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Sofia Ashmore

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Sterling Insurance has today announced final results from its annual online broker survey that demonstrates recognition of the superior claims service offering and, in particular, significant satisfaction with the recently launched Executive Business product.

Key findings from the research include:

– Product satisfaction – the newly launched Executive products received a very good rating in all of the categories, particularly the quality and content with 88% rating very good or excellent.

– Claims service – received particularly impressive reviews, with over 75% of brokers saying the service was excellent compared to the rest of the market.

– Training –over 98% were satisfied with the course content and delivery. Geographical reasons were cited primarily for non-attendance.

Communications – feedback suggests email is the most effective type of communication used by Sterling with 80% rating email content and traffic as excellent. Positive attributes identified by brokers in the research include technically competent, helpful staff, excellent service, competitive quotes, access to decision makers and speed of making decisions in both the household and commercial lines businesses.

David Sweeney, Director of Commercial Lines at Sterling says: “As an ongoing project we have been taking steps to increase knowledge and technical capability of our team and improve access to decision makers, it is very encouraging that this has been noticed as we pride ourselves on these differentials.

“I was delighted by the reception the new Executive Business products received, as it was feedback from the last survey that encouraged the re-launch. The number of respondents rating the cover as excellent had increased almost 50% on last year’s survey. “Some areas where improvements were suggested include; considering a more regional training programme or an online training tool, also developing our communication tools, improving the website, and reviewing the use of social media.

“The annual broker surveys are invaluable to us as it gives us an excellent opportunity to find out what we should be working on and it encourages constructive feedback which enables us to improve broker relationships, our service and our products.” While the responses from the annual research were very positive Sterling is using the opportunity to commit further to their broker partners in the form of a delivery triangle to continue improvements and make developments to products and services as the research suggests. The delivery triangle focuses on three key areas:

Training and education – ensuring brokers understand Sterling products and that these products stay at the forefront of brokers minds.

Communication – ensuring regular contact with their brokers and encouraging two way product feedbacks

Service – continuing to provide exemplary support on the underwriting and claims side
Sterling’s annual online broker survey was sent to over 1300 individuals who work across their broker network, receiving a 30% response rate.

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Malaysia’s sovereign wealth fund Khazanah is poised to take over Singapore-based healthcare provider Parkway after Fortis Healthcare of India dropped its own takeover plans on Monday.

Integrated Healthcare, a wholly-owned Khazanah unit, announced a sweetened offer worth 3.5 billion Singapore dollars (2.57 billion US) for the remaining shares in Parkway Holdings it does not already own.

The offer is triple the size of its 1.18 billion Singaporean dollar partial takeover launched in May for Parkway Holdings. Parkway Holdings, based in Singapore, is a leading healthcare services provider with a network of 16 hospitals providing more than 3,400 beds in the region including Malaysia, Brunei, India and China.

The Malaysian fund, which currently holds a 23.9 percent stake, upped its offer after Fortis Healthcare announced plans to exit from the bidding war. “If our voluntary general offer is successful, then we will be able to achieve the vision we outlined when we launched our partial offer, to create Asia’s premier regional healthcare platform,” Ahmad Shahizam Mohd Shariff, a director with Integrated Healthcare, said in a statement.

Integrated Healthcare’s general offer will close on August 16, it said in the statement. Earlier Fortis Healthcare announced that it would sell its 25-percent stake in Parkway Holdings for 1.12 billion dollars to the Malaysian outfit.

“Fortis will be divesting our strategic stake in Parkway and we have reached an agreement with Khazanah to accept their voluntary general offer,” Fortis chairman Malvinder Mohan Singh told reporters.

Singh told reporters in New Delhi the company believed “it is better to divest this asset and look at other investment opportunities. There are tremendous opportunities within the region which we will continue to explore.” Fortis will use the proceeds from the sale to fund its expansion elsewhere in Asia, Singh said.

