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The British Insurance Brokers’ Association (BIBA) has appointed Broker Direct as a scheme provider to offer access to its private motor and light commercial vehicle products to all BIBA members.

As part of the agreement, BIBA members will have access to a variety of motor vehicle products, a guaranteed fast-track agency application process and will benefit from access to BDAssistance, a Breakdown product provided by RAC and the opportunity to use Broker Direct’s Accident Management Services.

Terry Stanley, CEO of Broker Direct added “We are delighted to have reached this agreement with BIBA whereby they endorse our motor product range to their membership of professional brokers.  It comes at a time when we are also launching new products which we believe brokers will find enormously helpful in the fight against aggregators and direct writers.  Our competitive range is supported by some of the highest standards of service available from any insurer”

Steve Foulsham, BIBA’s Technical Services Manager, said: “A recent survey of members suggested that our brokers did require a BIBA endorsed Private Motor and Small Commercial Vehicle scheme. Broker Direct is already a tried and respected route to market for brokers. We are delighted that we can now offer BIBA members a competitive solution for these classes of business coupled with very high service standards.”

BIBA and Broker Direct have worked closely together with this venture and both parties believe firmly in the broker distribution channel and the fact that the broker provides added value for customers.

Source : BIBA Press Release

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To mark their support for Christian Aid Week 2011, specialist church insurer Ecclesiastical is to donate 50p to Christian Aid for every name, address and home insurance renewal date it receives from the hundreds of thousands of Christian Aid supporters and volunteers around the country.

The insurer will also supply Christian Aid’s collectors with thousands of bright red ‘bags for life’. These bags will be used by 4,300 organisers and 150,000 collectors during what is the UK’s biggest house-to-house charity collection, visiting over 10 million households.

Ecclesiastical’s logo will be printed on the bags along with the company’s web address, making it easy for people to find out more about the company’s range of home insurance products for faith communities. The bags will be sent out to Christian Aid organisers from January to May next year.

Christian Aid supporters and volunteers will be able to provide their home insurance details to Ecclesiastical via leaflets that will be in the bags for life and in Christian Aid News magazine. They will also be able to give their details over the phone or online.

Commenting on Ecclesiastical’s support, Loretta Minghella, director of Christian Aid said:

“We’re delighted by this initiative from Ecclesiastical Home Insurance. It’s a great way to raise money for some of the world’s poorest people as part of Christian Aid Week.”

Ecclesiastical’s managing director Steve Wood said:

“We’re honoured to have been chosen to support this great charitable event. Christian Aid is a powerful force for good in our society and we want to do everything we can to help the organisation in its work. The two organisations have, I believe, the same strong ethical stance and deeply-held values that make this partnership a potent one.”

“We insure large numbers of charities in the UK so we know that, economically, times are harder, hence our desire to help where we can”.

“But of equal significance to us, there is a business element to the support we are providing. While we’re extremely well-known in the Christian community as an insurer of churches, our home insurance is less understood. That’s why we’re using Christian Aid Week as an opportunity to raise awareness of our home insurance and give the charity’s thousands of volunteers and supporters the opportunity to receive a quotation from us.”

Christian Aid volunteers can give their home insurance details to Ecclesiastical by calling freephone 0800 917 4154 or by filling in the online form at www.ecclesiastical.com/caw. Ecclesiastical will donate 50p to Christian Aid Week for every name, address and home insurance renewal date it receives.

Christian Aid is a Christian organisation that insists that the world can and must be swiftly changed to one where everyone can live a full life, free from poverty. They work globally for profound change that eradicates the causes of poverty, and strive to achieve equality, dignity and freedom for all, regardless of faith or nationality. Christian Aid Week 2011 will run from 15th-21st May.

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AIA Group Limited, independent listed pan-Asian life insurance group, announced the appointment of Paul Groves as Executive Vice President & Group Chief Marketing Officer effective 12 January 2011.

