Home Authors Posts by Sofia Ashmore

Sofia Ashmore

Profile photo of Sofia Ashmore
1466 POSTS 0 COMMENTS

0 0

Gloria Kositchek , 89, of Newbury Park, knows how a lot of people feel about seniors behind the wheel.

“They don’t like old ladies driving,” she said.

Kositchek said she is a competent driver, and has had just one traffic ticket in her life.

“A lot of my friends are afraid to go on the freeway, but I’m not,” she said. “I’m a freeway jockey.”

Kositchek is among about 70,000 drivers in Ventura County who are 65 or older, according to Ann Love , senior driver ombudsman for the California Department of Motor Vehicles. She said that of those, 1,300 are 90 or older and some have passed 100.

In 2011, the first of the baby boomers, those born from 1946 to 1964, will turn 65, so the number of seniors behind the wheel will increase. With that increase comes the debate over who should be allowed behind he wheel and how old is too old to drive.

Statistics suggest that drivers do become more unsafe as they age, but others argue that ability, not age, should determine whether a person can get behind the wheel.

To read more please click here

0 0

Swiss Re said it’s looking for a local partner in India to enter the country’s life and health insurance market.

“We see a very good potential of the evolution of the life and health market in India and we would make an exception to our model of purely being a reinsurer to enter indirectly through a minority joint venture,” Michel Lies, member of Swiss Re’s group executive committee for client markets, said in an interview in New Delhi today.

Property and casualty reinsurance in emerging markets offer the most growth potential for the company, as Asian governments spend more on infrastructure projects that require coverage, according Swiss Re. Growth from the U.S. and other developed countries is expected to be little changed or slow.

The Zurich-based company will be a minority partner in the local joint venture, Lies said. Swiss Re is also in talks with the Indian government to provide insurance coverage for natural disasters, said Reto Schnarwiler, a director.

China, Brazil and Mexico made up about 5 percent of Swiss Re’s total of 29.7 billion Swiss francs ($30.5 billion) of gross written premiums in 2009. The company doesn’t break down the premium income for other emerging markets.

Swiss Re said in June it expects annual growth in the property and casualty reinsurance market to be 6.5 percent over the next decade, while the life and health market will grow at 3.7 percent a year.

Swiss Re is bidding to regain its credit rating that Standard & Poor’s cut in February 2009 after record losses forced the company to turn to Warren Buffett’s Berkshire Hathaway Inc.

Source : Bloomberg

0 0

MetLife Inc., the largest life insurer in the U.S., said it plans to discontinue the sale of new Long-Term Care Insurance (LTCI) coverage next year, citing ongoing challenges facing the LTCI industry.However, MetLife will continue to accept new applications for individual LTCI policies received on or before Dec. 30, 2010.

Read more here

0 1

Miami health officials Friday confirmed the first locally contracted case of dengue fever in the county in more than six decades and called on residents to take measures to fight infection.

“Miami-Dade county health department officials received confirmation of the first locally acquired case of dengue fever in Miami-Dade County,” the agency said in a statement.

The Centers for Disease Control and Prevention (CDC) said an outbreak of dengue fever in nearby Key West earlier this year was the first locally contracted infection across the state of Florida since 1934.

Health officials said the Miami patient had “fully recovered from this illness,” without giving further details.

Officials were working to control the mosquitoes that spread dengue by eliminating standing water, such as in bird baths and abandoned tires, and spraying vacant homes.

The infection, rarely fatal, is carried by Aedes aegypti mosquitoes.

Twenty-eight cases of dengue fever were reported in nearby Key West earlier this year, which according to the CDC were the first in the United States — outside the Texas-Mexican border region — since 1945.

Miami, Nov 12, 2010 (AFP)

0 0

Catlin Group Limited, the international specialty property/casualty insurer and reinsurer, has today issued its interim management statement.

