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Commercial lines underwriting specialist Arista Insurance has made three appointments to further strengthen its Bristol office.

Jon Bodman joins Arista as senior underwriter from Chartis having developed the growth of SME business in the South West. He will be responsible predominantly for developing new business and managing existing accounts. Jon brings over seven years industry experience having also worked for RSA prior to Chartis.

Sarah Cheesley joins Arista as underwriting assistant from Axa Sun Life. Sarah is used to demanding customer-focused roles and will be supporting the team in delivering high quality service to Arista brokers.

Asa Nicholls also joins Arista as underwriting assistant to support growth in motor fleet and the management of credit control. Asa previously worked for NIG where he was regional credit controller for the Bristol area. He brings 20 years experience to Arista and prior to NIG worked for Allianz.

Regional manager David Aslin said: “We are very pleased to announce the addition of three extremely capable individuals to our Bristol office. Building skills and capability within the organisation is now an important area of focus for Arista as we continue to grow. These appointments are very much in line with that and all three will make an important contribution to our Bristol operation.”

Source : Arista Press Release

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New research has revealed that insurance brokers have to fight harder to get claims paid during the economic downturn due to the stricter policy interpretations and anti fraud-systems by insurers.

In the research from the British Insurance Brokers’ Association (BIBA), 67% of broker respondents (BIBA research received 132 broker responses between 21st July and 30th July 2010) said that they had to get tough with insurers on behalf of customers to get claims paid in the current economic climate and 93% regularly negotiate up to a 20% uplift on claims settlements. The situation has deteriorated since last year; with almost a 10% increase in brokers who said they had to fight harder for customer’s payouts.

BIBA plans to use the research in the media and with political stakeholders to demonstrate the benefits of using a broker and is encouraging brokers to use the statistics themselves to help promote the services that they provide. Eric Galbraith, BIBA Chief Executive, said: “This is strong evidence to demonstrate the value of the broker and we plan to use this in every way that we can to promote brokers to wider world.

“I also recognise that with fraud being a major issue, there is a need for insurers to validate claims.  However these statistics seem to suggest a too frequent reduction in the amount offered in claims settlements.”

Respondents provided a range of examples of how they helped clients in the claims process.  These included:

– Water damage to a kitchen. Claim was originally put forward as settlement at £4,500, after discussing the claim and obtaining more information, it was eventually settled at £20,000

– Flood damage claim, initial offer approximately £9,500, final payment £17,500

– A broker increased a business claim for material damage and business interruption from £170,000 to £400,000 following a fire.

Source : BIBA News Release

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Hitachi Consulting UK today announced that it has implemented a Cost Operations Shared Service Centre model on behalf of Swiss Re designed to provide consolidated expense processing and reporting for the company’s US and UK entities. Known internally as BOOST (BIS & Oracle Operations Standardisation), the project was based on Oracle ERP Financials, and designed to control overheads, increase efficiency and simplify data reporting associated with intercompany recharge process. The new system replaces multiple policies and procedures and simplifies complex processes that required streamlining, involved numerous resources and lacked cost transparency.

“Hitachi Consulting created a Cost Operations Shared Service Centre model by creating two new operating units for our US and UK entities,” said Thomas Wright, IT Director of L&H Finance Processes for Swiss Re. “As both the US and the UK entities were moving towards a new standard Chart of Accounts, we needed a Set of Books for each. Hitachi Consulting created the Technical Delivery Plan, application set-up, technical specifications and components, as well as the strategic project plan to ensure a smooth delivery of our new consolidated operations. Before this project, we’d have many expenses from different sources and entities, and our accounts would have to know the cost centre structures, codes and expenses in order to effectively process them. Hitachi Consulting enabled us to view a single standardised set of accounts. This has not only streamlined our internal efficiencies and processes, but also significantly improved our management reporting and insight, giving us trustworthy and meaningful data from a management information perspective.”

Hitachi Consulting worked collaboratively with Swiss Re to develop two standard systems and process platforms with harmonised financial processes incorporating BIS and Oracle. Hitachi Consulting also helped centralise cost operations into a single service company model, standardise the processes around global expense policies, procedures, and reporting transparency, and eliminated manual workarounds.

