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Sofia Ashmore

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0 27

The Bahamas has one of the worst records for hurricanes in the Caribbean. Natural disasters in the Bahamas increased during 2011 and 2012, with projections of 50% more active storms in 2013 than normal. Phil Kloszbach from Colorado State University predicts an above average 2013 Atlantic hurricane season, which falls between 1st of June and 30th of November. During this time 18 named storms are expected, nine of which will be hurricanes, and four, major hurricanes.

According to Timetric’s foresight report, this high-risk location will challenge the country’s insurance industry towards 2017. Especially the non-life insurance industry will take a hit. As a consequence, more premium funds will be ceded to international reinsurers to cover the increased risk. The islands’ main non-life insurers cede on average 42% of their gross written premium to reinsurers, due to the threat to property and life.

Today the Bahamas is ranked fourth amongst the leading offshore financial centers in the world. According to the IMF, the Bahamian financial sector accounted for 12% of total foreign bank assets held at global offshore financial centers at the end of March 2012. The economy is largely dependent on tourism and financial services. The country’s real GDP entered into recession during 2009, due to the global financial crisis and close ties with the US. According to the Timetric report, the uncertain global economic condition, frequent storms and slow recovery in the US are likely to act as a hindrance for national economic expansion towards 2017. However, the outlook for the insurance industry is generally positive. The regulatory framework, government investment and competitive markets will all contribute to an increase in employment and GDP. Revenues from written premiums have recovered from the financial crisis and are growing.

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Fitch Ratings has affirmed Brit Insurance Holdings B.V.’s Long-term Issuer Default Rating (IDR) at ‘BBB+’ with a Stable Outlook and its subordinated notes at ‘BB+’.

KEY RATING DRIVERS

The affirmations and Stable Outlook reflect the solid financial profile of the Brit group (Brit), which is supported by a strong level of risk-adjusted capitalisation and strong underlying earnings. The group reported an overall profit before tax for 2012 of GBP99.8m (2011 (restated): GBP52.9m). The reported combined ratio, excluding FX effects, was 93.2% (2011: 99.6%), which reflects the relatively benign catastrophe activity in the year compared with 2011. Brit incurred a 5.9 percentage point impact from catastrophe claims in 2012 (2011: 15.1 percentage points). Fitch views as positive the fact that the group reported an improvement of 4.5 percentage points in the attritional claims ratio to 51.9% over the same period.

Brit is owned by Achilles Netherlands Holdings B.V, a holding company majority owned by funds managed by Apollo Management VII, L.P. and funds advised by CVC Capital Partners Ltd. Fitch continues to monitor the group’s profile, specifically that the consolidated group financial leverage as calculated by Fitch is maintained below 30% and that risk-adjusted capitalisation as assessed by Fitch remains at least commensurate with the current ratings. Fitch expects that Brit will take on more investment risk and the agency will continue to monitor the investment portfolio compared with peers’ portfolios.

While the two-part sale of Brit’s UK operation Brit Insurance Limited, in October 2012, reduces the size and diversity of the group, Fitch has a positive view of actions taken by management to streamline operations and exit underperforming insurance classes. The agency will continue to assess the effect of on-going management actions on the financial profile of the group.

RATING SENSITIVITIES

Key rating triggers for a downgrade include failure by Brit to maintain financial leverage and capitalisation at levels at least commensurate with the current ratings. Any marked shift towards a more risky investment portfolio could lead to negative rating pressure.

Fitch views a rating upgrade as unlikely in the near term. Over the longer term, key triggers for a rating upgrade would be a marked and sustained improvement in earnings, coupled with capitalisation commensurate with a better-than-current rating level.

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Gallagher London has been named a preferred provider of professional indemnity insurance by the Managing General Agents’ Association (MGAA).

With more than 300 MGAs now operating in the UK, and their number continuing to grow rapidly, Gallagher London has devised a bespoke PI policy wording to best meet the complex needs and specific risk profile of these insurance businesses – including civil liability arising out of underwriting authority. Many less specific policies, including insurance broker PI policies, carry an exclusion relating to breach of this authority.

In recognition of the value and support the MGAA brings to organisations in this fast-growing field of the UK insurance market, new and existing MGAA members will also qualify for a discount, funded by Gallagher London, equivalent to two months of membership fees in their first year as a PI customer (terms apply).

