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Scotland has a global reputation for financial services excellence, with the infrastructure and skilled workforce that can deliver success, the Finance Secretary will say in a speech to industry leaders at Scotland House in London this evening.

Mr Swinney is to host the Scottish Government reception, which is part of a programme of Ministerial activity to capitalise on the global interest in the Olympics by showcasing Scottish industries and promoting inward investment to Scotland.

Representatives of Scottish, UK and international financial services businesses are expected to attend the reception at Scotland House. The Vice Chair of the Association of Foreign Banks in London, Roger Gifford, and Scottish Enterprise Chief Executive, Lena Wilson, will also address the event.

Scotland is the home to global and European headquarters of major banks including RBS, Clydesdale as well as Virgin Money and Tesco Bank. More than 27 per cent of all UK life and pensions employment is in Scotland, which is home to the headquarters of AEGON UK, Scottish Widows and Standard Life. Around £750 billion of assets are managed in Scotland, and we also have a strong and growing asset servicing sector with companies such as Blackrock, BNY Mellon, BNP Paribas and State Street all having a presence in Scotland.

In his address, Mr Swinney will highlight the benefits of Scotland and the City of London working together to strengthen the financial services industry across the UK.

Finance Secretary John Swinney said: “Scotland has a global reputation for financial services excellence, with the infrastructure and skilled workforce that can deliver success.

“Our diverse and thriving financial services sector contributes around £7 billion to Scottish GDP and employs approximately 86,000 people. Some of the biggest names in the industry have established operations in Scotland and this is testament to our rich financial heritage and position as a world leader in finance.

“The Scottish Government and our enterprise agencies recognise the substantial contribution the financial services industry makes to our economy. We recognise that strengthening links between Scotland and the City of London – and the many financial centres around the world – is important to ensure the future success of the sector.

“Through working together, we can secure new investment and job opportunities and capitalise on the unprecedented opportunity to celebrate and showcase our expertise and skills with the many thousands of business people who will travel to London for the Games.”

Scottish Enterprise Chief Executive Lena Wilson said: “There are already strong links in place between the banking communities in Scotland and London with employees in different locations working alongside each other on a wide range of projects and corporate deals.

“The decision by BIS to locate the Green Investment Bank in Edinburgh with a transactions team in London will be a huge opportunity to strengthen these links. It is also a great example of how we are focusing in on Scotland’s real strengths to grow Scotland’s economy – bringing together the expertise and international reputation of Scotland’s financial services sector with the massive potential and assets that exist around renewable energy in Scotland.”

Vice chair of the Association of Foreign Banks in London and Head of Swedish bank SEB’s UK operations, Roger Gifford, also highlighted that the City of London has enjoyed strong historic links with Scottish financial services but these could be strengthened to help develop the industry across the UK.

Mr Gifford said: “As well as the more obvious strengths in Scotland such as banking, insurance and asset and wealth management, Scotland’s financial and professional services has significant expertise in law and the maritime sector which is an important part of its total offering.

“It is clear that our biggest competition in financial services – for both London and Scotland- are countries such as Luxembourg, the Baltics, Switzerland and Singapore. By developing on the links that already exists between our two financial communities, we can combine our expertise and focus on who our competitors really are.”

Lord Mayor of London David Wootton said:

“As we celebrate the thirtieth Olympiad and welcome so many visitors to this country, we have a unique opportunity to showcase the very best of British business to the world. Scotland has impressive financial services credentials and a rich heritage in banking. As Lord Mayor, I value our close and productive business relationship with Scotland’s financial services – comprising high quality companies and unique pool of talent.

“The UK’s financial services sector has faced significant challenges in recent years. Collaboration between financial communities across the country is essential in retaining our position as the world’s pre-eminent financial services centre – creating jobs and growth for the benefit of all.”

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Switzerland has given the green light for prenatal testing for Down’s syndrome, Swiss media reported Sunday. 

The controversial test will be available in the country from mid-August following the decision by Swissmedic, the national agency for therapeutic products, Neue Zuercher Zeitung Sonntag reported.

The test, developed by life science specialists LifeCodexx, involves screening pregnant women’s blood samples to either rule out or confirm the presence of foetal Down’s syndrome, which is also known as trisomy 21.

The German-based firm describes the procedure, marketed as PrenaTest, as a “risk-free alternative to common invasive examination methods such as amniocentesis”.

