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Sofia Ashmore

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zurich_main_new_logoDespite the impact of highly adverse economic circumstances as well as the continued deterioration of financial markets during the first quarter, Zurich Financial Services Group (Zurich) reported today another solid operating performance for the first three months of 2009, showing a continuous improvement over the discrete third and fourth quarter performance in 2008. Zurich achieved these results based on its continued focus on financial and underwriting discipline, operating efficiency, robust risk management and its well-balanced portfolio of businesses.

“We have shown continual quarter on quarter improvement since the financial crisis began, and remain confident in our strategy despite the ongoing financial turmoil,” remarked Zurich’s Chief Executive Officer James J. Schiro. “Though we anticipate 2009 to remain challenging, I am pleased with our ability to maintain our strong solvency ratio and add to shareholders’ surplus while capitalizing on market opportunities that emerge.”

Three-month performance highlights1 include:

  • Business operating profit (BOP) of USD 1.1 billion, a decrease of 40%. Annualized BOP ROE2 after tax of 14.8%
  • Net income3 of USD 362 million, a decrease of 75%. Annualized return on equity (ROE) of 6.6%
  • General Insurance gross written premiums and policy fees of USD 9.8 billion, down 12% or 3% in local currencies, and a combined ratio of 95.8%
  • Global Life new business value4, after tax, down 7% to USD 149 million, with new business margin, after tax (as % of APE), of 20.6%. APE basically unchanged but up 16% in local currencies
  • Farmers Management Services’ management fees and other related revenues up 6% to USD 623 million
  • Shareholders’ equity of USD 22.3 billion, an increase of 1% over year end

The Group continued to exploit profitable opportunities, expanding its product range and distribution capabilities organically as well as through the ongoing successful integration process of its recent acquisitions completed in Europe, the US and emerging markets. Furthermore, Zurich continued to reap the benefits of the continuous improvements embedded through The Zurich Way initiatives, targeting USD 900 million of after-tax benefits for each year from 2009 until 2011 as well as an additional USD 400 million in expense savings for 2009 to mitigate current economic challenges. The company is well on track to achieve both targets this year.

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accident insurance

AIG UK has announced improvements to its Lifeline Plus Group Personal Accident product. For regional brokers who are targeting Group Personal Accident business with AIG UK, the product provides wider cover than would normally otherwise be available in the market and is designed to appeal to brokers by simplifying their discussions with their clients.

This product enhancement is the latest example of our commitment to the regional market, where AIG focus on creating a tailored set of products that are highly relevant to broker needs.”

The improved Personal Accident product follows the introduction of AIG highly successful Commercial Combined product range, improved Private Edge and Professional Indemnity offerings, Motor fleet offering, and recently launched Environmental product, Enviropro, for the SME market.

As well as focusing on providing relevant products, AIG UK is also striving to be more accessible to this market by placing underwriters closer to brokers. In response to local demand, AIG UK opened a Newcastle office in October, as well as placing underwriters around the UK in areas including South Wales, Kent and East Anglia.

This is all part of providing a high level of service to regional brokers. Feedback from our Regional Broker Forums tells that this approach is already delivering in terms of providing brokers with easy access to underwriting expertise, prompt underwriting decisions and service that is relevant to the needs of brokers and their clients.

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Here are the 15 news-insurances secrets of a long life :

A series of 15 simple steps could – in theory – add up to 77 years to your life, according to new research from AVIVA. What’s more, a positive outlook and laughing a lot could add more years than a balanced diet and staying in shape!

Data has identified a list of 15 factors which could – theoretically – bump up the UK average life expectancy (1).

The study pinpoints how many years certain habits or lifestyle choices could actually add to an individual. The age enhancers range from the more obvious – such as not smoking and maintaining a healthy weight – to the more bizarre, such as flossing one’s teeth or having a pet! For example:

  • Be married/live with a partner – add one year (2)
    Data shows people who are married or live with a partner can expect to live on average a year more than their single friends.
  • Maintain a healthy weight – add six years (2)
    Being severely obese (having a BMI of above 40) could reduce your life expectancy by around four years. According to the Food Standards Agency a healthy BMI level is between 18.5 and 25. On the other hand, being underweight might reduce your life expectancy by around two years, so maintaining a healthy weight is vital.
  • Don’t smoke – add 10 years
    People can add as much as 10 years to their lives simply by not smoking. Research carried out at the University of Helsinki has found that that people who don’t smoke can expect to live up 10 years longer than those who smoke 20 cigarettes a day.
  • Love to laugh – add eight years (3)
    According to scientific studies, people who laugh for 15 minutes each day could live add an extra eight years to their lives.
  • Be a woman! – add 3.3 years (4)
    Right around the world, women tend to outlive men by around 10%. According to Government statistics, currently in the UK women have a projected average life expectancy of 91.8 years at birth, compared to 88.5 years for men.
  • Clear out the clutter – add one year (5)
    People who live in jumble and chaos are more likely to feel stressed and depressed. Sorting out this disorder can add another year.
  • Eat well… – add 6.6 years
    According to Erasmus University in Rotterdam, a diet which includes daily consumption of garlic, wine, vegetables, fruits, almonds and dark chocolate could extend life expectancy by up to 6.6 years.
  • … and eat less meat! – add 3.6 years
    A study carried out at Loma University in the US found that people who ate meat less than once a week on average lived 3.6 years longer than their carnivore counterparts.
  • Have a positive outlook – add nine years (5)
    Studies have shown that those with an optimistic outlook are less prone to viruses and recover quicker from illnesses and injuries. These people tend to act in “healthier” ways than negative people by taking more exercise and enjoying social activities.
  • Live in Eastbourne – add 6.2 years
    According to The Grim Reaper’s Road Map, a study compiled by the University of Sheffield, inhabitants of West Eastbourne in East Sussex have the longest life expectancy of any town in Great Britain, living 6.2 years higher than the national GB average. Central Livingston in East Central Scotland has the lowest life expectancy in Great Britain at 67.2 years.
  • Keep the faith – add three years
    Numerous studies have unearthed links between having a faith and enjoying a long life. According to the University of Pittsburgh, people who attend weekly religious services can expect to live around three years longer than non-attenders.
  • Be born later – add up to 6.1 years
    According to the Government Actuary’s Department (GAD), people born 25 years ago had an average life expectancy of 84.6 years for men and 88.5 years for women. People born in 2009 now have an average life expectancy of 88.5 (males) and 91.8 (females). Predictions from GAD suggest that people born 25 years from now could live as long as 91.7 (men) and 94.6 (women)!
  • Get a good night’s sleep – add five years (5)
    Poor sleep can contribute to a number of medical factors which can put people at risk of heart disease. Those who regularly get at least six or seven hours’ sleep can hope to live up to five years longer than those who sleep badly.
  • Floss your teeth – add six years (6)
    Flossing your teeth daily can add as much as six years to your life expectancy by removing harmful bacteria that can contribute to cardiovascular disease.
  • Get a pet! – add two years (5)
    US research shows that people with pets are less likely to suffer from depression and visit their doctors less often than those without. It is also said that stroking a pet can reduce blood pressure and stress levels.

A person’s life expectancy is pre-determined to some extent by their genetic make-up, but there are a number of steps people can take to give themselves the best chance of living longer. “While we aren’t really suggesting that someone adopting all of these practices will automatically add more than 70 years to their life, our research shows that broadly speaking these activities will have an effect on life expectancy.

People in general are living longer, so it’s ever-more important that people think now about how they are going to fund their later lives. People in their 20s and 30s should look to get advice sooner rather than later to enjoy their longer lives as much as possible. By changing our actions and outlooks and by planning ahead, we could – in theory – hope to live longer and enjoy ourselves all the more at the same time!

1 For females: The Government Actuary’s Department shows that females born in 2009 have a projected life expectancy of 91.8 years. By adding together the extra years provided by all of the separate activities listed above, one could in theory add 76.8 years to their life expectancy. This, added to the original life expectancy of 91.8 years for women born in 2009, gives a total of 168.6 years.

Source: Government Actuary’s Department: Cohort expectation of life tables 2006: Life expectations for males born in 2009: 88.5 years; for females 91.8 years.

2 Source: Norwich Union annuities.

3 Source: Humour specialist, Kate Hull Rodgers Humour Us.

4 Source: Government Actuary’s Department: Cohort expectation of life tables 2006: life expectancies for people born 2009.

5 Source: The Long Life Equation, Dr Tricia Macnair

6 Source: The University of Chicago

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As the agricultural industry diversifies and the risks multiply, employers must be aware of the dangers to employees and visitors.

As part of its 2009 Simply Safety campaign, Aviva’s UK Insurance business is advising workers in the agricultural industry to adopt safe working practices.  The sector has one of the worst records for fatal accidents. On average, 46 people working in the agricultural sector are killed each year – almost one death per week 1 – with many more injured.

Within the agricultural sector there are a number of high risk activities including the use of farm machinery and work at height. With 50% 2 of full and part time farmers having diversified business as they look to increase their income source and respond to new and evolving consumer demands they are faced with new risks. The sector continues to develop and is moving from traditional bed and breakfasts and retail, to sports and recreation, resulting in increases in the nature of the risks, in addition to the number and type of people exposed to them.

The main cause of death is transport – workers being knocked over or vehicles overturning – accounting for 24% of fatalities. This is followed by falling from height (17%)

With the agricultural sector facing many pressures, including financial and inclement weather, we remind farmers not to cut corners or to take greater risks when it comes to health and safety.

