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Following the announcement in November that the company was set to expand its regional branch network, Allianz Commercial has confirmed that its Newcastle office is now open for business.

The new branch, based at Hadrian House in the City centre, will be managed by Les Archibald, who joined Allianz in November from Primary General & Rural Insurance where he had been underwriting director for the past two-and-a-half years.

In addition, four new recruits have joined the company to maximise opportunities and meet the needs of the local market. Bill Redhead, Mike Kenny and Chris McAloon will make up the property, casualty and motor trade underwriting team, with Lee Makin taking the role of motor fleet underwriter.

Commenting on the news, Simon McGinn, director of commercial broker markets at Allianz, said: “To be successful in the UK commercial sector, we firmly believe in a strong regional network that keeps underwriters and decision-makers close to the customer. The Newcastle office proves Allianz Commercial’s long-term commitment to local broker markets.

“We have been keen to have a presence in Newcastle for some time but have been determined to wait until we could bring in the right calibre of people. Les and his team have a wealth of experience and their knowledge of the local market will be crucial in helping us achieve the profitable growth that we believe is attainable in the North-East.”

Branch development manager, Les Archibald, added: “I’m delighted with the team we have put in place and excited by the challenge of developing our business in the area. Our aim is to make Allianz Commercial a loyalty-leader in the region and help the company towards its goal of being the best commercial insurer in the UK.”

Source : Allianz Press Release

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Xchanging, a global business processor, announced the appointments of Glenn Brace, Simon Wright and Mark Sullivan to Xchanging Claims Services (XCS). The appointments underline Xchanging’s commitment to working with Lloyd’s and the London Market to improve claims standards.

Glenn Brace has been appointed as Executive Claims Director with responsibility for the strategic development of XCS’ Claims Adjusting Services. He joins from Tower Street Consulting (TSC), which he founded. Prior to that, Glenn worked as the Claims Director for Equitas, responsible for the team that oversaw the largest insurance run-off in history.

Simon Wright joins XCS as Chief Adjusting Officer with responsibility for developing a major change programme to support the Claims Transformation Programme. He was also previously with TSC, which he co-founded with Glenn Brace. Prior to TSC, Simon was Head of Direct Claims at Equitas.

Mark Sullivan joins XCS as Head of Delegated Lead – a dedicated team for claims services to individual customers. He joins Xchanging from Charles Taylor Insurance Services. Mark spent five years with Charles Taylor as Director of London Market Services, managing business process and exposures across a range of Lloyd’s market carriers.

In addition to these new appointments, Steve Guarnori has been appointed to the role of Technical Claims Director. Steve will be the Adjusting lead on complex claims matters, and will spearhead Xchanging’s response to cross-market claims issues. He will also perform a pivotal role in Xchanging’s claims improvement programme.

Max Pell, Managing Director of XCS said, “I am delighted to welcome these specialists to XCS. All three have an outstanding reputation in the London market and bring a wealth of expertise to Xchanging. Their appointments support our aim of providing the highest levels of service to our customers and our aspiration to pioneer claims processing standards”.

Source : Xchanging Press Release

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Commercial lines underwriting specialist Arista Insurance has today opened the latest addition to its branch network with its seventh office in Leeds.

Arista, which has served the Leeds and North East markets with a staff of two based locally, has set up a permanent office as a result of strong support from independent brokers in the region.

Currently with a staff of four providing broker support, Arista is actively looking to make further appointments in the coming months. The team consists of broker development manager Neil Wormald; senior underwriter Steve Ford; motor fleet underwriter Pamela O’Loughlin together with Martin Holdsworth who joins today as senior underwriter.

Martin brings over 30 years experience to Arista’s Leeds operation, underwriting commercial business classes for all Arista non-motor products. He also brings a wealth of knowledge of the local market from his previous roles for Markel and NIG in Leeds prior to joining Arista.

Arista aims to bring a new level of service to independent brokers in the North East with quality experienced staff, access to decision makers and the speed of Arista’s response to brokers.

