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The ABI is calling for a minimum one-year learning period to reduce the high number of deaths and serious injuries involving young drivers. According to ABI-commissioned research published today, three out of four people believe that this measure would reduce young driver road casualties.

Nick Starling, the ABI’s Director of General Insurance and Health, said:
“Introducing a longer and more structured learning period may frustrate some youngsters, eager to get behind the wheel. But better this, than they become another tragic statistic.”
Despite a fall in the overall number of road accident casualties, more young drivers are killed or seriously injured on the roads now than fifteen years ago. Every day ten young drivers or their passengers are killed or seriously injured on the roads. Road crashes are the biggest cause of accidental deaths of young men aged between 15 and 19.
On the day (4 October) when changes to the driving test are introduced, independent research commissioned by the ABI among 2,500 adults, shows public backing for tougher measures to reduce young driver accidents:
– 75% of people believe that introducing a minimum one-year learning period would be the most effective step to reducing the accident rates of young drivers.
– Just over two-thirds of people (69%) see restrictions on the number of passengers that newly-qualified young drivers could carry as an effective measure to improve safety.
– 68% back a more structured education programme to inform young drivers of the dangers of driving.
Nick Starling added:
“Too many young drivers are still killed or seriously injured on our roads. A car is a potential lethal weapon, and we must provide more help to young motorists to better deal with the dangers of driving. A minimum one year learning period, and young driver passenger restrictions, would help ensure that today’s young drivers become tomorrow’s safer motorists”.

Source : ABI News Release

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RSA Insurance Group plc (RSA) announces the acquisition of GCAN Insurance Company (GCAN). GCAN is a leading Canadian mid-market, large risks & specialty commercial insurer, offering a range of products including Property, Liability and Motor with a balanced portfolio by line of business and province.

GCAN has a strong track record of profitability with a combined operating ratio (COR) of 81% and gross written premiums of CAD 255m (GBP 157m) in 2009, and an average COR over the last five years of around 77%.

With this transaction, RSA will become the fourth largest general insurer in Canada, with pro-forma gross written premiums for 2009 of approximately CAD 2.2bn for the combined entity. The acquisition of GCAN will strengthen RSA’s Commercial proposition by adding further technical expertise, geographic diversification and product breadth. The transaction will also drive significant additional reinsurance and capital benefits and other synergies.

On completion, RSA will pay consideration of CAD 420m (GBP 259m) in cash from internal resources. GCAN has a strong capital position, with a Canadian Minimum Capital Test ratio of 384% as at 30 June 2010 compared to the market average of around 237%. The surplus capital in GCAN is estimated to be around CAD 110m (GBP 68m). The transaction is immediately accretive and will generate a return on investment in the mid-teens.

Andy Haste, Group CEO, commented, “At RSA we have great businesses with strong market positions delivering excellent results. Over the last five years, RSA Canada has grown its premiums by around 60% and doubled its underwriting result. The acquisition of GCAN accelerates this momentum and takes us to number four in the market. This is a great deal for RSA Canada and the Group and we are excited about the strong potential of the combined business.”

Completion of the transaction is subject to regulatory approval.

Source : RSA Press Release

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The British Insurance Brokers’ Association has announced that Opportunities in Adversity will be the theme for its 2011 conference and exhibition to be held at Manchester Central on 11th and 12th May 2011. The title was chosen to recognise the difficult economic conditions facing the country, while appreciating and showcasing those entrepreneurial brokers who will relish the challenge to build stronger business models.

Lindsay Campbell, BIBA Conference Organiser, said: “It’s always good to return to Manchester, where we’ve enjoyed some great conferences over recent years.  Manchester Central, which has proved extremely popular with delegates and exhibitors, is conveniently located in the heart of the city centre, offering great networking opportunities both at the conference itself and late into the evening!  We look forward to seeing you there.”

The event will follow the successful two-day format launched in 2010, which provides maximum value for attendees and the biggest business networking opportunity for the UK’s insurance industry.  Entry to both the conference and exhibition will be free to all employees of BIBA member firms and all brokers are welcome to attend the exhibition at no cost.

Eric Galbraith, BIBA Chief Executive, added: “BIBA 2011 will address the business issues for all segments of the broking and intermediary channel, as well as providing the best networking experience available in the industry and the largest insurance exhibition in the UK.  I look forward to welcoming you to BIBA 2011 in May next year.”

Opportunities in Adversity follows BIBA 2010, Professionalism in a changing world, which was the most popular conference BIBA has ever held with a total of over 4000 attendees, including more than 2300 brokers. The 2011 exhibition floor plan will be available from Monday 4 October with information on speakers and seminars to follow over the coming months.