Highlights at 30 September 2010

– 13 per cent increase in net premiums earned

– 29 per cent increase in gross premiums written by non-London underwriting hubs; 2 per cent decrease in gross premiums written by London hub

– 43 per cent of total gross premiums written by non-London underwriting hubs

– 0.5 per cent decrease in average weighted premium rates across Group’s underwriting portfolio demonstrates underwriting discipline in competitive marketplace

– Generally benign loss activity during third quarter

– Estimate of Chilean earthquake, Deepwater Horizon losses unchanged

– 2.9 per cent year-to-date total investment return

– Investment portfolio remains liquid and defensively positioned

To read full report click here

0 0

China’s insurance regulator has cleared the way to let the country’s insurers invest billions of capital in Canadian financial markets, the Canadian government said on Friday.

The move, the latest sign of improved trade and financial relations between the two countries, follows a similar rule change by China’s banking regulator in April.

“Under this agreement, Chinese insurance companies will be permitted to invest in Canada, giving Canadian financial markets access to a potential pool of about $106 billion in investment capital,” Finance Minister Jim Flaherty said in a statement.

The federal government said the China Insurance Regulatory Commission has designated Canada as a destination for Chinese insurance wealth management business under Beijing’s Qualified Domestic Institutional Investor (QDII) program.

The program lets approved institutional investors in China, including insurers, invest funds pooled from their mainland clients into approved overseas markets.

China launched the QDII scheme in 2006 to allow domestic funds to be invested abroad. Some saw it having the added benefit of reducing pressure for the yuan to appreciate by increasing capital outflows.

Source : Reuters

0 0

German reinsurance group Hannover Re reported a 66.0-percent leap in net profit in the third quarter, saying on Tuesday that the results had been helped strongly by tax factors.

Hannover Re had explained last month that a judicial decision would relieve it of a risk of double taxation in Germany on sales made by a subsidiary in Ireland, with the result of a boost to third-quarter net profit of 100 million euros.

In the light of this strong performance, the group raised sharply its outlook for net profit for the whole of this year to more than 700.0 million euros from 600.0 million euros targeted previously.

The net profit so far this year is already 582 million euros. The net figure for the quarter was 271 million euros (373 million dollars), exceeding expectations by analysts polled by Dow Jones Newswires who had expected the increase on a 12-month comparison to be 54.0 percent.

Over the first nine months of the year, earnings before interest and tax amounted to 862.0 million euros, representing an increase of 1.2 percent from the equivalent figure last year. Of this total, 371 million euros was generated in the third quarter alone.

On Tuesday, the other leading German reinsurance group, Munich Re, reported a 19.0-percent rise in third-quarter net profit to 764.0 million euros, and it raised its forecast for full-year net profit to 2.4 billion euros from more than 2.0 billion euros expected previously.

Reinsurance companies take on part of the risk being re-distributed by front-line insurance firms.

Frankfurt, Nov 10, 2010 (AFP)

0 1

Over an eight-year period, a single Rhode Island hospital treated 305 patients who intentionally swallowed objects such as razors, knives, pens, and batteries. The swallowers ran up more than $2 million in medical bills, and 21 percent of them had no history of mental illness. If you do something incredibly stupid that you know will result in injury, does your insurance company have to pay?

Usually, yes. Insurers are free to include clauses in their contracts that exempt them from paying for self-inflicted injuries or those incurred during specific risky behaviors like skydiving. (If a self-inflicted injury was the result of depression, the insurer has to pay no matter what.) Such clauses are pretty rare, though, especially in group coverage. Plans for individuals are somewhat more likely to include such exceptions—so freelancers shouldn’t go swallowing any razors until reading through their contracts carefully.

A potential catch for would-be sword-swallowers is that until the full panoply of protections in the health care reform bill comes into effect, insurance companies can deny coverage to prospective clients based on a history of risky behavior. Companies sometimes scour applicants’ medical records for evidence of frequent emergency room visits or revealing doctors’ notes. New rules will severely limit the factors they can consider starting in 2014.

Life and disability insurers are often stricter. Certain companies refuse to pay your disability and long-term-care benefits if you hurt yourself committing a crime, become disabled because of a drug addiction, or injure yourself intentionally. However, after years of confusion and controversy, life insurers now usually do pay the family of a suicide victim, as long as the victim has been insured for at least two years. (So if you swallow razors and the ER doctors save you, you might get your long-term or disability policy voided. But if they don’t save you, your family will likely get a payout from your life insurance company.)