Demand is high in Switzerland from doctors and expectant mothers, the company said. The test will also be marketed in Germany, Austria and Liechtenstein, according to the German-based firm’s website.

The development follows an attempt by the international federation of Down’s syndrome organisations to convince the European Court of Human Rights that it should not recognise people’s right to such tests.

The federation, grouping 30 associations in 16 countries, said in June that the Strasbourg court must “recognise the human condition and protect the right to life of people with Down’s syndrome and those handicapped”.

Geneva, Switzerland, July 29, 2012 (AFP)

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The European Insurance and Occupational Pensions Authority (EIOPA) has published today its 2012 IORP Report on Market Developments. 

The report provides a general overview of the developments in cross-border arrangements of institutions for occupational retirement provision (IORPs) for the period June 2011-June 2012. The results of the report show that during the reporting period 6 new cross-border IORPs have been reported and 6 cross-border IORPs were withdrawn.

Therefore, in total, there was no change in the number of IORPs operating cross-border comparing to the 8% increase in 2011.

The number of home states (the countries in which the IORP has its registered office and/or its main administration) did not change comparing to 2011 and remains 9. The number of host states (the countries whose social and labour law is relevant to the field of occupational pension) has decreased to 22 from 23 in 2011.

In general across the European Economic Area only 8 countries are not in the list of host states.

The current publication is the 6th report in a series on market developments, which were produced first by CEIOPS and later on by EIOPA.

The text of this report can be viewed on the EIOPA website (Link: https://eiopa.europa.eu/publications/reports/index.html ).

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Slovakia’s prime minister said Wednesday he wants to reduce national healthcare to a single state-owned insurer as of 2014, and is mulling the takeover of two private health insurance firms. 

Prime Minister Robert Fico said Slovakia could either buy the privately-owned insurers outright or nationalise them with compensation.

“I would prefer an agreement with private insurers, but I’m not afraid to say that expropriation is a legitimate way too,” Fico told journalists in Bratislava.

The price for both companies will be set by an international auditor, he added.

“We want to introduce a system of one health insurer instead of several health insurers,” said Fico, who is also the leader of the Smer social democratic party.

“Privately-owned health insurers should leave the Slovak market,” said Fico, often labelled a populist by the country’s right-wing opposition.  “Slovakia’s health care system has been suffering from a lack of funding, while private insurers turn a profit based on public money,” said the prime minister, adding the money should be instead channelled for the health care providers.

All Slovak citizens have to pay health insurance but they can choose between the state-owned General Health Insurance Company (VsZP), the private-owned Dovera or Union insurance, owned by Dutch insurance group Eureko.

The insurers then pay doctors and hospitals, but there is not much difference between the quality of health care for state-insured and private-insured clients.

Bratislava, July 25, 2012 (AFP)

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SSP has appointed Paul Webb to the position of head of delivery for its insurer division. In his new role he will be responsible for building on the success of the current team to further enhance the quality of its software delivery to SSP’s 130 insurer division customers across the globe. He will report to Steve Lathrope, managing director of the insurer division.

Webb brings more than 20 years’ experience in project and IT related positions and spent more than 15 years in senior IT delivery roles at Lloyds TSB. Most recently, he was head of transaction banking development at Misys plc where he was responsible for product development and the delivery of major banking solutions.

Steve Lathrope said: “We are committed to continuously improving our operations to drive further improvements in quality and efficiency, and most importantly enhance our customers’ experience. The proven track record and huge amount of knowledge and expertise that Paul brings in IT delivery makes him the perfect candidate for the role and I am delighted to welcome him on to the team.”

Paul Webb said: “This is a very exciting role and I’m especially pleased to be taking it on at a time when the delivery and development of technology has never been more important for the insurance industry. The insurance companies and MGAs that develop, deliver and evolve their IT most successfully in the coming years will generate significant advantages over their competitors and this is exactly what we are offering to our customers.”

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Our gardens are often a sanctuary of colour and calm, and the result of sweat, toil and no small expense. However, everything is not rosy in the gardens of Britain, with the revelation that one in every five (20 per cent) gardens have been pilfered by green-fingered thieves in the last 12 months alone. 