Mr. Groves will be joining AIA from MetLife International (previously ALICO) where he was most recently Senior Vice-President, Head of International Marketing and Direct to Consumer channel including oversight for 125 marketing colleagues across 65 countries. Prior to MetLife, he was Chief Marketing Officer, UK & Ireland for GE Money, and had spent another 27 years with Barclays and Barclaycard in the UK, including Channel Strategy & Management Director for Retail Banking, Head of Customer Retention and Marketing Communications Director.

Mr. Mark Tucker, AIA Group Executive Chairman & Chief Executive Officer said: “Paul joins us with almost 30 years of marketing experience in financial services — experience that is very focused on the delivery of results and creation of shareholder value. The breadth and depth of Paul’s experience makes him an extremely valuable addition to my leadership team. He will oversee AIA Group’s strategic marketing functions with the ultimate goal of helping AIA attract and retain customers. ”
Mr. Groves, who will be based in Hong Kong, will be in charge of the Group’s marketing functions including development of overall marketing strategy and planning, communications and branding, product management, business intelligence, customer value group and digital marketing, as well as providing leadership support to AIA’s country marketing operations.

“I’m very happy to be joining AIA at this very exciting juncture — an independent company with unique strengths and scale to begin its next phase of profitable growth,” Mr. Groves said. “I look forward to joining a company committed to developing products and services that meet different customers’ needs.”

Source : AIA Press Release

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Zurich Financial Services Group (Zurich) announced today that its subsidiary Zurich Insurance Company Ltd has completed the acquisition of 99.99% of Compagnie Libanaise D’Assurances SAL, a privately owned Lebanese insurer with branch operations in the United Arab Emirates, Kuwait and Oman.

The transaction marks a milestone for Zurich as it accelerates the expansion of its operations in the Middle East, by providing market leading products to personal and commercial customers in four important markets, and complementing the existing general insurance presence in Bahrain and the Dubai International Financial Centre.

The transaction was first announced on October 11, 2010.

Source : Zurich Press Release

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Aon Benfield, reinsurance intermediary and capital advisor, has announced the appointment of Maggie Westdale as Global Chief Operating Officer.  Based in Chicago, Maggie has already commenced her new role and will retain her position of Chief Financial Officer.

With her additional Global Chief Operating Officer responsibilities, Maggie oversees not only the financial results of the business but also the global operations of Aon Benfield.

Prior to joining Aon Benfield in 2009, Maggie spent ten years at CNA in a number of senior finance roles, most recently as both Senior Vice President (SVP) Corporate Financial Planning and Analysis, and as the internal CFO for CNA’s Property Casualty operations.  Prior to these roles, she served as SVP, Senior Financial Officer for CNA’s Technology Group and as Vice President of Corporate Finance in the firm’s M&A and Industry Analysis Group.  Maggie was also an associate of Waterhouse LPP in financial services.

Maggie will report to the co-Chief Executive Officers of Aon Benfield, Mike Bungert and Dominic Christian who is co-chief Executive Officer of Aon Benfield and commented, “We are delighted that Maggie has agreed to take on the additional executive responsibility as our Global Chief Operating Officer.  She is a highly talented contributor with a deep understanding of clients’ needs and business processes.”

Maggie has a Bachelor of Arts degree and an MBA from the University of Michigan.

Source : Aon Benfield Press Release

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MMA Insurance has appointed Caroline Fisher to a newly-created position of Development Manager to cover the South East.

Ms Fisher will be responsible for the development of broker relationships in the south of England, working closely with the MMA offices in Chelmsford and Reading.  Reporting into UK Business Development Manager, Claire Ephgrave, Caroline will be tasked with ensuring that MMA continues to provide excellent service to its brokers.

Claire Ephgrave, commented: “This new role strengthens our development team in the South East.  It is of particular importance that we become known for offering first-rate service as we look to build our reputation around the new office in Chelmsford.

“Caroline joins us with a wealth of experience of both personal and commercial lines, having previously held managerial and development roles within a broking firm and I am sure she will be an excellent addition to the team.”