Members taking advantage of the new scheme to purchase their PI cover will also benefit from access to expert advice and tailored coverage for cyber risks, directors’ & officers’ liability and office insurance. In addition to civil liability arising out of underwriting authority, the bespoke policy includes cover for libel and slander; breach of copyright; data protection; cyber liability; and financial ombudsman awards and prosecution costs.

Gallagher London’s expertise is likely to be of particular value to the large number of MGA start-ups emerging in the UK as the model’s popularity continues.

Having launched in September 2011, the MGAA has grown quickly in the UK as a trade association and now boasts 67 full MGA members representing in excess of £2.5bn gross written premium, alongside 27 insurer associate members and 26 supplier associate members.

Jane Comerford, general manager of the MGAA, commented: “Gallagher is a founding supplier member of the MGAA and we are delighted that it has developed a bespoke PI wording for our members.”

Ben Waterton, director of the professional risks practice at Gallagher London, added: “Gallagher London is absolutely delighted to be supporting the MGAA as a preferred provider of professional indemnity to its members. The MGA landscape is a rapidly evolving and exciting area of the industry – one we are keen to support through our innovative approach. Their distinct and complex needs require expert advice and we have the capability to not only help start-up MGAs but also the more established businesses.”

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Fitch Ratings has affirmed SCOR’s Long-term Issuer Default Rating (IDR) and Insurer Financial Strength (IFS) ratings at ‘A’+. Fitch has simultaneously affirmed SCOR’s junior subordinated debt at ‘A-‘. The Outlook on the IDR and IFS is Stable. A full list of rating actions is at the end of this comment.

KEY RATING DRIVERS

The ratings affirmation follows the announcement by SCOR of its acquisition of Generali U.S., a sizeable life reinsurer operating in the United States, for a cash consideration of USD 750m. Fitch views the transaction as consistent from a strategic standpoint as SCOR is already a leading player in this market and will further strengthen its business position. Execution risk is mitigated by the strong integration track record demonstrated by SCOR over recent years.

The transaction is expected to be funded by internal resources as well as by subordinated debt and short-term bridge financing. Fitch anticipates the group’s capital adequacy will be unaffected while the financial leverage ratio is expected to remain in line with the current rating.

SCOR’s ratings continue to reflect the group’s strong solvency and average debt leverage in relation to its risk profile. SCOR’s ratings are also supported by significant business and risk diversification. The ratings also take into account the group’s consistent strategy, solid business position, and somewhat volatile profitability.

RATING SENSITIVITIES

Although unlikely in the near future, a rating upgrade could be triggered by a material and sustainable recovery of profitability (combined ratio sustainably below 100% and life operating margin sustainably above 6.5%), translating into significant capital accumulation or debt redemption. Conversely, rating triggers that could result in a revision of the Outlook, or a downgrade, include deterioration in Fitch’s assessment of capital adequacy or profitability (combined ratio sustainably above 100% or life operating margin sustainably below 6.5%).

0 29

According to catastrophe modeling firm AIR Worldwide, a magnitude 6.2 earthquake struck central Taiwan Sunday night, June 2, 2013, at 9:43 p.m. local time (13:43 UTC), in a sparsely populated region of Nantou County just seven kilometers (4.3 miles) northeast of a similar rupture only two months ago (M6.0 on March 27). The epicenter of the Sunday night quake was located at 23.794oN, 121.082oE, by the United States Geological Survey and estimated to be at a depth of 20 km. AIR does not expect significant insured losses from this event because yesterday’s earthquake occurred in a rural area and take-up rates in the region are relatively low.

“The likely cause of the earthquake is ‘reverse faulting,’ which is when the two sides of a fault push toward each other,” said Dr. Bingming Shen-Tu, senior principal scientist at AIR Worldwide. “It was the largest earthquake in Taiwan so far this year.”

The event took place only 22 km south-southeast of the city of Buli (population 86,400). Taiwan’s third-largest city, T’ai-chung (population 2,630,000 in 2010), lies only 38 km (23.6 miles) to the northwest of the epicenter. Thus, although the immediate area around the quake’s epicenter is rural, as many as 35 million people live in the region. The event also caused shaking as far away as the island’s capital, Taipei (located about 250 km to the north [155 miles] to the north), where early reports indicate structural damage has been limited. Falling rock and rockslides, however, have been common in the epicentral region.