Employers have to remember they have a responsibility to those who may be affected by work activity, such as visitors and members of the general public.
Under the Health and Safety at Work Act 1974, employers have a duty to protect anyone who comes into contact with work activity, ensuring adequate provision is made for health and safety ‘so far as is reasonably practical.’ This is achieved by implementing a risk assessment process.

Taking the following steps will help to protect your livelihood, your workers and any other individuals who may be affected by work activity. First, identify any hazards, for example what machinery is being used or whether children are present and could be injured. Of the 464 people killed over the past 10 years, 26 of these were children under the age of sixteen.

Then assess the risks and introduce the appropriate controls. Make sure employees have the correct instruction and training to use equipment or carry out their job and identify and provide any protective equipment that is required.

This could range from wearing the correct protective equipment when using sheep dips to making sure the floor in a farm shop is clean and safe.

You should also consider past accidents. The HSE website contains many case studies and real life examples to illustrate potential risks. Thinking about who could be affected, how someone could be injured and what injuries they might sustain, will help you to assess risk.

In addition to assessing health and safety risks, making sure you have the correct insurance will help to protect your business. Employer’s liability insurance is compulsory but look at whether you need public liability insurance which can provide compensation in the event of property damage or injury to a customer.

A typical commercial package will provide these, but it is vital that your broker and insurer have a clear idea of what you do and that you update them with any changes – for example if you decide to offer a service such as bed and breakfast, shooting or recreational quad biking, as it this may affect your premium.

A typical commercial package will provide these, but it is vital that your broker and insurer have a clear idea of what you do and that you update them with any changes – for example if you decide to offer a service such as bed and breakfast, shooting or recreational quad biking, as it this may affect your premium.

In addition to the Health and Safety Executive (HSE), you should also bear in mind other enforcement organisations and policy bodies such as the Department of Environment Food Rural Affairs (DEFRA) and local authorities who have their own regulations.

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Hughes Insurance, offers a range of benefits as standard cover for all their customers – at no extra cost. All of which are particularly useful to female drivers. It includes, handbag cover, home start, new car replacement, windscreen cover, hotel expenses, child seat cover and many others. In particular the breakdown cover offered will provide assistance in circumstances such as a flat tyre, running out of fuel or lost keys.

Gareth Brady, Chief Executive at Hughes Insurance comments: “Hughes Insurance offers all our customers to feel safer when travelling. Peace of mind is priceless for everyone – especially for mums or young professionals who rely on their cars to get on with their lives. From breakdown cover to hotel expenses, female drivers in Northern Ireland can have confidence in our product. Insurance is about protection and having the right cover will give drivers the independence and security they need when on the road. We have tailored our package of benefits to suit Northern Ireland.

Hughes Insurance currently employs over 180 staff across 12 branches in Northern Ireland. Hughes recently invested Pounds Sterling 1 million to develop and grow the business.

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The recent downfall in the economy worldwide has left most people feeling the pinch, so the last thing they want to think about is forking out loads of money on their insurance excess when they have to make a claim and that’s exactly where insure4excess.com can help.

Insure4excess.com is part of insurance4carhire.com, an online insurance company established six years ago to provide products protecting consumers against high car rental excess charges.

For a low, annual premium, Insure4excess.com provides excess insurance and is about to launch a new policy available at amazing prices and perfect to protect customers from the dreaded excess costs.

LIFESTYLE EXCESS POLICY

The lifestyle excess policy covers the excess that is payable on the five main insurances for 12 months; Home, Motor, Health, Travel and Pet Insurance and can be purchased at any time throughout the year to provide three different levels of excess cover.

The Bronze Level of excess costs £49 and covers up to £250, Silver level costs £75 and covers up to £500, while the Gold Level costs £99 and covers up to £750. With each of the three levels of excess cover there is a total excess limit on the policies, which varies depending on the cover chosen.

For example, on the Gold Lifestyle product customers are able to claim on any of the five key insurance excesses as many times as is necessary during the life of the policy and up to the excess limit of £750 for the Gold Policy.

A perfect example of how much consumers could save would be with the fictional character Miss JennyJones. Jenny is a homeowner, sharing a flat with her cat Tony. She drives a Ford Fiesta and would be able to claim up to £750 combined across her pet, home and car insurance excess over an annual period should she have to make three individual claims – all by paying
just £99 for a 12 month period.

Travel insurance excess is normally about £60 so if Jenny were to purchase the gold product (with a £750 limit) and had to claim off her travel insurance, insurance4excess.com would reimburse Jenny with the £60 excess that she initially had to pay out. This would then leave Jenny with £690 left for the year to claim. In addition if Jenny had to claim on her car insurance, the excess is usually £100 and she would again be reimbursed, this time leaving her with £590 left for the year.

The excess is an aggregate amount over a year and customers can claim it back if it is triggered on home, car, pet, travel and healthcare insurances. An unlimited number of claims can be made by Jenny across the annual period -all for up to a maximum of £750 in one year.