Source : BIBA Press Release

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Standard & Poor’s Ratings Services said on September 15 that it lowered its long-term counterparty credit and insurer financial strength ratings to ‘A-‘ from ‘A+’ on U.K.-based AXA Sun Life PLC, currently a subsidiary of France-based insurer AXA group. The outlook is negative.

The rating action reflects confirmation that AXA Sun Life will be among the legal entities sold by AXA to Friends Provident Holdings (UK) Ltd. (Friends Provident). Earlier this month, the U.K. Financial Services Authority gave notice of its approval, subject to conditions, of the change in control applications submitted in connection with Friends Provident’s acquisition of most of AXA’s U.K. life business. Friends Provident is a subsidiary of Resolution Ltd.

“In light of the fact that the AXA Sun Life legal entity will be sold to Resolution, we are removing AXA group support from the rating; the rating now solely reflects the stand-alone characteristics of the entity,” said Standard & Poor’s credit analyst Sanjay Joshi.

The ‘A-‘ rating reflects the company’s strong capitalization, which has been somewhat strengthened by the exchange of shares in AXA Asia Pacific for cash. This is offset by its competitive position and operating performance, which, while still considered good, are viewed as weaknesses to the rating.

The rating also reflects our view that industry and economic risks in the U.K. life sector remain elevated. In our opinion, these risks are weighing on credit quality for all insurers operating in this market. We consider that AXA Sun Life’s concentration in the U.K. life market exposes it to these risks and to changes in the competitive landscape

The negative outlook reflects AXA Sun Life’s weakened U.K. competitive position and the execution risk on integration within the acquiring entity.

It also reflects uncertainty regarding capital and new business activity relating to AXA Sun Life’s current business in the enlarged Friends Provident organization. However, we would expect capital to be maintained at levels commensurate with the rating.

The ratings could be downgraded if the competitive position or financial profile of AXA Sun Life weakens considerably. Conversely, the outlook could be moved to stable on successful integration and enhanced competitive position and business profile, as measured by earnings on in force and new business.

Source : Standard and Poor’s

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The US State Department issued a formal alert Sunday warning Americans traveling in Europe to remain vigilant against “the potential for terrorist attacks” and urging precaution in public places and transportation systems.

France and Britain immediately voiced support for the security statement, which said “current information suggests that Al-Qaeda and affiliated organizations continue to plan terrorist attacks.”

“US citizens should take every precaution to be aware of their surroundings and to adopt appropriate safety measures to protect themselves when traveling,” according to the alert.

It said attackers may use “a variety of means and weapons and target both official and private interests,” and that particular targets could be railways, subways and other tourist infrastructure.

The alert — which the State Department issues regarding specific events, and is one step down from a travel warning — follows intelligence reports which suggested an Al-Qaeda attack could be imminent.

“European governments have taken action to guard against a terrorist attack and some have spoken publicly about the heightened threat conditions,” the State Department said.

US officials on Saturday said such an alert was likely.

“The bottom line would be to tell Americans to continue to travel but be vigilant,” a US official told AFP on Saturday, speaking on condition of anonymity.

Another US government official told AFP the State Department would take “further actions as appropriate.”

“We have been and continue to be focused on Al-Qaeda’s interest in attacking us, our allies and our interests. We will spare no effort to thwart terrorists’ plans, and will take further actions as appropriate,” the official said.

News media in the past week reported that Western intelligence agencies had uncovered an Al-Qaeda plot to launch attacks in Britain, France, Germany and the United States.

The reports said well-armed, commando-style teams of jihadists planned to seize and murder Western hostages in a manner similar to the attacks two years ago in the Indian city of Mumbai on two hotels and its main railway station, in which 10 gunmen killed 166 people and injured more than 300.

Intelligence and diplomatic officials in Europe and the United States have refused to confirm the alleged terror plot on the record.

But minutes after the US alert was issued, European powers Britain and France expressed support for it.

“We work closely with our international partners in countering terrorism and the US advice is consistent with our assessment,” British Home Secretary Theresa May said in a statement.

France’s foreign ministry said through a spokesman that the US alert is “in line with the general recommendations we ourselves make to the French population.”

In Paris, bomb scares briefly shutting down the Eiffel Tower and train stations in recent weeks.

The Czech government said Sunday it had stepped up security following the alert.

“We aren’t taking this information lightly. We have taken preventive security measures” including at Prague’s international airport, deputy interior minister Michal Moroz told CT state television, although he said police had no information about possible attacks in the Czech Republic.

A US official on Wednesday privately confirmed threat as “credible but not specific.”

“For that reason, people shouldn’t limit their thinking to the United Kingdom, France, or Germany,” the official told AFP.