Commenting on the new office opening chief executive Charles Earle said: “Leeds has been on our radar for some time so it is great to announce that Arista now has a formal presence in the city.  It was crucial first that we had the right team in place and the critical mass of broker support before we opened a permanent office. The Leeds office underlines Arista’s strategy of being close to brokers to forge even stronger relationships and gain a greater understanding of local insurance markets and policyholders risks. Leeds is a vibrant insurance hub with an established independent broker market in the North East and we are excited to be part of it.”

Source : Arista Press Release

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    After a brutal four days of world leaders’ speeches, schmoozing and wild parties, exhausted global elites at the World Economic Forum were warned of the growing dangers of burnout for society.

    Economic turmoil, round-the-clock communication and constant social pressure to succeed have led to a costly increase in stress-related illness and burnout, a panel of experts told a packed session in the Swiss ski resort of Davos.

    “In the future, the greatest challenge to the global health system will be stress-related diseases,” said Heinz Schuepbach, director of the school of applied psychology at the University of Northwestern Switzerland.

    The phenomenon is rapidly growing more prevalent, he added. According to a study this week by one of Germany’s top health insurance companies, one in five workers in Europe’s top economy has fallen ill from stress at work.

    In the last four years, sales of anti-depression drugs have risen by more than 40 percent in Germany, the study showed.

    As burnout is not an “official” disease, concrete statistics on its spread are hard to come by, said Toni Bruehlamm, chief doctor at the Hohenegg clinic in Switzerland and an expert on the subject.

    “But it is definitely becoming more and more frequent. I see this from the number of people I see in my clinic and from what my colleagues tell me,” he told AFP.

    The financial crisis, still a major topic at this year’s gathering, has contributed to global stress levels, with employees unwilling to take time off work even when they are ill for fear of being laid off.

    “There’s a new phenomenon. We’ve moved from absenteeism to presenteeism. People go to work even though they should stay at home because they are sick,” said Schuepbach.

    “We are never satisfied with what we’re doing. We have to do things faster, better,” he added.

    “The economy is influencing society too much. Performance, money, all these factors have taken on too much importance. There’s simply too much emphasis on profits and money and it’s simply not healthy,” said Bruehlamm.

    As several audience members tapped emails on their smart phones and others snoozed, Schuepbach blamed modern communications and a 24-hour-a-day working culture for the phenomenon.

    “Deadlines have to be met and it doesn’t even matter where you do your work any more. I used to go home at 5pm and if my job wasn’t done, then that was fine. Now you can work around the clock,” he said.

    With concerns about rising food prices, persistent fears over the environment and lingering worries about the debt crisis casting a pall over the annual pow-wow, organiser Klaus Schwab warned of a “global burnout syndrome.”

    And the syndrome hits executives where it counts: in the pocket. According to the World Health Organisation, the average burnout victim takes 30.4 days off work, costing billions to the economy.

    One top executive at Swiss food giant Nestle, Stephanie Pullings Hart, told AFP that the annual Davos meeting hardly helped to reduce the risk of burnout.

    “It’s my first Davos and it’s actually pretty exhausting,” she said.

    “You start working at 7am and you’re not done until at least 2am by the time you’ve finished with the various receptions and parties.

    “How the world leaders cope with the stress is beyond me,” she said.

    Davos, Switzerland, Jan 30, 2011 (AFP)

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    Allianz Engineering is reminding businesses about the importance of regular electrical inspections, in recognition of Electrical Fire Safety Week 2011.

    The campaign, which runs until January 31, is led by the Electrical Safety Council and local fire and rescue services, to raise awareness of the dangers of accidental fires started by electrical products which caused over 20,000 fires across the country in 2007, resulting in 40 deaths and nearly 4,000 casualties.

    Fire risks caused by unsafe electrical equipment are a major hazard in the workplace and Allianz  encourages firms to have their electrical appliances checked on a regular basis.

    Steve Ford, special services manager at Allianz Engineering says: “Fire in the workplace can be devastating for a business. Not only is there a risk of serious injury or death, but employers could also be left with significant costs in damage and held responsible for the liability costs of injured workers or members of the public.”

    He adds: “Whilst it is estimated that fires in the home are caused significantly by electrical appliances, we would urge firms to be aware of both their own electrical risks and their duties under the Electricity at Work Regulations. By taking simple measures the risks can be significantly reduced and safety improved.”