Economic theorists have long been concerned about moral hazard—the assumed tendency to engage in risky behaviors, like eating razors, because your insurer will always have your back. But recent studies have shown the opposite to be true. People who have health insurance are actually less likely to drink heavily, smoke, or have a high-risk job such as logger, airline pilot, or taxi driver. The insured are also more likely to wear seat belts and seek preventive care services. Researchers speculate that risk-loving people may perceive forgoing health insurance as just another adrenaline rush.

Source : Slate

0 1

Improved driver education will reduce the number of teen car crashes and Drive iQ PRO aims to do this by providing a much more thorough driving course.

It follows a highly structured learning programme and helps young drivers develop safer attitudes and behaviour behind the wheel, as well as teaching basic car control skills.

Unlike conventional driving tuition, emphasis is on reflective learning and self-assessment, ensuring a driver is fully equipped to deal with life on the road after the test. It also includes a post-test module which coaches students how to drive independently in a variety of road, weather and traffic conditions – an element that the national driving test fails to include (post-test module should not be optional).

The benefits for a PRO student not only include improved driver education but also exclusive insurance premiums. The provisional and graduate rates work off a unique fixed price matrix and are reduced based on the student being a PRO driver. Graduates also receive a BTEC level 2 qualification.

Source : a2om

0 0

Aon Benfield, reinsurance intermediary and capital advisor, is highlighting the critical role of actuaries in managing emerging risks for the re/insurance industry. The profession’s role will evolve to deliver more robust Enterprise Risk Management (ERM) frameworks and will start designing potential scenarios rather than solely performing retrospective statistical analysis, according to Aon Benfield’s David Maneval, speaking this week at the Institute of Actuaries of Australia’s 17th General Insurance Seminar.

The last decade has witnessed several large scale emerging risks such as the 9/11 terrorism attack, a global financial crisis and an eruption of the Eyjafjallajökull volcano in Iceland. Asbestos liability is a key example of the impact of claims on the insurance industry, which had not anticipated such costs at the point of underwriting and led to a number of insurer insolvencies. On the horizon, new risks are emerging in the shape of regulatory shifts, climate change, inflation, cyber risk, nanotechnologies and pandemics.

Actuaries are extremely well placed to develop response strategies using their ERM skills to apply an effective framework. To achieve this, the role of actuaries is likely to evolve in the following ways:

– Designing prospective scenarios, rather than solely performing statistical analysis. In the absence of historical data, expert opinions need to be integrated in the design of specific scenarios; the actuarial role is becoming broader.

– Ability to interact at all levels and regularly engage and communicate across the organization.

– Working with the Board of Directors on the complexity and management of risks.

– Keeping up to date as emerging risks change and new paradigms emerge.

– Helping with holistic response plans and dry runs to assess the plans’ effectiveness.

In addition, rating agencies and increasingly regulators are less likely to provide favourable opinions when re/insurers fail to demonstrate emerging risk management processes.

David Maneval, Head of Actuarial & ERM in Asia Pacific for Aon Benfield Analytics, said: “Managing emerging risks is an opportunity for actuaries to add significant value to the risk management function. Actuaries are critical to embedding the ERM framework and the profession is becoming increasingly experienced in correlation with demand. With risk also comes opportunities, hence the importance of being proactive in building resilience to change and being prepared for emerging risks.”

Source : Aon Benfield Press Release

0 1

The US Supreme Court on Monday refused to hear a legal challenge to President Barack Obama’s health care reform law, with the case not yet having wound its way through the lower US courts.

The Supreme Court, the judicial authority of last resort, declined to hear the case brought by Steve Baldwin and the Pacific Justice Institute, which had filed a federal lawsuit in California challenging the new massive health care law.

The plaintiffs asked the court to determine whether Congress has the constitutional power to decree that every American must purchase health insurance by 2014, as mandated in the law.

Their petition asked the court to determine “whether the individual mandate provision…  exceeds Congress’ power under Article I, section 8 of the Constitution by regulating and taxing a citizen’s decision not to participate in interstate commerce (i.e., decision not to purchase health care insurance).”

The justices declined to take the case without comment. The case has yet to receive a ruling from an appeals court in California, making it premature to the Supreme Court to intervene.