An Italian foreign ministry official said that “the fight against terrorism is one of our priorities and on this subject we are in tune with the United States.”

The German weekly Der Spiegel reported that an Al-Qaeda plot to launch such attacks on European cities was planned by the group’s number three leader, with support from Osama bin Laden.

In its issue to hit newsstands Monday, Der Spiegel reported that Al-Qaeda’s third in command, Sheikh Yunis al-Mauretani, plotted the attacks, and had shared his plans with Ahmad Siddiqui, an Islamist with German nationality currently held at the US-run Bagram Air Base in Afghanistan.

Siddiqui was the likely source of information that sparked recent hikes in Western security threat levels, the weekly said.

Travel alerts are not especially rare. A travel alert currently exists for India through November 15 due to the 2010 Commonwealth Games to be held in New Delhi from Sunday through October 14.

A total of 31 travel warnings are in effect for various countries including Afghanistan, Iraq, Iran, Israel and Lebanon as well as Sudan and Somalia.

Washington, October 3, 2010 (AFP)

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European judges were urged today to rule that insurance companies are breaking EU law if they charge women lower premiums than men because they pose a lower risk. Basing insurance rates on statistics about the differing life expectancies or road accident records of men and women is standard practice across Europe.

It is specifically permitted in EU anti-discrimination rules which allow member states to discriminate on insurance rates and benefits ‘if sex is a determining risk factor, and that can be substantiated by relevant and accurate actuarial and statistical data’.

But a senior official at the European Court of Justice has said that concession is countermanded by ‘higher-ranking’ equality provisions set out in the Charter of Fundamental Rights in the Lisbon Treaty.

If Advocate General Juliane Kokott’s legal ‘opinion’ is backed by the full court in a final verdict later this year, it could mean higher insurance premiums for women in future.

The move was attacked as ‘madness’ by Conservative MEP Ashley Fox.

‘This opinion, if taken on board by the European Court of Justice, will spell the end of cheap car insurance deals for women and cause the loss of many jobs in this sector of the insurance business,’ he warned.

‘The decision to afford cheaper car insurance to women is not based on discriminating factors but on solid statistics and fact. Women have fewer accidents than men and claim less than men.

‘This Advocate-General’s opinion abjectly fails to take these crucial factors into consideration.

‘It is simply madness to wipe out a whole market on what is effectively the whim of the Advocate-General. If this opinion becomes EU law it will mean higher premiums for everyone.’

But Ms Kokott said it is a clear breach of fundamental rights to take the sex of an insured person into account as a risk factor in insurance contracts.

‘A summary of the fundamental rights guaranteed at union level is now to be found in the Charter of Fundamental Rights of the EU, which has the same legal value as the treaties since the entry into force of the Treaty of Lisbon,’she said.

‘Even before the entry into force of the Treaty of Lisbon, when the charter had not yet acquired any binding legal effects, it could however be referred to as a source of inspiration.’

She said there was a sweeping assumption that the different life expectancies of males and females, the differences in risk-taking when driving, and the difference in their inclination to use medical services – ‘all of which merely come to light statistically’ – are essentially due to their sex.

‘In fact, however, many other factors play an important role in the evaluation of the above mentioned insurance risks. For instance, the life expectancy of insured persons is strongly influenced by economic and social conditions as well as by the habits of each individual – the kind and extent of the professional activity carried out, the family and social environment, eating habits, consumption of stimulants and/or drugs, leisure activities and sporting activities.’

It is therefore ‘legally inappropriate’ to link insurance risks to a person’s sex, said Ms Kokott: “Differences between people, which can be linked merely statistically to their sex, must not lead to different treatment of male and female insured persons when insurance products are developed.

‘Gender is a characteristic which, like race and ethnic origin, is inseparably linked to the insured person as an individual and over which he has no influence.’

Proposing that the European judges declare sex discrimination for insurance purposes invalid, she goes on: ‘The court would be keeping good company if it delivered such a judgment: more than 30 years ago the Supreme Court of the United States of America held in connection with pension insurance funds that the Civil Rights Act of 1964 prohibits different treatment of insured persons on the basis of their sex.’

The case was brought by the Belgian consumer association, challenging the use in Belgium of statistics based on gender. But a ruling outlawing gender-based analysis for insurance purposes would apply in all 27 EU countries.

Source : Daily Mail

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Aon Corporation and Hewitt Associates, Inc. announced today the preliminary results of the elections received from Hewitt stockholders regarding their preferences as to the form of merger consideration they will receive in connection with the proposed merger of Hewitt with a wholly owned subsidiary of Aon pursuant to the terms of the Agreement and Plan of Merger, dated as of July 11, 2010, between Aon, two wholly owned subsidiaries of Aon and Hewitt (the “Merger Agreement”).