Singapore, July 26, 2010 (AFP)

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The Financial Services Compensation Scheme’s (FSCS) annual report and accounts for 2009/10 has revealed that more than £204m has been paid out in compensation to over 21,000 claimants.

Two thirds of the compensation paid during the year was for payment protection insurance (PPI) and investment claims. The FSCS said PPI claims have increased significantly during the year rising to more than 2,400, and that it expected the number of claims in this area to continue to grow in 2010/11.

Mark Neale, FSCS chief executive, said: “The FSCS achieved a huge amount in 2009/10. We completed a large number of claims, resolved outstanding issues from the banking failures, and made significant investment in response to the demands for faster payout and our increased responsibilities.

“The annual report and accounts 2009/10 gives a detailed insight into the challenges the scheme faced as well as its achievements during 2009/10. The report demonstrates the vital service the FSCS provides to consumers and the benefits that it brings to the industry in delivering consumer protection and promoting consumer confidence.”

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The 18th International AIDS Conference closed in Vienna on Friday after six days of seminars, workshops and networking on fighting AIDS and the human immunodeficiency virus (HIV) which causes it.

Closing ceremonies heard video messages of support from South Africa’s Nobel-winning anti-apartheid campaigner, Archbishop Desmond Tutu, and from US President Barack Obama and US Secretary of State Hillary Clinton, whose country will stage the next conference. “Ending this pandemic won’t be easy, and it won’t happen overnight,” Obama said. “But thanks to you, we’ve come a long way, and the United States is committed to continuing that progress.”

More than 19,300 clinicians, policymakers and grassroots workers attended the conference, which staged 248 meetings and presented more than 6,000 studies and work projects, said its organisers, the International AIDS Society.

The world forum is held every two years. The next will be held in Washington from July 22 to 27, 2012.

At least 25 million people have been killed by acquired immune deficiency syndrome (AIDS) since 1981. More than 33 million people are living with HIV and new infections are occurring at the rate of around two million a year.

Vienna, July 25, 2010 (AFP)

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Following the launch of its integrated online SME trading platform, ‘QuoteSME’, late last year, Allianz Commercial is hailing the system’s success.

Half-year figures reveal significant month-on-month increases in new open-market business with a 68 per cent boost between Q1 and Q2 of 2010. To-date, over 2,800 broker employees have registered on with the platform, with the system delivering in excess of 18,000 quotes.

Commenting on the results, David Martin, head of SME affinity & broker markets, said: “We are delighted with the amount of business that brokers are placing via QuoteSME which proves that they value our fully-integrated approach.

“Brokers appreciate the ease of navigation and dynamic questioning which provides rapid quote response and, along with our competitive pricing, will help our brokers increase conversion rates. In turn, faster quote responses and high levels of service support for referrals will help us maintain our market-leading proposition.”

Denis Erne, partner at Annandale Insurance Brokers, who have placed a significant amount of business through the system, said: “In QuoteSME, Allianz have created a market-leading SME trading platform. Our staff has found the system incredibly user-friendly and was amazed at how quickly the system is able to turn quotes around at a very competitive price.”

Mr Martin adds: “QuoteSME is more than just a ‘quote and buy’ site – it is a major development which supports our long-term SME strategy and strengthens our commitment to supporting new and existing brokers by making it easier and quicker for them to trade with us in a competitive market.”

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Surplus reserves held by Blue Cross and Blue Shield have not stopped the company from asking for rate hikes, a Consumers Union study found.

The reserves are critical for ensuring claims can be covered, spokesmen for the non-profit company said. But the reserves held by several Blue Cross and Blue Shield branches far exceed the amount regulators stipulate the insurer must have, USA Today reported Thursday.

While premiums were raised as high as 18 percent in 2009 by Blue Cross Blue Shield of Arizona the firm held onto a surplus of $717.1 million, the study found.
In contrast, the regulations require that the insurer hold in reserve about $1 million.

