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Bank group ABN Amro reported a third-quarter net loss of a billion euros (1.5 billion dollars) on Wednesday, a sharp improvement from the outcome in the previous quarter.

The figures included a 32-million-euro loss for the Dutch state which gave the bank a three-billion-euro cash boost last week.

This brought the bank’s losses for the first nine months of the year to 3.6 billion euros, the group said in a statement.

A loss of 873 million euros in the third quarter accrued to the parts of ABN Amro’s business acquired by the Royal Bank of Scotland (RBS), it added.

“The results of the RBS acquired businesses continue to be impacted by financial and credit market volatility and business transfers,” said the statement.

The third-quarter results were an improvement on the 1.8-billion-euro loss recorded in the second quarter.

ABN Amro was acquired in 2007 by a consortium grouping RBS, Santander and the Dutch-Belgian banking and insurance group Fortis.

Its Dutch banking activities were nationalised by the Dutch state in October last year following the break-up of Fortis, which had been badly burned in the global finance crisis.

ABN Amro Group said it was making “good progress on the separation into two independent banks, the future ABN Amro Bank NV owned by the Dutch state and the future RBS NV owned by the RBS Group.”

It planned to complete the demerger “as early as possible in the first quarter of 2010.”

“ABN Amro Group and its shareholders have plans in place to ensure that at legal separation each individual bank is adequately capitalised and has a sound liquidity position.”

The group said it expected to make a loss of 800 to 900 million euros in the fourth quarter from selling its subsidiaries HBU and IFN Finance to Germany’s biggest bank, Deutsche Bank — a European Commission condition for the ABN Amro-Fortis merger.

This amount included a provision for credit guarantees.

In May, ABN Amro announced that it would cut 4,000-5,000 jobs from a total workforce of 30,000 by 2012 as part of a merger with Fortis Netherlands.

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Despite of the loss of confidence in banks and the investment sector, the competitive environment in life insurance has not relaxed. Uncertainties regarding the performance of social pension programmes after termination of the “Riester” stimulus have hindered significant growth. Munich Re sees franchise strength and the cost situation as keys to invigorate the market. To that effect Munich Re offers focused consulting services.

Private life insurance continues to be the established supplement to and substitute product for statutory old-age provision, and is the experiencing the strongest premium growth of all savings products. What might prove to be positive for the sector is the weakened confidence of clients in banks. Also, uncertainty regarding statutory old-age provision is giving life insurers an opportunity to market their annuity products.

In spite of positive market influences, however, life insurers are currently experiencing only weak growth rates. The edge over bank and investment products is narrow, new impulses are needed. The growth-stimulating trend that Munich Re is currently witnessing is resulting in increased competition with regard to premium rates, e.g. in disability insurance. In the long term, however, this is likely to have an adverse affect on profitability.

Munich RE sees considerable growth potential primarily in product development and process optimisation, but also in positioning and in balance-sheet management, and are therefore offering their clients extensive and individualised consulting services throughout the entire value-added chain.

New impulses in product development

New products like variable annuities stimulate the market. Unit-linked life insurances with guaranteed minimum benefits are also gaining ground in Germany. Munich RE offers to their clients consulting support that ranges from product design to risk management for tapping this new field of business. The general principle for designing new products is that they must be realisable and marketable, and, at the same time, their risks must be measureable and controllable.

Existing complex products need to be adapted for a broader clientele, so Munich RE advise simplification of risk selection. An easy-to-grasp application concept breaks down barriers to understanding and perceptibly improves the chances of landing an account.

Munich Re supports in optimisation of processes

There is also potential for optimisation in process structures, for example in policy processing. Concluding insurance often takes long. Applications submitted for risk assessment are frequently incomplete, clearing up questions further retards the process. This is superfluous, as experts from underwriting well know. Certain steps of risk assessment are not even required in many cases. Parts of the application process are too complicated and tedious. An analysis of current processes is an indispensable part of exploiting optimisation potential. Building on this, Munich RE prepares individualised, custom-made solutions together with their clients that include various aspects such as staff structure, marketing requirements and product range. New software developments that allow risk assessment directly at the time of application submission significantly enhance flexibility. Market leader Allfinanz‘ software-based solutions have meanwhile made point-of-sale risk assessment possible. KarstadtQuelle insurances successfully implemented tele-underwriting this year.

A company can of course not be completely restructured from one day to the next. This is usually not even necessary. Long-term cooperation and partnerships make it possible to gradually arrive at solutions that are precisely tailored to the primary insurer’s situation, and can then be smoothly integrated into existing structures. As a consultant and risk carrier, Munich RE always pursues the aim of achieving success for both parties.

Asset and liability management complete Munich’RE’s services

For questions that have an impact on balance sheets, assistance is provided by Munich Re staff in Solvency II Consulting. And this is where MEAG know-how also comes into play. With its integrated business model, Munich Re can offer its clients the full range of instruments, from classic reinsurance to risk and claims management, to capital and balance-sheet management.