Caroline joins MMA with over 15 years’ experience in the industry, most recently from Broker Direct where she worked for four years as a broker development executive in the South-West, while there Caroline focused on personal and commercial lines and promoting the Broker Direct network.

Source : MMA Press Release

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Several leading experts from across the legal and insurance sectors have been appointed as directors with responsibility for the ongoing management and development of the new RTA Portal.

The RTA Portal is used by motor insurers/compensators and claimant legal representatives so that claims information, such as medical reports, can be exchanged in a secure way and also ensures that faster agreement on liability and settlement of claims is achieved as set out in the new RTA Low Value PI process.

The Portal’s users are also being prepared for a series of system enhancements scheduled for roll out in March. The changes to the online exchange have been prioritised based on feedback and are aimed at improving some functionality aspects so that fewer tasks need to be entered manually, while others will require essential changes to software.

Tim Wallis, appointed as independent Chairman of the RTA Portal Co Ltd, commented: “The RTA Portal supports the secure sharing of information relating to claims that fall under the MoJ’s new process. The system has been available since April this year and we’ve been talking to the different types of users to make sure that the next enhancements to the RTA Portal are suited to their needs.

“By virtue of the range of interests represented by the directors, the users of the RTA Portal can be satisfied that their ongoing needs are being met and most importantly, so too are those individuals making claims in this category.”

The Ministry of Justice (MoJ) introduced the new process in April 2010 for RTA PI claims valued between £1,000 and £10,000. To support the new approach, representatives from insurers, unions and claimant lawyers have been cooperating to establish and manage the development of a secure environment which allows claims information to be exchanged between key parties.

Source : RTA Portal Co Press Release

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Keeping active around the house will help elderly people reduce their risk of accidents, thereby lowering the likelihood of having to make a claim on their overseas health insurance.

his is the view of the Royal Society for the Prevention of Accidents, which noted that older people should not suddenly take up strenuous exercise if they are unused to it.

The charity’s Sheila Merrill commented: “If you can’t do anything else, keeping yourself moving and doing little jobs around the house can help to keep you more mobile than just sitting and not doing anything at all.”

Her remarks come in light of a study published in the Archives of Internal Medicine, which suggested that introducing a music-based multitask exercise programme could help older individuals improve their balance and gait while reducing their rate of falls.

This in turn could lower the risk of them having to make a claim on their overseas medical insurance for hospital treatment costs following a fall.

Source : Expatriate Healthcare

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Home & Legacy has promoted Melissa Cecil to assistant underwriter and product manager.

Melissa, who has a wealth of high net worth experience, having joined the Company in 2005, moves from her previous position as a senior underwriter to take on the new role.

She will now be responsible for maintaining relationships with insurers, case underwriting and developing new products for the high net worth specialist.

Melissa said: “Home & Legacy has developed a market-leading product portfolio and I am keen to ensure we continue to develop this offering to remain competitive in this challenging market.”

Source : Allianz Press Release

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    US insurance giant AIG has invited four Taiwanese units to conduct due diligence on the troubled firm’s Taiwan unit Nan Shan Life to revive its sale, The Wall Street Journal reported.

    The four parties were said to be Chinatrust Financial Holding Co., Fubon Financial Holding Co., Cathay Financial Holding Co. and the chairman of  Ruentex Group.

    “The invitation to these firms means the deal is back on the block, but it’s in very early stages,” a person familiar with the matter told the newspaper. “But these are all Taiwan companies so the aim is to get strategics to bid.”

    An AIG spokesperson in New York declined to comment on the report. Earlier this month, leading Taiwanese financial conglomerate Fubon Financial Holding said it is interested in making a bid for Nan Shan Life.

    American International Group said in September it was considering other options after the collapse of the planned 2.15 billion US dollar sale of Nan Shan Life to Hong Kong-listed China Strategic Holdings.

    New York, Nov 23, 2010 (AFP)

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    – Multiple pension pots becoming the norm as people change jobs more often

    – More than half of Britons unaware how to access previous pension schemes

    – Two thirds unaware that combining pension pots can lead to greater retirement income.