“In my opinion, Hitachi Consulting is one of the few organisations that truly understands both the technical details, as well as the bigger business context. Their ability to help implement technology to achieve specific commercial objectives makes them one of our trusted suppliers for global technology execution,” added Wright.

Source : Hitachi Press release

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    China will now allow insurers to broaden investments into private equity and real estate, a move that could unleash as much as $100 billion worth of fresh funding into unlisted firms and the real-estate sector.

    Chinese insurers are allowed to invest up to 5 percent of their assets in private equity and 10 percent in real estate, according to rules published on the website of the China Insurance Regulatory Commission (CSRC) over the weekend. However, the rules limit insurers’ investment in private equity funds to 4 percent of total assets as well as in their investment in property-related financial products to 3 percent of assets. In addition, according to the rules, insurers are banned from investing in venture capital funds and residential properties, and must not directly participate in real estate development.

    China is broadening insurers’ investment options to help improve their returns and aims to channel more of the country’s savings into the private sector to help sustain economic growth. The move is seen boosting the investment incomes of Chinese insurance companies such as China Life and Ping An on the long run.

    Total assets at Chinese insurers stood at 4.5 trillion Yuan ($661 bn/ €512 bn/ £429 bn) at the end of the second quarter, meaning insurers may potentially invest more than 450 billion Yuan into real estate and 220 billion Yuan into private equity, tas reported by the official Shanghai Securities News. But the short-term impact on insurers’ earnings and share prices will be limited, as the new investments will be subject to close regulatory scrutiny, while the capital markets have been expecting the rule changes for years, analysts say.

    “It’s certainly good news for the insurance sector, and may push up insurers’ long-term investment returns by 50 basis points to 5 percent annually,” said Tong Chengdong, analyst at Guosen Securities Co in Shenzhen.

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    The Financial Services Authority (FSA) has banned insurance broker David Marriott for persistent misuse of client money after using clients’ funds to support his businesses and finance bonuses, salary increases and new cars.

    The FSA said it took action against Mr Marriott, former chief executive of two insurance intermediaries Target Underwriting and Professional Insurance Select Limited (PISL), for failing to segregate and protect money from clients’ insurance premiums. The watchdog said Target and PISL were run as one business under the control of Mr Marriott, who used the client money to support the day to day finances at both failing firms. He also used client money to give himself and his staff bonuses and salary increases and to purchase a £27,500 car for a fellow director and a £35,000 car for himself.

    The FSA said these payments were made against a background of worsening trading positions and business being lost by Target. His actions led to a client money deficit of £570,841 in the firms. Under the FSA’s client money rules, firms are required to keep client money separate from the firm’s money in segregated accounts with trust status. This helps to protect client money in the event of the firm’s insolvency. Mr. Marriott also provided false and misleading information to the FSA in his applications for authorisation in order to cover up his misuse of clients’ money. The FSA said he stated that client money was safe and that a client money audit had been conducted at the firms, when he knew both statements were false.

    Margaret Cole, FSA director of enforcement and financial crime, said: “Marriott acted with complete disregard for his clients by using their money for his own benefit when he knew his firms were failing. He flouted regulatory requirements and deliberately misled the FSA about his activities.

    “The FSA has repeatedly emphasised the importance of ensuring that client money is adequately protected and recent action in this area shows how our focus has intensified. We want firms of all sizes to realise that they must ensure client money is segregated in accordance with FSA rules.”

    Simon Gowler, who was also a director of the firms, was fined £5,000 in July 2008 for failing to oversee the firms’ finances and client money controls. Once he became aware of the firms’ trading position, however, he took immediate action. The FSA considered that, in all of the circumstances, Mr Gowler’s failings warranted a penalty of £15,000, but this was reduced to £5,000 to take into account hardship issues. This reduction is inclusive of an early settlement reduction of 30%. Mr. Marriott was not fined by the FSA due to his financial position.

    The FSA has established a new unit to enhance and strengthen its existing capabilities in the area of client money and assets. The unit consists of teams responsible for specialist supervision, policy, data analysis and risk management.

    Source : Broking

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    Going to the doctor is something we would most likely avoid. Yet, in buying life insurance, whether it is term life insurance or whole life insurance, you will need to undergo a physical exam.