One example of asset and liability management is structured reinsurance. These transactions offer attractive concepts in the area of financial corporate management. This can free up additional capital and provide scope for growth. Munich RE creates measurable added value for their clients. Munich Re as a solution-focused reinsurer offers more. Munich RE has the necessary in-depth understanding of risks and know-how at Munich RE’s disposal, and are available to its clients for individualised service. This is how Munich RE bring business to life.

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    The Met Office has issued a weather warning for ALL UK REGIONS. Heavy rain and risk of severe weather is expected from 1433 Mon 23 Nov to 1600 Mon 23 Nov

    Heavy showers may produce rainfall totals of 15mm in 3 hours over parts of the far southeast. The public are advised to take extra care and refer to the Highways Agency for further advice on traffic disruption on motorways and trunk roads.

    There is a moderate risk of severe weather affecting parts of Wales, Northwest England and Southern Scotland. There is the potential for 20-30 mm of rain in places but up to 50 mm across the higher ground. Strong winds will accompany the rain with gusts up to 60 mph in exposed locations.

    To take action to prevent or protect your home or business against potential flooding you can find all you need to know about flood and natural disaster insurance by clicking here

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    The case of a Quebec woman who says she lost her long-term disability benefits because of photos that appeared on Facebook should serve as a reminder that nothing on the Internet is truly private.

    And a technology expert says its a perfect opportunity for people to take stock of their social networking platform profiles and just what about their life is on the net.

    The Quebec woman, Nathalie Blanchard, has seen her case gain widespread attention since it came to the attention of local media last week.

    Blanchard said an insurance agent told her that the long-term disability cheques were terminated after photos of her on the popular social networking website came to the attention of the insurance company.

    Blanchard, 29, has been on leave since Valentine’s Day 2008 from her job at IBM in Bromont, Que, battling severe depression.

    The company in question, insurance giant Manulife, declined to comment on the case specifically but has said in a statement: “we would not deny or terminate a valid claim solely based on information published on websites such as Facebook.”

    Blanchard’s battle comes as another Facebook-related blunder left the Liberals dealing with controversy on the weekend after Janine Krieber, the wife of former leader Stephane Dion, posted comments of Facebook criticizing current boss Michael Ignatieff.

    Carmi Levy, a technology expert says these recent incidents involving Facebook postings should serve as a reminder that nothing is truly private on the net.

    “In this day and age, where everyone is a broadcaster through Twitter, Facebook or other social media, it never ceases to amaze me how unaware people are of the implications of something such as a Twitter update or a Facebook update,” Levy said in a telephone interview Sunday.

    “It should give pause to anyone who uses these services that anything they put online can at some point come back to bite them.”

    Levy, a London, Ont. based independent technology analyst, said any notion that there is privacy on these types of platforms is laughable.

    “I always laugh when people trot out the words private and social media in the same sentence – nothing that you put online is private,” Levy said.

    “The mere fact that you have subscribed to this service and you are putting any personally identifiable information on it – whether it be text based, photos, video, audio – then you’re accepting the potential at some point it will go public.”

    Blanchard, 29, said in a telephone interview from her home near Montreal on Sunday that she doesn’t regret the photos she posted and it was poor form for the insurance company to diagnose her depression as being cured using the photographs.

    But she harbours no ill will towards Facebook.

    “I’m still on Facebook and I still write on Facebook, I have nothing to hide, nothing at all,” Blanchard said.

    She also has no issue with the photos allegedly used against her, including ones showing her having a good time at a Chippendales bar show, at her birthday party and on a beach holiday.

    “I’m not going to put pictures of myself crying on Facebook,” Blanchard said.

    “I’m sick and I don’t need everyone to know it – people who need to know I’m sick know and the other 500 (friends) I have on Facebook don’t need to know I’m suffering from depression.”

    Her lawyer, Tom Lavin, said a civil suit was filed in Quebec Superior Court on Friday and the next court date in the case is Dec. 8.

    He calls the insurance company’s actions totally inappropriate and is seeking $275,000 for his client.

    The issue of Facebook privacy has taken centre stage in Canada, where the site has been prompted by the federal privacy commissioner to make changes that would better protect privacy for users.

    Levy said as social media continues to evolve and become even more popular, people will need to better educated about the risks they’re taking.

    But the best way to truly remain private?

    “Stay off-line completely,” Levy says.

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    Lloyds Banking Group said it had agreed to swap 8.78 billion pounds of bonds as part of a deal aimed at funding its exit from a costly state-backed insurance scheme for bad debts.

    Lloyds, Britain’s third-biggest lender, received offers for 12.51 billion pounds from investors, it said on Monday, describing demand for the exchange as “strong.”