The health care reform bill — Obama’s signature but controversial achievement during his first two years in the White House — was signed into law in March.

Various US states have vowed to fight the bill, which passed after months of bitter wrangling in Congress.

Since its enactment, some 20 US states have launched legal challenges to the new law, while some members of the newly-elected, conservative US Congress have vowed to use various legislative stratagems to prevent the bill from being put into effect. Other lawmakers have vowed to work to repeal the controversial measure.

Among the justices weighing in on the case was Elena Kagan, the newest judge on the nine-strong bench, and Obama’s former solicitor general.

There had been speculation that as a former member of the Obama administration, Kagan might choose to recuse herself from the case.

Washington, Nov 8, 2010 (AFP)

0 0

Building firm Rok – which numbers Axa and Zurich among its insurance clients – this morning announced that it had filed for administration.

Only last week it was appointed to handle work for newly launched Tesco Underwriting. And in August it announced plans to recruit an extra 50 staff following a £40m contract win with Axa Assistance.

At 7am this morning, the company issued the following statement to the London Stock Exchange: “The board of Rok Plc announces that it has resolved to put the company into administration and to make an application to the Financial Services Authority to suspend the listing and trading of the company’s ordinary shares on the Stock Exchange.

“It is anticipated that the administration and suspension will become effective shortly. Further announcements will be made in due course.”

Source : Post Online

0 1

Jonathan Roberts has been appointed Sales Director at C&S Associates, the Defendant claims specialist. Jonathan brings more than 25 years insurance and claims experience gained with some of the industry’s most dynamic businesses.

He started a general insurance career in 1984 with Bradford Pennine, moved to Royal Insurance and the start-up “The Insurance Service” in 1986, then to Loss Adjusting in 1991. In 1994, he joined Motorcare – as Client Service Director he helped create and grow the business both in the UK and internationally, taking it to a trade sale in 2000 with Innovation Group.

Jonathan will help founders Mike Smith and Chris Chamberlain navigate the next phase of C&S development. Mike Smith, Co-founder, commented:  “We’re delighted that our team is being strengthened by Jonathan.
“We’re enhancing every aspect of our Defendant claims solutions’ to respond to the increasing demands of our clients.  C&S new solution offerings and Jonathan’s appointment reflect this trend, as we help our customers achieve their business goals more effectively.”

Source : C&S Associates Press Release

0 0

Brit Insurance, the international general insurance group, announces the appointment of Baldeep Johal to the newly-created position of Group Chief Risk Officer. Baldeep will join the Executive Management Committee and report directly to Group CEO Dane Douetil.

Baldeep joined Brit Insurance in 2001 and was subsequently promoted to Group Chief Actuary where he has created a strong actuarial and modelling team. He has led the Group in implementing a robust approach to reserving, introduced sophisticated pricing models, overseen the building of the Group’s capital models and enhanced its exposure monitoring capabilities.

Shane Kingston will be promoted to replace Baldeep as the Group Chief Actuary. Shane joined Brit Insurance in 2004 as Pricing Actuary and his recent responsibilities include Actuary for the Group’s Global Markets and Reinsurance businesses.

Both appointments are subject to regulatory approval.

Dane Douetil, Chief Executive Officer of Brit Insurance, commented:

“With the advent of Solvency II we have taken the opportunity to move all our risk management activities within the responsibility of this newly-created role. Baldeep will lead the Group in assessing the entire risk landscape whilst ensuring the appropriate business balance between risk and reward.”

Source : Brit Insurance Press Release

0 0

The report published by Sainsbury’s Insurance on Monday, November 1st, suggests that almost 50% of UK mortgages are not covered by life insurance. This means that over 7.1 million Brits, who collectively owe £318 billion, do not have a proper policy, which would cover their debts.

A similar research has been carried out by the company 4 years ago and it showed that £217 billion in home loans are not covered by insurance. The new figures represent a 47% rise from the number of uninsured home loans since 2006.

In the opinion of financial experts at Sainsbury’s, it is the economic downturn that negatively affected the number of people taking out life cover. They are, however, warned that the momentary economy might have dramatic consequences.