The Central Taiwan High Speed Rail service has been suspended. Similarly, cable car service has been suspended in many places, and power outages have been reported. Building damage to many schools has been reported, which includes cracked exterior walls, fallen tiles, and broken windows. Contents damage has also been reported. The most severe damage—and the cause of the deaths and serious injuries so far reported—has been the widespread rockslides and falling rocks.

Dr. Shen-Tu continued, “Earthquakes are not uncommon in Taiwan; it is located where the Philippine Sea Plate is colliding with and subducting (pushing under) the Eurasian Plate along a zone that extends from Taiwan itself to the southern part of Japan’s Honshu island. The island’s most important tectonic features are the Longitudinal Valley Fault Zone (LVF) in eastern Taiwan and the Deformation Front Fault Zone (DFZ), a fold-thrust fault zone in western Taiwan. The DFZ is mostly made up of a series of active crustal faults along its central and northern segments. Most earthquakes occurring here rattle the countryside, but generally are minor and cause little or no damage.”

However, Nantou County, where Sunday’s earthquake took place, is the epicenter of the M7.6 Chi-Chi earthquake of 1999, which killed more than 2,400 people and caused property losses estimated at USD 11 billion. “Yesterday’s event occurred about 30-40 km east of the Chelungpu fault, and first indications are that it occurred further down the dip (slope) of the 1999 rupture,” commented Dr. Shen-Tu. “Compared to the Chi-Chi earthquake, however, this event is much smaller and farther away from the more populated west coastal areas. Thus, its impact is expected to be considerably smaller.”

According to AIR, the majority of low- to mid-rise buildings in Taiwan are constructed with reinforced concrete frames and brick infill walls. Tall buildings are dominated by construction using reinforced concrete frames and shear walls. Also, current Taiwan Building Codes require ductile detailing of reinforced concrete frames, similar to the requirements of the American Concrete Institute and the Uniform Building Code (UBC) of 1982. As a result of these advanced codes, modern buildings in Taiwan generally meet stringent seismic design requirements and are expected to perform well in earthquake events of this size.

At the level of reported shaking (V-VI/MMI), AIR expects some damage to unreinforced masonry construction near the earthquake’s epicenter. In population centers closest to the epicenter (within 15 km), AIR expects some building damage, with the majority of damage limited chiefly to nonstructural elements such as glazing, cladding, suspended ceilings, and interior walls as well as to contents. Well-engineered high-rise buildings should be unaffected by the earthquake.

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Commercial insurance underwriting agency, APC, has increased the limits on the majority of its public and products liability risks to £10m and property risks to £50m to help smaller brokers win larger clients.

The increased public and products liability limits will eradicate the need for brokers to duplicate their workloads in order to secure a second excess of loss policy to supplement the industry’s standard £2m or £5m products.  Dealing with APC online via its QuoteMac trading platform will further improve efficiency regardless of the level of cover required.

Brokers looking to secure business from clients looking to protect valuable property assets will also benefit from APC’s new £50m in any one location limit.  Aimed at hotel proprietors, property owners and businesses requiring extensive commercial combined cover, quotes are also produced online to deliver a fast turn-around.

In addition, the limit increases come less than three months after APC London Markets was formed to place a wide range of risks including property, casualty, professional indemnity and directors & officers with both Lloyd’s and London company market insurers.  Combined these flexible facilities offer brokers the opportunity to compete equally against any size of competitor

APC director, Ian Russell said: “Many of our brokers are competing against rivals many times their size to win large accounts.  In this situation it is essential for them to be able to access the large limits required by their clients quickly and from one source. By both increasing the most important limits online and providing access to a dedicate London Market team we believe we are significantly increasing brokers business conversion chances while saving them valuable trading time.”

0 28

Following the recent reports that British citizens are being turned away from hospitals or being charged for healthcare in Spain, Jelf Employee Benefits is urging expats to do their homework before they travel.

Expats who move to Spain may think they can rely on the European Health Insurance Card (EHIC) as a replacement for medical insurance, when this should really just be used for short-term trips and travel.

Sarah Dennis, international healthcare director for Jelf Employee Benefits says: ‘There is no such thing as free healthcare in Spain.  This can cause confusion for expats working abroad.  We urge expats to seek advice before they travel so they won’t have to deal with any difficult issues when aboard.’

