect.”

Residential earthquake insurance in Japan is subject to the provisions of the Japan Earthquake Reinsurance Company and is not reinsured outside Japan. RMS estimates that losses to household coverage purchased through a commercial or co-operative insurer will be between 50% and 60% of the total property loss, with commercial and industrial payouts estimated to be between 30% and 35% of the total.

The highest uncertainty in loss estimates for the Tohoku Earthquake relates to the degree to which corporations are successful in claiming under contingent business interruption protection. The disruption in the global supply chain of critical parts for just-in-time manufacturing is already leading to downstream interruption in manufacturers operations in key battery, flash memory, mircrochip and automotive production, both in Japan, as well as in the U.S. and Europe.

Life & Health Implications

The Tohoku Earthquake is above all a major humanitarian disaster. As of April 10, there are over 13,000 confirmed deaths, with approximately 14,600 people missing. Over 440,000 people have been displaced from their homes by the earthquake, tsunami, and radiation alert.

A very high proportion (approximately 90%) of Japanese households has at least one life insurance policy, with the average individual life coverage for an insured person in Japan exceeding $300,000. Life insurance coverage falls off rapidly with age, and the older age profile of the victims suggests that life insurance coverage in this event will be much lower than the national population average.

Individual life is the largest exposure, with group life and group personal accident exposure significantly less. Many of the factory workers and municipal employees affected by the tsunami are expected to have group life and personal accident coverage for modest benefit levels.

Informed by reconnaissance efforts, RMS has developed a paper on the 2011 Tohoku Earthquake and Tsunami, outlining the scope of damage, the magnitude of insured losses to the main lines of business, and the key drivers and uncertainties of the loss estimates.

Source : RMS Press Release

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Allianz is close to completing a $40 million catastrophe bond that will cover Europe’s biggest insurer against extreme losses from U.S hurricanes and earthquakes, investors said on Tuesday.

Investors say Allianz has been marketing its fourth series of Class B notes under its Cayman Islands special purpose vehicle Blue Fin Ltd since the beginning of April.

The bond will be priced at 850 basis points over U.S. Treasury money market funds, at the top end of the indicated range, said one UK-based investor familiar with the transaction.

Insurers and reinsurers use catastrophe bonds to transfer major risks on their books, such as for storms and earthquakes, to capital markets investors, thereby freeing up capital to underwrite new insurance business.

The bond will provide Allianz with aggregate protection against hurricanes in 31 U.S. states and certain earthquakes in the United States for two years until May 2013, said investors.

This is the same maturity date as Allianz’s Blue Fin Series 3 catastrophe bond, which provides $150 million of identical coverage through two tranches. That deal, which was sold in 2010, was designed to provide different cover to Allianz.

Allianz declined to comment.

Allianz is a regular issuer of cat bonds, and one of many primary insurers that have chosen to issue insurance-linked securities rather than relying solely on the reinsurance industry. Others include Assurant, Nationwide Mutual NMUI.UL and The Hartford.

The launch of the Series 4 Class B notes under Blue Fin Ltd would boost Allianz’s current catastrophe bond coverage to $190 million, with $100 million of cover on an aggregate basis against a series of events in a given year.

Aon Benfield, a unit of the world’s biggest insurance broker Aon, and Swiss Re are joint bookrunners and structuring agent for the latest Blue Fin Ltd transaction, while AIR Worldwide will provide the risk analysis.

The bond is expected to close on April 15, investors said.

The deal will bring 2011 catastrophe bond issuance to over $1 billion through five transactions.

Issuance is expected to reach $6 billion by the end of the year according to brokers and reinsurers.

Source : Reuters

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According to Allianz, property-casualty insurance costs will rise in the Asia-Pacific region following the recent floods and earthquakes there, though the impact on global pricing remains unclear.

“The cost of property-catastrophe cover will go up, probably quite considerably in the affected zones, and that will then factor into the retail prices in those areas,” Allianz board member Clement Booth, told CNBC TV in an interview on Friday.

“Whether that has a worldwide impact is hard to say at this stage because we don’t yet have a final market number for the Christchurch earthquake or for Japan,” said Booth, who is in charge of global insurance lines at Europe’s biggest insurer. Insurers faced a “freak quarter,” in the first three months of the year, with costly floods and a cyclone in Australia, an earthquake in Christchurch, New Zealand, and last month’s devastating earthquake and tsunami in Japan.