    Here is what you can expect from your physical exam:
    Most exams can take place in your home or office. Often they are conducted by a paramedical that works on a contract basis with the life insurance company.

    For people of all ages the paramedical will likely ask you for:
    * Medical history
    * Height and weight
    * Blood pressure and pulse
    * Blood and urine samples

    Depending on your age or the value of your policy additional information or tests may also be asked for. More items are generally included if you are older or have a more valuable policy. Tests you could be asked to perform for example:
    * EKG exam
    * A complete physical exam by a doctor, as opposed to a paramedical
    * Treadmill test (cardiac stress test)

    The results of your medical exam will affect the rates you pay for insurance. Therefore, it’s important to do what you can to make sure you give the examiner a good portrayal of your health.

    A few tips for preparing for your exam:
    * Schedule a morning exam, when your body is at its best.
    * Avoid eating near the time of your exam and avoid salty or cholesterol-laden food in the days before the exam.
    * Drink lots of water.
    * Get a good night of sleep.
    * Save your workout for after the exam.
    * Don’t drink alcohol for24 hours before the exam. It’s best not to use tobacco at all, but at least avoid it in the time leading up to your exam.
    * Avoid caffeine before the exam.
    * Avoid sleep medications or decongestants before your exam.

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    The question on the financial communities mind at the moment and indeed expressed by companies such as MarketWatch is as follows: Does it pay to buy travel insurance?

    Many people do not realise that they may already be covered for certain elements by their existing insurance policies, for example home insurance and life insurance. Certain credit card companies will also give free protection to their clients if they use the card whilst on holiday paying out in the event of accidental death for example.

    This may be the case, but the problem is, you will still only be covered for certain areas and may be leaving wide holes in your total coverage. For the average family with 2 adults and 2 young children, an annual multi trip policy can be bought for as cheap as £49 according to moneysupermarket.com. It is vital to check how many trips are covered and the total allowance in day’s by this type of policy and choose if this suits your circumstances. For some, taking out a single trip policy for each holiday may be more beneficial.

    The average policy will cover you for loss/theft of personal items, medical expenses, cancellation, personal liability and many other varying eventualities.

    The lesson to be learned from this is, check your existing policies thoroughly before you commit to an extra policy to ensure you’re not doubling up. Don’t forget that cheap travel insurance may prove to be an invaluable asset as it is specifically set up to cover all aspects of travel and there may be areas you are lacking cover in. All insurance is there to cover unknown eventualities so it is better to be safe than sorry.

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    Palisades, New Jersey car insurance company, announced today the launch of a new iPhone application available to all Palisades customers and New Jersey residents. The free, easy-to-use application is available to download on iTunes and the Palisades web site for use with an iPhone or iPod Touch.

    The application offers a variety of resources, including the ability to store insurance information, click-to-call on-the-go emergency contact lists, easy accident reporting and instant access to important car maintenance records including date of last service, next oil change, and mileage and maintenance reminders.

    “At Palisades, we understand the growing need for consumers to have access to important data at the touch of a button,” said Palisades CEO Ed Fernandez. “This new application, in addition to our recently launched mobile website, provides New Jersey drivers with instant access to necessary and innovative resources on-the-go.”

    Through the Palisades iPhone application, customers have the ability to input their policy information for easy and instant access and they can quickly reach Palisades with the click-to-call service feature. The application also helps customers report important accident details. From uploading photos and mapping out the site with the GPS locator to transmitting the accident report via email, the application prepares drivers for any mishap or unexpected occurrence they may face.

    “By taking these steps to further expand our presence within the mobile market, we’ve shown that Palisades offers more than just insurance to our customers. We help make their lives simpler by offering tools and resources they can rely on,” added Fernandez.

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    One of the purchasers of AIG’s Taiwan Nan Shan Life unit still hoped for a favourable solution to the $2.2 billion sale even after their bid was rejected by Taiwan regulators. Robert Morse, chief executive of Hong Kong investment firm Primus Financial, also said the company would consider moving any parts of the transaction that were offshore to Taiwan to address concerns of Taiwan regulators.