The research, conducted by MORE TH>N Home Insurance, found that from Kent to Cumbria, Brits are seeing their hanging baskets swiped, flower-beds uprooted, towering topiaries replaced by damp outlines and voids left where precious plants once stood proud. What’s more, according to almost a quarter of those surveyed (23 per cent) it’s a problem that’s getting worse every year.

From stunning rose standards to beautiful bay trees, gardens are rich-pickings for burglars in the know, who are taking £72.21 worth of horticultural hauls with each raid – proving that money does grow on trees.

Perhaps unsurprisingly, it is the front of the house that is most often targeted, with 70 per cent of respondents claiming to have had pot plants and trees swiped from right outside their front doors. And as soon as these objects have been uprooted they are used to decorate the thieves’ own gardens, sold on to dealers or offloaded at car boot sales*.

Additionally, it is the valuable plant specimens and carefully cultivated shrubs that are the objects of thieves’ affections, as illustrated by MORE TH>N in the top 10 list of the most stolen horticultural items in Britain today:

TOP 10 MOST STOLEN PLANTS AND TREES

1. Hanging baskets

2. Bay trees

3. Rose standards

4. Olive trees

5. Rare lilies

6. Bonsais

7. Miniature palm trees

8. Magnolia trees

9. Daphne shrubs

10. Conifers

Looking across the regions, it is not ‘The Garden of England’ where green-fingered thievery is in full bloom, but the North East – with 29 per cent of plant theft victims living in the area. Following closely behind is the North West (25 per cent) and East Anglia (24 per cent), while garden-proud homeowners in the East Midlands can sleep easy at night knowing their region has the lowest rate of plant theft in the country (13 per cent).

According to Janet Connor, Managing Director for MORE TH>N: “As we’ve seen from recent incidents of lead being stolen from roofs, thieves are casting their nets ever wider in the search for objects to steal. And as this research unfortunately shows, garden plants and trees are now firmly on the list.

“Cultivating a beautiful garden is by no means a cheap endeavour, with many items, such as Bay trees, commanding price tags of £60 or more. But all the hard work and money spent on creating a lovely outdoor space can be ruined overnight if the garden is an easy target for thieves.”

In light of the findings, MORE TH>N has collaborated with gardening expert and broadcaster Bob Flowerdew to offer a series of handy hints and tips and help guard the gardens of Great Britain.

Bob’s top tips to secure your plants and trees:

1. ‘This plant belongs to…’ – The simplest deterrent is to mark all of your plants with your postcode. Use an indelible marker pen and boldly write your postcode all over plant labels (which can be concealed within the roots or the leaves before planting) containers, vases, urns and tubs.

2. Chain it up! – Hanging baskets are by far the easiest target. Make their support fixing secure and difficult to undo by using wire, small bolts or even an unobtrusive lock and chain. When it comes to securing plants, a weatherproof bicycle lock attached to the containers will make life difficult for any thief. And for larger tubs and planters, a short chain or cable bolted to the container and fixed to a concreted bolt will make it impossible to remove the plants intact.

3. Tug of war – Create bigger holes for your plants and carefully place layers of plastic netting within the roots as you plant them. This will make it infernally difficult to either dig or pull up!

4. Go large – Large, heavy containers are more difficult to steal than smaller ones. Choose bigger planting containers and for the largest add extra weight with broken paving slabs and heavier soil-based compost.

5. Be a prickly customer – Thorny and prickly plants are harder to remove and can act as a barrier to other plants. Position thorny and spiny plants and shrubs (such as Berberis, Yuccas, Briars, and Brambles) around the edges of containers, at vulnerable access points, such as low walls and fences, and around the base or up through the middle of valuable specimens.

6. Take a picture – A photo of a specimen or even of bedding will aid both identification and the claim.

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Families planning to stay in the capital during this summer’s sporting events should expect to pay hotel rates far in excess of double the cost of an average week’s stay, according to new research from Santander 123 World.

The findings reveal that hotels in central London have taken advantage of the huge demand to holiday in the city during the summer, hiking prices by an average of 139 per cent for a week’s stay. The research is based on a family of four and compares the cost of a seven night stay commencing on the 27th July 2012 (the opening ceremony) with the cost of an ordinary week in late August, when the events have finished. Results highlighted extremely steep hotel premiums, finding that visitors to a central London hotel could incur an average extra cost of £2,891.

