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Sofia Ashmore

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    French health watchdogs said on Wednesday the country was officially in the grip of a flu epidemic after 176,000 people had fallen sick, two of whom have died.

    To be classified as an epidemic, new cases of influenza recorded by doctors have to number more than 174 per 100,000 people per week. This threshold was breached last week, when there were 280 cases per 100,000 people.

    Three viral strains are to blame, including A(H1N1) 2009, which emerged last year as the novel “swine” flu, according to the epidemiological networks Regional Flu Observation Groups (GROG) and Sentinelles, which is operated by the National Institute of Health and Medical Research (Inserm).

    On December 23, Britain’s health authorities said 27 people had died of flu, 24 of them from swine flu.

    Agencies in both countries have urged people in at-risk groups — particularly the elderly and those with respiratory problems — to get vaccinated.

    So-called “seasonal” flu epidemics are annual health problems in temperate countries with the onset of winter.

    According to the World Health Organisation (WHO), flu epidemics result globally in about three to five million cases of severe illness per year and 250,000-500,000 deaths.

    Paris, Dec 29, 2010 (AFP)

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    Aon Risk Solutions, the global risk management business of Aon Corporation, today announced that its Baltimore office received a 2010 Mayor’s Business Recognition Award in recognition of its outstanding community service in the Baltimore area. Nominated by a member of the Baltimore Development Corporation, Aon’s employees were honored at a luncheon on December 14 for its work with the Ronald McDonald House and Habitat for Humanity.

    Aon’s Baltimore office has partnered with both organizations for three years. This year, the company’s volunteer efforts included breakfast preparation at the Ronald McDonald House and the building of three Habitat for Humanity homes in West Baltimore.

    “We are an organization dedicated to service and solutions, and are humbled by this honor,” said Otis Tolbert, Jr., resident managing director for Aon Risk Solutions’ Capitol offices.

    The annual luncheon, which is presented by the Greater Baltimore Committee and the Baltimore Development Corporation, took place at the Hyatt Regency Baltimore. More than 400 Greater Baltimore Committee members and guests joined Mayor Stephanie Rawlings-Blake in honoring the 15 winners of the 2010 Mayor’s Business Recognition Awards.

    Source : AON Press Release

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    The influential Insurance Institute for Highway Safety (IIHS) chose three Audi models – the Audi A3, Audi A4 and Audi Q5 – as 2011 Top Safety Pick winners.

    With its Top Safety Pick list, IIHS recognizes vehicles that do the best job of protecting people in front, side, rollover, and rear crashes based on good ratings in Institute tests. Winners also must have available electronic stability control, a crash avoidance feature that significantly reduces crash risk. The ratings help consumers pick vehicles that offer a higher level of protection than federal safety standards require.

    Last year the Institute toughened criteria for Top Safety Pick by adding a requirement that all qualifiers must earn a good rating for performance in a roof strength test to assess protection in a rollover crash.

    Overall, the Institute selected 66 vehicles for its highest honor. This marks the third year in a row that these three Audi models have earned the Institute’s top recognition.

    “Safety stands at the forefront of Audi vehicle development, so it’s rewarding when an evaluator with the credibility of IIHS recognizes this work,” said Johan de Nysschen, President, Audi of America.

    “Safety is a priority among this crop of winners,” said Adrian Lund, IIHS President. “From the start these manufacturers set out to design vehicles that would earn Top Safety Pick, even though we’ve made it harder to win.”

    Source : Advertiser Talks

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      Japan’s major non-life insurer Sompo Japan Insurance Inc. will form a sales partnership with China’s Bank of Shanghai, a newspaper said Sunday.

      Sompo Japan, a unit of NKSJ Holdings Inc., and the major Chinese commercial bank will announce the deal as early as Monday, the Nikkei business daily reported.

      As a first step, the Chinese arm of Sompo Japan will sell insurance products through Bank of Shanghai to corporate clients in January, the newspaper said.

      Sompo Japan aims to shore up its earnings base by tapping demand in the fast-growing Chinese market, while Bank of Shanghai will earn sales commissions and acquire Japanese insurance know-how, it said.

      The partners will also jointly develop medical insurance for the wealthy in China, it added.

      Bank of Shanghai was founded in 1995 and has more than 200 branches in Shanghai alone. The Chinese government is the bank’s top shareholder, with a 35 percent stake.

      Tokyo, Dec 26, 2010 (AFP)

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      Santa is dusting off the old sleigh, making sure the reindeer are in tip-top shape and asking his elves to put in overtime to finish off all the presents to make sure every child across the globe gets a present. But, the business of being Santa is risky, with an increasingly litigious society to contend with.

      While it is almost impossible to give an exact figure for the cost of premiums Santa would need to pay to ensure he is covered for the Christmas season and make sure everything goes smoothly, after careful analysis and consideration, Aon Risk Solutions, the global risk management business of Aon Corporation in conjunction, have estimated that it would cost £25m to insure Santa. This is a reduction of £5m since Aon was last asked to look at his insurance needs two years ago, as it takes in to account his good claims record and the current soft market for the insurance of international risks.

      The reason for the hefty bill is down to the number of risks Santa would need to insure, and these would include:

      – Aviation insurance – The risk of something falling off of Santa’s sleigh, or that the sleigh is damaged would be real risk to Santa’s Christmas operation, and the cost of repair is potentially huge

      – Body part insurance – Santa’s beard is recognizable, and copied, all over the world. Should he have an accident in his workshop prior to the big night before he has time to re-grow his beard, insurance can cover this.

      – Data protection insurance – Santa has to store all of the children of the world’s delivery information, and whether they’ve been naughty or nice.

      – Goods in transit – Piracy has become an issue for companies transporting goods around the world over the last few years, and Santa is not immune. He should be particularly careful when approaching the Gulf of Aden

      – Key person – while no one wants to think about it, being Santa is a risky business, so it would only be prudent of Mrs Clause to take out a policy in case the worst does happen to Santa.

      – Livestock cover – The poor reindeer have to schlep Santa all over the world, so are integral to making sure the entire operation goes smoothly.

      – Public Liability – If Santa’s sleigh should damage someone’s roof, or he accidentally drops a gift on someone from a great height, he could certainly be held accountable

      – Supply chain risk – with the global economy still reeling from the global financial crisis, Santa’s workshop may be at a heightened risk of their suppliers going bust, and so need to insure against this risk.

      – Theft – Santa’s workshop is a prime target for thieves, not to mention if he accidentally forgets to secure his sack of presents while he’s delivering someone’s gifts.