In Jelf Employee Benefits’ experience, there is a lack of understanding about what is actually required in terms of healthcare overseas.

Sarah Dennis goes on to say: ‘If it was compulsory for people relocating or moving to Spain for work to purchase healthcare as part of a visa requirement, then perhaps Spain wouldn’t have so many issues in having the system abused.’

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Commercial lines underwriting specialist Arista Insurance has appointed Claire Morris as senior development underwriter to its Southampton office.

Claire brings 20 years underwriting experience to the role and will report to regional trading manager Paul Avery. She will be responsible for new business development with Arista’s brokers in Hampshire and Dorset.

Claire recently worked for Axa as a development underwriter and held various underwriting roles at Aviva in Southampton between1993 and 2003.

Her joining is in line with Arista’s growth strategy of giving brokers access to experienced, local decision makers who are willing to trade. It also fulfills Arista’s aspiration of putting empowered underwriters close to its broker partners.

Arista regional manager for the South Andy Wright commented: “Bringing in a well-respected underwriter of Claire’s calibre is important for Arista’s Southampton operations.  As the Southampton office expands, Claire’s appointment will help ensure the delivery of the market leading service standards that brokers have come to expect from Arista.”

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TEn Insurance, the network for independent commercial brokers, today announces that it has been awarded Chartered Status by the Chartered Insurance Institute (CII).

John Rusby, Operations Director of TEn Insurance comments: “Gaining chartered status is further evidence that we operate to the highest standards of technical competency and ethical behaviour and that we are committed to providing the highest professional standards.  Achieving Chartered Status helps us to nurture an environment of continuing professional development both for our members and our staff.   It is important for our members and their clients to know that they have the support of a trusted professional organisation that has only the interests of them and their clients at heart.

“Although the award of Charted Status is purely for TEn and does not cascade automatically to any of our member brokers, we shall nevertheless be encouraging many who could already meet the criteria to embrace the concept and others to continue with their studies.”

In addition, TEn is delighted to announce the appointment of Neil Williams FCII to the role of non-executive director.  Neil is a well known figure in the insurance industry with more than 30 years’ experience in both broking and underwriting.  He has worked with firms including Royal Insurance and Lombard Insurance before taking on the role of Managing Director of broker Deacon (later part of Barbon Insurance Group and now part of Gallagher following the sale of Barbon this year) where he successfully turned the business around in his five year tenure.  Building on his acute business and people strengths Neil has for the past seven years been coaching other insurance firms and individuals to achieve their goals.

Malcolm Lee, Managing Director of TEn adds: “I have personally known Neil for many years and I’m delighted to welcome him to the board as our new non-executive director.  He has the highest integrity and a great reputation in the industry for helping to develop and advise businesses.  His appointment will strengthen our corporate governance and his valued advice will help us to develop and grow the TEn insurance network in a way that remains true to our founding principles for the benefit of all our members.”

0 28

Xchanging, the business process, procurement and technology services provider has extended its contract to provide specialised claims services to Toyota Motor Corporation Australia Ltd.

Xchanging currently provides specialised claims and ergonomics services to Toyota at its Altona site. The new multi-million dollar contract continues the relationship until 2015.

Diego Ascani, Xchanging’s Head of Insurance – Australia, comments: “Toyota has been a valued client of ours for over 10 years. We are proud to continue our support of Toyota’s high performance culture and focus on workplace safety.

Our on-site team is passionate about the work they do, and the benefits they provide to Toyota, and we are very happy to continue our association.”

Adrian Guttridge, Executive Director for Xchanging Global Insurance concludes: “I am delighted to see the extension of our contract with Toyota. This is a real example of Xchanging’s global claims services delivering innovative solutions that are tailored to meet local market demand.”

Xchanging provides a range of specialised claims services designed to ease the administration burden, and assist large organisations to enhance employee relations, improve staff productivity, and devote more time to their core business.

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Commercial lines underwriting specialist Arista Insurance has launched a national scheme for commercial homebuilders with Maidstone-based MPW insurance brokers.  

The Home Builders scheme, which provides specialised policy wordings to cater for clients’ specific needs, is the eighth to be launched this year by Arista’s scheme and regional teams. With 30 years of experience and expertise in arranging insurance for the construction sector, MPW has enjoyed preferred supplier status with the Home Builders Federation for 20 years, arranging site-based insurance schemes for its members. MPW is an independent chartered commercial insurance broker and also provides health & safety and risk management advisory services through its sister company MPW Risk Solutions Limited.