Four star hotels have some of the biggest premiums, according to the findings, with one central London venue increasing prices by 245 per cent over the period, an eye-watering uplift of £5,666 over a week.

Santander also investigated hotel prices near the Stratford Olympic Park, but found hotels with the new Olympic postcode mainly booked up. In one of the few hotels with vacancies, premiums exceeded even those in central London with an astonishing additional cost of £5,054 – a 301 per cent increase on ordinary rates.

Andy Smith, Santander spokesperson commented: “Although it’s not exactly a surprise that hotels have increased their rates during the opening ceremony weekend, the inflated prices that London hotels have chosen to impose is beyond even the premiums we usually see during popular bank holidays and events. The costs far exceed premiums recorded for national holidays such as the Royal Wedding last year and the recent Jubilee weekend.

“This research highlights just how enormous the demand to stay in London during this summer’s biggest sporting event is. The fact that the few limited rooms available near the Stratford Olympic Park can charge such expensive rates demonstrates how holidaymakers are willing to pay the extra costs.

“To avoid the steepest premiums, families should consider cheaper modes of transport where possible – buses are often low-cost compared to travelling by tube or taxi, and choose hotels further away from the Olympic Park in Stratford.”

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Aria Assistance, the new independent insurance and assistance company formed after the management buyout of Europ Assistance UK & Ireland, has reaffirmed its commitment to providing occupational health services as part of its broader healthcare offer with the acquisition of Premier Occupational Healthcare (POHC).

POHC, which has worked in partnership with Europ Assistance since 2010, is a well-established provider of quality and affordable occupational health and wellbeing services with a highly experienced and qualified team. The acquisition combines Aria Assistance’s world-class 24/7 assistance network, unrivalled case management experience and UK contact centres with POHC’s proven expertise in its sector.

Together, and in perfect synergy, Aria Assistance and POHC will offer employers leading edge services to fully manage both the business risks and regulatory compliance needs of employee health. These include management referrals, medical check-ups and fit notes, drug and alcohol tests, absence management and a growing host of other occupational health and wellbeing services.

As part of Aria Assistance, POHC will remain a distinct business with Paul Richards appointed to the position of Managing Director of POHC as a result of the acquisition. “POHC is a great company with considerable expertise, which will enhance Aria Assistance’s offering in the Healthcare market”. It will utilise the additional resources and capabilities generated by the acquisition to further expand and develop in the specialised health field of occupational healthcare, as well as innovate a wide range of new services and products. Dr Manuel Fernandes the founder of Premier Occupational Healthcare remains with the company focusing on the delivery of medical services to clients.

Patrick Leroy, Aria Assistance’s Chief Executive Officer, is delighted: “This acquisition comes at an exciting time for our developing healthcare business and now we have POHC fully on board, we look forward to working together on major opportunities.”

Aria Assistance has already announced changes to its senior management structure, which will help take the firm’s unique POHC proposition to market and target potential clients.

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RDT announces the appointment of Steve Knight as Client Services Director, with a position on the Executive Board.  Joining this week, Steve is responsible for managing RDT’s strategic partnerships with clients, ensuring product and service development is continually aligned to their business needs.

Best known for founding, then managing Wasp Consulting for 18 years, Steve was responsible for the Yellow Book, the renowned insurance package review that became the industry bible.  So, having literally written the book, Steve is ideally placed to grasp clients’ strategic road maps, proposing actionable advice and support.  In more than 40 years in the insurance market, Steve has run software houses and provided consultancy to many companies, helping them select the right technology solutions for their business needs.

Steve Knight comments: “I had the chance to evaluate RDT’s flagship Landscape package, through WASP Consulting, and was greatly impressed by its agility, flexibility and scalable nature.  This role is a great opportunity for me to bring my knowledge and experience to the business and help RDT springboard to the next level in its growth plans.  I am very excited by the challenge.”

Mark Bates, CEO, RDT explains: “Proactive engagement with our clients at a strategic level is an ongoing priority for RDT.  We are set for even further growth this year and Steve’s appointment will keep us ahead of the curve, ensuring our product development is linked to emerging market trends. We are delighted to welcome Steve to the team.”

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Hiscox is pleased to announce a number of senior appointments; Bob Thaker as Head of UK Claims, Joanne Musselle as Chief Underwriting Officer for Hiscox UK and Ireland, and Penny Shaw as Chief Risk Officer.