      Karl Hennessy, managing director of Aon Global, commented: “Santa is a big and complex risk, but he’s coped every year so far. Assuming he’s kept detailed records of his claims records, he shouldn’t have a problem finding insurance cover. We at Aon wish the big man luck again this year.”

      Source : Aon Benfield Press Release

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      The Competition Commission (CC) has today published the report of an independent review into the rules and practices relating to possible conflicts of interest among its members and staff.

      The review, commissioned by the CC earlier this year, was conducted by three eminent experts: Brian Woods-Scawen (Chairman), Dame Barbara Mills and Sir Francis Jacobs. The CC’s Council recently considered the report and accepted the recommendations in full. The CC is implementing them immediately.

      The Woods-Scawen report, published today at www.competition-commission.org.uk/our_role /analysis/evaluation_reports.htm, makes 17 recommendations on changes to the CC’s policies on conflicts and the way in which conflicts are handled. In a foreword to the report, Brian Woods-Scawen, writes:

      The recommendations cover a more integrated statement of policy, greater clarity in the definition and identification of conflicts, enhanced communication and training for the Council, members and staff of the CC, clearer accountability for policy and implementation and stronger assurance arrangements.

      CC Chairman, Peter Freeman said:

      We have always taken extremely seriously the need to avoid actual or potential conflicts of interest. I am grateful to the authors of this report for giving us a clear way forward that will enable decision taking by inquiry groups with appropriate experience without the risk of conflicts of interest—particularly those which may arise once an inquiry is in progress.

      We have accepted the report’s recommendations including the appointment of a compliance officer with responsibility for applying our conflict of interest policies.

      We are starting to implement the report’s recommendations immediately. They will give the CC a tighter internal system for dealing with conflicts of interest but one which will also preserve its flexibility to judge individual cases on their merits and ensure that its members have the expertise and experience needed for the conduct of its inquiries.

      The CC also announced today that Roland Green, the CC’s Chief Legal Adviser, will fill the post of Compliance Officer with immediate effect. New guidance on the policy and practice of the CC in relation to conflicts of interest, giving effect to the recommendations of the review report, will be published early in the New Year.

      The review panel had decided to defer publication of its report until after the Court of Appeal judgment in the BAA case had been announced and assessed. On 13 October 2010, the Court of Appeal announced its decision to uphold the CC’s appeal and reinstate its findings in the BAA investigation, following an earlier judgment by the Competition Appeal Tribunal.

      Source : Competition Commission Press Release

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        Insurance giant American International Group is likely to announce next week the buyer for its Taiwan unit, Nan Shan Life, a report said Thursday as the firm tries to pay back its US government bailout.

        AIG directors are expected to confer Thursday to try to select a buyer among four bidders, reported the Asian Wall Street Journal, citing sources familiar with the situation.

        Sources said the company intends to pick a bidder that is most likely to win the approval of the island’s authorities in the wake of its previous failed attempt to sell the unit, the report said.

        Taiwan’s Chinatrust Financial, Fubon Financial, Cathay Financial and Ruentex Group are currently bidding for Nan Shan, with Ruentax offering the most, it said.

        Taiwanese media have said that five firms, including Goldsun Group, have offered between two and three billion US dollars while the Journal said Goldsun dropped out of the race amid concerns of Taiwanese regulators.

        Goldsun is reportedly backed by Hong Kong-based Primus Financial Holdings, whose previous bid to acquire Nan Shan for 2.15 billion US dollars was rejected by Taiwan’s government in August.

        Taiwanese authorities had cited concerns that the Hong Kong consortium of Primus and China Strategic Holdings lacked the experience needed to manage an insurer and it also failed to provide a long-term management commitment.

        The rejection of the bid came as a blow to AIG, once the world’s largest insurer, which has been selling assets to pay back US government loans since its rescue from collapse during the 2008 financial crisis.

        Taipei, Dec 23, 2010 (AFP)

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        The White House Tuesday told Republicans to ditch an “awful” pre-Christmas bid to block a health bill for hero September 11 emergency workers, amid agonized tales by first responders of loss and sickness.

        The bill, caught up in the fierce partisanship of a lame duck session of Congress, would offer health care to fire and police officers and other first responders who rushed to the scene of the World Trade Center attack in 2001.

        Some emergency workers who survived the collapse of the Twin Towers have become sick and even died from ailments like cancer in the nine years since, purportedly from toxic substances contained in the wreckage.

        White House spokesman Robert Gibbs called on Republicans, who say the bill lacks financial transparency and must be offset with spending cuts in other areas, to allow it to come to a vote before Christmas.

        “It seems, at the end of a long year, around the holiday season, a pretty awful thing to play politics about,” Gibbs said.

        “But that’s a decision that 42 Republican senators are going to have to make.”

        Republican senator Tom Coburn, a conservative budget hawk, said on Fox News on Tuesday he was opposed to the bill because it lacked accounting standards and would inevitably need to be fixed at the cost of more money.

        “We’re going to pass a bill — and then we’re going to have to come back and fix it, and we’re going to waste a whole bunch more money and not fix the real problem which is taking care of those people who are so desperately dependent on it,” Coburn said.

        Coburn, a doctor, also complained that the bill had been rushed to the floor by Democratic leaders keen to eke every advantage before Republicans elected in November polls narrow the Democratic Senate majority in January.

        But New York Senator Kirsten Gillibrand warned that some first responders faced “horrific” and painful diseases, and that the Senate had a moral duty to help them.

        Senior New York Senator Charles Schumer said the votes were there to pass the bill — but Republicans could still run out the clock before the chamber breaks for Christmas this week.

        “We plead with them — please do not do that. That is not fair. That is not right.

        “All these heroes are asking for is an up-or-down vote before Christmas.  Waiting until next year would be a lump of coal, and we will not stand for it.”

        Several prominent first responder campaigners appeared with the senators at a press conference on Capitol Hill, many telling heart-rending stories of young colleagues who died from cancer believed to be related to the Ground Zero service.

        John Feal, an advocate for September 11 first responders, called on the Senate to pass the bill quickly.

        “Make no mistake: we’re sick and dying, but we are not going away. Merry Christmas.”

        Glen Klein, of the New York Police Department added: “we’re not asking to have a bill passed to send us to Disneyland.  We’re not asking to have a pool put in all our backyards. We’re asking for the right to live.”

        Almost 3,000 people died on September 11, 2001 when planes hijacked by Al-Qaeda suicide operatives were flown into the World Trade Center, as well as the Pentagon and a Pennsylvania field.

        Washington, Dec 21, 2010 (AFP)

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        It’s not just the likes of Jay-Z, Wayne Rooney and David Beckham who are building up their car collections, according to Aviva.

        Statistics from Aviva show the number of people with four or more top-end cars is on the increase, with some clients owning more than 30.