The newspaper quoted company spokeswoman Regena Frieden as saying, “We believe the amount we have in reserves is appropriate.”

Angela Hult, a spokeswoman for Regence Blue Cross Blue Shield of Oregon, said the reserves were “essential to protecting our members from surges in claim costs.”
Others view the rate hikes as unnecessary, given the surplus reserves.

“Consumers are struggling … those funds could be used in some cases to mitigate these rate hikes,” said Sondra Roberto, who wrote the study.

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    Insurers may hike premiums for flood-prone properties in Singapore after a deluge caused millions of dollars in damage and led to luxury stores being barricaded with sandbags, a report said Friday.

    “Three floods within a one-month period is unprecedented in Singapore,” General Insurance Association president Derek Teo told the Straits Times as businesses and homeowners in the city-state braced for more rains.

    The daily estimated that claims for damage to property and vehicles since mid-June could exceed 10 million Singapore dollars (7.28 million US).

    Among the flood-prone areas under review is the fashionable Orchard Road shopping belt, home to some of Singapore’s richest people. Some ground-floor establishments in the area, including a branch of the Hermes luxury chain, are now protected by sandbags.

    Teo, who could not be reached for comment on Friday, was quoted as saying that the damage resulting from heavy rains and overwhelmed drains “is of concern to insurers, and they are monitoring the situation closely”.

    Flood insurance used to be thrown in for free because of the competitive market and historically low exposure to such incidents, the report said.

    Singapore’s founding father Lee Kuan Yew said on Wednesday that floods on the tropical island were unavoidable due to constant rain and scarce land.

    The 86-year-old former prime minister, now an adviser to his son Lee Hsien Loong’s government, also admitted that government measures to reduce the impact of floods were insufficient.

    The Straits Times said one of Singapore’s largest insurers, NTUC Income, had received more than 100 flood-related claims for damage to vehicles and property.

    Kua Ka Hin, Singapore chief executive of international insurance firm Munich Re, expressed concern that heavily-urbanised Singapore might experience more frequent floods in future. “Can current drainage infrastructure cope with the new intensity?” he asked. “Also with urbanisation, there is increased surface run-off. Looking at Orchard Road for example, there are large tranches of land which are now covered in concrete, which previously would have allowed water to permeate naturally,” the report quoted him as saying.

    Singapore, July 23, 2010 (AFP)

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    Three men have been arrested in the Lancashire area as part of an ongoing investigation into ‘cash for crash’ activity.

    The raids, which were made this morning, were carried out by Durham Constabulary’s Serious and Organised Crime Group. Warrants were executed at a total of four addresses in the Derwentside area, Lancashire.

    In July 2009 Durham Constabulary approached the Insurance Fraud Bureau (IFB) with quantities of paperwork related to insurance claims highlighting anomalies with suspicious links to local businesses.

    Following further investigation, the Bureau found multiple member insurers were affected by the scam and was able to provide Durham Constabulary with valuable intelligence. The investigation, codenamed Operation Nacho, which is part of Operation Sledgehammer, involved a specialist team of detectives within Durham Constabulary who investigated the information provided by the IFB regarding the alleged scams in operation in the local area.

    Substantial financial sums are thought to have been accumulated by the individuals involved in the scam, who are suspected of making false insurance claims around vehicle accidents.

    Detective Sergeant Amanda Henderson said: “Our enquiries have been underway for several months and are continuing.” “We are very pleased with the arrests, which follow on from two men being arrested in April as a part of the same investigation after Police raided two businesses and two houses in the Derwentside area. We take insurance fraud very seriously and will continue to work to tackle serious and organised crime.”

    Glen Marr, director, IFB said: “The success of this operation sends a very clear message to those criminals who are targeting innocent motorists – we know who you are and we are coming after you.”