“These events will cause upward pressure on reinsurance pricing, and reinsurance pricing is a component of what we pass on to our consumers,” Booth said.

However, the insurance industry as a whole was resilient enough to handle the costs of the disasters, which in Japan alone may cost insurers up to $30 billion, by some estimates.

“Taken over a longer period of time, it is still within the ability of the insurance industry to deal with,” Booth said.

Allianz was not “on an acquisition trail” in property-casualty segment and instead was focused on organic growth, particularly in Asia and the United States, Booth said.

Source : Reuters

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According to a Eurobarometer study published today on the occasion of the 2011 European Consumer Summit, less than 50% of EU consumers surveyed felt confident, knowledgeable and protected as consumers.

Empowered consumers find it easy to identify the best offer, know their rights and seek redress when things go wrong. Vulnerable consumers find it hard to understand the choices they face, don’t know their rights, suffer more problems and are unwilling to act when things go wrong. Detriment reported by consumers is estimated at around 0.4% of EU GDP with more than one fifth of EU consumers reporting a problem in the previous 12 months. Although most consumers do complain to retailers, most of those who do not get a satisfactory response take no further action. Significant numbers of consumers have problems making everyday calculations, understanding key information and in recognizing illegal sales practices or knowing their rights. A majority of respondents did not know their right to return, have repaired or replaced a faulty product.

John Dalli, EU Commissioner for Health & Consumer Policy, said: “Worrying results indicate that a significant number of consumers are potentially vulnerable to frauds, scams, pressure selling, and do not know they can re-consider their choices and avoid unnecessary purchases. If consumers cannot easily make choices and avoid harm, not only do they suffer but so do the innovative, honest businesses which drive growth”. To conclude : “These results will have to be taken into account if we want to help consumers in an increasingly complex market and in the face of information overload.”

The survey :

The survey was carried out in 2010 in 29 countries (EU27, Iceland and Norway), with 56,471 consumers, using 70 questions covering 3 main dimensions of empowerment : consumer skills; consumer awareness of their rights; consumer assertiveness. The aim is to gain knowledge of consumer’s capacities, awareness and assertiveness in order to better design and develop policies, at both EU and national level that take account of real behaviour.

Key findings :

Results show that consumer awareness and skills are worryingly low. However, there is a considerable potential to empower consumers and thereby to improve consumer welfare and reduce consumer detriment. The internet and the media have a key role to play in consumer empowerment with more than 38% of consumers using the internet to compare products and given the media’s capacity to reach citizens directly.

Consumers’ detriment and redress

More than one in five Europeans interviewed had encountered a problem for which they had cause for complaint. Consumer detriment is estimated at 0.4% of EU GDP The less educated and elderly are more reluctant to seek redress, although they are no less likely to have problems. The survey confirms the importance of access to good redress. Many of these problems could be solved if we had more alternative dispute resolution (ADR) mechanisms

Consumers’ skills

In terms of numerical skills, consumers struggle with simple calculations: only 45% could answer three consumer related questions correctly. In terms of financial skills, two out of ten people interviewed were not able to choose the cheapest option when buying a flat screen TV. Only 58% could correctly read an ingredients label and 18% could not identify the best-before date. Only 2% of consumers recognised five common public information logos. 33% of consumers thought that the CE mark meant “made in Europe”, and only 25% correctly knew it meant that the product ‘complies with EU legislation’. Many could not name a consumer organisation in their country.

Consumers’ knowledge of their rights

A majority of consumers were not aware of their fundamental rights such as the right to have a faulty product repaired, replaced or reimbursed 18 months after purchase, the right to cancel an online financial services contract within 14 days if they change their mind or find a better offer, or similarly, the right to cancel a contract with a doorstep salesman.

Source : European Commission

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Moneysupermarket.com advises all those thinking of dusting off the barbeque set and sprucing up their gardens to ensure their outdoor items are adequately protected.

Research shows that home contents policies offer varying levels of protection for garden items. For example the maximum protection for items kept outdoors is £250 with Churchill Insurance while M&S Money offer unlimited cover. When considering how much protection will be needed for your garden treasures, it is important not to forget big ticket items such as patio heaters, top of the range barbecues and lawnmowers you might have stored in sheds and outbuildings. These need to be kept as secure as they would be in the home and providers offer differing levels of cover for these items from between £2,000 with Budget Insurance to unlimited protection with policies from Halifax or M&S Money.