        But like a treasured piece of art, some of the car collections are often more cared for than a mere form of transport, with staff employed to look after them for their owners, and the average vehicle mileage is 5000 miles a year, two thirds of the national average.

        Some of the rising popularity of prestige car collections is thought to relate to investors looking to new ways to invest their money in the current economic climate – unique and collectable cars hold their resale value, and some vehicles have changed hands for millions.

        The typical value of the prestige car portfolios is a cool £350,000, which though somewhat less than the reported £1.3m Beyonce paid for her husband Jay-Z’s 253mph Bugatti Veyron birthday present, is just over 69 times the value of the average new family car.

        Aviva’s records show that Porsche topped the list as this year’s most popular prestige car for insurance quotes on their Distinct contract (see table 1 below), with Bentley, Aston Martin, Ferrari and Jaguar making up the top 5.

        Table 1: Top 10 prestige cars quoted for in 2010

        Car Brand Annual mileage Value of typical

        new model ****

        		 Celebrities known for driving such a car
        1 Porsche 7279 £120,453 (911) David Beckham
        2 Bentley 8560 £153,400 (Continental) Wayne Rooney
        3 Aston Martin 6871 £170,500 (DBS) James Bond
        4 Ferrari 5290 £207,075 (599) Chris Evans
        5 Jaguar 7580 £69,900 (XK Coupe) George Clooney
        6 Mercedes 9000 £157,500 (SLS Coupe) Jeremy Clarkson
        7 Range Rover 12227 £66,395 (Sport 5.0 V8) HM The Queen
        8 Maserati 8000 £85,550 (Quattroporte) Jamie Oliver, Bono
        9 Lamborghini 5333 £166,784 (Gallardo) Jay Kay
        10 Rolls Royce 5200 £195,840 (Ghost) Simon Cowell

        Source : Aviva Press Release

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        According to Aon Risk Solutions, the global risk management business of Aon Corporation,  consumer confidence in the retail industry is rising, up almost 20 percent since 2009.

        Aon’s 2010 U.S. Retail Industry Report, along with survey results from Aon’s 2010 Retail Symposium, named the economy as the industry’s number one risk in 2010, and found that many retailers will focus on growth in 2011.  Findings from both reports were released today.

        2010

        U.S. retailers cited their top five risks as the economy, reputation risk, supply system disruption, liability risk and major business interruption.  As expected, the economic slowdown brought reduced consumer spending in 2010.  On top of that, the industry experienced an influx of product recalls and weather events, translating into reputation damage, supply chain disruption and business interruption for many retailers.

        2011

        Retailers are looking at 2011 as a year of growth.  This top priority is closely followed by the objectives to increase profitability, control costs, provide business continuity and stabilize operations.  To successfully achieve these goals, risk managers must assume greater roles within their organizations.  In fact, 80 percent of retailers at Aon’s Retail Symposium this fall expect the responsibility and accountability of the risk management function to grow in the coming year.

        Also in 2011, the U.S. retail sector is expected to perform in line with the overall economy, according to Aon’s Retail Industry Report.  However, employment in the retail sector has fallen seven percent since August 2007 and 0.3 percent since August 2009.  By way of comparison, total employment in the U.S. has fallen five percent since August 2007 and grown 0.2 percent since August 2009.  The economy’s effect on consumer spending has taken a significant toll – from sales to employment – across all industries, including retail, according to Bloomberg.

        “The retail industry is still recovering from the economic slowdown, but our industry report and symposium findings confirm that growth is just around the corner,” said Len Churnetski, chief operating officer of Aon Risk Solutions’ national casualty brokerage.

        “In 2011, nearly 60 percent of all retail HR departments are expecting the same or higher conversion rates of seasonal employees to full-time employees compared to 2010,” said Patrick Tomlinson, senior vice president for Aon Hewitt.  “This conversion rate is typically a good indicator of retailers’ expectations for the new year.”

        Churnetski added: “As 2010 comes to a close, Aon’s findings will help retail business leaders identify their risks as well as solutions for a successful year.”

        Aon’s 2010 U.S. Retail Industry Report, authored by Aon Analytics, noted that the retail industry remains stable to competitive in terms of insurance coverage provided and policy enhancements available, including workers’ compensation, general liability and property.  Pricing for casualty insurance has remained flat and directors’ and officers’ liability coverage has experienced a decrease of 12.5 percent over 12 months between Q2’09 and Q2’10.

        Methodology:

        The 2010 U.S. Retail Industry Report is based on data from Aon GRIP, 2010 Global Enterprise Risk Management Survey, 2009 Global Risk Management Survey, 2009 Global Risk Technology Survey and additional proprietary databases.  Respondents from Aon’s Retail Symposium included risk managers from 27 of the leading retail companies.  The symposium offers Aon’s clients the opportunity to meet with retail industry risk management peers to formulate plans and further improvements at their companies while strengthening relationships with additional professionals in the retail industry.

        Source : Aon Press Release

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        Broker-only specialty lines MGA Manchester Underwriting Management has announced a further enhancement of its product range for brokers with the launch of its D&O product, which will be available to all UK and Irish brokers with MUM facilities.

        Offering Lloyd’s security, MUM’s new D&O product is designed to cover the vast majority of UK and Irish companies with turnover or assets of up to £500M although larger companies will be considered.

        The MUM D&O policy includes extensions for corporate manslaughter, outside directorships, retired directors cover, new subsidiaries and much more as standard. The full policy wording and policy summary can be found on MUM’s website.

        Charles Manchester commented:

        “Times are tough for brokers so we are working even harder to make sure that they have the ammunition they need to compete in the market, with an up-to-date product that helps protect their clients in today’s difficult times.

        Brokers can continue to expect the high levels of personal service that are the hallmark of our proposition at Manchester Underwriting, coupled with competitive premiums. We are targeting a growing market as most companies come to understand that D&O is a must have cover.

        Expanding into more specialty lines was always part of our plan as we look to build on our solid foundations through delivering to brokers the products where we can add value with the service and flexibility that they absolutely need to compete.”

        Source : MUM Press Release

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        Babcock International Group plc (Babcock) has announced a partnership with Aon Hewitt, the global human resource consulting and outsourcing business of Aon Corporation which will see Aon Hewitt introduce a major operational review and change programme to Babcock’s Pensions Administration Office (PAO) in Thurso, Scotland.

        The partnership with Aon Hewitt comes as part of a significant investment Babcock is making in its PAO. Babcock and Aon Hewitt aim to grow and develop the PAO to better enable it to attract new clients while enhancing its offering to its existing client base. The investment is designed to secure existing jobs and to create a platform for further new job creation in the Thurso region. A full training and development programme for existing staff will also be implemented and supported.