    Allianz Engineering supplies electrical inspection services to its customers through its standard engineering inspection policy and also provides specialist supplementary services covering fire risk assessments, management systems, and training and awareness programmes in line with in the current UK electrical legislation.

    Source : Allianz Press Release

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    Claims for floods, earthquakes, and the UK’s winter freeze can cost Hiscox more than £130m.

    The insurer said quakes in Chile and New Zealand, and the violent windstorms which swept through Europe last February meant about £115m of claims.

    Hiscox estimates that bad weather in the UK in November and December will result in about £15m of claims. The company said in a trading update that it was still assessing its exposure to the floods in Australia.

    Hiscox said: “Although 2010 was marked by many significant and expensive catastrophes, most of these occurred in areas where Hiscox had deliberately reduced exposure due to weak rates.”

    The company added that, despite the UK insurance claims for the bad weather, its UK household division “remains on track to make a healthy profit”.

    Source : BBC

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    Aon Hewitt, the global human resource consulting and outsourcing business of Aon Corporation (NYSE:AON), has been appointed by Shropshire Council as investment adviser to the Shropshire County Pension Fund.

    Aon Hewitt will be working closely with the Pensions Committee which oversees the fund, providing a full range of investment consulting services, including giving advice on strategic asset allocation, medium term asset allocation, manager selection and monitoring, and custody related matters.

    The Shropshire County Pension Fund, which is part of the Local Government Pension Scheme, is around £1 billion in size and has over 33,000 members.

    Graham Chidlow, Head of Finance (Treasury & Pensions) at Shropshire Council said: “We are extremely happy to be working with Aon Hewitt. The local government pension scheme is likely to see significant changes over the years ahead and Aon Hewitt is well placed to support the Shropshire Fund in this changing environment.”

    John Rushen, UK head of Investment Consulting at Aon Hewitt said: “Over the last few years we have continued to add resources to our public sector investment team, and to increase our local authority client base in a measured and controlled manner. We are genuinely excited to have been given the opportunity to work with the officers and elected members responsible for the Shropshire County Pension Fund, and are delighted to put the full range of our investment consultancy services and expertise at their disposal. In this particularly challenging financial environment, good advice is more important than ever, and we look forward to helping the fund work towards achieving its investment objectives.”

    Source : Aon Press Release

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      Southeast Asia’s 600 million people are facing a raft of new health challenges as the disaster-prone region undergoes some of the world’s fastest social change, medical papers published Tuesday said.

      “A health crisis is transpiring right before our eyes,” warned a paper in the series, published by The Lancet journal, which said chronic diseases such as cancer now account for 60 percent of deaths in the region.

      It was also dubbed a “hotspot” for emerging and difficult-to-control infectious diseases, with outbreaks in avian flu fuelling fears about the possibility of new pandemics spreading from Southeast Asia.

      “The pace of demographic change in the region is one of the fastest worldwide, whether it is due to population ageing, fertility decline, or rural to urban migration,” said the papers.

      “As elsewhere, the disease burden continues to shift from infectious to chronic diseases, yet increased urban population density has created concerns about emerging infectious diseases.”

      The reports also point to Southeast Asia being one of the world’s most disaster-prone regions, with the environment responsible for up to a quarter of all deaths in an area regularly hit by monsoons and typhoons.

      Weather phenomena such as El Nino also “intensify the annual variation of the hot and wet climate, leading to droughts, floods and the occurrence of infectious diseases such as malaria and cholera,” said one of the papers.

      “Climate change could exacerbate the spread of emerging infectious diseases in the region, especially vector-borne diseases linked to rises in temperature and rainfall,” such as dengue, it added.

      Deforestation and other human encroachment on wildlife habitats were said to heighten the potential for germs to cross species barriers, as they increase interactions between wildlife, humans and livestock.

      Controlling these diseases is difficult given the variety of economies and health systems across the nations analysed: Laos, Indonesia, the Philippines, Brunei, Malaysia, Myanmar, Singapore, Cambodia, Thailand and Vietnam.

      City state Singapore, for example, has a gross domestic product per head of $37,500, while in largely rural Laos the equivalent figure is $890.

      Political tensions within and between countries “have the potential to further hinder control” of emerging infections, said the papers, which called for improved surveillance of these health threats across the region.