Bob Thaker will become Head of UK Claims at the end of July and succeeds Joanne Musselle following her promotion to Chief Underwriting Officer for Hiscox UK.  Bob joined Hiscox two years ago as Head of Central Analysis, a team integral to the development of all the Hiscox business divisions through insight and analysis. In 2010, Bob took on the mantle of Chief Risk Officer and steered the business through a period of change brought about by the implementation of Solvency II.

Joanne Musselle joined Hiscox in April 2002 as a Technical Underwriting Manager, she moved into claims in 2006 and was tasked with developing and implementing the new Group claims strategy.  Since then she has led the award winning claims division at a time of rapid growth and operational change.

Penny Shaw will join the Company from ACE to succeed Bob as Chief Risk Officer in early August. Penny joins from ACE where she was the European Group Head of Risk Management & Capital and Solvency II. Penny has successfully established and led ACE’s European Solvency II programme, delivering on strategic objectives to embed risk assessment and enhanced risk based decision making.

Commenting on the new appointments, Bronek Masojada, CEO, said: “Bob’s dedication to the development of our risk framework has been indispensable over recent years. I am delighted that Bob will be adding his analytical and strategic capabilities to the UK business.

“The Hiscox brand is underpinned by an award winning claims service – at its essence is our expertise and customer care, and Joanne has been critical to its continuing success. This experience coupled with her technical underwriting skills, will be invaluable in her new role as Chief Underwriting Officer for Hiscox UK and Ireland.

“Penny has a wealth of experience in driving improvements in risk management, we are very excited to have her on board.”

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Nearly two out of five adults have suffered life-threatening experiences with the average person cheating death at least once, new research from MetLife shows.

Its nationwide study found 39% of adults have nearly died in accidents with the biggest risks faced on the roads although one in 10 have come close to death at home. The average number of life-threatening experiences during adult life is one – but an unlucky 19% have faced death twice with 8% saying they have suffered three or more life-threatening experiences.

The research found people are most at risk on the road with 49% saying they’ve been involved in life-threatening accidents. Around 35% have been involved in potentially fatal car crashes while 11% have nearly died riding bikes or motorbikes.

Adults may be most at risk travelling but one in 10 has been involved in dangerous accidents while at home or at work. Around 2% have nearly died doing DIY while 5% have suffered near-fatal falls at work.

MetLife believes the research underlines the importance for employees and employers of providing life insurance for staff through employee benefits schemes.

Stephanie Baillie, Employee Benefits Director of MetLife UK said: “Risk is something we all live with day to day and life-threatening experiences are unfortunately relatively common.

“It is reassuring to know that in many cases people survive them. Sadly it is not always the case and insurance cover that protects against life’s uncertainties is absolutely essential and valuable if it is part of a well-designed employee benefits package.”

MetLife has expanded its Group Life Protection product with the introduction of a bereavement and probate service as it continues the transformation of its fast-growing Employee Benefits business.

The new services add further value to the Group Life product, which was re-launched in March, as well as providing support for employees and their families affected by any loss.

Through a telephone helpline, employees who are members of group life schemes and their families will be able to access legal and financial guidance including help with the complicated issues of probate, grants of representation and even family disputes following bereavement, while the service offers unlimited 24-hour bereavement telephone counselling.

 

The new services build on enhancements to the Group Life product including the availability of registered and excepted policies, increasing maximum ages for cover to 75 from 70 and providing early retirement cover to all retirees as well as increasing the maximum temporary cover above the free cover limit from £1.25 million to £3 million.

Additional product launches are planned in 2013 with MetLife also focusing on further developing customer service and distribution to enhance support for customers and intermediaries.

MetLife is one of the fastest-growing life and pensions groups in the UK and has its UK Employee Benefits division in Brighton. Employing around 150 people, it is the UK hub for the sales and administration of its employee benefits and individual protection businesses.

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Motor insurance specialist LV= Broker has been appointed to the schemes motor panel of Equity Insurance Partnerships (EIP), the UK affinity business of Insurance Australia Group.

Effective this month, rates from their Highway product will be included on a number of EIP affinity schemes including; Skipton Building Society, The Royal British Legion’s Poppy Insure, Insure for Retirement, and motor manufacturer Subaru.