        The PAO is an established provider of high quality pensions administration services. It currently employs 37 people providing administration under contracts which encompass more than 72,000 members. Its main focus is the administration of complex final salary public service schemes, but it has expanded over the last five years to take on the administration of additional schemes including the private sector, DC and CARE structures.

        Under the partnership, Aon Hewitt will provide guidance, expertise and experience in the pensions administration field in order to support a programme of change. The announcement of the partnership follows a host of major pensions administration contracts recently secured by Aon Hewitt including BMW and Premier Foods’ RHM pension scheme.

        Andrew Birkett, group pensions manager of Babcock said: “The hardworking nature of the Thurso-based team, their track record for providing a good quality service, aided by our partnership with one of the UK’s leading pensions administration providers, gives the business an undisputable platform from which to grow.  Babcock is committed to the local area and it is hoped that the drive to expand the business will have the added benefit of creating further opportunities for local employment.”

        Stuart Heatley, pension administration practice leader at Aon Hewitt  said: “We are delighted to have this opportunity to expand on the work Aon Hewitt already undertakes for Babcock by including its PAO in Thurso. We look forward to introducing a measured programme of transformation in order to build on the high quality service already provided to their existing clients and to scheme members.”

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          Diabetes is costing the United States up to 160 billion dollars per year and might affect one-third of Americans by the middle of the century, former US President Bill Clinton said Sunday in Dubai.

          “By the middle of this century, the diabetes rate in the United States could be as high as one-third of our whole population,” Clinton said on the sidelines of the MENA (Middle East and North Africa) Diabetes Leadership Forum held in Dubai.

          “If that happens it will dramatically erode the productivity of the economy and place a burden on the cost of the healthcare system,” he added. Given such circumstances, “it will be hard for any nation to sustain.”

          “In America we pay today approximately 150 billion to 160 billion dollars in direct costs as a result of this explosive problem,” Clinton said.

          One-tenth of US adults are currently estimated to suffer from diabetes.

          The disease, a failure of the body to process sugar properly, seems to be a bigger problem in the United Arab Emirates, which is hosting the forum.

          With 19.5 percent of its native population suffering from the disease in 2007, the oil-rich Gulf federation ranks second in the world after the tiny island of Nauru, where 30.7 percent of the population were found to be diabetic in the same year.

          Five Arab Gulf countries — UAE, Saudi Arabia, Bahrain, Kuwait, and Oman — are among the top 10 states with the highest levels of diabetes. Tonga came in sixth place, followed by Mauritius, Egypt and Mexico.

          “The statistics paint an alarming picture,” said UAE’s health minister Doctor Hanif Hassan Ali al-Qassim.

          Diabetes consumes “over 13 percent of the MENA (countries’) healthcare budget,” said Qassim.

          In the MENA region where 20 percent of the population is obese, 26.6 million people suffer from Diabetes, and the number is expected to double to 51.7 million people by 2030, the forum said.

          Around seven hundred regional and international experts are participating in the forum, sponsored by global healthcare company Nova Nordisk, and attended by former US President Bill Clinton and Denmark’s Crown Prince Frederik.

          Dubai, Dec 12, 2010 (AFP)

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          As winter weather manages to deter most motorcycle enthusiasts, Swinton Bike Insurance is advising motorcyclists everywhere to purchase a winter hack, making sound financial sense whilst putting some fun into winter riding.

          Swinton Bike Insurance : completed an online survey of 1200 respondents, and found only 12% of motorcyclists currently have a winter hack, which ensures their “proper” bike stays safe, tucked up in the garage, away from salty roads, corrosive rain and the possibility of a costly ice slide during the winter months.
          The survey also revealed that 82% of motorcyclists have thought about purchasing a second hand bike for winter weather, as they take the pressure off winter riding.

          To read more please click here….

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          The government has today announced that from 6 April 2011 more individuals will be given increased flexibility in how they take their retirement income. See http://www.hm-treasury.gov.uk/d/pensions_annuitisation.pdf

          People with a lifetime income of at least £20,000 a year will be able to access their additional funds as pension income. The £20,000 a year includes relevant income such as pensions from a registered pension scheme, lifetime annuities and state pensions. Alternatively people can continue to draw down their pension beyond age 75. The maximum income an individual can draw down is 100% of the equivalent annuity and reviews will have to be carried out annually once the individual reaches age 75, instead of triennially. The tax rate for all lump sum death benefits is to be set at 55%, apart from those who die before age 75 without having taken a pension, which will remain tax–free.

          Kate Smith, Pensions Development Manager, says:

          ‘Greater flexibility is a good thing but this raft of change risks being too much too soon. The government has come up with some very good ideas, but pushing them out all at once could backfire. People will need information and advice on how these new rules affect their pension planning and a four month timetable feels very tight on top of all the other changes already in the pipeline.

          ‘Advisers, employers and individuals are already facing a great deal of change in the pensions market, especially around Pensions Reform and the RDR. We should take time to let these existing changes bed in and to see how people react. It seems sensible to prioritise the things we need to make the 2012 changes a success before introducing further change. On top of an already full regulatory implementation agenda, is a risky approach.’

          Lifetime Allowance

          As expected the government has confirmed the Lifetime Allowance for tax-relieved pension contributions will reduce from £1.8m to £1.5m from 6 April 2012. See http://www.hm-treasury.gov.uk/consult_pensionsrelief.htm

          As a transitional arrangement, people with pension funds above the new Lifetime Allowance, or who believe the value of their pension pots will grow above £1.5m through investment growth without any further contributions, will be able to apply for a new personalised Lifetime Allowance of £1.8m. But to be eligible for this protection they must cease accruing benefits or making contributions to all registered pension schemes before 6 April 2012. People who wish to benefit from the new Lifetime Allowance protection must notify HMRC in a prescribed format before 5 April 2012.

          Kate Smith, Pensions Development Manager, says:

          ‘I’m pleased to see the government has decided to extend Lifetime Allowance protection to people who may, at a future date, exceed the reduced Lifetime Allowance. It will mean that to benefit from the higher personalised Lifetime Allowance of £1.8 million, people will not be able to make any further contributions to, or build up further benefits in, a pension arrangement after 5 April 2012. However this appears to be a sensible compromise.’

          Source : AEGON Press Release

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          Aon Hewitt, the global human resources consulting and outsourcing business of Aon Corporation,  is urging companies to take action and start communicating pension tax changes ahead of the April 2011 deadline.

          The government yesterday announced further details on the reductions in annual and lifetime allowance originally proposed in October.  Given the number of individuals affected by these proposals, Aon Hewitt is encouraging companies to take control of implementing a communication strategy which includes pre-emptive employee communication.