    Job-hopping and “portfolio careers” could threaten future retirement security, as workers fail to keep track of their pensions.

    As switching jobs every few years is now the norm for most, people are increasingly contributing to several private pension schemes during their working lives. New Aviva research suggests that one in three workers (30%) have five jobs throughout their lifetime. However, a worrying number of people are failing to keep details of their different pension pots, which could ultimately affect their private pension income in retirement.
    Nearly a third (28%) of the UK’s full-time employees (past and present) anticipate contributing to two or more different private pension schemes during their working lives. Yet worryingly, nearly two thirds (60%) are unaware they can combine their private pension pots at retirement, potentially increasing their retirement income. Aviva is therefore urging people who have had multiple jobs, or who are in the early stages of their career, to mind the details of their past pension pots when they pack up a desk and move to pastures new.

    Aviva’s research highlights the number of people who have lost track of their pension schemes. Over half (54%) of Britons have no idea how they can access previous private pension schemes, with 37% oblivious to the fact they need to take action with their retirement savings when they move jobs. A further 31% of respondents assume their previous employers will take care of matters and 29% refuse to worry about it until nearer the time of retirement.

    The data also suggests men are more responsible when it comes to staying on top of their retirement planning. Over a quarter (28%) of men know exactly how much money they have saved into pension pots compared to just 16% of women.

    Clive Bolton, ‘at retirement’ director for Aviva said: “The modern day job market is much more fluid and this is having a direct impact on the pension landscape. People are now finishing their working lives having had several employers – and several private pension schemes. It is more important than ever that people make best use of all the funds they have saved.

    “When it comes to retirement, not only should people be shopping around for their annuity, they should also be combining the multiple pension pots they have accumulated over their working lives to help maximize their retirement income. People who have built up several smaller private pensions across their working life are often quoted worse annuity rates by their existing pension providers. At Aviva we offer to combine small pension pots into a single monthly payment, which usually offers a more attractive sum for pensioners.”

    For those who experience a change in pension providers, Aviva offers the following guidance:

    – Talk to your employer. If you are in a company pension scheme, speak with your HR department to clarify key details of the scheme. As a minimum, you should have the name of the pension provider, their contact details, your policy number, retirement date, contribution levels, choice of funds and all tax relief due.

    – Keep your documents safe. It is essential to keep a record of all your pension policies to ensure you can access all your savings at retirement.

    – Stay in touch with your pension provider. If your contact details change, you should notify all your pension providers, even if you are no longer contributing to the plan.

    – Review your retirement planning regularly. Your financial planning needs will change throughout the course of your life, so regular reviews with a financial adviser could help you save enough to meet your lifestyle needs in retirement.

    – Ask the experts. If you do not already have a financial adviser, you can use the independent website www.unbiased.co.uk to help you find one.

    Source : Aviva Press Release

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    In its response to the European Commission’s (EC) Green Paper on pensions, Aon Hewitt has made an appeal for an avoidance of new EU regulation and more effective implementation of legislation that already exists.  Overall, Aon Hewitt has welcomed the consultation exercise, launched this summer, believing it to be the most comprehensive review made by the EC of pensions for over a decade.

    Leonardo Sforza, head of EU Affairs and Research at Aon Hewitt, said:
    “There has been great merit in this exercise by the EC; it has put at the centre of the debate the ultimate goal of pensions – improving the financial security of people in retirement. However, the Green Paper did seem to under-estimate the key issue of affordability of current and future pension arrangements for employers. The introduction now of new statutory requirements is more likely to increase the cost for employers rather than expanding the availability of occupational pension arrangements for employees. The regulatory frameworks in place should support rather than discourage pension arrangements.”

    “We believe that a more business-friendly regulatory environment for pensions is vital for all concerned as well as for the competitiveness of the European system. With that in mind, we believe that the temptation to introduce new regulation or new burdensome requirements should be resisted.  Instead, the EU should focus on ensuring that EU legislation already in place – notably the EU pension fund directive – is implemented more effectively while making rules more transparent and predictable.”