    “The IFB has been working closely with Durham Constabulary on this investigation and these arrests are testimony to the power of a collaborative partnership between Police and insurers. “Can I urge anyone with information on insurance fraud or who fears they may have been a victim of a staged accident to call our free confidential hotline on 0800 328 2550 or online at www.insurancefraudbureau.org/reports.”

    The three people arrested are currently being questioned at Consett and Durham Police stations. Enquiries continue.

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    Over the last two years, the projected annual retirement income for a 60 year old has decreased by over £3000, while 65 year olds can expect to live on barely half the amount suggested as an acceptable living standard, according to data from Aon Consulting.

    Aon also highlights that with life expectancy at age 65 expected to increase by almost exactly one year between 2010 and 2016, a proposed one-year increase in retirement age would still leave retirees receiving their state pension for the same number of years as they do currently.

    The impact of the economic downturn and subsequent hit on projected annual retirement income may mean that the UK population will have to work for longer simply to afford to retire at an acceptable standard of living. The Aon DC Index follows the projected retirement income of individuals at different ages who contribute 10% of a £25,000 salary to a defined contribution (DC) pension arrangement and have an existing fund (valued as at September 2007) of £15,000 for age 30 and £150,000 for ages 55 and above.

    Despite improvements in stock market performance since the credit crisis, the value of DC pensions is still very volatile and UK pension pots have lost significant value since the recession struck. Aon’s DC Index demonstrates the shortfall that exists, particularly amongst older generations, between their projected retirement income and the estimated £14,400 minimum income a single person needs for an acceptable standard of living .

    Retirement income projections
    Based on data collected on 30th June 2010 compared to 30th June 2009 and 30th June 2008, the projected annual retirement income of typical DC pension investors at different ages over the two year period is as follows:

    30 year old: £19,863 – down from £20,658 in 2009 and £23,060 in 2008 (£3197 decrease overall)

    60 year old: £10,824 – down from £10,373 in 2009 and £13,932 in 2008 (£3108 decrease overall)

    65 year old: £7,925 – down from £7,512 in 2009 and £10,327 in 2008 (£2402 decrease overall)

    Richard Strachan, senior consultant at Aon Consulting, commented: “During the credit crisis, we have seen dramatic volatility in the stock market. Recently the market has showed distinct signs of recovery; however, this is not yet reflected in annual retirement income which remains considerably lower compared to pre-recession values. Looking at the two year period from June 2008-2010, it really is quite staggering to see how significant the impact has been on the income that a retiree can expect to receive.

    “It is becoming increasingly clear that the UK population will need to work longer, supporting government proposals to increase the retirement age. Few seem to have considered that even if this increases by a year to 66, life expectancy is also lengthening and is expected to increase by one year over the same period. You will therefore retire one year later, but your retirement is not actually being shortened.

    “Furthermore with increasing life expectancy the cost of purchasing an annuity is also on the rise. It therefore still falls on individuals to ensure that they continue to contribute as much as they can afford if they wish to have a comfortable standard of living in retirement. It is no longer the case that a modest level of contribution will secure a modest level of retirement income”.

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    Hiding out under a beach umbrella may offer you far less protection from the sun’s harmful ultraviolet radiation than you expect, according to a new study by Spanish researchers.

    As much as 34 percent of ultraviolet radiation, found to cause skin cancer and cataracts, reaches the ground covered by a beach umbrella, the University of Valencia researchers found.

    This is because the umbrellas catch almost all of the direct rays but not the diffused radiation that penetrates through from the sides, according to the research published in the journal Photochemistry and Photobiology this week.

    To carry out the study, researchers placed an ultraviolet ray sensor on the base of a blue and white canvas umbrella with a radius of 80 centimetres (12 inches) and a height of 1.5 metres. “The umbrella intercepts the direct radiation that comes from the sun, but part of the diffused radiation, which makes up approximately 60 percent of the total, reaches the sensor from the sky not covered by the umbrella,” study co-author Jose Antonio Martinez-Lozano said.