          Lisa McEneny, communication consultant at Aon Hewitt said: “The tax change clock is already ticking and it will be a tough task for companies to get everything in place and on time for this – it involves policies, communication and administration. Between now and next April, companies need to review their pension remuneration and reward policies for high earners affected by the tax changes, make their policy decisions and then communicate the changes so that members can make informed choices.

          “It is vital to remember that it is the key talent in organisations that will be affected. Once companies have analysed and segmented their employee data to see who is potentially impacted, a dialogue with those individuals should begin. There is no time to lose; by next April, companies must have this process well underway.”

          The findings of a recent survey of over 300 pensions professionals carried out by Aon Hewitt, as part of a recent teleconference on the changes, highlighted  that most companies are planning to use a combination of media, such as written material, modellers and face-to-face meetings to communicate the tax changes to different segments of their target audience.

          Lisa McEneny continued: “To ensure all the communications run smoothly, companies will need to think about using tools effectively and efficiently for maximum impact. We suggest a combination of written materials, intranet content with regularly updated Q&As, and perhaps a specific email box or phone helpline. Finally, to provide support for expatriate employees and make the communications more personal and effective, we suggest running a webinar and a series of one-to-one phone sessions.”

          Aon Hewitt has established guidance to help companies in initiating the process:

          -The first step is to create awareness among employees of the changes and concepts and provide material to help understand the issue.

          -This could be further supplemented by customised models that help individuals evaluate the impact on their personal situation.

          – Communicating the pension tax changes effectively is a positive opportunity to engage with employees, offering one-to-one planning sessions and individual guidance, ensuring they are able to make informed decisions about the options available to them.

          Source : Aon Hewitt Press Release

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          Swiss Re’s economists predict that growth in the insurance and reinsurance industry will continue to accelerate in 2011 but warn that financial turmoil could derail the global economic recovery. Industry capitalisation exceeds pre-crisis levels; premiums are growing in most segments and most countries; and many emerging market countries are performing particularly well. Profitability is set to remain under pressure, however, since investment returns are dampened by low interest rates. (Re)insurers will need therefore to maintain underwriting discipline. Looking ahead, a key problem is that regulatory factors will force insurers into low-yielding government bonds, increasing the risk that they miss out on a market upturn.

          “The global economy expanded modestly in 2010 and is expected to show moderate growth through 2011,” Kurt Karl, Swiss Re’s US Chief Economist, will say at the company’s Economic Forum conference call this morning. “Developed and emerging markets have parted ways on growth, with emerging markets booming while developed economies are growing at a more modest pace – a situation that is set to continue in 2011 and 2012. Monetary policy in the major economies is not expected to tighten substantially next year, because inflationary pressures remain subdued and certain EU economies face fiscal crises.”

          Growth in developed economies is expected to accelerate slightly in 2011 and 2012, but will remain close to its long-run averages of 2.5%-3% in the US, 1.5% in Japan, and approximately 2% in Europe. Emerging markets are forecast to grow rapidly next year, leading to increasing inflationary pressure in several markets. Benchmark interest rates in developed economies are expected to remain low through the end of 2011 but long-term interest rates will rise gradually as the world economy improves.

          Financial market turmoil remains a risk to recovery
          A risk remains that the economic recovery will be derailed by renewed financial market turmoil, resulting in part from a potential widening of the Euro zone debt crisis. Kurt Karl will say: “Although the recovery is nearly 18 months old and broadening, investor trust in its continuation is still weak. Instability continues in several important real estate markets including the US, Ireland and Spain. Despite the support received from the International Monetary Fund and the European Union, there are still concerns as to whether Greece and Ireland can cope with the problems they face.”

          Low interest rates as a result of expansionary monetary policy in developed economies remain a key challenge for insurance companies. Thomas Hess, Swiss Re’s Chief Economist, will say: “Insurers, pension funds and private savers are paying for the cheap financing of governments, and for households and corporations that borrow.”

          According to Swiss Re’s economists, the risk of over-regulation in the insurance industry also remains high. While the EU Solvency II regulatory initiative is generally welcome, it is likely to lead to higher capital requirements for many insurers if the implementing measures stray too far from the original economic-based principles.

          “Regulators’ overly conservative view of the insurance sector is not justified: insurers emerged from the crisis largely unscathed and banks were found to be the source of the problem. While the insurance industry does not object to being part of systemic risk monitoring efforts as a means of averting future crises, it opposes the systemic risk supervision of insurance groups because its core insurance activities are not a source of systemic risk. Efforts should be dedicated instead to enhancing group supervision,” Kurt Karl will add.

          Primary insurers’ balance sheets improved further in 2010; non-life market seen hardening as early as 2012
          Premium growth in non-life and life insurance is expected to accelerate in 2011, benefiting from the economic recovery and further improvements in financial markets.

          Expected growth for non-life insurance in developed economies is 3% after inflation and in emerging markets between 7% and 8% after inflation. Non-life premium rates have been deteriorating now for several years. “Current rates are not sustainable even when interest rates start to correct. A correction in premium rates is overdue but we may have to wait until 2012 for that to materialise,” Thomas Hess will say.

          The primary Life & Health sector is recovering. Global premium income in this sector was up by 4.3% in 2010. The primary life insurance industry will be back on track in 2011 but low interest rates will continue to weigh on profitability.

          Moderate growth seen in life and non-life reinsurance
          Non-life reinsurance is currently faring better than the primary non-life insurance industry. For 2010, a combined ratio for the industry of 96% is estimated, helped by releases from prior year claims reserves. Insured losses in 2010 are close to the long-term average for the industry – high losses during the first half of the year were offset by a benign US hurricane season. Growth expectations for the non-life reinsurance industry are moderate but profitability is expected to erode as rates decline. Companies that can deploy superior underwriting skills to navigate towards the right segments and risks will have a competitive edge in the coming years.

          Life reinsurance is expected to grow moderately overall, with stagnation in industrialised countries offset by annual growth of around 10% in emerging markets. Longevity and large transactions are particularly interesting potential growth areas for life reinsurers operating in mature markets.

          Booming emerging market growth set to continue
          “The emerging market countries performed well during the financial crisis of 2007-2009, partially due to the strength of China, which continued to import raw materials and was only minimally affected by the global downturn,” Kurt Karl will say. “Because these countries have been growing well and recovered robustly, they are now close to their growth potential, so inflationary pressures are rising.”

          The outlook for emerging market economic growth remains favourable in 2011, with rising consumer sentiment, supportive government policies and improving labour market conditions all set to boost domestic demand in the near team. Over the next decade, the global economy is expected to expand on average by 3.8% annually. In the period 2011-2021, emerging markets as a whole are forecast to grow twice as fast as industrialised economies – at 5.9% versus 2.4%.