    “If something is good for the company, and good for the employees and good for the industry and good for the country, hopefully there’ll be a way it can be figured out how it will be allowed to proceed,” Morse said.

    “If there was more comfort in an onshore Taiwanese structure, we would be delighted to do that.”

    On Tuesday, Taiwan regulators turned down AIG’s sale of its Nan Shan unit to Primus and China Strategic after the deal was stalled for nearly 10 months.

    Regulators said they were concerned about the buyer group’s ability to raise funds in the future and lack of experience to run an insurance firm. Morse, a former M&A head of Citigroup, said he believed the buyer group had sufficient experience in running insurance business.

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    When taking out life insurance, the most important thing to remember is that policies are based on your health at the time you sign them rather than any period thereafter. Unlike annual policies for things such as household contents and car insurance, life cover is long-term, according to the Association of British Insurers.

    This means that as long as you are honest and fully disclose any existing conditions at the very beginning, premiums and cover levels should stay the same even as you age or if you fall ill.
    The ABI, which represents insurance providers, also dispelled the myth that surrounds exclusions in insurance policies for life and other products.     In no unclear terms, it stated: “The policy will set out what is insured and what the main exclusions are. If loss occurs from an event covered, then the insurer will pay out, in accordance with the policy terms and conditions.”

    Again, the key is to provide “full and correct information” when applying for a policy, in which case, you can rest easy knowing that your life insurance provider will pay out at a time when your family are likely to need it most. There are two main types of cover; level term and decreasing term, and these are tied to a person’s mortgage, as policies are most usually taken out to cover against repayments on homeowner loans.


    Level term cover is designed for those wishing to cover an interest-only     mortgage, as the sum assured remains unchanged during the term of the policy. For decreasing term products, the sum assured falls over time as the mortgage is repaid, so that the less money you have outstanding on your home, the less money you will receive from your life insurance provider in the event that a payout is made. The major benefit of decreasing term products is that, although premiums remain constant during the course of the policy, they tend to be much lower than those for level-term policies. If you are taking out life insurance, you should also consider whether you want critical illness cover to protect against the risk of running up huge debts if you are left unable to work because of illness.

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    Waseem Malik has been appointed to the role of Finance Director at AXA Insurance. He will be responsible for Finance and Strategy across AXA Insurance and be a member of the AXA Insurance Executive Committee. The role will provide a strong governance and control structure that supports the company’s business priorities of customer centricity, profitability and innovation.

    Waseem’s main objective, in an increasingly changing business landscape, will be to ensure the strong focus of the finance function in supporting the business’ development.

    Waseem joined AXA in 2006 and headed up the UK M&A team for two years.  He led the acquisitions of Swiftcover and the brokers that form Bluefin Insurance Group, working closely with AXA Insurance Chief Executive, Philippe Maso.  For the past two year’s he has headed up the Executive Office in AXA Insurance and been a member of the AXA Insurance Executive Committee.  Prior to joining AXA, Waseem worked for Price Waterhouse Coopers for 9 years where he qualified as a chartered accountant and specialised in financial services transactions.

    Commenting on his appointment, Waseem said:

    “At AXA Insurance, we have a finance function that is very much at the heart of the organisation, adding significant value to the business-facing teams, both in an advisory and practical capacity.   I am very keen that we are even more closely involved in shaping business decisions and finding the right solutions to ensure we manage risk, whilst improving our profitability and safeguarding our customers’ experience.    I’m looking forward to the challenge”.

    Source : AXA Insurance Press Release

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      Hong Kong-based Primus Financial Holdings on Wednesday defended its bid to buy the Taiwan unit of ailing US insurance giant American International Group.

      The move for Nan Shan Life came a day after the application by Primus Financial Holdings and its partner China Strategic Holdings was rejected by Taiwan’s Investment Commission. Taiwan authorities said they feared the Hong Kong consortium was short of experience to manage an insurer and charged that it had failed to provide a long-term management commitment.

      “The allegations and concerns are unacceptable,” Primus Financial Holdings said in a statement. It said the consortium had presented to the Financial Supervisory Commission, regulators that oversee Taiwan’s insurance industry, documents that had been verified legally.