As previously announced, the deadline for Hewitt stockholders to have delivered merger consideration elections in connection with the proposed merger was 5:00 p.m., New York time, on September 29, 2010. Of the 93,319,596 shares of Hewitt common stock outstanding as of September 29, 2010, holders of:

– 8,037,727 shares, or approximately 8.61% of outstanding shares, elected to receive cash;

– 43,792,816 shares, or approximately 46.93% of outstanding shares, elected to receive Aon common stock;

– 27,955,095 shares, or approximately 29.96% of outstanding shares, elected to receive the mixed consideration consisting of $25.61 in cash and 0.6362 shares of Aon common stock; and

– 13,533,958 shares, or approximately 14.50% of outstanding shares, did not make a valid election or did not deliver a valid election form prior to the election deadline and, therefore, will be deemed to have elected to receive the mixed consideration consisting of $25.61 in cash and 0.6362 shares of Aon common stock.

The elections with respect to 359,103 of the foregoing shares electing to receive cash, 6,653,391 of the foregoing shares electing to receive Aon common stock, and 384,379 of the foregoing shares electing to receive mixed consideration of $25.61 in cash and 0.6362 shares of Aon common stock were made pursuant to the notice of guaranteed delivery procedure, which requires the delivery of Hewitt shares to Computershare Trust Company, N.A., the exchange agent for the merger, by 5:00 p.m., New York time, on October 1, 2010.  If the exchange agent does not receive the required share certificates or book-entry transfer of shares by this guaranteed delivery deadline, the Hewitt shares subject to such election will be treated as shares that have made a mixed election.

After the final results of the election process are determined, the final allocation of the merger consideration will be computed pursuant to the terms of the Merger Agreement. Elections made by Hewitt stockholders to receive all cash or all Aon common stock consideration are subject to automatic proration and adjustment, as applicable, to ensure that the total amount of cash paid and the total number of shares of Aon common stock issued by Aon in the merger each represents approximately 50% of the aggregate merger consideration, as described in the Merger Agreement and in the definitive joint proxy statement/prospectus provided to Aon and Hewitt stockholders in connection with the special meetings of Aon stockholders and Hewitt stockholders held on September 20, 2010.

As previously announced, Aon and Hewitt currently anticipate completing the proposed merger transaction on or about October 1, 2010. The proposed merger transaction remains subject to the satisfaction of customary closing conditions.

Source : Aon Corporation Press Release

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The House of Representatives on Wednesday approved legislation covering health care costs for rescue workers and volunteers sickened as a result of the September 11, 2001 terror attacks.

The measure would cover the costs of treatment for police officers, firefighters, volunteer rescue workers and others who assisted victims or who searched through rubble after the attacks on the World Trade Center. An estimated 70,000 people were exposed to toxic fumes or substances as a result of the collapse of the twin towers.

“We promised to help those who spent days, weeks, and months doing hard work, our government and the American people expected them to do in the recovery effort,” House Speaker Nancy Pelosi said ahead of the vote.

“And we pledged to do everything in our power to ensure that their health and well-being would be taken care of. We did not want them to be unsung heroes. We want them to be recognized heroes. Today we are here to honor that pledge. It’s long overdue.”

The bill, which was approved by a vote of 268 to 160 and whose cost is estimated at 7.4 billion dollars, must still be approved by the Senate before it can become law. Some Republicans objected to the measure because it calls for new taxes on American companies that use offshore operations to reduce their tax obligations.

But Obama praised the House for passing the bill and said he would sign it if it clears the Senate. “We will never forget the searing images of September 11, 2001. And we will never forget the selfless courage demonstrated by the firefighters, police officers and first responders who risked their lives to save others,” he said in a statement. The president called the medical monitoring and treatment the bill ensures a “critical step for those who continue to bear the physical scars of those attacks.”

Washington, Sept 29, 2010 (AFP)

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To better penetrate the insurance market in India, the Irda advised companies to de-jargonise their policies.

Speaking at 13th Insurance Summit organised by the industry body CII, Insurance Regulatory Development Authority Chairman J Hari Narayan also said the watchdog will soon come out with norms for universal policies– a Ulip-like product in which a part of the premium is set aside for covering life risk.

Observing that one way for deep market penetration is making the policy documents and contracts comprehensible to laymen, he asked the insurers to simplify their policy documents by de-jargonising the contractual terms and conditions.

“There is absolutely no need for so much jargonised policy documents and contractual notes for most of the insurance products available in the country today. Therefore, I feel that the insurers could and should simplify the language in which their policy documents and contracts are stated,” Narayan said.