      They also called for urgent action to tackle Southeast Asia’s “epidemic of non-communicable disease”, including heart disease, stemming from environmental factors promoting tobacco use, unhealthy diet and inadequate physical activity.

      “Unless nations recognise the problem and take appropriate action, premature death and disability will continue, hindering development where development is needed most.”

      Bangkok, Jan 25, 2011 (AFP)

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      Parago Home launches its new home contents management tool today, in a bid to reduce the staggering number of Brits (90%) who are unable to make accurate home contents insurance claims in the event of a flood, fire or theft. Every day insurance companies are dealing with claims that could be settled immediately if policy holders had the required information to hand.

      The system (also available as an iPhone app) is designed to record the true value of our life possessions and to help stop vulnerable home owners from being caught short when insurance pay outs are far less than expected.  Recent research has shown that 35 per cent of Brits would only think to insure items such as TVs and furniture under their home contents insurance, but many would forget to cover the value of their wardrobe contents, even though on average people spend around £1000 per year on clothes, shoes and bags[2].

      Parago Home reveals the items that are most commonly forgotten by Brits when valuing their home contents:

      – Carpets, home furnishings (cushions) and curtains

      – Garden tools and equipment (such as lawnmowers, power tools and BBQs)

      – Expensive cookware (pots and pans, expensive cutlery sets, kitchen gadgets)

      – Children’s toys

      – Wardrobe contents (the average person’s wardrobe contents are £10,000)

      Jason Cabot, 25 from Reading in Berkshire knows only too well what it is like to be caught short on his home contents insurance: “It was only September 2010 that I returned home from a holiday in Scotland to find my house burgled. I immediately noticed the main items like my television, games console and work laptop had been stolen, but in my panicked state I found it difficult to identify everything. It wasn’t until I went to claim on my home contents insurance that I realised I wasn’t covered for certain items. My insurance company wanted photographic evidence, proof of receipt and at least two replacement-as-new quotes for each item I was claiming for; and except for a few items that I had an email confirmation for I struggled to provide everything they needed for my claim. I am yet to be reimbursed for my claim as it is ongoing but the current estimate is nothing like I had envisaged and I’m expecting to lose out financially. If I had thought to take photographs of all items I wanted covered on my insurance, along with details of receipts for each item – this shortfall could have been avoided.”

      Tim Roots, founder of Parago Home comments, “Research shows that all of us are underinsured by as much as 30 per cent and most only realise this when they actually make a claim, at which point it’s too late. As consumers who spend billions on home contents insurance every year, we need to start recognising that the total value of home contents insurance should cover not only the obvious audio equipment and expensive jewellery, but also the contents of our wardrobes, our children’s toys and home furnishings like carpets, curtains and valuable artwork.

      “Being underinsured can have a big impact on any home insurance claim you make. For example, if you have £45,000 worth of contents in your home but are only insured for £30,000, your insurer might only pay two thirds of a claim, even if it is for less than £30,000. So, if you only have half the cover you need, your insurer can cap what it pays at half – even if you’re only making a small claim.”

      Parago Home is a home contents management system which works on a PC with an internet connection and/or via the Apple iPhone/iPod Touch. It quickly and easily enables the home-owner to create a virtual image of their home…then discover value and record every valuable asset.

      Source : Parago Home Press Release

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      AEGIS London, the UK-based subsidiary of AEGIS (Associated Electric & Gas Insurance Services Limited), has announced the appointment of four new roles to help the business meet forthcoming Solvency II requirements. Vinay Mistry, who joins as Head of Capital Management, and Nalin Wickremeratne, who will be Head of Technical Reporting, will both report to AEGIS London’s Managing Director, Stuart Davies, while Holly Stirling joins as Actuary and Giuseppe D’Angelo as Actuarial Analyst, both of whom will report to Paul Kedney, Chief Actuary.

      Vinay Mistry’s role as Head of Capital Management will see him take responsibility for capital management and managing relationships with the rating agencies as well as playing a key role in the successful implementation of Solvency II. Prior to this role he was at Lloyd’s where he held responsibilities for rating agency and investor relations and reinsurance in addition to serving as a Solvency II Account Manager. He has also held positions with Aviva and Merrill Lynch.