      When asked by AFP whether Primus would appeal, a source close to the firm said “the consortium is working towards the direction”. The Hong Kong bidder is allowed to file an appeal within 30 days. Rejection of the bid came as a blow to AIG, once the worlds largest insurer, which has been selling assets to pay back US government loans since its rescue from collapse during the 2008 financial crisis.

      AIG said it was “disappointed by the Investment Commission’s decision concerning the sale of Nan Shan… AIG is conferring with the Primus Nan Shan consortium as to appealing this decision.” The Hong Kong consortium agreed to acquire Nan Shan Life from AIG for 2.15 billion US dollars in October last year, but the deal has been in limbo since November when China Strategic announced a plan to sell a 30 percent stake in Nan Shan to Taipei-based Chinatrust Financial Holding Co.

      Rumors also surfaced late last year that Chinese capital was involved in the deal, which the consortium has repeatedly denied.

      Fan Liang-tung, executive secretary of the Investment Commission, also made it clear that the decision had nothing to do with the Chinese capital concerns.

      Taipei, Sept 1, 2010 (AFP)

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      Commercial lines underwriting specialist Arista Insurance has recorded a 21% increase in income in the first half compared with the same period in 2009.  The figures confirm that Arista is now comfortably in profit both on an EBITDA and profit before tax basis.

      The achievement follows the announcement in May that Arista had achieved strong growth and an EBITDA profit during the second half of 2009. Growth has continued into 2010 and is in line with Arista’s aim to achieve a consistent trading profit in year four, while maintaining underwriting discipline.

      Arista is in fact performing slightly ahead of income target for 2010 and despite the additional growth it continues to operate extremely efficiently as renewal volumes build with overall expenses increasing by less than 1per cent compared with the first half of 2009.

      The consistently positive figures confirm the ambition of Arista’s management team and mark its arrival as an established provider.

      Chief executive Charles Earle said: “Despite the uncertainty of the current commercial insurance market, we have established positive trends in 2009 and the first half 2010 which we aim to continue through to the end of the year and beyond.

      “Arista teams across the UK have responded to the challenges of the market and worked exceptionally hard to deliver great half year results. It is the effort of our dedicated teams and the brokers that support us that continue to drive Arista’s successful development in a challenging market.

      “The emphasis remains on delivering excellent service to our brokers, developing our proposition to them, improving operational efficiency and building the skills and capabilities within the organisation.”

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      Despite the fact that most American families have less to fall back on financially than when the economic downturn began, ownership of individual life insurance has hit a 50-year low, according to a new LIMRA study.

      The Trends in Life Insurance Ownership study, conducted every six years by LIMRA, found that only 44 percent of U.S. households have individual life insurance. The number of U.S. households that have no life insurance whatsoever is growing. Today, 30 percent of households (35 million) have no life insurance coverage, compared to 22 percent of households in 2004. Among households with children under age 18, which arguably have the greatest need for life insurance, 11 million have no coverage.

      “Clearly, more American families are living on the edge—surviving paycheck to paycheck—and, as our new study suggests, too many without the safety net that life insurance provides,” said Robert Kerzner, CLU, ChFC, president and CEO of LIMRA, LOMA, and LL Global. “The numbers tell a grim story. Today there are 11 million fewer American households covered by life insurance compared with six years ago. A majority of families either have no life insurance or not enough, leaving them one accident or terminal illness away from a financial catastrophe for their loved ones.”

      Families Focusing on Other Financial Priorities in Difficult Times
      More than 40 percent of Americans say a major reason they have not bought more life insurance is because they have other financial priorities right now, such as paying off debt or saving for retirement. However, the drop in life insurance ownership is not because families are not feeling vulnerable. Among households with children under 18, four in 10 say they would have immediate trouble meeting everyday living expenses if the primary breadwinner died today. Another three in 10 would have trouble keeping up with expenses after several months.