    In addition to the use of umbrellas, doctors recommend people use sun creams, hats and clothing when at the beach to guard against ultraviolet radiation, and avoid hours when the sun is at its highest.

    Madrid, July 21, 2010 (AFP)

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    Life-saving drugs that quell HIV reached a record 355,000 children at the end of last year, compared with 276,000 a year earlier, but more young lives could be saved if antiretroviral treatment began earlier, the World Health Organisation (WHO) said on Tuesday.

    The figures were released at the 18th International AIDS Conference in Vienna, where more than 20,000 scientists, policymakers and grassroots workers in AIDS are meeting until Friday.

    More than 33 million people around the world have the human immunodeficiency virus (HIV) which causes AIDS, according to UN estimates for 2008.

    In that year, 2.7 million people became infected, 400,000 of them children aged under 15.

    Vienna, July 20, 2010 (AFP)

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    A panel of experts on Tuesday recommended that the US Food and Drug Administration (FDA) withdraw approval of Roche’s best-selling cancer drug Avastin for the treatment of breast cancer.

    Experts on the advisory panel voted 12 to one to recommend that the FDA remove the indication from Avastin’s label that the drug be used with chemotherapy to treat advanced breast cancer.

    The recommendation came after trials showed that taking Avastin did not benefit patients with metastatic breast cancer and “that there were, indeed, more side effects when patients took Avastin,” FDA spokeswoman Karen Riley told AFP.

    Avastin had been approved for treatment of advanced breast cancer under the FDA’s accelerated approval program, which allows provisional approval of medicines for cancer or other life-threatening diseases.

    The final decision on whether to remove the breast cancer indication from the Avastin label will be taken by the FDA and will only affect the use of Avastin to treat breast cancer patients in the United States. “The recommendation does not impact the use of Avastin for advanced breast cancer in other countries,” Genentech, the Roche-owned pharmaceutical company that makes Avastin, said in a statement.

    Riley was unable to say when the FDA will make its decision on whether or not to remove the breast cancer indication from Avastin’s US label. Genentech said the decision was expected by mid-September.

    The panel’s recommendation does not affect the use of Avastin to treat other cancers, including colon and lung cancers.

    Washington, July 20, 2010 (AFP)

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    Allianz Claims announced the appointment of Jamie Nicholson into the newly-created role of customer service controller.

    Based in Bristol, Jamie Nicholson will be responsible for identifying immediate service improvement opportunities in the Retail and Commercial divisions, before reviewing the current service provision in relation to customer requirements.

    Mr Nicholson will be looking to identify both short-term actions and longer-term recommendations in order to improve service and enhance the market position of Allianz.  Mr Nicholson has over 20 years’ experience of the industry and will bring with him a wealth of operational and customer service knowledge.

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    Impact Forecasting, Aon Benfield’s catastrophe model development centre of excellence, has launched the first fully functional Asian typhoon model to span the continent.

    The new model will help insurers analyse the financial implications of typhoons and develop reinsurance programs based on scientific principles. Typhoons are a major peril in Asia due to their severity and frequency. With rapidly growing property exposures across the region, insurers and reinsurers need more comprehensive and up to date tools to quantify and manage the risks that typhoons bring to their business.

    The new model covers the Asian typhoon exposed regions of China, Hong Kong, India, Philippines, South Korea, Taiwan, Thailand and Vietnam, including tropical cyclones generated in the Northern Indian Ocean and the North West Pacific Ocean. As such it has been developed to provide insight for companies with multi-territory exposures including regional insurers, global reinsurance buyers and reinsurers.

    Estimated losses are produced for:
    • residential, commercial, engineering and industrial classes;
    • building structure, contents and business interruption;
    • structural damage from wind, effects of storm surge on coastal regions and water damage as a result of a tropical cyclone rain.