      Nalin Wickremeratne, who joins as Head of Technical Reporting for AEGIS London, will be responsible for the management of all technical reporting requirements for AEGIS London and will also act as the data manager for Solvency II activities. He was formerly with Brit Insurance and is a Chartered Accountant.

      Further strengthening AEGIS London’s actuarial team, Holly Stirling joins as an Actuary from Lane Clarke & Peacock LLP where she was an Associate Consultant in the General Insurance team, providing reserving and modelling actuarial services to a number of Lloyd’s syndicates. She has also been serving a secondment at Lloyd’s as an Analyst in the Market and Reserving Capital team.

      As Actuarial Analyst, Giuseppe D’Angelo will provide internal actuarial analyst support. He formerly held roles with QBE Insurance and Ernst & Young Non-Life General Insurance.

      Commenting on the new appointments, Stuart Davies, Managing Director, AEGIS London, said: “These four new roles not only illustrate the significant investment we are making in the infrastructure of our business but also reflect the complexities and resource demands of successfully meeting the regulatory requirements of Solvency II.

      “A recent Lloyd’s Market Association survey found a near 50% increase in actuarial resources employed in the Lloyd’s market over the last three years and I would expect to see a succession of actuarial appointments elsewhere in the market over the coming year as the deadline for Solvency II implementation approaches.”

      Source : AEGIS Press Release

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      The board of Aviva announces that Andrea Moneta, CEO EMEA, will be leaving the company at the end of February by mutual consent to pursue new challenges in the financial services sector.

      Andrea has been instrumental in successfully establishing Aviva’s European transformation programme.  The benefits of the transformation are coming through, with the region producing a 10% increase in total sales and internal rates of return maintained at 12% (at third quarter 2010). The European business continues to perform strongly.

      The board thanks Andrea for his contribution and wishes him well for the future.

      Igal Mayer, currently CEO North America, has been appointed CEO for Europe with immediate effect.  Igal will join the board of Aviva plc, subject to regulatory approval.  Under his leadership, the North American business has achieved a significant improvement in performance, with IFRS profits increasing by over 100% (at 30 June 2010) and the internal rate of return doubling to 14% (at third quarter 2010).

      Aviva’s strategy update announced in November 2010 reinforced the importance and potential of the European region. Igal’s 20 years of experience at Aviva and his success in delivering excellent results will be invaluable to the business.

      Richard Hoskins, who is currently CFO North America, will become CEO of the region, subject to regulatory approval, and will join Aviva’s executive committee. Richard has been CFO of the North American region during a period of significant improvement in its financial performance over the last 18 months.

      Source : Aviva Press Release

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      The market for catastrophe bonds has grown in 2010 and will continue to expand this year. The volume of newly issued catastrophe bonds is likely to be in the region of US$ 5.5–6bn in 2011. Thus the amount of new issues will again exceed that of maturing bonds so that the volume of outstanding bonds will increase.

      “As a result of the low interest-rate environment in the capital markets, catastrophe bonds will become increasingly attractive for major institutional investors such as pension funds, which have so far not invested in this asset class. Catastrophe bonds offer comparatively attractive returns on transparent risks. Investors also increasingly recognise the diversification effect in their portfolio, as these bonds are not correlated with their other risks,” said Board member Thomas Blunck, who oversees Munich Re’s Risk Trading Unit. “All in all, the market conditions for insurance securitisations – both for sponsors and for investors – have become even more attractive.”

      Last year, around US$ 5bn of new catastrophe bonds were issued, whereas maturing bonds amounted to just under US$ 4bn. The volume of outstanding bonds thus rose to about US$ 13bn. The spreads rose into the summer in the expectation of a strong hurricane season and a high number of new issues of US hurricane bonds, only to fall again in the second half year. In 2010, the required return fell on average by about 30%. Further background information to last year’s market development:

      – Major traditional investors entered the catastrophe bond market, their share rising from approximately 5% in 2009 to over 20%.

      – In the course of the year, the range of risks transferred to the market broadened. In the first half year, mainly US hurricane risks were securitised and as the year advanced other risks such as Windstorm Europe and Tornado were added.