      Record Number of Americans See Need for Life Insurance
      Half of households feel they need more life insurance—the highest level ever. Moreover, 24 percent of households with children under 18 want to speak with a financial professional about their life insurance needs; and a quarter of all households plan to buy life insurance in the next year. According to LIMRA’s study, life insurance beat out all other sources of financial assets or income that Americans expect to use to help pay bills and to maintain their lifestyle in the event of the primary wage-earner’s death.  “With so many families continuing to struggle financially, there has never been a more critical time for people to own an adequate amount of life insurance,” said Marvin H. Feldman, CLU, ChFC, president and CEO of the LIFE Foundation. “This study shows that Americans place great value on the need for protection and half of all families recognize that they need more life insurance than they have, and that’s good news. Now they need to take the next step, and get the coverage they lack before it’s too late.”

      Families Don’t Know Where to Turn for Help
      About one in four middle-market households admit they don’t know how to obtain or reach their financial goals, including buying life insurance. One of the biggest obstacles is lack of information. Almost eight in 10 U.S. households currently do not have a personal life insurance agent or broker to turn to and most of them say they never did. Most individual life insurance policies are sold by insurance agents and many Americans want to keep buying in this manner. For instance, 60 percent of Baby Boomer households prefer to buy life insurance face-to-face. Younger generations say they also are interested in gathering information about life insurance online and at their place of work. “As an industry, we need to reach out to consumers and educate them about the various ways they can purchase life insurance,” said Mr. Kerzner of LIMRA. “Whether they buy from an agent, get coverage through their employer, or make an online purchase, the important thing is that they get the coverage they need to protect their loved ones. Added Mr. Feldman of the LIFE Foundation, “September is Life Insurance Awareness Month, the one time each year when the insurance industry comes together to remind Americans of the need to include life insurance in their financial plans. Hopefully these findings will help us get people’s attention and serve as a wake-up call that now is the time to take action.”

      For more information about Life Insurance Awareness Month, please visit www.lifehappens.org/liam. To view the 2010 LIAM Fact Sheet and other resources, please visit LIMRA’s Web site at www.limra.com/LIAM/.

      About LIMRA
      LIMRA is a worldwide research, consulting and professional development organization that helps more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness. Visit LIMRA at www.limra.com.

      About LIFE
      The Life and Health Insurance Foundation for Education (LIFE) was founded in 1994 in response to the public’s growing need for information and education on life, health, disability and long-term care insurance. LIFE also seeks to remind people of the important role insurance professionals perform in helping families, businesses and individuals find the insurance products that best fit their needs. To learn more about these topics, please visit www.lifehappens.org

      Source : InsuranceNewsNet

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      Aon Benfield, the world’s premier reinsurance intermediary and capital advisor, has appointed Chris Myers as head of Rating Agency Advisory for its UK and Europe, Middle East, and Africa (EMEA) regions. Based in London, Chris will guide re/insurers through the ratings process and advise them on the financial, operational and strategic issues that influence a company’s financial strength rating.

      Chris is also head of Aon Benfield’s Enterprise Risk Management (ERM) practice globally and was previously based at the firm’s New York office. As head of ERM, Chris will continue to direct efforts assisting re/insurers with ERM framework support and related analytics.

      Prior to joining Aon Benfield in September 2008, Chris was director and ERM specialist in Financial Institutions Ratings at rating agency Standard & Poor’s. There he was responsible for co-authoring ERM ratings criteria and conducting ERM assessments of re/insurers.

      He brings more than 16 years of risk management experience in the financial services industry and has also worked at Citigroup, Chubb Corporation and AIG.

      Chris, a CFA charterholder, is a member of the CFA Institute and Global Association of Risk Professionals, in addition to holding the certified Financial Risk Manager designation.

      Kelly Superczynski, global head of Aon Benfield Analytics’ Rating Agency Advisory, said: “As business dynamics and rating agency criteria continue to evolve, re/insurers need to stay abreast of the metrics that matter most to their companies’ ratings. Chris’s unique combination of ERM expertise and rating agency experience will truly differentiate Aon Benfield Analytics’ capabilities in the UK and EMEA and enable our clients to optimize their financial ratings.”

      Source : AON press release

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      A vast police operation coordinated by Interpol in East Africa has led to the seizure of 10 tonnes of counterfeit medical products and more than 80 arrests, Interpol said Thursday.

      Operation Mamba III targeted crimes in Burundi, Kenya, Rwanda, Tanzania and Uganda under the umbrella of the World Health Organization’s International Medical Products Anti-Counterfeiting Taskforce (IMPACT).