    Will Gardner, Head of Aon Benfield Analytics in Asia Pacific, said: “The new model, being the first completed of its kind, sets a platform for future scientific and engineering investments in the region. Current models focus on specific territories so we took advantage of the combined data and skills from the Aon Benfield teams to enable re/insurers to take a broader look at their multi-country portfolios. A notable feature of the model is our engineering-based damage functions which have been extensively validated against a range of historic events in Asia and around the globe.”

    Adam Podlaha, Head of Impact Forecasting’s International team at Aon Benfield, added: “The new model enhances the suite of Impact Forecasting’s models in Asia Pacific which help re/insurers to quantify potential losses. Furthermore, our models are not ‘black boxes’, meaning we can modify assumptions and parameters based on individual client needs.”

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    Scientists on Monday reported a major stride towards a vaginal gel that can thwart HIV, a goal that would be of huge benefit to African women bearing the brunt of the AIDS pandemic.

    A prototype cream tested in South Africa curbed the risk of infection by the human immunodeficiency virus (HIV) by 39 percent overall, but by 54 percent among those women who used it most consistently, they said.

    The study coincided with the six-day 18th International AIDS Conference in Vienna, where leading campaigners responded with cheers leavened with some caution. A wider trial has to be completed to scrutinise the gel for safety and efficacy, and several important questions must be answered.

    Even so, this is a bright ray of hope, the scientists said. “Without this gel, we may see 10 women becoming infected in a year. With this gel, we would see only six women becoming infected,” said Salim Abdool Karim, one of the two leading co-researchers, in a teleconference with reporters.

    Leading figures in the fight against AIDS applauded loudly, but also sounded a note of prudence. “We are giving hope to women. For the first time we have seen results for a woman-initiated and -controlled HIV prevention option,” said Michel Sidibe, executive director of the UN agency UNAIDS. “If confirmed, a microbicide will be a powerful option for the prevention revolution and help us to break the trajectory of the AIDS epidemic.”

    The World Health Organisation (WHO) chief Margaret Chan vowed the UN agency would work hard to speed up access to the product, once it is proven to be safe and effective.

    Twenty-five million people have been slain by AIDS today and more than 33 million others today are infected by HIV, which causes the disease.

    More than two-thirds of these live in sub-Saharan Africa, where 60 percent of new infections occur among women and girls. One of the big vectors of transmission is through coercive intercourse by an infected partner who is unwilling to wear a condom.

    HIV new infections, HIV transmission, health, insurance, risk of HIV infection réduction,

    The gel that was tested contains a one-percent formulation of tenofovir. It is a frontline component in the “cocktail” of antiretroviral drugs that disrupt HIV reproduction in immune cells.

    Previous microbicides that have been tested have not contained an antiretroviral, and have had either a very low level of protection or even boosted the risk of infection.

    Over nearly three years, the gel was tested among 445 HIV-negative women, while 444 counterparts received a harmless lookalike called a placebo. They were then tested for HIV at monthly follow-up visits, where they were also given counselling in safe sex, access to condoms and treatment for sexually-transmitted disease.

    Each participant was asked to insert, using a vaginal applicator, a first dose of the gel within 12 hours before sex followed by a second dose as soon as possible but within 12 hours afterwards, said co-leader Quarraisha Abdool Karim, also of the Centre for the AIDS Programme of Research in South Africa (CAPRISA) in Durban.

    Thirty-eight women in the gel group became infected with HIV, compared with 60 in the placebo group.

    In statistical terms, the gel reduced the risk of HIV infection by 39 percent overall, but by 54 percent among women who adhered to the instructions most faithfully.

    There was no increase in side effects, nor — among women who became infected with HIV — any sign that they were more resistant to tenofovir as a result of the gel. In addition, the microbicide halved the risk of herpes simplex virus type 2, or HSV-2, a lifelong and incurable infection, according to the results.

    Despite this good news, the scientists said they still had to tackle several important issues. One is why the gel seemed to be less effective against HIV after about 18 months. This may be due to weakened adherence to the cream, they suggested. About 40 percent of the women in the trial used the microbicide less than one time out of two.