    Lloyds’ bond swap forms part of a 21 billion pound capital raising to allow it to escape the government’s so-called asset protection scheme, set up in March to protect the bank against further credit losses, but now seen as too expensive.

    Under the terms of the exchange, Lloyds offered investors new bonds — enhanced capital notes — in exchange for a range of hybrid bonds that it would not pay dividends or coupons on for two years from the end of January 2010.

    The new bonds are designed to convert into equity if Lloyds’ core Tier 1 capital ratio falls below 5 percent.

    Lloyds had increased the size of its exchange offer to non-U.S. investors to 9 billion pounds on November 11 due to strong investor demand.

    With Reuters

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    Clean-up efforts were underway Sunday in flood-hit towns following the heaviest downpours ever recorded in England, as fears mounted for a woman thought swept into a swollen river in Wales.

    Some 314 millimetres (more than one foot) of rain fell in 24 hours — the highest level since records began — over Cumbria as torrential rains swept across Britain and Ireland.

    The Environment Agency said 65 flood warnings were in force across England and Wales, with four severe warnings in Cumbria in northwest England, the area hardest hit.

    About 60 people were still sheltering in reception centres and more than 700 properties remained without power.

    An urgent safety review of Cumbria’s 1,800 bridges was under way with emergency services warning one bridge in the coastal town of Workington could collapse at any time.

    The Calva Bridge’s closure cut off the north side of the town.

    Workington’s other bridge has collapsed, taking the life of a policeman on Friday who was diverting motorists away from it.

    “We have concerns about people who have not got prescriptions, medication, the medical centre is down to its last nappies for babies,” said Tony Cunningham, member of parliament for Workington.

    “I spoke to residents…they are distraught at what’s happening. My major concern is residents who are cut off. Things are getting desperate.”

    The floods in Cumbria and southern Scotland are expected to trigger insurance claims of 50 million to 100 million pounds (55-110 million euros, 82-165 million dollars), the Association of British Insurers said.

    Meanwhile a search was underway for a woman believed to have been swept away by the swollen River Usk in Brecon, south Wales, late on Saturday.

    “A member of public called the police when they saw what happened,” said Inspector Alun Samuel of Dyfed-Powys police.

    “It is a very serious search with dog handlers, specialist units and helicopters,” he said.

    Prime Minister Gordon Brown surveyed the grim aftermath on a visit Saturday to the badly hit Cumbria town of Cockermouth, with houses filled with muddy water, silt and sludge carpeting the roads and cars left awkwardly where the floods left them.

    The floods forced hundreds of people out of their homes and left a police officer dead after the bridge on which he was standing was swept away.

    Cockermouth town centre was cordoned off as surveyors, structural engineers, utility workers and Environment Agency staff continued work to start the clean-up.

    Local businessman Paul Cusack said: “Today should have been the Christmas lights switch on in Cockermouth. The feeling is a mixture of devastation and determination, to get it all put right again, people in this area are very resilient.”

    In Devon, southwest England, a canoeist died Saturday after being pulled from the River Dart, which was swollen by the heavy rains. The 46-year-old man became trapped against a tree, emergency services said.

    With AFP, London Nov 22, 2009

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    Flooding in the world’s major port cities caused by melting icecaps could cause up to 28 trillion dollars (18 trillion euros) in damage in 2050, environmental group WWF said in a report Monday.

    “If the temperature rises between 0.5 and 2 degrees (Celsius) between now and 2050, it’s possible that the sea level would progress by half a metre (nearly two feet) bringing major financial damage,” Ulrike Saul, in charge of climate and energy for WWF Switzerland, told AFP.

    Such a rise in the sea level would cause up to 28 trillion dollars in damage in the world’s 136 biggest port cities, according to the study in which German insurance company Allianz took part.

    Saul warned: “If the current climate protection policies do not change, it is more probable that we will register a rise of 2 degrees in 2050.”

    The northeast coast of the United States could see a rise in sea levels 15 centimetres higher than the world average, the study said.

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      Heavy floods that hit northern England on Friday are likely to cause far less damage than those which struck the country two years ago and left the insurance industry with a 3 billion-pound ($5 billion) bill, analysts said.

      The latest incident has so far affected only 1,000 properties, compared with 55,000 in the summer of 2007, and the insurance hit is likely to be correspondingly lower, U.S. risk-modelling company RMS said.

      “The damage is likely to be far lower than in 2007,” said RMS senior product manager Elizabeth Crouchman.

      A spokesman for the Association of British Industry also said the floods appeared less destructive than in 2007 but the ABI was monitoring developments amid forecasts of continued rainfall.

      “At the moment I don’t think we’re looking at anything like that level of damage,” he said.

      A reliable estimate of the flood damage costs is likely to take several days, the spokesman said, adding that claims are typically in the order of 20,000 to 40,000 pounds for each affected property.