          Insurance industry has recovered from crisis but faces asset management challenges
          Insurers applied increased discipline in asset management in the wake of the financial crisis and successfully reduced the risks in their asset portfolios. A confluence of forces – mark-to-market accounting, risk-free discounting, and heightened capital, regulatory and ratings standards – is pressuring investors to allocate more to lower-risk, lower-return assets. Focus on disciplined underwriting has not been fully able to compensate the decline in investment income that results from lower interest rates. Regulatory standards that require insurers to invest more in such assets could ultimately lead to higher premiums for policyholders. The cost of reduced insurance asset diversification will also eventually be felt in the real economy.

          “Insurers are pivotal institutional investors, accounting for USD 22 000 billion in global financial assets,” Thomas Hess will say. “To efficiently and optimally manage these assets, insurance asset managers need the flexibility to prudently diversify their portfolio. Excessive regulatory restrictions could compromise investment performance, also for policyholders, and prevent insurers from fulfilling their role as long-term providers of capital and as investors that support financial market stability.”

          Source : Swiss Re Press Release

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          About 60 percent of the people covered by national health insurance (NHI) will have lower premiums when a second-generation NHI system is implemented, Taiwan’s Health Minister Yaung Chih-liang said Monday.

          “The new system will be to the advantage of more instead of fewer people” since most people in Taiwan have dependent family members and are salaried employees, Yaung said.

          According to DOH data on NNI premium rates in the past two years, some 60 percent of the insured would have lower payments once the new insurance system is introduced, he added.

          The NHI system proposes that insurance premiums be calculated based on total household income instead of individual salaries of the insured, as is the case at present.
          However, opposition party lawmakers have raised concerns that the majority of people would have to pay higher premiums under the new system.
          The Legislative Yuan has set Dec. 7 as its deadline for passing the DOH-proposed amendments to the existing NHI Act, which would allow for the new premium system to take effect.

          But there are 20 clauses in the bill that have not yet been put to a vote. In addition, lawmakers from across party lines have expressed reservations about the fairness of the proposed formula for calculating premiums.

          At a press conference held Monday by KMT lawmakers, Yaung said the amendments are aimed at expanding care for the disadvantaged, and include a premium exemption for severely disabled people and unemployed aboriginal people over 55 and under 19 years of age.
          In addition, the number of people who would be exempt from premium payments would increase further if the proposed amendments to the Public Assistance Act are also passed, Yaung noted.

          Under the amendments, low-income households are not required to pay health insurance premiums and the bar for being defined as a low income family has been lowered, he said.

          Source : Focus Taiwan

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          Fleming Europe’s 4th Annual Bancassurance Forum which takes place on the 16 & 17 February 2011 in Rome will provide insight on Bancassurance as a stable distribution channel for Europe, product and channel innovation, bridging pension’s gap in Bancassurance, adapting to high net worth client, offering global products in regional markets and additional issues.

          We asked some members of the speaker panel for their views on the industry. Bancassurance experts Marco Gorini (Credit Agricole Assicurazioni), Jean – Pierre Wiedmer (HSBC), Giovanni Tucci (Axa MPS) and Per Hagen (Nordea) reveal part of their know how and experience in 7 questions.

          Fleming Europe: What are the advantages and disadvantages of a fully integrated product provider versus guided architecture in Bancassurance?

          Marco GORINI, Credit Agricole Assicurazioni

          Generally, an integrated product provider is not based on a real integration between a bank and the company IT system. Without integration it is very difficult to develop a fully functioning CRM approach or cross selling strategies between insurance and banking products. On the other hand, guided architecture is based on a real integration from an IT point of view, which can really support CRM approach definition, cross selling strategies or bundling sales strategies between bank and insurance products.

          Jean-Pierre WIEDMER, HSBC

          The fully integrated model has proven success in Europe. Especially with regards to the major life insurance players.

          Life insurance is therefore fully integrated into a bank’s range of savings and investment products. Insurance sales are one of the most essential pillars of a wealth management approach that must provide customers with products and advice on a lifetime basis.

          Moreover, using the branch staff to sell both banking and insurance products is more comfortable and secure for customers. They have the opportunity to speak and communicate with an agent who fulfills their needs with a global overview. In order to succeed in the integrated model, bancassurers have to give particular care to staff training, and maybe introduce into branches advisers dedicated to insurance issues who will support the network in the sales process.

          The hand in hand work between insurers and bankers creates trust and confidence that will make sales easier. Data or advice exchanged is eased and both sides can leverage the experience of the other. Last but not least, sales costs are significantly reduced.

          The common disadvantage of a fully integrated model is that sales staff are sometimes more driven by objectives than by a genuine will to fulfill the customer’s needs. In order to prevent that and to avoid miss-selling, the company has to invest as much as possible in staff training.

          Regarding the open architecture model, it may be relevant in a certain regulatory environment, or in the need to respond to very specific customer demands with a larger range of products. This freedom of choice enables the adviser to select the most efficient or best performing products among its partners’ product offer.

          But the additional costs generated by this model is questionable. As well as the knowledge the adviser has of each product. *(Réponse rédigée à partir d’un rapport de Milliman en 2004 « New Trends in World Bancassurance »)


          Giovanni TUCCI, AXA MPS

          Captive companies bring process and product efficiency but provide no additional brand value to banks. AXA, as an insurance expert, can reinforce the advisory role of the bank and deliver better products and services.

          Fleming Europe: How is it possible to manage and integrate the multichannel approach (internet, call center outbound, …), that is fast and up to speed, often cold and with a limited consulting advice with the traditional branch (centre of the Bancassurance model) with its point of strength in the consulting service?

          Marco GORINI, Credit Agricole Assicurazioni

          The strength of the bancassurance model is the traditional bank branch due to the fact that the seller knows the customers and has different contact moments/ points to approach them. Direct channels like the internet, call centers or mailings can support the main channel but they absolutely cannot substitute it (at least at the moment).

          A possible multichannel and integrated approach is based on a mixture of these channels with direct channels focused on supporting the sales activity (e.g.: outbound call centers can support with marketing campaigns or they can directly contact customers to propose a new product or a product range enlargement) or offering a faster way of product acquiring to a specific type of client (e.g.: for high evoluted customer, the home banking internet channel could represent an alternative way to buy insurance coverage in a more comfortable way. Often this customer has very little time to go to the branch to buy a product and prefers using direct channel).