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Treasury Department officials finalise their plan to render AIG financially independent after the massive taxpayer investment. The core piece of that strategy would be for Treasury to convert its $49 billion ownership stake in the company into common stock, and then sell those shares to investors during the next few years. The pricing of those shares in part would determine how much the U.S. government would recoup from its rescue of AIG.

An announcement on the plan could come in a matter of days, though officials said certain details remain unresolved. In any case, a stock conversion most likely would not take place before 2011. Before the insurer can make good on its debt to Treasury, it must first pay down more than $20 billion it owes in loans from the Federal Reserve. The company plans to eliminate that debt when it completes the sale of its American Life Insurance Co., or Alico, and undertakes a public offering of shares in Asia-based American International Assurance. Despite widespread scepticism that AIG can make good on its federal debts and re-emerge as a viable company, company officials say they intend to do just that.

“I believe that we will pay back all that we owe the U.S. government. And I believe at the end of the day, the U.S. government will make an appropriate profit,” AIG chief executive Robert Benmosche told members of the Congressional Oversight Panel in May. “I am confident you’re going to get your money plus a profit.”

AIG spokesman Mark Herr echoed that sentiment Monday. “Our goal remains the same – to repay the taxpayers and position AIG over time as a strong, independent company worthy of investor confidence,” Herr said.

In its most recent quarterly filing, the company said it has had discussions with Fed and Treasury officials, among others, about how best to “allow the government to exit its ownership relationship with AIG.”

Converting Treasury’s preferred AIG shares into common stock has long been the most likely approach for recovering much of the taxpayer funds. If successful, such an undertaking would represent a success both for the company and for the government, which pumped billions of dollars into AIG during the financial crisis. But the strategy also depends on AIG’s ability to persuade investors that it can operate as a profitable insurance company in the years ahead.

“AIG has made significant progress toward being able to garner standalone market confidence, without the government’s continuing support,” Jim Millstein, Treasury’s chief restructuring officer, told the Congressional Oversight Panel at the May hearing. “And as soon as we are confident that the stability is durable, we will move to exit the taxpayers’ investments as promptly as practicable.”

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Friends Provident announced today the launch of a bespoke SRT Protection Toolkit and a brand new protection site which has been developed in response to feedback from advisers www.friendsprovident.co.uk/srt. The new site enables advisers to access all the support and tools they need to help them develop and build long term value for their protection business.

The Toolkit has been developed on the principles of Speed, Responsiveness and Technology (SRT). It has five feature-packed sections which look at ways in which advisers can build their business with tips to help them submit business, simply and quickly. The sections are:

– Selling protection – contains selling skills support material to help advisers overcome client objections and challenges during the sales process.
– Marketing to clients – contains ready made lead generators, tools and tips designed to help generate leads and ultimately sales.
– eServices – contains a range of online tools to support advisers through the business process from start to finish.
– Product Solutions – contains a one stop shop of seminars, sales aids and online support on the comprehensive range of protection products available including the award winning and Defaqto 5 star rated income protection product.
– Processes made easy – contains guides and checklists to help answer advisers queries around underwriting, disclosure and medical evidence to ensure business is processed quickly.

Ed Stuart-Brown, head of protection sales at Friends Provident commenting on the launch of the new Toolkit said: “The SRT Protection Toolkit is designed to be a virtual briefcase or library of information to help advisers. It is designed to make the business of writing protection quick, easy and simple, so that they are in control.

“In 2009, 61 percent of applications on eSelect received a decision without any further underwriting evidence being required. We’d like to see this figure continue to grow as it makes life easier for advisers. The new look protection site and Toolkit were designed to be easy to access and navigate and were developed as a direct result of feedback from advisers. It’s the beginning of a range of support tools we are developing to make doing business with us simple and straightforward.”

Advisers can view the SRT Protection Toolkit at www.friendsprovident.co.uk/srt.

Source : Friends Provident Press Release

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Aon Risk Solutions, the global risk management business of Aon Corporation, today announced that Lynn Jekkals was promoted to resident managing director and Valerie Feehan transitioned to executive advisor to the Grand Rapids office.

In her new role, Jekkals will focus on customizing risk financing solutions and leading client service teams to deliver exceptional service with innovative strategies. She has a strong commitment to the community as well as continuing education to build her industry knowledge. Building on 19 years of experience with Aon, Jekkals most recently served as the director and property/casualty practice leader of the Grand Rapids office.

As executive advisor, Feehan will lead the service teams in providing distinctive client value, growing the business and aligning Aon resources globally to meet client needs. Feehan has more than 20 years of industry experience. She is an expert in risk financing solutions, mergers and acquisitions as well as international program design and implementation. Feehan will continue to put those skills forward as a strategic account leader for existing and new clients. She most recently served as resident managing director of the Grand Rapids office, where she was the principal client retention and new business champion.