      With Reuters

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      Grahame Jones CNA Europe

      CNA Europe appoints  Grahame Jones, he joins the renewable energy team and will report to Paul Dowling, head of construction and renewable energy. He takes up his post immediately.

      Mr Jones has over 30 years of experience where he spent 10 years at RSA in a variety of senior underwriting and managerial roles.

      John Hennessy, chief executive officer, CNA Europe, commented: “CNA Europe has been active in this area for over a decade and is one of the few European insurers to have a dedicated renewable energy team. Grahame has been at the forefront of underwriting developments in this fast-growing sector. His experience makes him ideally-suited to spearhead our growth in this line of business.”

      Paul Dowling, head of construction and renewable energy, added: “Renewable energy is a key sector for us. We are expanding our teams in London, Paris, Milan and Copenhagen and we are well placed to benefit from the opportunities this marketplace presents.”

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      Not-for-profit Insurance might seem like an oxymoron but there are providers out there that operate in this way. People form emotional attachments with many things, but the strongest attachments are often to pets. People also often feel strongly about animal welfare, either because they see the treatment of an animal as a reflection of the level of respect a person has for any living thing, or because they have a stronger affinity with animals.

      Whatever the reason it is more likely that someone motivated to get insurance for their pet will go with a provider that ploughs profits into animal charities, whilst keeping enough to grow and administer the business. More and more pet owners are getting insurance for their pets, and as a result, more and more companies are responding to that growth, with regular new entrants to the market.

      When looking for cover it is wise to compare pet insurance sites in order to get the best deal available, or the most reasonable rate that covers the exact need. By examining various insurance companies thoroughly you’ll see that they offer different prices, and accordingly different levels of cover. The last thing you need with a sick animal is to find out that the medical expenses aren’t quite covered.

      There are pet insurance companies that offer massive amounts of cover, lifetime cover, overseas travel cover even, but it is worth remembering that there are companies who provide all these great cover packages AND give freely to charities that care about animals as much as you do. By seeking out not-for-profit providers for your insurance needs your pet can benefit- and you will also be helping to provide care for other animals that need it.

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      The number of people leaving pension schemes has reached its lowest level this year, falling by a third in Q3 compared to Q2, while member enquiries about the current value of their pensions reached its highest level for the year, according to Aon Consulting, the leading employee benefits and risk management firm.

      Analysis uncovers that pension scheme members are significantly more engaged in, and positive about, their private sector occupational pension schemes.

      The Aon Pensions Admin Tracker analyses a sample of nearly 350,000 scheme members from 35 typical UK defined contribution (DC) and defined benefit (DB) schemes to provide an insight into how the economic environment is impacting behaviour towards pensions.

      Q3 Aon Pensions Admin Tracker key findings

      • Pension scheme members enquiries about the current value of their pension fund (transfer out quotations) reached their highest level this year, up 26% on Q2;
      • The number of pension scheme leavers reached its lowest level this year, falling 34% in Q3 compared to Q2;
      • The number of retirement settlements processed also fell to a new low for 2009, falling 31% in Q3 compared to Q2

      Commenting on the data, Colin Hamilton, commercial director at Aon Consulting, said: “As with predictions for the economic recovery, the shape of member confidence levels in pensions is hard to call but, certainly compared to a year ago or even last quarter, people seem to be much more engaged about their pensions than they were.

      “Greater awareness may well be due to the economic environment, but it may also come down to the fact that messages about the importance of saving for retirement are getting through to members more effectively.

      “The substantial rise in enquiries around current fund values, coupled with a fall in the number of leavers, suggests that not only are members more interested and engaged, but also that there is increased confidence in the value of trust based pension schemes* with people being more reluctant to leave them.

      “Interestingly, the announced rise in the minimum retirement age from 50 to 55 in April 2010 has not yet led to an increase in retirement activity. However, this could well be due to the time it has taken for schemes to fully communicate this change to members. We expect to see an increase in early retirement projections, followed by an increase in settlements, in the first half of 2010.”

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      Aviva Canada Inc, one of Canada’s leading property and casualty insurance groups, has been recognized by Waterstone Human Capital as having a culture that has helped to enhance its financial performance and sustain a competitive advantage. Awarded to only 10 organizations annually, this honour distinguishes Aviva as one of Canada’s most sought-after employers.

      “At Aviva, we strive to create a dynamic environment where our employees are encouraged to continuously deliver higher value solutions to our customers and partners,” said Robin Spencer, president and CEO of Aviva Canada. “While being honoured with this award is fabulous recognition for Aviva as a company, it speaks volumes about the strength and dedication of our employees.”

      Employing over 3,300 Canadians in 40 locations across the country, over the past two years the team at Aviva Canada has been on a mission to change insurance by demystifying auto, home and lifestyle coverage. Its Change Insurance website – www.changeinsurance.ca – provides Canadians with “straight answers” to questions they are too afraid to ask their insurance company for fear that their premiums will increase. The company also introduced a Claims Service Satisfaction Guarantee to ensure complete customer satisfaction through the claims process.