      “The two month-long operation saw some 300 premises checked or raided across the participating countries and investigations are still on-going following the seizure of counterfeit essential medicines such as vaccines, anti-malaria drugs and antibiotics,” said an Interpol statement. “Law enforcement agents also seized significant quantities of government medicines that were diverted to illegal re-sale markets,” it added.

      “Operation Mamba III demonstrates that by working together collectively, countries can take concrete action on the ground to curb a crime that is still low-risk and high-profit for criminals involved while representing a very real danger to the general public.”

      Interpol said “counterfeit and unregulated medical products (were) becoming increasingly prevalent, sophisticated and dangerous to the public worldwide, particularly in Africa”.

      Representatives of the participating countries are to meet in Zanzibar September 1-2 “to review and draw on the results of Operation Mamba III, and to further harmonize the region’s approach” to counterfeit and unregulated medical products.

      Lyon, France, Aug 26, 2010 (AFP)

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      British health campaigners warned Friday that surgery was being seen as an easy option to tackle obesity after new figures showed weight-loss operations have soared here in the past five years.

      Figures from the state-run National Health Service’s Information Centre showed 4,246 procedures for obesity were carried out in England in 2008-9, up from 480 in 2003-4 — an increase of 785 percent.

      “These figures just show how bad things have got with the obesity epidemic,” said Tam Fry of the National Obesity Forum, which seeks to raise awareness of the impact that growing rates of obesity have on the NHS. He warned people were turning to surgery rather than trying to shed the weight naturally, saying: “We have alternative ways of losing weight but when people realise this is a possibility, they could go for it.

      “A lot of doctors are also starting to skirt around the rules and not insist on months of lifestyle change and pharmaceutical treatment — instead they are going straight for surgery.”
      But supporters of weight-loss operations argue they save the health service money, as obese people are at greater risk of dying or being hospitalised, and can suffer from a range of related illnesses.

      Procedures include having a gastric band fitted, known as bariatric surgery, which reduces the size of the stomach, and a gastric bypass, where the small intestine is re-routed towards a small stomach pouch.

      Peter Sedman, bariatric surgeon and spokesman for the Royal College of Surgeons, said: “The number of morbidly obese patients in the UK is increasing rapidly and we need to continue to put even more resources into what is proven to be a successful and cost-effective method of treatment. “The burden on the NHS in years to come in obesity-related illness will otherwise be overwhelming.”

      A similar increase in surgery was recorded in a study published in the British Medical Journal on Friday. The researchers attributed part of this to an improved awareness among patients of surgery as a viable treatment option.

      The NHS recommends surgery only for the morbidly obese — people with a body mass index (BMI) of 40 or more — and patients must have failed first on other methods, such as traditional diets.

      London, Aug 27, 2010 (AFP)

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      The Insurance Fraud Bureau has claimed that “crash for cash” schemes, in which car accidents are staged in order to claim on another drivers’ insurance, are at an all time high.

      Aon has created a list of tips for rental companies. Rosemarie Spiers, rental business services director of Aon commented: “Rental companies are seen as an easy target in ‘cash for crash’ schemes, predominantly because the hirer has no long-term connection to the vehicle involved, making it more difficult to track the hirer’s history.

      “Quite apart from the inconvenience and lost revenue from having a vehicle off the road for repairs, additional claims costs from damage, injuries and credit hire drive up premiums for the entire industry. Insurers have always been vigilant of regional trends impacting claims volume. Although rental businesses won’t be discriminated against because of their location, it is likely that an operational scam will result in increased claims scrutiny from insurers, ultimately driving up costs for both fleet owners and drivers, often in areas that can least afford it. Typically, the average cost of a claim in one of these scams is at least five times the standard claim value.

      “The time and cost involved in defending ‘cash for crash’ schemes for rental car businesses can be considerable, however following Aon’s top tips, and working with their insurance broker and underwriters to implement a risk management strategy can help to manage insurance premium costs.”

      Top 10 tips to protect against fraudulent claims

      • Pre-rental:

      1. Know your own area – get to understand your typical customer. Any major deviation from this should prepare you to be additionally rigorous in your pre-rental enquiries.