“These promotions will continue the momentum that has made Aon’s reputation in Grand Rapids one of recognized accomplishment,” said Tom Rodell, CEO of commercial risk offices for Aon Risk Solutions. “Both Lynn and Valerie have played integral roles in the success of Aon in Western Michigan. Under their leadership, the Grand Rapids office has been honored with several awards, including the Pinnacle award for most outstanding performing office and the prestigious Pillar award in recognition of the office’s best practices that empower women at work.”

Jekkals holds a Bachelor of Arts degree in education with a concentration in science from Calvin College in Grand Rapids, Mich. She is a certified insurance counselor, specializing in property and casualty. Jekkals serves as a member of the Grand Rapids Economic Club and associate member of West Michigan Association of Financial Professionals.

Feehan holds a Bachelor of Science degree in criminal justice from Eastern Michigan University. She serves as president of the board for the University Club and advisor to the board at Olivet College. Feehan also holds a property and casualty insurance agent license.

Source : Aon News Release

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Allianz Engineering is reminding brokers of the looming deadline for businesses to sign up to a government-backed climate change and energy-saving scheme. The Carbon Reduction Commitment (CRC) Energy Efficiency Scheme, administered across the UK by the Environment Agency, began on April 1 2009 and has a September 30 sign-up deadline.

The mandatory scheme aims to reduce the carbon emissions of large private and public sector organisations, as well as saving the participants approximately £1 billion per year in reduced energy expenditure.

4,000 businesses are expected to be eligible for the scheme but currently less than half that number have registered, which could leave them facing fines of up to £5,000 and an extra £500 for each subsequent working day they fail to register.

Participants, who include Allianz as one of the first insurers to sign up, are identified by their 2008 electricity supplies, meaning businesses that have an annual electricity bill of around £500,000 will need to monitor their energy consumption and purchase allowances. The more CO2 an organisation emits, the more allowances it has to purchase, providing a direct incentive for these organisations to reduce their emissions and improve the energy efficiency of their properties.

Steve Ford, special services manager at Allianz Engineering, says: “Figures suggest that awareness of the CRC scheme is low amongst participants which could leave some businesses facing hefty fines. Brokers can add real value to their relationships by making clients aware of their obligations and helping them to avoid costly penalties.”

He adds: “Brokers should also use this opportunity to advise clients on where to find energy assessment services – this will not only help to dramatically reduce their carbon footprint but also their energy costs.”

Source : Allianz News Release

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Killing a single bedbug can be as easy as rolling on top of it in your sleep. Ridding a home or hotel of its siblings and cousins on the other hand, is an exhausting and expensive task.

Nearly eliminated a few decades ago, bedbugs are back with a vengeance. They’ve overtaken college dorms, military barracks, apartment complexes, office buildings and even forced the closure of Niketown’s flagship New York store Monday. And they are big business: 258 million dollars in the United States last year, according to the National Pest Management Association. Leading experts gathered in a Chicago suburb Tuesday for a two-day summit on eradicating the hardy critters, which can live a year without feeding and like to explore at night, often catching rides to new homes in luggage, handbags and clothing.

“It’s easy to come in and kill bedbugs with insecticide, but it’s much harder to get to the point where you can be confident that they’re gone,”

Kenneth Haynes, an entomologist with the University of Kentucky, told AFP. Bedbugs are very good at hiding, he explained, and the problem is finding a poison which is powerful enough to kill all the bugs and their eggs but safe enough to be used indoors. The summit’s showroom was filled with potential solutions: massive room heaters to bake the bugs, carbon dioxide sprayers to freeze the bugs, high powered steamers to boil the bugs, plastic moats and barriers to block the bugs from getting into beds, tight-fitting mattress protectors, and even specially-trained dogs to sniff out their hiding spots.

“There’s so much bedbug hysteria and 75 percent of it is well-founded,” said David James, whose company Packtite sells portable heating chambers designed to kill any critters that crawl into luggage or non-washable possessions like books and shoes.

“They’re so bad out there and they’re so hard to kill,” James said as he manned a busy display at the sold-out show.

“I’ve had people call me and say they’ve gone bankrupt trying to get rid of them because they keep replacing their clothes and furniture.”

There is unfortunately no silver bullet for eradicating bed bugs, saidPhillip Cooper, president of BedBug Central, a for-profit educational organization which hosted the conference.