      “We recognize that businesses don’t change, grow and mature into successful organizations on their own – people grow them,” Spencer continued. “Aviva has put significant energy and time into creating a great work environment where talented employees can thrive. We’re changing insurance through the strength of our people and this award proves that it is working.”

      Aviva is also empowering Canadians to make changes in their communities through the Aviva Community Fund competition. Visit more than 1,300 ideas by Canadians from coast to coast at avivacommunityfund.org.

      “Aviva’s commitment to their employees is at the heart of their culture,” says Marty Parker, the managing director of Waterstone Human Capital, an executive search and human capital consulting firm that has been running the Canada’s 10 program since 2005. “This is no small feat considering their employee base of 3,300 people in Canada. Clearly, Aviva is focused on creating a high performance organization that drives business results.”

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      The 2009 Queen’s Speech includes several issues in which the insurance industry and its customers have an interest.

      Maggie Craig, the ABI’s acting Director General, comments the speech :

      Financial Services Bill

      “We understand the need to legislate on the agreements made at the G20 and EU. However, this Bill should not be a catch-all for the wrong type of regulation.  We should be wary of the principle that the state should set an individual’s pay package, not the market.

      “The changes to the FSA’s powers on consumer redress are of profound importance, and we are alarmed this is being rushed through without proper consultation with industry. This is too important not to get right.  We are also worried over moves to court- based collective redress. Pushing the UK toward a US litigation culture would create costs for consumers and businesses that far outweigh the benefits.

      “We support today’s announcement to improve consumer knowledge of financial services. Insurers have long worked to develop the public’s financial education.”

      Long-Term Care

      “It is regrettable that the Personal Care at Home Bill undermines the Government’s own Social Care Green Paper, published as recently as July. That Green Paper set out a range of funding options for both at-home and residential care, but today’s announcement seems to undermine the funding options set out in it.

      “The insurance industry wants to be part of the solution and deliver the best and most cost-effective long-term care. But this needs clarity and certainty from the Government, which piecemeal polices do not provide.  We urge the Government to ensure that any new proposals include insurance industry involvement particularly as the Government’s own Insurance Industry Working Group report recently advocated this sort of partnership.”

      Flood and Water Management Bill

      “Managing the UK’s rising flood threat better is crucial for the five million properties at risk of flooding.  It is also essential to ensure that flood insurance remains widely available. We welcome this Bill which should represent an overhaul in flood management, which we have long campaigned for. Its progress into law should be a priority.”

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        Several newspapers have reported that pregnant women and other vulnerable people are refusing to have the swine flu vaccine. The Times reported that a poll of GPs found that only 46% of people who were offered the vaccine have accepted it, and one doctor estimated that only 5% of pregnant women have had it.

        The news reports are based on a “snapshot” survey of 107 GPs. The survey asked how likely they were to hit the government’s target of vaccinating at least half of their patients who are under 65 and in high-risk groups this winter, and the estimated vaccine uptake in their practice.

        It is not clear if the experiences of this relatively small sample of GPs can be viewed as representative of the 30,000 other GPs in the UK. This picture of overall uptake is based purely on these 107 GPs’ estimates. It is also possible that these GPs chose to take part in the survey themselves, and GPs who chose not to take part may have a different experience of vaccine uptake.

        Based on this survey, it can’t be assumed that there is similar vaccine uptake nationwide, or that particular groups, such as pregnant women, are more likely to reject the vaccine.

        What are the news reports based on?

        These news reports are based on two articles in Pulse, a magazine for GPs. Both articles are on the swine flu vaccination programme, which has been in progress since late October. One article, on overall uptake, was based on a “snapshot” survey of GPs that was recently carried out by the magazine. The other, on uptake in pregnant women, may be from the same survey, but this was not made clear.

        One of the articles reports that GPs are “braced” to miss a target that was set by the government to vaccinate at least half of all people in high-risk groups aged under 65 against swine flu during this winter’s campaign. The other article reports that pregnant women are rejecting the vaccine because of fears over its safety.

        Pulse surveyed 107 GPs, asking them whether they felt they would achieve this target in their practice and to estimate how many of the people who were offered the vaccine in their practice had accepted so far. They could also make any other relevant comments.

        What did the survey find?

        The survey found that only 37% of GPs believed that their practice could achieve the government’s target, based on their experience so far. Just over half (53%) said they would not hit the target, and 10% said it was too early for them to say. The reasons given by GPs for not hitting the target are a low uptake of the vaccine by those who were offered it, and delays in receiving vaccine supplies. Just over half the practices had started the vaccination campaign, and these practices estimated that less than half the people offered the vaccine had accepted it.