    The study, published by the US journal, Science, was to be the focus of a seminar on Wednesday, the third day of the world AIDS forum.

    If — eventually — the gel is approved for use, it will join a small but growing arsenal of preventative tools against HIV. For a long time, the condom was the only method that had a confirmed high degree of protection from HIV in intercourse.

    Four years ago, it was joined by male circumcision. Removal of the foreskin, which contains cells that are vulnerable to penetration by HIV, can reduce HIV risk by more than half, but only for men and not for women, field studies found.

    Jean-François Delfraissy, executive director of France’s National Agency for AIDS Research (ANRS), said the CAPRISA work was “one of the greatest (medical) trials in the history of HIV”.

    Even with this success, there remained no “magic bullet” on prevention, but a panoply of methods that had to work together, he told AFP.

    Vienna, July 19, 2010 (AFP)

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    Italy’s public-sector doctors observed a one-day strike on Monday, notably postponing 40,000 surgical operations in protest at government austerity measures that will freeze hiring at hospitals.

    Administrative employees and public-sector veterinarians also joined the strike, which did not affect emergency services. “We apologise to the citizens for the disturbances, (but) the precious good of public health is at stake,” said Massimo Cozza, head of the doctors’ union affiliated with Italy’s largest union federation, the left-wing CGIL.

    The Italian Senate last week approved a two-year austerity plan for cuts totalling 24.9 billion euros (32 billion dollars) aimed at cleaning up public finances and reassuring financial markets.

    The lower house Chamber of Deputies must vote on the plan, which will slash ministries’ budgets by 10 percent among other measures, by the end of the month.

    Unions say the hiring freeze will lead to a shortfall of some 30,000 doctors and health workers over the next four years.

    The health-sector branches of most of Italy’s smaller unions backed the strike, but the two other main unions, the Catholic CISL and the socialist UIL, did not.

    Health Minister Ferruccio Fazio insisted Sunday that the plan “did not touch health care,” saying it did not call for budget “cuts” affecting the functioning of hospitals but instead targetted waste by reining in spending. He said hiring was frozen only in regions whose public health budgets were in the red.

    Italy’s 20 regional governments are responsible for public health care services with funding from the health ministry.

    Milan, July 19, 2010 (AFP)

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    L&T General Insurance Company Limited, the general insurance arm of the $9.8 billion Larsen & Toubro (L&T) will commence operations soon. The company has received the necessary license from the regulatory authority for commencing its business operations.

    Y.M. Deosthalee, L&T director & chief financial officer said: “given the size and the opportunity, L&.T considers financial services as an important business in its portfolio. Entry into general insurance is part of the overall vision to build a strong financial services business. We have put together a team comprising experienced professionals in insurance and risk management. We are very confident of building a world class insurance business in India”.

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    High net worth specialist Oak Underwriting PLC has agreed a deal with Westinsure Group to provide high net worth (HNW) expertise to its network of independent insurance brokers across the UK.

    The tie-up will provide Westinsure members with access to Oak’s household and motor products; High Value Home and Family Fleet. Commenting on the deal, Matthew Ward business development manager at Oak said: “We are delighted to be entering a strategic partnership with Westinsure. This development will allow us to expand our distribution footprint with one of the largest network organisations and provide greater access to a significant share of the market.

    “At Oak we understand the diverse nature of the sector and recognise that the needs of each HNW client vary significantly. This is where our expertise in tailoring solutions is of real value to every Westinsure member.”

    John Cole, Westinsure product development executive, said: “Oak has established an enviable reputation for a high quality of service over the past 10 years. This has enabled them to become a leading provider of HNW solutions in the UK. Their expertise in the HNW arena provides our members with access to a service which offers a flexible and comprehensive insurance solution, designed for clients with more complex insurance needs.”