      In 2011, catastrophe bonds with a total volume of just under US$ 4bn will mature. “We anticipate a further rise in the volume of issues for 2011. Although favoured by the low interest-rate environment in the capital markets, this increase is also largely due to a larger circle of investors. We are particularly pleased about the growing interest of traditional investors such as pension funds, as they contribute to a sustainable and more stable development of the still young securitisation market for insurance risks”, explains Rupert Flatscher, head of Munich Re’s Risk Trading Unit.

      Source : Swiss Re Press Release

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      The major banks will this week begin their High Court challenge over new rules on the way complaints about controversial payment protection insurance must be handled.

      The British Bankers’ Association is launching a judicial review against the Financial Services Authority and the Financial Ombudsman Service over new regulations that came into force in December.

      The rules aim to ensure consumers are treated fairly, both when they buy payment protection insurance (PPI) and when they complain about being mis-sold the cover.

      To ensure people understand what they are buying, providers will have to talk potential customers through the key features of a policy, rather than just provide them with a document giving the information, as was previously the case.

      They will also have to provide evidence to show that it was made clear to the customer that the cover was optional if it was taken out alongside credit.

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      Britain’s second-largest insurance group said it will pay down almost half of the £1.5bn in debt it needs to refinance during the period.

      The company said it had also reduced the deficit on its defined-benefit pension scheme to £400m, from £1.7bn at the end of 2009. Last April, the company prompted anger from unions by ending final-salary benefits for 7,600 workers.

      Thursday’s changes were instigated by Pat Regan, Aviva’s finance director, who replaced Philip Scott in 2009. Mr Regan confirmed the insurer would start to provide a more conventional measure of embedded value – an insurance industry measure of profits – rather than just disclosing market consistent embedded value, a version investors and analysts have warned is too confusing.

      Aviva hopes the latest round of balance sheet restructuring will enable it to generate more cash. The insurer also hopes to improve its share price, which on Thursday closed down 0.2 at 428.1p. Aviva’s market capitalisation stands at just over £12bn, compared with rival Prudential’s £17bn.

      Andrew Moss, Aviva’s chief executive, said: “I am confident that Aviva is in a very strong position to deliver value for our customers and shareholders. Pat will demonstrate today that Aviva’s high quality, well managed balance sheet is a major strength, underpinning our powerful capital generation.

      “We have a clear strategy to grow our dividend and profits through increasing our geographic focus and in light of the changed economic environment and our strong capital generation we’re planning to reduce our hybrid debt over the next three years.”

      The news comes a day after Aviva removed the head of its European business, Andrea Moneta.

      Source : The Telegraph

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      Junk food should not be sold in schools and playgrounds, the World Health Organisation said Friday in a series of recommendations aimed at promoting a healthy diet and cutting child obesity.

      However it fell short of calling for a ban on advertising directed at children for foods high in saturated fats, sugars or salt, opting instead to ask member states to “consider the most effective approach to reduce” such marketing.

      The non-binding recommendations will be put to a high-level meeting on the prevention and control of non-communicable diseases during September’s General Assembly in New York, WHO officials said.

      “Settings where children gather should be free from all forms of marketing of foods high in saturated fats, trans-fatty acids, free sugars or salt,” said the UN health agency.

      “Such settings include, but are not limited to, nurseries, schools, school grounds and pre-school centres, playgrounds, family and child clinics and paediatric services and during any sporting and cultural activities that are held on these premises,” it added .

      Some 43 million pre-school children are obese or overweight, according to WHO data.

      “Children throughout the world are exposed to marketing of foods high in fat, sugar or salt, which increases the potential of younger generations developing noncommunicable diseases during their lives,” it said.

      Six out of ten deaths every year are due to cardiovascular diseases, cancers, diabetes and chronic lung diseases, the WHO warned, pointing out that a common factor of the four main diseases is poor diet.

      Geneva, Jan 21, 2011 (AFP)

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      Two people were in critical condition in a Hong Kong hospital suffering from swine flu, health officials said Friday, a year and a half after an outbreak killed more than 80 people in the city.

      The Chinese financial centre is nervous about infectious diseases, following the outbreak of the SARS virus in 2003, which killed 300 people in the city and a further 500 around the world.