        In the article on vaccine uptake in pregnant women, one GP estimated that only 5% of pregnant women in their practice had agreed to be vaccinated, while another GP estimated that the figure in their practice was less than 25%. Other GPs stated that there was scepticism about the vaccine among their pregnant patients.

        Do these findings represent all GPs?

        This survey cannot answer that question. It was a relatively small survey which asked GPs’ opinions on the likelihood of reaching vaccination targets and their estimates of vaccine uptake in their practices. It is not clear how these GPs were selected to take part in the survey, how many of those who were asked agreed to take part, or which areas of the country were covered. The figures on overall uptake were based on the GPs’ estimates.

        The only figures that estimated uptake in pregnant women came from two GPs, whose estimation differed about fivefold (one in 20, and less than one in four). It is difficult to gauge uptake based on this limited survey, and it is not possible to say whether these results are representative of the entire country.

        Regarding reasons for low uptake, the GPs could only state the concerns that their patients had reported to them. It is not possible to say how representative these reports were of people’s reasons for not having the vaccine. It is also not clear whether certain at-risk groups are more likely to reject the vaccine than others.

        What are the problems with supply?

        Pulse reported that each practice in England and Wales, regardless of size, was due to receive an initial delivery of 500 doses of the vaccine, and GPs should be able to order further deliveries from mid-November. However, the magazine says that larger practices reported not having enough doses of the vaccine to go round, which has lead some of them to delay their vaccination campaigns.

        What reasons were given for rejecting the vaccine?

        The GPs surveyed said that people who rejected the vaccine did so because of concerns about its safety and the risk of side effects, which were reported as headaches, sleeplessness and stomach cramps. Some GPs also reported that patients were concerned over an ingredient in the vaccine called thiomersal.

        Pandemrix is one of the two swine flu vaccines being used in the UK. It contains a very small amount of thiomersal as a preservative. It is added to prevent bacterial or fungal contamination occurring during the preparation, storage and use of the vaccine.

        In the 1990s, some people raised concerns about the use of thiomersal in vaccines, which lead the WHO Global Advisory Committee on Vaccine Safety to review the scientific evidence about its safety, which it did most recently in 2006. It concluded that “there is no evidence of toxicity in infants, children or adults exposed to thiomersal in vaccines.”

        Are the vaccines safe?

        Both swine flu vaccines (Pandemrix and Celvapan) have been authorised for use by the European Medicines Agency (EMEA). Vaccines would not be licensed if they were considered unsafe.
        What is known about the safety of these vaccines is based on clinical trials of prototype bird flu vaccines and trials using the swine flu vaccine itself. Based on these studies, the swine flu vaccine has been judged to be acceptably safe for use.

        People who are offered the vaccine and are concerned about its safety should discuss this with their doctor.

        Does the vaccine have any side effects?

        The Medicines and Healthcare products Regulatory Agency (MHRA) reports that “as with any vaccine, the swine flu vaccines will cause side effects in some people, although not everybody will have a side effect. The most common side effects will be injection site reactions (pain, swelling and/or redness), headaches, dizziness, muscle aches, mild fever and fatigue. These side effects are mainly mild and last only two to three days. Some of these symptoms may be similar to a mild flu-like illness, although it should be stressed that the vaccines cannot cause swine flu itself.”

        Because clinical trials are relatively small, they may not identify very rare side effects. To identify these, the side effects of the swine flu vaccine will be monitored as it is used. It is important to note that the same is done for all new medicines and vaccines, not just the swine flu vaccine.

        Who should be vaccinated and why?

        Although swine flu is mild in most people, some people who get swine flu have serious complications, which can be fatal. To reduce the risk of these complications, the vaccination programme prioritises people who are most at risk of having complications from swine flu. These priority groups are:

        • People aged between six months and 65 years who belong to at-risk groups that would usually be offered the seasonal flu vaccine (see below).
        • Frontline health and social care workers.
        • Pregnant women.
        • People who live with those whose immune systems are compromised, such as cancer patients or people with HIV/AIDS.
        • People aged 65 and over who would usually be offered the seasonal flu vaccine.

        Frontline health and social care workers are prioritised because they deal with at-risk groups, so are more likely to catch and spread swine flu to at-risk patients. Prioritising them also aims to ensure that the health service will continue to run smoothly during the pandemic.

        People who would usually receive the seasonal flu vaccination include those who have:

        • Chronic respiratory disease, such as chronic obstructive pulmonary disease (COPD).
        • Chronic heart disease, such as heart failure.
        • Chronic kidney disease.
        • Chronic liver disease, such as chronic hepatitis.
        • Chronic neurological disease, such as Parkinson’s disease.
        • Diabetes requiring insulin or oral diabetic medications.
        • Immunosuppression (a suppressed immune system) due to disease or treatment.

        Why is it important for pregnant women to be vaccinated?

        Pregnant women are one of the groups that are more likely to have serious complications if they get swine flu, which could result in miscarriage and premature labour.