          In general, regarding all channels, some key elements have to be considered before taking any decision in terms of channel strategy:

          – Knowledge of the clients’ information. The possibility to use and manage personal data of the client (like personal & financial data, other products, behavior, etc.) is an important requirements to achieve success in the sales approach;

          – Personalization of the contact. An Italian direct company (Quixa of the AXA Group) provides an example of this kind of personalization. Even though the main channel is web based, the company assigns a unique and dedicated figure (similar to a personal advisor) to the client able to face and answer all kind of necessary question or needs coming from the client;

          – Knowledge level of human resources. Bancasurance companies that want to build up direct channels (like contact center) has to invest in human resources by acquiring specific profiles from the market (expert of the non life products) or by training the resources;

          A possible alternative strategy is to segment actual clients’ portfolio and consequently to offer different products to different customers segment via different channels. Also in this case, the key elements above mentioned have to be considered in order to create an efficient sales strategy.

          Jean-Pierre WIEDMER, HSBC

          The traditional one-to-one meeting with a branch adviser is one of the basic elements of the bancassurance model. However, traditional models have to acknowledge and face the recent competition coming from alternative direct marketing channels (in particular the Internet). The growing number of Internet insurance players shows a deep change in customers’ needs and expectations who appreciate more and more the multichannel approach because it ensures them confidentiality, flexibility and speed. Moreover, direct marketing techniques facilitate teasing of customers on products as well as services and provides them with a choice regarding their financial planning.

          In this situation, to maintain its positions, the bancassurance model has to reinforce the consulting service and to improve the close relationships it already has with its customers by satisfying their new needs and preferences and catering to their requirements. The multichannel approach is a key to succeed in the environment where Internet has taken a leading position.

          It is important to note that traditional branch advice and direct marketing are not substitutable, they are complementary. Bancassurers need to review their traditional approach by adding multichannel techniques in order to maintain their customer base and attract new clients.

          Giovanni TUCCI, AXA MPS

          According to the bank positioning (more focused on relationship or efficiency) additional channels could be used as alternatives – in order to create value or attract more customers – or supporting, mostly on servicing and education.

          Per HAGEN, Nordea

          Develop tools which can be used by both the customer and the advisor, and where it is possible to stop in the process, and i.e. go further with an advisor.

          Fleming Europe: What are the real sales opportunities of an outbound call center in stand alone non-life products?

          Marco GORINI, Credit Agricole Assicurazioni

          The possibility to support traditional sales approach with a fully-developed outbound call center could assure some opportunities or benefits:

          – To increase the contact’s moment with the customer;

          – To guarantee support and provide information to the customer;

          – To perform specific marketing campaign supporting the sellers activity;

          – To increase sales performance by proposing new products or a wider range of products. In this case, two possible strategies could be adopted in function of the clients:

          – Already insured clients with product of the factory => contact center can focus on up selling strategies by proposing other products or a wider product range;

          – Not already insured clients with product of the factory => contact center can contact new clients in order to present non life proposition and to suggest to the client to go to the branch in order to receive a consulting service from the bank employee;

          Jean-Pierre WIEDMER, HSBC

          Sales opportunities of an outbound call center for General Insurance is very important. It is a strong pillar of a multichannel approach. It is particularly profitable when it comes to general insurance. These products combine low premiums and high gross profit. What is more, non-life products are the easiest to sell and don’t need in-depth advice and the gross profit can cover the additional costs.

          Outbound Call centers are absolutely relevant into a multichannel strategy and certainly a profit opportunity.

          Giovanni TUCCI, AXA MPS

          Based on strong customer loyalty, outbound sales could succeed in case protection is not exploited within the network commercial approach.

          Fleming Europe: Solvency 2 rules will impact on guaranteed products; how can bancassurance players face customers needs and banks strategies in the new scenario?

          Marco GORINI, Credit Agricole Assicurazioni

          For sure, Solvency II will impact on the product structure due to the fact that different levels of risk will impact on the Solvency Capital Requirement (SCR level). The companies’ main effort will be focused on identifying the right trade off between economical contribution (in terms of technical margin) and level of risk. This means that specific coverage or guarantee characterized by a low economical contribution and high level of risk will be deleted or reduced from the product. The product will include only profitable and low-risk coverage in order to produce a low impact in terms of capital requirements. Companies have to face another effort due to the necessity to define products following both economical contribution and level of risk and also customer needs.

          Jean-Pierre WIEDMER, HSBC

          Solvency 2 regulations are perceived only through the constraints they imply. However, this new framework can provide all of us with various opportunities by forcing us to change our business and improve processes and product offers, always by taking into account policyholders’ interests. Solvency 2 will help transform the insurance market. So rather than undergo the regulatory reform, bancassurance needs to lead the process, by involving all business lines.

          Solvency 2 will have 3 major impacts on our business:

          – Solvency 2 will make us improve our knowledge of the risk we’re exposed to and the capital that we will allocate to face these risks. Obviously, a deeper study of these risks will benefit our policyholders. It is likely that Solvency 2 will ultimately translate into a higher capital requirement for all insurers. In this respect, provided that Basel 3 does not come to distort competition, the model of bancassurance, particularly in France, showed that the synergies and economies of scale within a bancassurance group were an asset for the benefit of customers.

          – Regarding the performance of the width-profit fund, Solvency 2 will encourage insurers to disinvest equity markets to pursue a more conservative investment and portfolio of high quality (AA rating). Less exposure to risk means less performance and that is obviously a disadvantage for the policyholders.

          – The way products are designed should also change in the light of this new regulatory environment. The design and price should now take into account risk measurement. Policies’ prices will be more closely related to the nature of the guarantees signed. It is also an opportunity to rethink innovation, and to consider products offering customers more than financial guarantees. The guarantees should be more related to certain stages of life and not on a lifetime basis.  With the demographic changes, more of our policyholders seek to emphasize a guaranteed income throughout life rather than the short-term performance. From this point of view, Solvency 2 should be an opportunity for us to reinvent ourselves.

          Giovanni TUCCI, AXA MPS

          Bankinsurers will have to change the risk balance, possibly orienting towards protection business but guaranteed products must remain at the core of bancassurance to complement and distinguish within bank savings offering.

          Per HAGEN, Nordea

          When the Life Company gives the guarantee: Owners capital is required. Solvency 2 will influence in product development, with guarantees given in external financial instruments.

          Fleming Europe: Are bancassurance players developing hybrid coverage’s like dread disease and long term care insurance? Are there any case histories of product design and successful business models?