Arista’s participation in the scheme stems from its successful open market relationship with MPW insurance brokers, in particular Arista’s ability to deliver the scheme solution quickly.

Head of regional operations at Arista Euros Jones said: “We see this as a great opportunity to work with a quality regional broker which has expert knowledge in this field.  This is exactly the type of scheme Arista is looking to introduce in partnership with our brokers.  Our underwriting expertise and speed of scheme delivery is an attractive proposition to our brokers with existing schemes.”

MPW Chairman Andy Webb added: “We are delighted to be working with Arista in connection with the Home Builders Scheme. They are a dynamic organisation supported by an excellent team and our businesses share great synergy. We have now been appointed by four construction trade associations and the beauty of a scheme solution is that the many bespoke benefits and features we are able to introduce can reach the membership by either a direct or wholesale route”.

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The RAC, the UK’s most progressive motoring organisation, has successfully deployed SSP Select Contact Centre, SSP’s specialist high-volume personal lines contact centre broking solution.   The solution, which is already used by a number of leading high-volume personal lines brokers across the motor and household insurance sectors, went from project initiation to go live in less than six months.

As part of a multi-million pound deal, the RAC will use SSP Select Contact Centre to replace a number of its legacy systems, including its core administration and sales systems.  SSP Select Contact Centre has already proven its flexibility by underpinning the RAC’s core breakdown service, and will also support its new remote diagnostic telematics offering that the RAC is launching later this year.

Founded in 1897, the RAC has always been at the fore of motoring innovation – today its patrols are equipped with the world’s most advanced diagnostic equipment – similarly the business utilises the latest IT systems to drive its sales and service function for the benefit of its seven million members.  In addition to roadside assistance, the company provides motor insurance broking services along with a suite of legal and motor claims services that provide both consumers and corporate customers with legal cover and advice.

Previously, the RAC’s IT architecture had been based around a complex CRM system and connected to several different fulfilment and claims systems.  With SSP Select Contact Centre, however, the RAC will benefit from a much more flexible and agile platform, so that it can be more innovative with its products and pricing and also benefit from new technologies such as advanced telematics.

Laurence Walker, SSP’s Chief Executive said: “The decision to migrate to SSP Select Contact Centre has enabled the RAC to simplify its IT infrastructure considerably, resulting in significant cost savings.  Also, because the RAC has chosen to host the solution in SSP Cloud, they can focus on running their business rather than managing IT.  As such, the RAC will benefit from increased efficiency and much greater speed to market, as well as the ability to change product information, rules and prices very easily, whenever they choose.”

The system’s flexible architecture also means that the RAC can now connect to a number of third party systems and applications seamlessly.  As a result, the company can now share client information between the roadside assistance and sales teams much more easily, which helps to reduce cost, speed up service and make sure that customer communications are relevant, accurate and timely.

SSP Select Contact Centre will also enable the company to deliver a significantly enhanced customer experience, since it will allow its contact centre operators to collect and input customer information much more efficiently.  In fact, thanks to integrated look-ups for postcodes and car registration numbers, a quotation can now be processed in a fraction of the time it took previously.

Mike Minahan, Director of Sales & Service at RAC said: “SSP has a very strong reputation in the industry and it’s easy to see why.  The entire team had a refreshing, honest approach and completed the project on time and on budget, which is no mean feat for a project of this size and complexity.  They really took the time to understand our business, which ensured they had the operational-level knowledge needed to deliver a solution that would allow us to achieve our ambitious business plans.  Our contact centre team has already reported that SSP Select Contact Centre is far superior to our previous system, as it’s a lot quicker, easier to use, and more intuitive, so we are already seeing some very clear benefits.

“We are driving our business at a pace with ground-breaking new member propositions in line with our vision to be the motorist’s champion such as our revolutionary RAC Advance telematics, which will completely transform our service to members, our fleet management dashboard for Business Club clients and our new online used car offering raccars.co.uk giving added reassurance for buyers and dealers alike.  SSP will be a significant cornerstone of our enhanced business enabling us to better serve our members and to differentiate the RAC from other motoring organisations.”