        There is evidence that pregnant women are at increased risk of severe disease and of being admitted to hospital with flu-related problems. The risk increases as the pregnancy progresses, and women in the third trimester of pregnancy are particularly at risk. (WHO 2009, Jain et al., 2009, Jamieson et al., 2009).

        The World Health Organization has stated that 7–10% of all hospitalised patients with swine flu are pregnant women in their second or third trimester. Pregnant women are 10 times more likely to need care in an intensive care unit than the general population. (WHO, 2009).

        Complications in pregnant women, based on information on seasonal flu, may include pneumonia and cardiorespiratory complications. (Kort BA et al., 1986; Neuzil KM et al., 1998).

        Both swine flu vaccines have been licensed for use in pregnant women, but it is recommended that they should be given Pandemrix. This is because it appears to give adequate levels of antibodies after a single dose, protecting the recipient more quickly than Celvapan, which requires two doses given three weeks apart.

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        Salaam Halal, the Islamic insurance company launched last July, has informed suppliers and partners it is now in “solvent run-off”. It is no longer accepting new requests for insurance quotations.

        With 10,000 policyholders, Salaam Halal are now looking for investment and would honour all existing policies until they expire.

        Chief executive of Salaam Halal, Bradley Brandon-Cross said the company had originally hoped to raise £80m, meaning it was left with a shortfall.

        The insurer failed in raising more money as they had been hit by the global economic downturn.

        Mr Brandon-Cross told the insurance trade magazine Post: “Regretfully, a recent rights issue did not produce sufficient funds to support the company’s continuation beyond the life of current customer policies.

        “We had planned to raise some more, but unfortunately the Gulf states have been as badly impacted by the credit crunch as anywhere else. People there have invested on the New York and London stock markets, and property too. Since we stopped taking on new business we have had a number of enquiries from potential investors interested in continuing the firm, but these negotiations are at a very early stage.”

        Salaam Halal sold “takaful” products, which are compliant with the Koran. This forbids the practice of interest, risk and speculative behaviour.

        Instead, customers invest into a pool that pays out whenever a claim is made. Operating companies run the pools and invest their funds according to Islamic law.

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        French insurer AXA said on Thursday that there was no change for now to its offer made with partner AMP for AXA Asia Pacific Holdings, despite speculation the bid may be raised.

        “At this stage, AXA and AMP have not withdrawn or otherwise modified their joint proposal which remains open and valid in all respects,” AXA said in a statement.

        Earlier this month, AXA Asia Pacific rejected a cash and share offer from its parent company AXA SA and AMP worth roughly A$12 billion ($11.20 billion).

        Under the bid, AMP agreed to sell AXA Asia Pacific’s Asian arm to its French parent for around A$7.7 billion, while AMP would keep AXA Asia Pacific’s Australian and New Zealand businesses.

        However, AXA Asia Pacific’s shares have traded above the implied offer price since the proposal was unveiled on Nov. 9, suggesting that market participants are betting on a revised higher bid.

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        US Senate Democrats on Wednesday unveiled a historic plan to extend health coverage to more than 30 million Americans who lack it now and set the stage for a key test vote as early as this weekend.

        US President Barack Obama, who has made such an overhaul his top domestic priority, hailed the new legislation as “a critical milestone” that brought the United States “closer than ever” to a better health care system.

        “The challenges facing our health care system aren’t new — but if we fail to act they’ll surely get even worse,” said Obama, who had sent Vice President Joe Biden and other top aides to lobby wavering senators throughout the day.

        The non-partisan Congressional Budget Office says the plan will cost 849 billion dollars over ten years, while extending coverage to 31 million Americans who currently lack health coverage, said a Democratic aide.

        CBO’s preliminary estimate was that it would also cut the federal budget deficit by 127 billion dollars over the next decade, and 650 billion the 10 years after that, the aide said on condition of anonymity.

        Democrats on paper have the 60 votes needed to win on a procedural vote, as early as Saturday, to formally launch the debate but must keep two independents and a handful of waverers in their own party to do so.

        “We have traveled a long ways to where we are, and tonight begins the last leg of this journey,” Democratic Senate Majority Leader Harry Reid said with guarded optimism. “The finish line is really in sight.”

        “Absolutely,” Democratic Senator Tom Harkin, who became chairman of the Senate Health, Labor and Pensions Committee after Democratic icon Ted Kennedy died in August, said when asked whether Democrats would prevail this weekend.

        Republicans seemed united in opposition to the measure, with Senate Minority Leader Mitch McConnell condemning it as “another trillion-dollar experiment” and warning “the American people know that is not reform.”

        The House of Representatives approved its own trillion-dollar version of the legislation on November 7, squeaking through on a 220-215 margin only after toughening restrictions on federal funds subsidising abortions.

        The Senate version allows a government-backed “public option” health insurance plan to provide abortion but bars federal monies from paying for the procedure, a Democratic aide said.