Julie Owens, head of home insurance at moneysupermarket.com said: “When thinking about home insurance cover, many people may not take into account their garden contents. Whether you have a number of treasured garden gnomes, or have splashed out on a high tech gas barbecue, the value of these items can easily rack up.

“Most home insurance policies already have garden cover included, but consider the level of cover provided to make sure you’re not underinsured. Landscaped gardens and costly furniture items are prime targets for thieves, as are decadent statues and expensive plants, so check the small print to determine exactly what is covered.

“It is also worth looking at the policy details to see if there is a single item limit within the terms and conditions, especially if you have particularly expensive items such as patio heaters. If it does not state a limit, it may be worth contacting your insurer to notify them of any items that are of value to ensure that you could make a claim for it should the need arise.

“Additionally, for those who keep items such as bikes or gym equipment in their outdoor sheds, out-houses or other storage areas, these will also require cover so it’s important to keep these as secure as possible to ensure your insurance remains valid.”

Moneysupermarket.com’s top ten tips to keep your garden and valuables safe:

– Insurers are specific about what is and isn’t covered as part of contents and outbuildings. Read the small print and ensure your open space is fully insured.
– Don’t let thieves have easy access to your garden; ensure all gates and fences are in a good state of repair, and kept locked and bolted.
– Make sure your shed has a good lock.
– Do not leave expensive tools or valuable items, such as bicycles, lying in your garden. Keep them locked away at night because if they are not properly secured, they might not be covered.
– Make sure damage to walls, gates and fences are covered under your buildings insurance policy. Not all insurers provide this as standard.
– Install a security light as a deterrent to any would-be thief.
– Keep receipts for items purchased for the garden in case of future claims. It may also be worth declaring any single expensive items, such as a lawnmower, that may come above the single item limit on your cover if there is one.
– If you have lots of expensive items in your garden then a normal policy may not cover you. Instead, you might be better opting for a high net-worth policy.
– If you have a swimming pool make sure you tell your insurer as this may not be covered automatically.
– Make sure you know what is excluded in your cover. Most will not cover you for loss or damage if your home is unoccupied.

Source : Moneysupermarket.com Press Release

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The enormous scale of destruction and human loss arising from recent catastrophes has horrified us all and highlighted the vulnerability of our towns, regions and livelihoods to the forces of nature.

Australia’s tragic summer has understandably generated a national discussion of how we reduce our vulnerability to such threats.  The outcome of this discussion is of critical national and economic importance to all of us – governments, businesses and individuals.  As both our population density and the incidence of such severe weather events increase, we must build our resilience to catastrophe so we spend less of our limited resources on rebuilding and more on investing in the future.

We must avoid the temptation to indulge in a national ‘window dressing’ exercise that may provide a short-term fix but ultimately leaves us with the same systemic weaknesses when the next major disaster strikes.

Instead, we need a coordinated approach that involves building a greater self-awareness among individuals for their own personal risk, encouraging greater self-responsibility and a more efficient distribution of these risks via insurance, and adapting our built environment to reduce the impact of events when they do occur.

The first step is to increase the level of transparency about the risks that apply in various locations. Too many local governments have been allowed to get away with either withholding or just not providing crucial information about the nature of bushfire or flood risk in that area.  In the case of flood, the lack of adequate flood mapping for large swathes of Queensland is the reason many insurers have been unable to offer flood cover in that state.

Given the high level of such risks in Australia, we should follow the lead of other countries and invest in detailed digital elevation mapping, so that the risk of disaster at an individual address level is more adequately understood.  This information would quickly pay for itself through its usefulness to a range of groups, including councils, developers, architects, banks, building societies, individuals and, of course, insurers.

It stands to reason that where an individual has a greater understanding of their personal risks, they will take steps to minimise their exposure.  Across a community this can have a very powerful effect.

Australia’s insurance industry already supports the community by injecting over $20 billion each and every year into areas of the economy hit by misfortune, removing a substantial burden from government.

Clearly it is in our national economic interests to encourage as many Australians as possible to take the responsible decision to cover their personal risk.  The broader the uptake of insurance, the lower the expectation on the taxpayer to step in and act as “insurer of last resort” when the worst does happen.