    Max Hardman, Westinsure CEO added: “Oak has a strong commitment to the broker market and will help our members to win and retain more business. I strongly recommend this new Oak facility to our members.”

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    Funding by rich economies for poor countries fighting HIV/AIDS fell back slightly last year, to 7.6 billion dollars after 7.7 billion dollars in 2008, as a result of the economic recession, a report card issued at the world AIDS forum said on Sunday.

    The 7.6 billion dollars were provided by the Group of Eight (G8) nations, the European Commission and other donors. “The 2009 totals ended a run of annual double-digit percentage-point increases in donor support for international AIDS assistance since at least 2002, when donor governments provided a total of 1.2 billion,” said the analysis by the Kaiser Family Foundation and the UN agency UNAIDS.

    “Donor nations essentially were treading water last year on AIDS relief, but did not cut back overall as they dealt with the economic tsunami that sparked a global recession,” Kaiser head Drew Altman added in a press release. “Time will tell whether support will resume its rapid growth once the global recovery takes hold.”

    Of the 7.6 billion, donor governments disbursed 5.9 billion bilaterally and through multilateral organizations; 1.6 billion through the Global Fund to Fight AIDS, Tuberculosis and Malaria; and 123 million to the organisation UNITAID.

    Canada, France, Germany, Ireland, Italy and the Netherlands were among the countries that trimmed donations. But their reduction was largely offset by an increase in help from the United States, whose support rose from 3.95 billion dollars in 2008 to 4.4 billion in 2009.

    The US alone accounted for 58 percent of disbursements in 2009, followed by Britain (10.2 percent), Germany (5.2 percent), the Netherlands (5.0 percent), and France (4.4 percent.

    The report said that for poorer countries — “low- and middle-income” economies — 23.6 billion dollars was needed from all sources for 2009. The gap in funding last year was 7.7 billion dollars. “Reductions in investment on AIDS programs are hurting the AIDS response.

    At a time when we are seeing results in HIV prevention and treatment, we must scale up, not scale down,” said Michel Sidibe, UNAIDS executive director.

    For 2010, 25 billion dollars has to be mustered for fighting AIDS in poorer countries, according to a previous UNAIDS estimate. So far, there is a funding shortfall of 11.3 billion, according to an analysis published this month in the US journal Science.

    In 2006, members of the UN General Assembly determined they would provide “universal access” to HIV drugs, prevention, treatment and care by 2010.

    The report was issued on the first day of the 18th International AIDS Conference, a meeting held every two years. It runs in Vienna until Friday.

    At least 33 million people are living with the human immunodeficiency virus (HIV), a microbe that causes AIDS by destroying the immune system and exposing the body to opportunistic disease. The tally of new infections is rising by around 2.7 million a year, according to UN figures for 2008.

    Vienna, July 18, 2010 (AFP)

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    Italy’s civil protection agency Friday placed 18 cities including Rome and Milan on maximum alert as the country experienced a major heatwave that was set to worsen at the weekend.

    From the northern cities of Trieste, Venice and Genoa to southern Naples, temperatures soared to over 40 degrees Celsius, some five degrees above seasonal averages.

    The health ministry opened a citizens’ hotline as the heatwave was set to peak on Saturday, when another three cities are expected to be put on maximum alert, which is declared for excessive hot spells lasting more than three days.

    The measure calls for preventive care for people at risk such as the elderly, infants and those with lung and heart conditions.

    Electrical consumption on Friday was close to a historic summer high as Italians turned to air conditioning for relief.

    In Rome, the perceived temperature (taking into account humidity levels) on Friday and Saturday was expected to reach 43 degrees Celsius (109 Fahrenheit) before the hot spell was forecast to ease from Sunday.

    The heat and lack of rain has also increased the risk of fires.

    The civil protection agency recorded 12 brush fires on Thursday, half of them in Sicily.

    Rome, July 16, 2010 (AFP)

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