Commenting on the findings, Ms. Hunter of Sainsbury’s Life said this type of cover “is particularly important for homeowners… as it can help to ensure peace of mind that the property is paid for upon death, allowing loved ones to continue living in the family home, and it could also alleviate any financial burden, therefore providing financial security.”

Source : E1 BTL

0 0

Screening heavy smokers with low-dose computer tomography (CT) instead of X-rays can reduce deaths from lung cancer by 20 percent, a massive US study released Thursday shows.

Previous studies have shown that helical CT scanning can identify small tumors in the early stages of growth better than X-rays.

“But it’s never been shown before conclusively that the procedure has an effect on the ultimate outcome, namely lung cancer mortality,” Harold Varmus, head of the National Cancer Institute, told reporters.

Although more research is needed to determine why CT-scan screening was tied to such a significant drop in lung cancer mortality, “the assumption is that a larger number of early cancers that would have been lethal were removed in patients who had undergone helical CT scanning,” said Varmus.

Helical CT uses X-rays to obtain a multiple-image scan of the entire chest during seven to 15 seconds.

The findings are from the National Lung Screening Trial (NLST), which started in 2002 enrolled more than 50,000 current and former heavy smokers, aged 55-74, around the United States to determine whether screening with low-dose helical, or spiral, CT would reduce lung cancer mortality.

Participants who took part in the study at 33 centers across the United had on average “30 pack-years of smoking,” or the equivalent of smoking a pack a day for 30 years, and were either current smokers or had quit in the past 15 years.

They were randomly assigned to receive annual screening for three years, either with low-dose CT or conventional X-rays. The last screenings were completed in 2007.

All deaths from lung cancer were documented, and when researchers reviewed the data, they found that a 20 percent drop in lung cancer mortality among patients who were screened using CT compared to those screened with X-rays.

“This finding has important implications for public health with the potential to save many lives among those at greatest risk for lung cancer,” said Varmus.

“Lung cancer is the leading cause of cancer mortality in the US and throughout the world, so a validated approach that can reduce lung cancer mortality by even 20 percent has the potential to spare very significant numbers of people from the ravages of this disease,” he said.

In 2007, roughly 90 million people in the United States had a history of cigarette smoking. About half of them were current smokers. Doctors project that some 157,000 people in the United States will die of lung cancer this year, the vast majority of them current or former heavy smokers.

“This screening does not prevent lung cancer and doesn’t protect the large majority of subjects from death from lung cancer,” said Varmus, stressing that the best way to prevent smoking-related lung illness was to quit smoking or never start.

The researchers raised some concerns about CT scans, including that they cost more than X-rays and expose patients to more radiation than X-rays.

A standard two-view chest X-ray exposes a patient to 0.1 millisieverts (mSv) of radiation, while the low-dose CT scans used in the study were estimated to have resulted in an average dose or 1.4 mSv, said Denise Aberle, a professor of radiology from the University of California at Los Angeles.

Another concern about low-dose CT screening for lung cancer was that the procedure produced a high percentage of false positives, which can cause some anxiety in patients.

About 25 percent of CT-scan screenings in the NLST study found abnormalities, but most of them were not lung cancer, said Doug Lowy, deputy director of basic science at the National Cancer Institute.

When a scan finds an abnormality, medical procedures, such as chest surgery or lung biopsies, have to be undertaken, and those carry their own dangers and risks of complications for the patient, Lowy said.

Washington, Nov 4, 2010 (AFP)

0 1

Jelf Employee Benefits had seven successes at the Health Insurance magazine Intermediary awards last week: winning in four categories and being highly commended in three.  The awards are highly regarded within the industry and there is always stiff competition, so to be awarded in seven categories was a real triumph for the employee benefits company.

The results were:

– Best International Medical Insurance Intermediary            Winner

– Best Newcomer Intermediary                                                         Winner

– Best Training and Development Intermediary                        Winner

– Best use of Cash Plans by an Intermediary                                Winner

– Best Healthcare Trust Intermediary                                             Highly commended

– Best Group Risk Intermediary                                                         Highly commended

– Best Group PMI Intermediary                                                         Highly commended

Commenting on the awards, Glenn Thomas, managing director at Jelf Employee Benefits, said: “We put our clients first, we go the extra mile and we invest in our staff and we are delighted to attain this recognition within the industry.  This is also a reflection on our clients: we couldn’t win these awards without them.  We’re very pleased with this result and it motivates us to continue to do the best work we can for our clients.”