Yet non-insurance and underinsurance remain chronic problems in Australia, with around 1.8 million Australian households estimated not to have any cover.

This may have something to do with the fact that Australians pay more tax on their insurance policies than just about any other nation – well over $4.25 billion.  In some states, home and contents or business policies are taxed on a similar level to gambling or tobacco and in NSW taxes can add a crippling $40 to every $100 of premium.

Adapting our built environment also offers a “win-win” outcome, minimising damage when events do happen and therefore reducing the costs of risk mitigation (including insurance).

Strengthening building standards to reflect changing risks will also help manage the cost of that risk.  The improvement to building codes in cyclone-prone areas in north Queensland following Tropical Cyclone Larry contributed significantly to resilience of many homes hit by Tropical Cyclone Yasi last February.

Planning authorities must also be a lot tougher about their planning and zoning decisions.

Development simply shouldn’t be allowed in areas of unacceptable risk.  In those isolated cases where the risk is extreme and the cost of cover or other protective action is simply uneconomic, governments may need to look at the difficult decision to resume land.  This is not just a cost issue – it is a moral issue when the lives of residents and emergency workers may be at stake.

In those areas where questionable planning decisions have been made in the past, there needs to be investment in adequate infrastructure like barrages for unusual tides, levee banks, sea walls, properly maintained fire breaks, access trails and improved drainage.

The current Natural Disaster Insurance Review is the perfect opportunity for us to take real strides towards building our national resilience.  Let’s make sure the next time we are confronted by such an unusual concentration of natural disasters, we have made the most of this opportunity.

Mike Wilkins CEO – IAG

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Broker-only insurer MMA is building on 20% growth of commercial schemes in 2010 with the formation of a dedicated schemes team.

Headed by Chris Withers, Schemes Manager, the team includes Annamaria Gregorace, Schemes Relationship Manager, and Tim Hughes, Schemes Assistant.

Based at MMA’s Reading headquarters, the team will focus on acquiring commercial schemes and developing strong relationships with UK schemes brokers. The team is also offering a free audit service for brokers, to review brokers’ current schemes facilities and recommend improvements.

Chris Withers said: “Over the last two years, MMA has transformed itself into a serious player in the UK SME market. We’ve extended that transformation into the schemes arena and will build on our track record by acquiring more commercial schemes in 2011.

“As a broker-only insurer, MMA knows that schemes are a critical trading facility that allow brokers to make the service to their clients bespoke and unique. Brokers need access to an insurer with the right specialist capability. We have created an experienced and dedicated specialist team who work with brokers to make the most of their scheme opportunities.”

The Reading-based team will work in tandem with MMA’s local development underwriters to provide a bespoke offering throughout the UK.

Source : MMA Press Release

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On Thursday, April 7 (11:32pm local time) a magnitude Mw7.1 earthquake occurred offshore the east coast of Honshu, Japan –  a powerful aftershock of the Mw9.0 earthquake on Friday, March 11.

The United States Geological Survey (USGS) has reported a fixed focal depth of 30.4 miles and an epicentral location around 40 miles east of the epicenter of the Mw9.0 earthquake, and 41 miles east of Sendai, Japan, the area worst affected by the Mw9.0 earthquake. Shaking from the earthquake was felt as far away as Tokyo, 205 miles south-southwest of the Mw7.1 aftershock.

The Japanese Meteorological Agency issued a local tsunami warning for Miyagi Prefecture with an expected wave height of up to 2m, though the advisory was lifted 90 minutes later and no earthquake generated waves were reported along the east coast of Japan.

There are initial reports of several buildings being destroyed and power outages to over 3.5 million homes. Three fatalities have been attributed to this aftershock. Workers at the damaged Fukushima nuclear power station temporarily evacuated the plant, though quickly resumed efforts to stabilize the reactors damaged from the Mw9.0 earthquake. No new leaks or damage has been reported from any of the nuclear facilities impacted by this latest aftershock.

The RMS reconnaissance team is currently in Japan surveying the damage from the Mw9.0 earthquake.

Source : RMS Press Release

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Allianz maintained on Friday its 2011 operating profit target despite losses  from earthquakes and a tsunami in Japan.