          Marco GORINI, Credit Agricole Assicurazioni

          With rregards to the non life bancassurance channel in the Italian market, the main players are focussing on a traditional offering in term of products and coverage due to the fact that the bancassurance segment is a restricted market (in Italy around 80% of the premium is sold by the agent channel) although characterized by relevant growth rate. Bancassurance players are mainly focused on two kinds of coverage:

          – CPI product in order to take advantage the low purchase power of the client (often a client who wants to achieve a mortgage has to buy CPI coverage).

          – Insurance embedded product to be sold with banking products (credit cards, current account, etc.) in automatic way.

          Some players are starting to propose stand alone products to their customer. In general, the sales approach is based on simple and easily to sell product with a low impact from the claim and post sales point of view like P&C product (Home or Accident products).

          Giovanni TUCCI, AXA MPS

          Long Term Care could represent a potential business according to several bancassurance experiences in Europe. This will extend and reinforce the product range if the bank puts protection as a priority.

          Fleming Europe: How can bankers and insurers work hand in hand and adjust their role in order to face the major preparedness gap to retirement among their customers and how can we adapt financial advice to ageing issues?

          Marco GORINI, Credit Agricole Assicurazioni

          Retirement products are basically life products. A possible strategy is the development of a Life Time Value approach to support sales strategy in order to offer the right products (or packages of different products) in function of the client’s age.

          Jean-Pierre WIEDMER, HSBC

          Ageing and demographic changes are among the great challenges our century will have to face. It is a worldwide issue and the developed countries are already experiencing difficulties dealing with the ageing issues.

          The preparedness gap to retirement is very concerning. Because of the financial crisis but mostly because they are not aware of their longevity risk, individuals are very unprepared to their retirement. A recent HSBC study underlined that 63% of the 20 000 people surveyed felt that they will have to work longer in order to ensure that they have a decent income at retirement and most people don’t even know how much their pension will be!

          For these reason, bankers and insurers must work hand in hand in order to provide customers a global approach to their needs, including retirement. Branch advisers, with the support of insurance experts, must talk about financial retirement as soon as possible.

          Retirement is fully integrated in a wider wealth management approach. It is a stage of life that many young people don’t consider because it is far off. But it is of our responsibility and duty, as bancassurers, to commit ourselves in an efficient partnership to provide our customers with the appropriate financial solutions.

          In order to reach this goal, the network must be very well-trained in retirement issues (both financial and social approach) and they must have access to clear information about demographic changes. The more informed they will be, the more legitimate they will be to face the customer and discuss his financial future.

          Moreover, branch staff might add retirement advice to its objectives, without necessarily a sales approach. Preparing a financial future is a long-term and complex process.

          Giovanni TUCCI, AXA MPS

          Bankers and insurers should improve their language in order to make education in the field of retirement (especially for young generation); the establishment of a public-private partnership to face the new challenge of retirement is also important and necessary. In order to drive long term choices, banks should also integrate the technical expertise of the insurance partner in the financial advice process.

          Per HAGEN, Nordea

          Pension issues have to be a natural part of the advice session (both upsavings and dissavings). Key factors will be: tools and management focus

          Fleming Europe: How can we match both bancassurer and High Net Worth customer’s interests when the wealthier the customer is, the more volatile they are?

          Marco GORINI, Credit Agricole Assicurazioni

          The topic mainly involve life business with the possibility to develop a high value product (with a high price) to face specific customer needs. From a non life business point of view, in order to face High Net Worth Client’s needs, a possible strategy could be focused on the development of tailored and highly personalized product to cover specific needs. An example could be an insurance product for arts (paintings, sculpture, jewelery, etc.).

          In order to develop these products, some key points have to be considered:

          – Specialized back office staff (dedicated to product development);

          – Strong focused on the reinsurance strategy (to reduce risk related to the objects insured);

          – Dedicated and qualified selling staff (due to the necessity to rightly evaluate the risk);

          In general, from a traditional bancassurance model point of view, it is difficult to focus on these aspects. The bancassurance model is mainly focused on simple and easy to sell products which can be sold by a generic bank employee with basic training. In general, banks cannot build up a dedicated and specialized structure to sell these kinds of products. These products are more comfortable for brokers or specialized insurance companies.

          Giovanni TUCCI, AXA MPS

          Even high net worth individuals have property protection needs that could only be addressed with insurance solutions. Also to provide good advisory services, it could be key to include some guaranteed investments in riskier portfolios.

          Marco Gorini, Jean – Pierre Wiedmer, Giovanni Tucci and Per Hagen and other industry professionals will take part on 4th Annual Bancassurance Forum. To find out more about the conference, visit http://www.flemingeurope.com/financial-conferences/europe/4th-annual-bancassurance-forum or ask the program directly from barbora.kuckova@flemingeurope.com.  

          0 0

          Aon Corporation today announced that two executives have been named to Business Insurance magazine’s 2010 “Women to Watch” list: Maggie Westdale, chief financial officer and chief operating officer of Aon Benfield and Marguerite Soeteman-Reijnen, chief broking officer for Europe, Middle East and Africa at Aon Risk Solutions. An Aon leader has been named to the “Women to Watch” list each year since the awards were launched in 2006.

          Business Insurance’s annual “Women to Watch” feature highlights an elite group of 25 women who are doing outstanding work in commercial insurance, reinsurance, risk management, employee benefits and related fields. A panel of the magazine’s senior editors selected this year’s honorees based on their recent professional achievements, influence on the marketplace and contributions to the advancement of women in business.

          As chief financial officer and chief operating officer of Aon Benfield, the world’s premier reinsurance intermediary and capital advisor, Westdale is responsible for the financial results of the business, with a focus on operational implications. She played a key role in the 2009 merger of Aon Re and Benfield Group and has been instrumental in improving how Aon Benfield measures and reports performance globally. Westdale has held numerous leadership roles throughout her career, including senior vice president of Corporate Financial Planning and Analysis at CNA, one of the largest commercial and property and casualty insurers in the U.S.

          As chief broking officer for Europe, Middle East and Africa at Aon Risk Solutions, the worldwide leader in risk management and insurance broking, Soeteman-Reijnen oversees 30 national and two regional broking operations that focus on providing innovative broking products and solutions to Aon’s global client base. Based on her success in the region, the chief broking officer role was established in additional regions in December 2009 as part of Aon Risk Solutions’ new global broking strategy. Prior to her current role, Soeteman-Reijnen held several senior management positions at Aon, including managing director and head of origination for Aon Capital Markets in EMEA.

          “The strength of Aon lies with our people, and Maggie and Marguerite excel at what Aon does best — understanding our clients’ distinct needs and offering innovative thinking and solutions that address today’s unique risk and people challenges,” said Greg Case, president and chief executive officer of Aon. “We congratulate them on earning this prestigious award and thank them for their important contributions to our business, our clients and the industry.”

          Source : Aon Press Release

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