        If, as expected, the House and Senate approve different versions, they would need to work out their differences and approve the same legislation to send to Obama to sign into law.

        “I look forward to working with the Senate and House to get a finished bill to my desk as soon as possible,” said the US president.

        “From day one, our goal has been to enact legislation that offers stability and security to those who have insurance and affordable coverage to those who don’t, and that lowers costs for families, businesses and governments across the country,” he said, stressing the bill “meets those principles.”

        The United States is the world’s richest nation but the only industrialized democracy that does not ensure that all of its citizens have health care coverage, with an estimated 36 million Americans uninsured.

        And Washington spends vastly more on health care — both per person and as a share of national income as measured by Gross Domestic Product — than other industrialized democracies, according to the Organization for Economic Cooperation and Development.

        The United States spent about 7,290 dollars per person in 2007, more than double what Britain, France and Germany spent, with no meaningful edge in the quality of care, and lags behind OECD averages in key indicators like life expectancy and infant mortality.

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          ING announced today that the European Commission has formally approved the restructuring plan submitted by ING. Under European rules, companies that received state support in the context of the financial crisis are required to submit a restructuring plan to demonstrate their long-term viability and prevent undue distortions of competition.

          With this decision the Commission has also given final clearance for the issuance of Core Tier 1 securities to the Dutch State and for the Illiquid Assets Back-up Facility

          As announced on 26 October 2009, in line with our Back to Basics programme to reduce complexity, key elements of ING’s restructuring plan include a complete separation of banking and insurance (including ING Investment Management).

          Under the plan, ING will also divest ING Direct USA and a new company comprising selected mortgage and consumer lending activities in the Netherlands.

          In order to get approval for the restructuring plan, ING has agreed to make a series of additional payments to the Dutch State corresponding to an adjustment of the fees for the Illiquid Assets Back-up Facility amounting to a net present value of EUR 1.3 billion before tax.

          In conjunction with the restructuring plan, ING has reached an agreement with the Dutch State to facilitate early repayment of half of the Core tier 1 securities issued in 2008. ING intends to use the opportunity to repurchase EUR 5 billion of Core Tier 1 securities in December 2009, financed by an underwritten rights issue.

          Jan Hommen, CEO of ING commented: “This decision is an important step to leave the financial crisis behind us and create a new and exciting future for ING. The formal approval of the European Commission further clears the path for the next phase of our Back to Basics programme, which we will execute to support the success of our businesses in the interests of all our stakeholders.”

          The above mentioned strategic measures are expected to be executed by the end of 2013. The strategic decision to separate banking and insurance operations (including Investment Management) and the proposed rights issue will be presented for approval to an Extraordinary General Meeting of shareholders on 25 November 2009. In addition, several of the intended measures are conditional on the approval or advice of the Works Council and various regulators.

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          AMP Ltd. Chief Executive Craig Dunn said Tuesday the wealth manager’s proposed takeover of AXA Asia Pacific Ltd. has to make sense economically.

          Some analysts have said an increase in the value of the joint proposal with AXA SA will be required to get an agreement from the independent directors and minority shareholders of AXA Asia Pacific.

          “Combining with AXA would accelerate the delivery of key parts of our strategy and make us even more competitive, but it only makes sense at a price that’s economically responsible,” Dunn said in an address to business people at a Trans Tasman Business Circle lunch in Melbourne.

          “We’re a financially disciplined company and will remain so,” he said.

          The existing offer has been rejected by AXA APH’s independent directors. Under the complex proposal, each minority AXA APH shareholder would receive 0.6896 AMP shares and around A$1.38 cash for each of their shares. The cash component of the offer varies with movements in the A$/US$ exchange rate but will be at least A$1.2071 per share.

          AMP would buy AXA APH, including the 53.9% owned by AXA SA, and keep the Australian and New Zealand businesses. It would then sell the Asian operations to Paris-based AXA SA for around A$7.73 billion.

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          Goldman Sachs Group chief executive Lloyd Blankfein (which received the second largest payback from AIG over CDS contracts) said his firm “participated in things that were clearly wrong” in the lead-up to the financial crisis, Bloomberg News reported on Tuesday.

          Blankfein apologised during a conference in New York hosted by Directorship magazine, Bloomberg said.

          “We participated in things that were clearly wrong and have reason to regret,” Blankfein said. “We apologise.”

          As a result of the crisis, Goldman Sachs and competitors received billions of dollars in bailouts from taxpayers.

          Goldman Sachs has repaid the $10 billion (5.9 billion pounds) it borrowed from the U.S. government and has reported more than $3 billion in profits during each of the past two quarters. Its quick turnaround and potential for outsized bonuses so soon after the crisis have brought a public relations problem for Goldman.

          A Goldman Sachs spokesman did not immediately return a message seeking comment.

          With Reuters