“We are working on getting reliable numbers and hopefully will have them at  the AGM (annual general assembly) on May 4, but at this point in time, we have  no reason to change the operating profit outlook,” Dow Jones Newswires quoted  finance director Paul  Achleitner as telling a capital markets roundtable here.

At a press conference given before the the Japanese quake and tsunami on  March 11, Allianz forecast it would make an operating profit of eight billion  euros ($11.5 billion) this year, “give or take 500 million.”    The group’s benchmark figure amounted to 8.2 billion euros in 2010.

Munich Re, the world’s biggest reinsurance group, has warned meanwhile that  its 2011 profit target was no longer valid in light of probable higher claims  from natural disasters so far this year.

Frankfurt, April 8, 2011 (AFP)

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Snowden’s appointment comes as AEGON Asset Management is looking to expand its renowned fixed income expertise into new markets including Europe, following a record breaking year for the business in 2010.

He will report to AEGON Asset Management’s joint head of fixed income David Roberts, and will focus on the investment grade market.

Snowden rejoins AEGON Asset Management from Old Mutual Asset Management where he has been responsible for the £747m Old Mutual Corporate Bond Fund since 2004. Previously he was at AEGON Asset Management where his roles included North American equity analyst before moving to fixed income where he led the retail team at the time of his departure.

His appointment further enhances the reputation of AEGON Asset Management’s UK retail fixed income team, which is recognized as one of the leaders in its field. Snowden’s appointment also follows AEGON Asset Management’s success at the UK and Swiss Lipper Fund Awards 2011, where its AEGON High Yield Bond Fund and AEGON High Yield Global Bond Fund scooped the top prizes in their respective categories.

Currently all three of AEGON Asset Management’s offshore Dublin domiciled global bond range are first quartile over one and three years as well as since their launch 2007. For its onshore range the AEGON High Yield Bond Fund is currently first quartile over one, three and five years, while the AEGON strategic Bond Fund is first quartile over three and five years, with both funds first since their launches in March 2002 and December 2003 respectively.

Roberts says: ‘Stephen is recognised by the industry and his peers as one of the best corporate bond stock-pickers in the market. He shares the same ethos and values as us and will be a great addition to our award winning team as we look to expand our range and capabilities in to new markets.

Snowden says: ‘I am delighted to be joining a team which share my values and management style and I am looking forward to helping the team continue the great progress they are making in the UK and Europe.’

Source : AEGON Press Release

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Americans will need to pay much heavier  taxes and accept less from public healthcare to put state finances on a  sustainable track, according to an IMF study published Monday.

“The United States is facing an untenable fiscal situation due to the  combination of high fiscal deficits, an aging population and rapid growth in  government-provided healthcare benefits,” three International Monetary Fund  economists said in a report.

The economists analyzed the large US public deficit and debt levels and  their relation to the demands aging Baby Boomers will place on the  government’s Medicare and Medicaid healthcare programs, while the birth rate  lags at a record low.

In “An Analysis of US Fiscal and Generational Imbalances: Who Will Pay and  How?,” they said the problem lies in government entitlement programs and  especially healthcare — among the most expensive in the world– that face  rapidly rising costs in coming years.

Under their “baseline scenario,” Americans need to pay more taxes and the  government must cut spending on Baby Boomers —  those Americans between about  45 and 65 — and their immediate heirs.

Such steps “would go a long way in returning the United States to a  fiscally sustainable path.”

Fully eliminating current deficits and the long-term shortfalls on social  plan commitments for the current generation “would require all taxes to go up  and all transfers to be cut immediately and permanently by 35 percent,” they  said.

“A delay in the adjustment makes it more costly,” they wrote.

“Unless currently living Americans pay more in net taxes or unless  government spending on current generations is curtailed, future Americans will  face net tax rates that are about 21.5 percentage points… higher than those  facing current newborn Americans.”

The study came amid budget tensions between President Barack Obama’s  administration and opposition Republicans over taxes and spending, and as the  spiraling US public debt nears its statutory ceiling of about $14.3 trillion.

The Treasury Department said debt totaled $14.19 trillion as of February 28.

Republicans have said any increase in the debt ceiling must be coupled to  deep spending cuts, while denying that they will let Washington default on its  obligations and precipitate a likely financial crisis.    The authors of the IMF study were economists Nicoletta Batini, Giovanni  Callegari and Julia Guerreiro.

Washington, April 4, 2011 (AFP)

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