      2. Count the key fraud indicators – is the hirer from outside your normal catchment, only requesting a one-day hire, paying cash? Combinations such as these should raise concerns.

      3. Experience – develop training plans for your staff and ideally never leave an inexperienced member of your front-of-house team to complete bookings.

      4. Work with your customers – most are likely to be legitimate individuals, who fall victim to a crash scam. Make sure they are aware of what to do in the event of an accident they suspect of being a scam before hiring, information gathered at the scene can often be critical to protecting your business.

      • Post-incident:

      5. Watch for efficiency – cash-for-crash scams are business ventures that need quick turnaround on claims payments. An overly helpful hirer who shows familiarity with the information you’ll need when reporting an incident may just be well practiced.

      6. Count the key fraud indicators – where and when did the crash take place, and does this match the hirers intended use. A hirer who knows other party in too much detail should also raise your suspicions.

      7. Build real evidence to defend the claim – gathering all details quickly and thoroughly, including photographic evidence. Check that vehicle damage correlates with the driver’s version of events.

      8. Collaborate with your insurer – your insurer is as keen as you to eradicate fraudulent claims. By working closely with insurers to gather factual information on your claim, you can improve the final resolution.

      9. Cooperate with specialist investigators – in complex or high value cases your insurer may appoint a specialist investigator who can assist in checking an individual’s details such as cross-checking their credit histories.

      10. Check RISC database – developed specifically for the rental industry, the British Vehicle Rental and Leasing Association’s RISC database contains the names of over 6,000 individuals and companies who have caused problems for members of the industry body.

      0 0

      European Union regulators opened an antitrust probe on Thursday into the maritime insurance sector, citing concerns that certain agreements may harm ship owners.

      The European Commission said it would investigate agreements between the Protection & Indemnity Clubs, mutual non-profit associations that provide insurance to ship owners, within the International Group of P&I Clubs (IG).

      IG is a worldwide association of 13 P&I Clubs and its members, which include clubs from the United States, Japan and Britain, provide protection and indemnity insurance to about 90 percent of all world shipping.

      The commission said it “fears that the provisions at stake in the agreements between the Protection & Indemnity Clubs within the International Group of P&I Clubs may harm ship owners and the insurers that are not members of the IG.”

      The probe will examine whether certain provisions of the agreements may lessen competition between P&I Clubs and restrict the access of commercial insurers or other mutual P&I insurers to the relevant markets, it said.

      The clubs operate two separate agreements within the IG that contain rules on the sharing of insurance claims and joint reinsurance, as well as rules on the contractual relationships between the clubs and their members.

      The European Commission said the agreements are not automatically covered by a new antitrust block exemption for the insurance sector that came into force in April.

      Brussels, Aug 26, 2010 (AFP)

      0 2

      Sweden’s Medical Products Agency opened an inquiry Wednesday into vaccinations for swine flu made by British pharmaceutical company GlaxoSmithKline, suspected of provoking narcolepsy.

      “The MPA has received six reports from health care professionals regarding narcolepsy as suspected adverse drug reaction following Pandemrix flu vaccination,” it said in a statement.

      “The agency will, in consultation with external experts, assess the possible relationship between the vaccination and the reported reactions.” The reports concern children aged between 12-16 years who developed symptoms compatible with narcolepsy, a chronic sleeping disorder, that occurred one to two months after vaccination against the H1N1 pandemic.

      The Medical Products Agency said it was in contact with European Union member states for information on any similar reports in other countries. Finland is also looking into the possible link between narcolepsy and the swine flu vaccination, in particular Pandemrix, following an increase in the sleeping disorder among children this spring, the Finish news agency STT said.

      The preliminary results from the investigation are expected by the end of this year. In the European Union around 30 million people were vaccinated using Pandemrix. Sweden bought 18 million doses, which was enough to provide two injections for each person in its 9.3 million population.

      According to Finland’s National Health Institute, 2.5 million Finns were vaccinated against swine flu. Some 750 showed side effects, namely fevers, headaches and coughing, and one case was linked to narcolepsy.

      Stockholm, Aug 18, 2010 (AFP)

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