    Leonardo Sforza continued:
    “The EU can also play a key role by supporting member states’ activities for improving financial education and ease of access to relevant information – both for individuals and businesses. These are the kind of baseline activities which can bring EU institutions closer to citizens’ needs and add value to country specific work on the ground.”

    Pan-European pension arrangements
    On future policy direction, Aon Hewitt believes the priorities lie with tackling the as yet unfulfilled business expectations of simplifying cross-border pension arrangements.

    Leonardo Sforza said:
    “There are still gaps which undermine the effectiveness and credibility of a European Single Market for pensions. A thorough “due diligence” of all national operating measures implementing the ‘IORP’ Directive is critical, notably in view of the forthcoming Single Market Act. In parallel, the feasibility needs to be assessed of a pan-European optional pension regime which responds to the needs of multinational companies operating in different countries and which can be used in place of multiple national-specific regimes.

    In addition, Aon Hewitt has also called for:

    – the establishment of a consultative platform involving occupational pension practitioners which can be used as a sounding board on market needs and developments

    – an improvement of the monitoring and exchange of good national practices via existing European consultative fora

    – more dynamic on-going assessments of the impact of the European legislative proposals and of measures already in place.

    – avoiding changes to the solvency requirements in place, as additional solvency rules for pension funds would substantially increase the cost for the sponsor undertakings without improving in a cost effective way the protection of pension beneficiaries.

    Source : Aon Hewitt Press Release

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    MetLife Inc. Chief Executive Officer Robert Henrikson said the insurer’s retreat from the long-term care market will make the company stronger because prices for the coverage were inadequate.

    The coverage “does not allow you to have a necessary return on capital and still be competitively priced,” Henrikson said today at a conference in New York, where the firm is based. “We felt just uncomfortable continuing to grow” in the business.

    MetLife, the largest U.S. life insurer, will halt the sale of new coverage after Dec. 30 while continuing to honor previously written contracts, the company said Nov. 11. Henrikson is focusing on expansion in Asia and Europe after paying $16.2 billion on Nov. 1 to buy a life business from American International Group Inc.

    Long-term care policies provide coverage to help pay for home-health aides or residence in a nursing home or assisted- living facility. Rising costs for care, longer life spans and lower bond yields are pressuring profits from the business.

    “Because of the return on capital, we’re stronger” by not selling long-term care insurance, Henrikson said in an interview after speaking at the National Underwriter conference, which was sponsored by Ernst & Young LLP.

    Source : Bloomberg

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    JD Power has today launched the findings of its inaugural study into UK Car Insurance Providers.

    The study surveyed over 5,000 UK car insurance policy holders about their experience with their insurance provider against five key factors – price, billing, interaction, policy offerings and claims. Overall satisfaction averaged 708 on a 1000 point scale.

    – RSA ranked highest in customer satisfaction with a score of 762 – performing particularly well in the price and interaction factors

    – LV= (Liverpool Victoria) came second with a ranking of 755, ranking highest in the billing and policy offering factors

    – More Th>n scored the lowest with a satisfaction ranking of 671. The full table of results is attached

    – While 56% of policyholders chose to stay with the same company they’ve been with for the last year, 44% chose to move, meaning £3.5 billion worth of insurance premiums are up for grabs every year

    – Satisfaction levels were higher among those that had more than one policy from their insurance provider, but only 9% of those survey had three or more policies with their provider, demonstrating that suppliers are missing a trick when it comes to bundling policies for consumers

    Jeremy Bowler, senior director of the insurance practice at J.D. Power and Associates, warns consumers against over reliance on price comparison sites when selecting their car insurance provider, as the study shows there are a number of other factors that impact upon satisfaction levels with a policy. He also advises them to request quotes for bundled quotes when comparison shopping, as this could lead to additional discounts.

    Source : JD Power Press Release

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    Aon Benfield has issued a briefing on uncommon European winter storm tracks in conjunction with the University of Cologne. The research points to a lower total number of events in the future but indicates intense storms moving over the North and Baltic Seas towards Eastern Europe, following a similar path to windstorm Kyrill.