Source : Jelf Press Release

0 0

Premier Foods, the UK’s largest food producer, has outsourced the management of the administration for its RHM defined benefit (DB) pension scheme to Aon Hewitt.

The 5-year appointment will see Premier’s team administer the scheme from its Croydon office, before moving to a new Aon Hewitt premises in Croydon later this year. Aon Hewitt plans to grow Croydon as a pensions administration centre of excellence, attracting additional clients and offering employees an opportunity to develop their careers and skills with an experienced employee benefits provider.

The appointment adds to Aon Hewitt’s growing portfolio of large administration clients who are outsourcing for the first time, having recently taken on the administration of BMW’s UK pension scheme.

Malcolm Connelly, Group Pensions Manager at Premier Foods commented: “Once the decision to outsource our pension scheme administration was made, Premier Foods and the Trustees wanted to find a specialist who demonstrated that they could recognise and deliver against the best interests of both our pensions team and our scheme members.

“We were impressed by Aon Hewitt’s people-focused approach and their commitment to working closely in partnership with us to ensure the positive future development of our scheme administration.”

Stuart Heatley, Administration Practice Leader for Aon Hewitt said: “We are delighted to have this opportunity to work with Premier Foods. We look forward to introducing a gradual programme of transformation in order to build on the good work already done in providing a high quality service to scheme members.”

Source : AON Hewitt Press Release

0 0

Hundreds of meerkat fans queued on London’s Regent Street hoping to be among the first to buy A Simples Life, the first book from the paw of Aleksandr Orlov, founder of comparethemeerkat.com.

Two hundred and fifty signed copies of the book were snapped up from a pop-up comparethemeerkat shop at 80 Regent Street.

Visitors to the shop, a replica of the one featured in the most recent comparethemeerkat.com advertisement, were also able to compare meerkat paintings and view original artefacts from Aleksandr’s mansion.

Kurt Schofield from Exeter, who is studying at the University of Westminster, queued from 7:30am to be one of the first in line to buy a signed copy. The book launch is one of the most eagerly anticipated literary events of the year. By Thursday morning A Simples Life had reached No.2 in the Amazon Best Sellers chart.

“I am bristle with pride and delightment that peoples are buy my book, but I am not shock because it is very thrillsy and elegantly dictated. Thank you my fans for make my success and remember: early worms can get specials limit edition sign copy of book from comparethemeerkat.shop at premium Monopoly location 80 Regent Street in London.”

“Aleksandr is quickly establishing himself as a strong contender for the bestselling autobiography of the year,” said Neil Campbell, books manager at Amazon.co.uk Ltd.

Aleksandr wrote A Simples Life; My Life & Times as part of his efforts to stem the tide of misdirected traffic to his website from people looking for cheap deals on car insurance.

The book is published by Ebury Press (RRP £9.99) and is available from all good bookshops and online book store.

“In honour my ancestors, I wish to inspire next generation of young businesskats,” explains Aleksandr. “I am hope that this book will show what can come of courage, hard work and a good fur-care regime.”

A Simples Life is a roller-coaster ride through the history of Aleksandr’s ancestors, their early life in the Kalahari, their flight to Russia, the battles with mongoose hordes, fortunes made and lost, the early days of meerkat comparison, cheating muskrats and much, much more.

A YouTube film promoting the book has been viewed more than 20,000 times.

In Aleksandr’s own words (from the book)

On fashion; “My wardrobe contains many cravats made of purest silk from free range silkworms. I also have some spun by specials Croatian glow-worms so I can find way to toilet at night”

On muskrats; “Never play baccarat with a muskrat”

On his legacy; “When they make movie of my life, I would like Emilio Estevez to play me, and Danny DeVito to play Sergei. There is no negotiation on this”

– On his early music career: “I would always sing same song. ‘Are You Think I’m Sexy?’. It was a big chart hit at the time and very thought provoking…”

On Sergei: “Sergei very good driver – he can make drive from mansion to front gate in only 25 minutes now”

Source : Comparethemarket Press Release