0 29

Noting that companies around the world face more risks from more sources than ever before while also grappling with rising health care costs, talent shortages and other human resource problems, Greg Case, president and chief executive officer of Aon, provided the membership of the Detroit Economic Club with a global perspective on dealing with two of the biggest challenges facing businesses in today’s economy: risk and people.

In his remarks, Case said, “Risk has always been a fact of business life, but today, the magnitude, complexity and speed of risk have increased exponentially. Companies face infinitely more risk than ever before, and the time to respond has shortened.”

Case cited Aon’s 2013 Global Risk Management Survey, which showed that risk managers are struggling to identify and manage the major risks facing their organizations, which include economic slowdown/ slow recovery, regulatory and legislative changes, and increasing competition. “An even more important finding,” Case noted, “was that the percentage of companies that reported being ready for these risks dropped significantly; from 66 to 59 percent, from our previous survey in 2011.”

Making the connection of managing risk and people, Case said, “How many companies have solved the issues of an aging population? The risks of retirement costs, pension costs and health care? The risk of losing their most experienced employees? Collectively these issues disrupt lives and create huge volatility on the balance sheet.”

He encouraged the audience of nearly 300 local business leaders “to think about risk in a different way. The desire to take on risk and the ability to understand risk is a fundamental driver to growth in our global economy.

“Yes, as the world continues to change, so does the global face of risk. Misunderstanding it can be fatal – specifically underestimating the magnitude, complexity or speed of risk. That being said, the successful firms will be the ones who understand that risk is married to innovation, exploration and expansion. They will be the ones that understand that proper risk management provides an opportunity to grow and prosper.”

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Commercial lines underwriting specialist Arista Insurance has appointed Bethany Wilkes as assistant underwriter at its Birmingham office.

Bethany will report to regional manager Scott Hallett and provide administrative support to underwriters, freeing them to focus more on underwriting and providing quotations. This will directly support the effort to further improve service to Midlands’ brokers and ultimately grow accounts, taking the region forward in line with its aspirations.

Prior to Arista Bethany worked for a local insurance broker as a personal lines account handler before progressing to commercial lines.

Arista head of regional operations Euros Jones commented: “It is vital to have a range of skills and abilities within any successful organisation and Bethany will help the Birmingham team to provide quicker, more efficient ways of dealing with brokers. We listen very carefully to our brokers and Bethany’s appointment will support underwriters, giving them greater flexibility to deliver the levels of service our brokers require.”

0 29

According to catastrophe modeling firm AIR Worldwide, the first tropical cyclone in the Northern Indian Ocean this season, Tropical Cyclone Mahasen, made landfall northwest of Chittagong, Bangladesh, at about 0600 UTC (2 a.m. EDT) on Thursday, May 16. As it came ashore the storm delivered torrential rain of about 250 mm or so and maximum sustained winds of up to 100 km/h (60 mph), destroying thousands of poorly constructed homes. Its arrival coincided with low tide, but storm surge still caused waist-deep flooding in some areas of this low-lying coastline. However, insured losses are not expected to be significant.

The storm’s slow approach gave authorities in Bangladesh plenty of time to prepare and to issue warnings. According to the U.N., more than 4.1 million people were at risk from the cyclone. In Bangladesh, almost 1 million people were evacuated to “cyclone-proof” buildings and other shelters. As the storm neared, several Indian states issued storm alerts and Myanmar, Bangladesh’s neighbor to the east, evacuated about 166,000 people from its northwest coast.

“Bangladesh initially identified Tropical Cyclone Mahasen as a level seven storm on its scale (out of a maximum of ten), but as it approached landfall the storm became disorganized and weakened considerably,” said Dr. Peter Sousounis, senior principal atmospheric scientist at AIR Worldwide. “Tropical Cyclone Mahasen also veered west of its predicted path, sparing the major population concentrations in the area, including Chittagong and Cox’s Bazar, and leaving India and Myanmar virtually unscathed. As a result, less damage was experienced than was anticipated.”

According to AIR, Mahasen is currently moving north-northeast at about 45 km/h (28 mph) and is expected to lose cyclone status as it continues inland and encounters rugged terrain and high vertical wind shear. The remnant system will continue to spread heavy rain into easternmost India and northern Myanmar, exposing many areas to the risk of flooding and landslides.

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The Insurance Fraud Bureau (IFB) is targeting further growth in its customer base having appointed a new Business Development Manager, Danny King. 