      Hong Kong, a city of seven million, has some of the world’s most densely populated neighbourhoods, prompting a panicked response from many residents over news of a disease outbreak. Some wear surgical masks to avoid infection.

      The city’s health department said that the deadly influenza had claimed 83 lives since an outbreak in 2009.

      Authorities appeared wary of raising the alarm over the latest cases, with a senior public health official telling RTHK radio there were no plans to shut schools, as the city did in 2009 which drew criticism about an official overreaction.

      But there are worries the disease could spread over the next few weeks in the run up to Lunar New Year, when hundreds of millions of Chinese travel across the country to celebrate with families.

      On Friday, a spokeswoman for the Queen Elizabeth Hospital told AFP “a 21-year-old female is in critical condition after contracting swine flu”.

      The student, who had returned to Hong Kong from mainland China after falling ill, was admitted to hospital on January 11 and transferred to intensive care on Tuesday, the spokeswoman told AFP. She later confirmed the woman has leukemia.

      Also Tuesday, a two-year-old girl was placed in the hospital’s intensive care unit after she contracted the disease, the spokeswoman said, adding that she remains in critical condition.

      Authorities in the nearby gambling hub of Macau have confirmed a 47-year-old woman was in critical condition with the disease.

      Swine flu has killed more than 18,400 people and affected practically all parts of the world since it was uncovered in Mexico and the United States in April 2009, according to the World Health Organization.

      In August last year, the agency said swine flu had “largely run its course”, declaring an end to the pandemic.

      In May 2009, Hong Kong health authorities quarantined around 300 guests and staff at a hotel where the carrier, a Mexican national, had briefly stayed, while education chiefs ordered all primary schools to be closed for two weeks over fears about the illness spreading.

      In July 2009, a Philippine maid became the city’s first swine flu fatality.

      Last month, Hong Kong lowered its public health warning on influenza, weeks after announcing its first human case of bird flu since 2003.

      Hong Kong was the site of the world’s first major outbreak of bird flu among humans in 1997, when six people died of a mutation of the virus, which is normally confined to poultry.

      Hong Kong, Jan 21, 2011 (AFP)

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      The Insurance Council of Australia has rejected complaints that flood policies are too complicated and is instead blaming customers for not reading their contracts.

      Federal Treasurer Wayne Swan has foreshadowed changes to the insurance industry as part of the Government’s response to the Queensland floods.

      The industry has been facing criticism about policies being complicated in terms of whether flood cover is for a river flood, a flash flood or a problem with storm water.

      Concerns have also been raised over insurance companies refusing to compensate people who thought they were covered for flood damage.

      But Karl Sullivan, the insurance council’s general manager of risk, says customers are often complacent.

      “Most of the definitions are written in very plain English and are very simple for a layman to understand,” he said.

      “Unfortunately a lot of people maybe don’t make the effort to understand what the risks are that they’re facing.

      “Complacency is one reason. Before I joined the industry I think I was probably one of those people who didn’t pay a lot of attention to reading policy documents. I certainly do nowadays.”

      Many Queenslanders in brand new developments who had their homes flooded are questioning how flood mapping allowed that to happen, and what it will mean for them when they want flood insurance in the future.

      Mr Sullivan says when providing flood cover, the insurance council relies on flood mapping from local councils, which these days is “very accurate”.

      “We find that the State Government’s got a very good land use planning policy … these things can always be improved over time, but in general councils deal more with legacy issues – old decisions made on poor mapping and we find particularly councils like the Gold Coast and Brisbane, you would have to work very hard to fault them on planning decisions,” he said.

      Mr Sullivan says insurance is based on risk.

      “So if you’re in a flood zone or on a flood map, you will find that insurance is offered to you on the basis of the interpretation of that risk,” he said.

      Some Queenslanders say they have not been able to get flood cover, but the industry says that is a furphy (rumour).

      Mr Sullivan says flood insurance is available – at a price – to everybody in Queensland.

      “It can be expensive if you’ve got an extreme risk of flooding, but that’s a very very small percentage of properties,” he said.

      Wayne Swan says insurers should deal with claims quickly and fairly, but does acknowledge that there appear to be grey areas.