“Nothing works on its own,” said Cooper, who also runs a pest-control company founded by his father in 1955. The best thing to do is try to keep bed bugs out of your home by carefully inspecting hotel rooms, washing all clothes taken on a trip in hot water and vacuuming or treating your luggage. If you end up picking up the critters at work, a movie theatre, church or work, hope that you find them quick and call a professional right away.  A moderate infestation can be eradicated with a single, properly-applied treatment of insecticide, Cooper said. But serious infestations can require several treatments and a multiprong approach costing thousands of dollars. One way large hotel and apartment complexes are cutting their costs is hiring sniffer dogs to pinpoint exactly which units are affected and find the nests. A property manager at a large apartment complex outside Chicago, Shellie Beno, got into the business last year after residents started bringing her bags filled with bedbugs. Pest controllers would spend hours tearing an apartment apart looking for nests. Her three dogs can search a typical unit in about five to seven minutes. And their noses can sniff out places people can’t, like behind the walls. Another advantage is the dogs are much less intrusive and residents don’t have to worry that their neighbors will know they’ve got bugs.

“Would you rather have me going through your dresser drawers or my dogs?” said her Detective Bedbug partner David Bohannan.

Chicago, Sept 22, 2010 (AFP)

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Welsh broker Moorhouse has launched Moorlife to provide its general insurance clients with easy access to life insurance products.

The new subsidiary, which has been formed in direct response to demand from existing clients, provides standard covers including death, terminal illness and critical illness from a range of providers.

Moorhouse has initially drafted in 10 experienced staff to launch Moorlife, which aims to grow to a staff of 60 within its first year. Although the service is aimed primarily at existing customers Moorlife will expand its offering to non-Moorhouse clients in due course.

Moorhouse chairman and CEO Lyndon Wood said: “This was a no brainer for us as demand from our general insurance clients for life products has been growing steadily. We wanted to capitalise on this opportunity and our existing infrastructure gives us the capability to launch into vertical markets very easily. This means we have been able to launch Moorlife very quickly at relatively little cost to the business.”

Source : Moohouse Press Release

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    AIA, the Asian unit of troubled US insurer AIG, will launch a 15 billion US dollar share sale on October 29 in what could be the world’s second-biggest stock offering this year, reports said Tuesday.

    The insurer was seeking approval from Hong Kong’s bourse on Tuesday with plans to set a price range next week, the Wall Street Journal and Financial Times reported, both citing unnamed sources.

    If approved on Tuesday, AIA will start investor presentations on October 6, the Journal reported. AIA is also hoping to sign an agreement next week with so-called cornerstone investors — generally institutional buyers — who could pick up as much as one-fifth of the offering, the Financial Times said.

    AIG, which owes billions of dollars in US government bailouts, was forced to look again at the option of publicly floating AIA in Hong Kong after the collapse in June of Prudential’s 35.5-billion US dollar takeover bid.

    Chinese insurance companies and some of China’s largest banks are said to be looking at both taking stakes and financing others, according to the Financial Times. In July, Hong Kong’s South China Morning Post newspaper reported that at least four consortia made up of private Chinese investors had approached AIG about buying its Asian business.

    Sovereign wealth funds had also expressed an interest in AIA, including Singapore’s GIC and Temasek, as well as funds in Abu Dhabi, Kuwait and Qatar, the Financial Times said. Agricultural Bank of China claimed the world’s biggest IPO in August when confirming it had raised 22.1 billion US dollars, after its shares debuted in Hong Kong in July. The monster sale beat the previous world record set by the Industrial and Commercial Bank of China, which raised 21.9 billion dollars in 2006.

    Hong Kong, Sept 21, 2010 (AFP)

    0 1

    The British Insurance Brokers’ Association (BIBA) has responded with support to the FSA consultation paper for the new Employers’ Liability Centralised Database, operated by the Employers Liability Tracing Office (ELTO).

    The new proposals, set out in the consultation, which closed on the 14 September, are designed to help employees trace old insurance records more easily if they suffer from injury or disease caused at work and cannot trace a former employers policy, where the employer has ceased trading or is untraceable.

    Peter Staddon, BIBA Head of Technical Services, said: “BIBA strongly believes the best result for consumer protection would be to have one single tracing office run by the insurance industry”.

    BIBA expects insurance brokers to have to change their current practices in order to comply with the new requirements. It depends on the final new regulations, but BIBA anticipates that insurance brokers will have to source their customer’s Employer Reference Number at point of sale.

    Peter concludes: “We believe that supplying the ERN will create a system that makes it much easier and more successful when tracing Employers’ Liability Insurance (ELI) records, which is vitally important at a time when people are suffering from a disease”.