A former Strategic Relationship Manager and Key Account Manager at AXA Insurance, Danny King will lead the Bureau’s acquisition of customers, whilst exploring how the IFB’s membership model can be enhanced to enable more UK brokers to join the fight against fraud.

Ben Fletcher, IFB Director, said: “The IFB’s strength is built on the power of the collective. The Bureau’s ability to identify organised fraud relies upon our industry-spanning position, which grants us unique access to over 130 million insurance records.”

“New customers – whether that’s insurers, brokers or affiliates – provide the IFB with rich sources of claims and policy data to interrogate. It allows the Bureau to attack fraud from all angles and disseminate quality fraud intelligence on behalf of the industry.

“Danny has over 25 years’ experience within the insurance sector. His appointment represents a natural step in the IFB’s evolution, which will see us reaching out to all corners of our industry to counter organised fraud.”

King will attend this week’s British Insurance Brokers’ Association (BIBA) 2013 conference at the ExCeL Arena in London, where the IFB will host a roundtable consultation on the development of a new membership model for UK brokers.

The IFB was formed in 2006 to spearhead the collective fight against organised insurance fraud. Since its inception, the Bureau has overseen more than 750 arrests, securing over 200 years in prison for organised fraudsters. With a primary focus on the ‘crash for cash’ phenomenon, the IFB is currently managing 53 live police operations valued in excess of £67 million in potential losses to the industry. The IFB’s projected growth could see that portfolio increase to £160 million by 2014.

The IFB currently works on behalf of 43 customers, delivering a range of products and services to help the industry detect and disrupt organised insurance fraud. In addition to coordinating cross-industry investigations into fraud, the IFB disseminates intelligence reports alerting its customers to emerging scams and high-risk individuals. The Bureau also manages the public facing Cheatline, which receives over 3,000 reports of insurance fraud from members of the public every year.

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The Managing General Agents’ Association (MGAA) has formally begun its search for the Association’s first full time managing director.

Working with the MGAA board and chairman, Reg Brown, the managing director’s main responsibilities will be to drive the Association’s strategy, execute its business plans and attract a wide range of MGA members from across the UK.

The managing director will also be tasked with implementing policies for the management and operation of the Association, developing its profile and representing the UK MGA sector as a whole.

The MGAA board plans to select a short list from applications by the middle of June and announce an appointment by the end of June. Anyone who would wish to be considered should contact Sian Fisher at the MGAA.

The MGAA has grown considerably since its launch in September 2011 with the Association’s membership now representing a total combined gross written premium of over £2.5bn. The membership now includes 64 full members, 24 insurer members and 26 supplier members.

Reg Brown, chairman of the MGAA, said: “With the growing scale and profile of the MGAA the time is right to appoint our first full time managing director. This will be a pivotal role as we increase the Association’s activities in order to promote the importance of this sector of the UK insurance industry and ensure its regulation is fair.”

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The UK P&I Club, one of the largest and oldest providers of mutual liability insurance to ship owners, today announces its financial results for the year ended 20 February 2013.

Highlights:

  • Surplus of $9.5 million increases free reserves and hybrid capital to new high of $494 million
  • S&P rating upgraded to:  A- (Positive outlook)
  • $4.11 free reserves per gross ton
  • Strongest renewal season in recent years, increasing gross tonnage to 120 million
  • Combined ratio of 104%, with a four year average of 100%
  • 3.7% investment return of $39.6 million (1.5% in 2012)
  • Total assets of $ 1.56 billion
  • Club has maintained focus on disciplined underwriting and a balanced book
  • Average cost of claims continues to rise, despite continued low total volume of claims

Dino Caroussis, Chairman of the UK P&I Club, said: “In the year under review, the Club has strengthened financially, increasing its free reserves and capital to $494 million, a new high. Further, in evidence that the Club’s strategy of disciplined underwriting is being recognised as achieving results, S&P’s upgraded the Club to A- (positive outlook).

“This last renewal season was one of our strongest in recent years, with mutual owned tonnage growing to 120 million gross tons, maintaining our position at the top of P&I market. This increase reflects the Club’s aim to grow with quality tonnage at the right premium rating.

“However, the Board is very conscious of the need to strike a sensible balance between the financial requirements of the Club and the needs of Members, in what is a very weak market for most shipping sectors.”