      “I don’t think there’s any doubt that there is a need for reform in this area, but at the moment we’re concentrating on dealing with the practical realities of what people are facing today,” he said.

      “What’s very important [is] those with insurance get their claims submitted.”

      Queensland Premier Anna Bligh also admits the scale of the flood devastation has highlighted major shortcomings in the current disaster insurance system.

      Insurance experts expect claims arising from the floods to top $1 billion.

      Source : ABC News

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      XL Insurance, the global insurance operations of XL Group, today announced the extension of its business in Australia offering insurance solutions to Middle Market companies.

      A dedicated XL Insurance underwriting team, based in Sydney and a newly-opened Melbourne office, will serve companies with revenues of approximately AUD 50 million and above.  The Middle Market team will focus on offering property and casualty policies, with a capability to offer a combined solution, if required.

      As a result of the extended offering, XL Insurance has hired three new underwriters:

      – James Shilling, senior property underwriter, has 17 years of experience and joins from Chartis

      – Dale Graf, senior property underwriter has 20 years of experience and previously worked at Vero

      – Ben Patrick, senior casualty underwriter, has 11 years of experience and joins from Chubb.

      James Shilling will be based in Sydney and Dale Graf and Ben Patrick in the new Melbourne office.

      Craig Langham, Australian Country Manager for XL Insurance, said: “Middle Market companies form an important part of the Australian economy. As they grow at home or abroad they find themselves facing new and complex risks. With our local offices, underwriting expertise and global network we can support these companies in Australia and internationally. Our entry into this segment is an important element of XL Insurance’s growth strategy in Australia.”

      Stephan Bachmann, Chief Property Underwriter Middle Market at XL Insurance, responsible for implementing this initiative, commented: “Our dedicated Middle Market underwriting team will offer comprehensive property and casualty policies to a wide range of sectors. With XL WorldPass we can also provide a Global Program solution with coverage in more than 100 countries, helping clients to respond to tighter and more complex local regulatory frameworks as they look to expand overseas.”

      Source : XL Insurance Press Release

        0 0

        State-rescued Royal Bank of Scotland on Tuesday said it had agreed to sell Priory Group, whose clinics regularly treat celebrities with addictions, to private equity group Advent International.

        The bank said the sale was worth £925 million (1.11 billion euros, $1.48

        billion) but that it expected to make only around £133 million because of the Priory’s high debts.

        “The Royal Bank of Scotland Group plc announces today it has reached agreement for the sale of the Priory Group to Advent International for an enterprise value of up to £925 million,” RBS said in a statement.

        RBS inherited Priory Group when it bought Dutch bank ABN Amro in 2007. The deal for ABN at the top of the market, coupled with the financial crisis, crippled RBS, resulting in a huge bail-out by the British government.

        RBS is currently 83-percent owned by the state.

        The Priory Group meanwhile runs addiction clinics and care homes throughout Britain.

        London, Jan 18, 2011 (AFP)

        0 0

        New research from AA Financial Services suggests that travellers preparing for their winter sports fix could make their money go further with better management of their holiday money.

        The survey shows that 18 per cent incur bank charges by using their debit or credit card as their main means of spending on holiday while more than half (55%) take cash, often bought at unfavourable exchange and commission rates.

        Perhaps because people are increasingly booking trips abroad at the last minute, 15% didn’t sort out their currency until they reached the airport (6%); or at a local ATM (5%) or other sources at their destination.

        Mark Huggins, director of AA Financial Services, says that with 2011 shaping up to be a good year for winter sports in Europe, travellers could typically be losing up to £30 through charges and poor exchange rates.  He suggests that now would be a good time to consider better ways to managing their Euros, for example the AA’s new Euro pre-paid card.

        “The Sterling/Euro rate is poor enough without piling additional charges on top.  Using overseas ATMs can be very expensive with between 2% and 3% typically being lost on bank charges.”

        Mr Huggins adds that while good deals can be had in the UK to obtain Euros in cash, security is also a real issue, pointing out that up to a fifth of all travel insurance property claims are for lost or stolen money.

        “Not only do you risk losing your cash but there is no comeback in the event that you’re short-changed or something goes wrong with your purchases.”

        Source : The AA Press Release

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