    In recent years, Europe has witnessed major damage from winter storms Klaus, Kyrill and Xynthia which followed uncommon tracks. These travelled eastwards and on a lower latitude than usual along the edge of the dominant North Atlantic storm track.

    Dr Joaquim Pinto from the Institute of Geophysics and Meteorology at the University of Cologne – part of Aon Benfield Research’s academic and industry collaboration – explains: “Scientific research shows that the storm climate in Europe has changed considerably over the past 130 years, exhibiting decadal periods of high and low activity. The last decade was characterized by average or calm conditions, following a period of strong activity which peaked during the early nineties. The occurrence of recent storms like Klaus, Kyrill and Xynthia are therefore considered to be a part of the climate system’s natural variability.”

    Dr Adam Podlaha, international head of Impact Forecasting, commented: “Central and Eastern Europe’s insurance market penetration continues to grow, resulting in a gradual increase in exposure. While the meteorology may remain mostly unchanged, losses in the near future might increase, thus heightening the appetite for understanding the risks to the region.”

    Dr Alexandros Georgiadis, catastrophe model developer at Impact Forecasting, added: “Existing catastrophe models only partially capture the climatological variability of European windstorms. The next generation of catastrophe models must address these challenges as model developers expand coverage into new European territories, responding to higher insurance market penetration in Central and Eastern Europe.”

    In response, Impact Forecasting, Aon Benfield’s catastrophe model development centre of excellence, and the University of Cologne are working together to create a pan-European windstorm model. Using the latest research and data, the model will generate the most comprehensive loss estimations and allow detailed analysis of the impact of extreme windstorms on re/insurers’ European portfolios.

    Source : Aon Benfield Press Release

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    Top US House Republican John Boehner on Thursday vowed quick action next year to try to roll back President Barack Obama’s signature overhaul of the US health care system.

    “You’ll see us move quickly enough,” said Boehner, who is set to replace Democratic Representative Nancy Pelosi as Speaker when Republicans formally take control of the House in early January.

    Republicans believe Obama’s health care overhaul “will bankrupt our nation” and “believe it needs to be repealed and replaced with common-sense reforms to bring down the cost of health insurance,” said the Ohio lawmaker.

    Rolling back the sweeping measure has been a rallying cry for US conservatives, especially the “Tea Party” movement that helped power massive Republican gains in November 2 elections.

    But with Democrats in control of the Senate and Obama holding the White House, outright repeal is impossible, and experts predict Republicans will try a more piecemeal approach, including denying funds to implement key measures.

    Boehner’s comments came a day after a private foundation released a survey that gave US health care poor marks in a study of health care systems in 11 wealthy countries.

    The New York-based Commonwealth Fund study found that a third of US adults “went without recommended care, did not see a doctor when sick, or failed to fill prescriptions because of costs,” it said.

    That compared to as few as five to six percent in the Netherlands and Britain, according to the study.

    Washington, Nov 18, 2010 (AFP)

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      Health authorities in eastern China said they had so far detected no human cases of bird flu after a woman in Hong Kong who had visited the region contracted the potentially fatal disease.

      “Currently no cases have emerged,” the Shanghai Health Bureau said in a statement.

      It said experts had been dispatched to find people who came into close contact with the 59-year-old woman, who is in a serious condition in a Hong Kong hospital isolation ward.

      The patient had recently visited the eastern Chinese cities of Nanjing, Shanghai and Hangzhou, but officials in Hong Kong said it was too early to say where or how she contracted the disease.

      According to the Chinese statement dated Thursday, the woman’s son, daughter-in-law and others including hotel employees in Shanghai had been checked and did not present symptoms of the disease.

      Health workers would continue to monitor them and send them to hospital if they developed a fever, sore throat or other symptoms, it added. They were also monitoring people near the hotel where she stayed, such as food vendors.

      The health bureau in Jiangsu province, where Nanjing is located, said it too had checked more than 30 hotel workers who came into contact with the patient, and that they had not developed symptoms of the disease.