Hugo Wynn-Williams, chairman of Thomas Miller P&I, the Club’s managers said:

“This is a strong set of results, but it does not allow for complacency. The combined ratio for the financial year of 104% is within the Club’s tolerances in the short term, taking into account the current elevated claims environment.

“The increased claims on the 2012 policy year are a warning that, despite weak global economic growth, claims inflation, particularly in the higher value claims, will continue. It is therefore essential to maintain a disciplined approach to underwriting in the coming years to achieve the target of a balanced underwriting result over the claims cycle.

“We recognise the economic reality facing ship owners and in addition to our financial strategy we will continue to help Members reduce their claims exposure through our extensive loss prevention activity.”

Further information is available through the UK P&I Club Review of the Year 2013. Copies can be requested directly through Thomas Miller P&I Ltd / Broadgate Mainland, or downloaded from www.UKPandI.com/publications/financial-reports/

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Confused.com has added a new pet insurance product from Legal & General to their pet insurance panel.

Legal & General Pet Insurance has been designed by specialist pet insurance providers; Ultimate Pet Partners Limited, making getting pet insurance even easier.

Pet insurance can provide valuable peace of mind against unexpected and expensive vets bills. This can include anything from the cost of unexpected operations, expensive treatments and even help with the cost of searching for a missing pet.

Cover options range from Accident only to Accident and Illness Plus with two policy types:

Accident only, the Maximum Benefit Policy means that there’s a financial limit for each new condition the animal may suffer. Each condition is insured until the financial limit has been reached; as long as the insurance policy remains in force there is no time limit on your claim. Once the financial limit has been reached, the medical condition becomes a pre-existing condition and is excluded from future claims.

Accident and Illness and Accident and Illness Plus, the Renewable Benefit Policies mean your pet can be covered for an ongoing condition for future years as long as the insurance policy remains in force with Legal & General.

Other services available for pet owners include a 24 hour Vet advice-line which is available 365 days a year. This enables customers to talk to a veterinary nurse if they are worried about their pet and are not able to get to a vet as soon as they would like.

Mike Lawler Director for Legal & General’s general insurance business, said: “We are delighted to be launching our new Pet product to customers through Confused.com. Pet insurance is a growing market and we are excited about the opportunity to work with a brand like Confused to connect with customers and help them insure their four legged friends.”

Kate Rose, Head of Pet Insurance at Confused.com continues: “It’s great news that Legal & General have launched their Pet Insurance product through Confused.com. Legal & General is a well-known and highly respected brand so will no doubt be a very appealing choice to customers.”

“Confused.com compares prices from a variety of top insurers and were the first comparison site to enable owners to obtain quotes for up to 5 pets at one time. The multi-pet process not only saves owners’ time when shopping around but enables them to benefit from multi-pet discounts offered by some insurers.”

“Furthermore, owners can claim 1000 nectar points for every pet insured through our site.”

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Tradewise claims and policy data will be added to the 130 million insurance records interrogated by IFB analysts on a daily basis to identify more cross-industry, organised fraud patterns. With over 80,000 policyholders on their books and handling in excess of 10,000 claims per year, Tradewise become the IFB’s newest customer, with the Bureau now working on behalf of 44 organisations across the industry. 

Ben Fletcher, IFB Director, said: “Identifying organised fraud has to be a cross-industry effort. Access to more claims data improves the IFB’s ability to identify fraud and disseminate vital intelligence on behalf of the industry.

“New customers are therefore fundamental to the IFB’s continued success. In 2013 and beyond, the Bureau will strive to expand its customer base, further enriching the quality of fraud intelligence produced. The appointment of a Business Development Manager in the coming weeks will be an important step forward in this process.”

The IFB was formed in 2006 to spearhead the collective fight against organised insurance fraud. Since its inception, the IFB has overseen more than 750 arrests, securing over 200 years in prison for organised fraudsters.

Mike Tyler, CEO of Tradewise Insurance Services Limited, said: “Protecting honest policyholders by fighting fraud is incredibly important to Tradewise. By joining the IFB, we play our part in identifying those criminals who repeatedly target our industry and pick the pockets of our customers. No business is immune to the threat posed by fraud – through the IFB we make a collective stand against criminality.”

With a primary focus on the ‘crash for cash’ phenomenon, the IFB is currently assisting 53 live police operations valued in excess of £67 million in potential losses to the industry. The IFB’s projected growth could see that portfolio increase to £160 million by 2014.

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