    The full BIBA response to the FSA can be viewed here

    Source : BIBA Press Release

      0 2

      Innovative insurance solutions hold the key to driving climate adaptation initiatives in the developing world and securing the development prospects of communities threatened by rising climate risks, says a new Swiss Re publication. Released today at the opening of this year’s Climate Week NY˚C, “Weathering climate change: insurance solutions for more resilient communities” takes a fresh look at how risk transfer measures help societies adapt to climate change and minimise the financial impact of large natural disasters.

      Natural hazards and extreme weather claim scores of lives and cause billions of dollars in damage each year, as recently witnessed by the devastating floods in Pakistan and drought in Russia. According to the report, climate change could severely exacerbate the impact of such disasters, wiping out years of development gains and costing some countries up to 19 percent of annual GDP by 2030.

      Cost-effective adaptation measures can mitigate much of the potential loss, in some locations by more than 90 percent. But decision-makers have to make investment choices under great uncertainty and with limited funds. Insurance provides them a cost-effective way to cope with the financial impact of the most severe weather events.

      “Insurance is an effective method to finance the costs of climate-related disasters,” says Matthias Weber, Swiss Re’s Division Head Property & Specialty. “It is most effective when viewed as an integral part of a much broader climate adaptation strategy.”

      Extending adequate cover to poor communities in developing countries is often difficult because many lack a mature local insurance market. But new forms of risk transfer involving the public and private sectors offer ways to insure climate risks and large natural disasters in such instances. An example of this is the Caribbean Catastrophe Risk Insurance Facility (CCRIF), a multi-country risk pool supported by Swiss Re that innovates in its combined use of traditional insurance and capital market instruments. It provides 16 Caribbean governments with rapid access to financing in the event of hurricanes and earthquakes.

      Swiss Re’s 2010 commitment to the Clinton Global Initiative, also presented this week in New York, builds on another success story from Ethiopia, where Swiss Re is working with Oxfam America and local partners such as the International Research Institute for Climate and Society at Columbia University (IRI) to provide weather insurance to poor farmers through an innovative labour-for-premiums scheme. IRI, which provides primary technical support for the project, has been at the forefront of weather index insurance initiatives aimed at meeting the needs of developing countries. Since its launch two years ago, the programme has rapidly expanded to new villages across Ethiopia.

      The new publication will be launched at a high-level panel discussion on risk transfer and adaptation in developing economies, co-hosted by Swiss Re and the Climate Group on the opening day of Climate Week in New York.

      As the founding sponsor of Climate Week NY˚C, Swiss Re actively promotes efforts to mobilise a global response to the challenges of climate change. Says Raj Singh, Swiss Re’s Chief Risk Officer, “We are committed to using our capabilities in designing financial solutions that support the transition to a low-carbon economy and help societies adapt to the unavoidable consequences of climate change.”

      Steve Howard, Founder & CEO of the Climate Group, says, “We are delighted that Swiss Re is supporting Climate Week NYC for the second year running. Recognizing the full impact that climate change could have on all areas of our global economy, they act as a leading example of how the finance industry can restructure products and services, not only to help us adapt to these consequences, but to unlock private sector finance for a clean industrial revolution.”

      Source : Swiss Re News Release

      0 0

      Igor almost becoming a Category 3 storm on the five-step Saffir-Simpson scale. “Igor is expected to remain a dangerous hurricane as it approaches Bermuda,” the Miami-based U.S. National Hurricane Center said. While the center of the storm was not expected to reach the island until late Sunday, officials warned that adverse weather conditions will occur Saturday evening.

      Bermuda residents stocked up on supplies and secured their homes. The rocky island, a tiny British overseas territory that is a hub for the global insurance industry, is one of the world’s most isolated yet densely populated islands. The Bermuda government warned residents to prepare for a similar impact from Igor as the island experienced from the 2003 Hurricane Fabian, which killed four people and caused millions of dollars of damage.

      The Bermuda Weather Service has said the island could see 37 hours of powerful winds starting Sunday as Igor passes as close as 17 miles/(28 km) to the east. Hurricane expert Joe Bastardi with private U.S. forecaster AccuWeather said Bermuda should be prepared for a “several-day siege of damaging winds and waves.”

      The hurricane center predicted total rainfall accumulations of 5 to 8 inches (12 to 20 cm) over Bermuda. It also said the dangerous storm will likely produce significant coastal flooding and large, destructive waves, particularly along the southern coast. East of Igor, Tropical Storm Julia posed no threat to land and its 60 mph/(95 kph) winds were expected to weaken.

      In Mexico, the remnants of Hurricane Karl, now a tropical depression, continued to dissipate over the mountains of the state of Veracruz after killing two people in a mudslide Friday. Karl appeared to have spared Mexican oil operations from major damage after sweeping through the Bay of Campeche, where Mexico produces more than two-thirds of its 2.55 million barrels per day of crude output.

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