      Health authorities in Zhejiang province, where Hangzhou is located, and China’s health and agriculture ministries were not immediately available for comment.

      The re-emergence of the disease has caused concern in the teeming city of Hong Kong, where the last human case of bird flu was recorded in 2003.

      In mainland China, however, the disease has re-occurred several times.   The latest reported human case was in June, when a young pregnant woman in the central province of Hubei died of bird flu, bringing to 26 the number of people killed by the virus since it re-emerged in 2003.

      Shanghai, Nov 19, 2010 (AFP)

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      Aon Benfield, reinsurance intermediary and capital advisor, has issued a briefing on uncommon European winter storm tracks in conjunction with the University of Cologne. The research points to a lower total number of events in the future but indicates intense storms moving over the North and Baltic Seas towards Eastern Europe, following a similar path to windstorm Kyrill.

      In recent years, Europe has witnessed major damage from winter storms Klaus, Kyrill and Xynthia which followed uncommon tracks. These travelled eastwards and on a lower latitude than usual along the edge of the dominant North Atlantic storm track.

      Dr Joaquim Pinto from the Institute of Geophysics and Meteorology at the University of Cologne – part of Aon Benfield Research’s academic and industry collaboration – explains: “Scientific research shows that the storm climate in Europe has changed considerably over the past 130 years, exhibiting decadal periods of high and low activity. The last decade was characterized by average or calm conditions, following a period of strong activity which peaked during the early nineties. The occurrence of recent storms like Klaus, Kyrill and Xynthia are therefore considered to be a part of the climate system’s natural variability.”

      Dr Adam Podlaha, international head of Impact Forecasting, commented: “Central and Eastern Europe’s insurance market penetration continues to grow, resulting in a gradual increase in exposure. While the meteorology may remain mostly unchanged, losses in the near future might increase, thus heightening the appetite for understanding the risks to the region.”

      Dr Alexandros Georgiadis, catastrophe model developer at Impact Forecasting, added: “Existing catastrophe models only partially capture the climatological variability of European windstorms. The next generation of catastrophe models must address these challenges as model developers expand coverage into new European territories, responding to higher insurance market penetration in Central and Eastern Europe.”

      In response, Impact Forecasting, Aon Benfield’s catastrophe model development centre of excellence, and the University of Cologne are working together to create a pan-European windstorm model. Using the latest research and data, the model will generate the most comprehensive loss estimations and allow detailed analysis of the impact of extreme windstorms on re/insurers’ European portfolios.

      Source : Aon Press Release

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      Hiscox USA has taken a giant leap towards reinventing how small professional services businesses buy their insurance in the U.S. The specialist insurer today launched the first U.S. service that enables small businesses to obtain insurance direct through real-time quote and buy online.

      The launch comes as research shows there are an average of 135,000 keyword searches for “small business insurance” in the U.S. per month1, demonstrating that small businesses are already seeking information on insurance coverage online.

      Designed specifically for the small-office/home-office market, Hiscox Small Business Insurance is aimed at businesses with 10 employees or less in knowledge-based professions including IT, management and business consulting and marketing. Professional liability coverage starts from as little as $22.50 a month, making it an affordable and efficient way for small businesses to get coverage compared to more traditional channels.

      Available in 21 states and the District of Columbia, the new online offering is backed by trained licensed advisors based at the Hiscox Small Business Insurance Customer Service Center in Virginia Beach, VA. The service center is open Monday – Friday from 8:00 AM until 10:00 PM EST.

      The products available from today include:

      – Professional liability insurance (E&O)

      – General liability insurance (CGL)

      – Workers’ compensation insurance, through EMPLOYERS®

      A business owners policy (BOP) will also be available by the end of the year. This policy combines general liability with business property coverage, for example buildings, office contents and loss of electronic data.

      Kevin Kerridge, Head of US Direct, Hiscox USA, comments:
      “Small business owners have been underserved by insurers. They are looking for clear information on risks and how to get the right cover. Hiscox’s experience insuring knowledge-based professions means we understand the risks they face and are able to tailor policies to meet their needs. Our real-time online quote and buy system also brings the convenience of 24/7 access to our service.”

      Since the launch of Hiscox’s small business insurance coverage in the U.K. in 2005, the business has grown more than 200 percent annually to cover 38,000 small businesses in 2010. The profile and needs of these small business owners are similar in the U.S. and the U.K.

      Online insurance purchasing has become the norm for personal lines coverage and small business owners are familiar with this channel. According to a recent industry analyst research survey examining insurance channel preferences in the U.S., more than half of respondents who purchased insurance products over a 12-month span indicated they did so online or by phone, compared to about 1/3 who purchased insurance in-person at a branch office2. Additionally, more than half of small business owners surveyed would be comfortable purchasing business insurance online according to a recent Interbrand study.

      “Small business owners are looking for fast, convenient and reliable services to help them operate and protect their businesses,” said David Potterton, Vice President, Global Research at IDC Financial Insights. “As many of these businesses already use and are familiar with online channels for their banking and personal insurance products, it seems the logical next step for certain types of business insurance coverage as well.”

      Source : Hiscox Press Release

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      South West firm Cornish Mutual has today revealed for the first time the full cost of insurance claims in relation to the region’s coldest winter on record for years.

      More than a quarter of a million pounds (£303,286) was paid out by the insurer for severe winter weather damage caused by cars skidding on ice and snow, storms, flooding, burst pipes and lightning strikes over the last twelve months. A number of claims were also paid to farmers in the South West who had to get rid of milk, because tankers couldn’t collect from some farms.

      The annual claims figures have been released as forecasters predict the third winter in a row of colder than average temperatures, with the Westcountry facing a risk of heavy snowfall and severe frosts between now and next spring.

      Between 1 November 2009 and 28 October 2010 the company, which has Members in Cornwall, Devon, Somerset and Dorset, dealt with over 200 specific weather-related insurance claims with the average claim totalling over £1,400.

      Storms were the most common cause of damage with an average individual claim of £1,321. The most expensive claims centred on burst pipes with the average single cost to the company estimated to be £2,836.

      Number of claims Total paid out
      Storm damage 132 £174,437
      Burst pipes 30 £85,081
      Lightning damage 20 £17,931
      Flood damage 22 £14,204
      Cars skidding on snow and ice 6 £9,072
      Damage to homes by snow 3 £2,561
      Total 213 £303,286

      Alan Goddard, Managing Director of Cornish Mutual, which has offices in Exeter and Truro, said: “Although these figures show the total number of weather-related claims for the last twelve months, undoubtedly we experienced one of the busiest winters on record as an insurance company. If last winter was anything to go by, we’re certainly bracing ourselves for another surge in calls from our Members over the next few months.

      He added: “The average price of an annual home and contents insurance policy is around £237 and perhaps what’s most striking about these figures is that without insurance cover in place, people could face eye-watering bills for repairs that run into tens of thousands of pounds. Burst pipes cause the most expensive damage and this is something that most people can avoid by taking some simple, precautionary measures such as lagging pipes in lofts.”

      The harsh winter and hazardous road conditions also caused major problems for milk tankers accessing farms in the South West and led to dozens of farmers having to dispose of milk when their tanks became full. Cornish Mutual predicts that serious weather may once again hamper collection efforts.

      Alan Goddard said they had to pay a number of claims in the region and there was a particular issue where tanker drivers were not prepared to attempt to come onto the farm, “In some cases drivers, themselves, are liable for part of the damage to their vehicles so they want to avoid that risk.”

      He’s now urging the region’s farmers to ask for uncollected milk cover either at the inception or renewal of their policy, “Uncollected milk cover will often be part of the general insurance policy which we will discuss with Members when they’re renewing their policy. Our advice is act early to avoid uncollected milk – farmers cannot expect to get cover the day before they think they might need it.”

      Source : Cornish Mutual Press Release

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