Quotes will be offered from EIP’s Colchester contact centre and also via online routes such as partner and aggregator web sites.

Michael Lawrence, Personal Lines Director at LV= Broker, said “We are delighted to be working with Equity Insurance Partnerships. The launch of Highway on the EIP panel is a significant partnership for LV= Broker and an exciting step forward in our personal lines strategy.”

EIP’s Insurer Relationship Manager, Jill Ritchie commented: “As one of the leading names in UK motor insurance, Highway is a tremendous addition to our motor panel. LV=’s specialist underwriting really broadens our offering for policyholders and makes our underwriting platform pretty formidable.”

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Catastrophe risk modeling firm AIR Worldwide (AIR) announced that China Property & Casualty Reinsurance Company Ltd. (CPCR) has licensed AIR’s typhoon, earthquake, and multiple-peril crop insurance models for China to better manage its catastrophe risk.

“Because of the rapid urbanization in catastrophe-exposed regions of China, as well as the overall growth in insurance penetration, we recognize the increasing importance of managing our catastrophe risk holistically,” said Yuanyuan Li, deputy general manager, CPCR. “AIR offers a full suite of models for China, including a multiple-peril crop insurance model, which is a growing and important line of business for us. The complete view of catastrophe risk provided by AIR will enhance our understanding of our loss potential and enable us to fashion better risk management strategies.”

“AIR has had an office in Beijing since 2005, and we continue to leverage our regional knowledge and experience to offer our clients superior customer support and scientifically advanced models,” said Uday Virkud, P.E., executive vice president at AIR Worldwide. “Our business relationship with China Property & Casualty Reinsurance Company reflects our continued focus on and growth in this evolving insurance market, where companies are increasingly turning to AIR for sophisticated tools to assess and manage their exposure to catastrophe risk.”

AIR released the industry’s first Multiple Peril Crop Insurance Model for China in 2011. It provides a fully probabilistic approach for determining the likelihood of losses to the country’s major crops of corn, cotton, rapeseed, rice, soybeans, and wheat. The model employs AIR’s advanced Agricultural Weather Index™ to capture the significant effects that weather-related perils have on each crop during different growth stages. It explicitly models damages resulting from various weather perils, including drought, floods, and typhoons, which are the leading causes of crop loss in China. The model accommodates China’s complex policy conditions, which vary depending on crop type, peril, and province.

The AIR Typhoon Model for China captures the risk from both wind and flood — a critically important feature because standard residential, commercial, and construction-all-risks/erection-all-risks (CAR/EAR) policies cover both perils. The model features a unified catalog of nearly 300,000 events affecting China and other modeled countries in the northwest Pacific, allowing local direct insurers in China to analyze country-specific risk. The model also allows global insurers and reinsurers to seamlessly assess the risk to policies and portfolios that span multiple countries, thereby accounting for loss correlations in a physically realistic way.

AIR’s Earthquake Model for China — the development of which was informed by strategic alliances with leading local research institutions — draws on the country’s long historical catalog, including written records of earthquakes dating back to 780 B.C. The model incorporates a catalog of more than 580,000 simulated events, as well as damage functions for more than 200 construction types and occupancy classes, including damage functions for the CAR/EAR line of business. That line comprises a higher portion of insurance business here than in many other regions because of China’s continued and rapid growth.

 

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The European Insurance and Occupational Pensions Authority (EIOPA) hosted on 11 July a Steering Committee Meeting of the EU-US dialogue insurance project. The 4th Steering Committee Meeting was hosted by Gabriel Bernardino, Chairman of EIOPA.

The EU and the US have recently started a dialogue to increase mutual understanding and cooperation with a view to identifying the main commonalities and differences of the two insurance regulatory and supervisory regimes. This dialogue will allow regulators at both sides of the Atlantic to find areas where further compatibility and convergence will be possible and could pave the way for future decisions.

Gabriel Bernardino, Chairman of EIOPA, said: “Financial systems in the EU and the US still have significant differences and some of these are dictated by cultural differences and legitimate political options. However, we believe it is the responsibility of public authorities to create conditions to foster consumer protection, facilitate business relationships and enhance the efficiency of supervision. We are certainly committed to these objectives”.

Michael McRaith, Director of the US Federal Insurance Office, underlined: “The insurance dialogue between the EU and US is critical to the promotion of transatlantic understanding and cooperation, and to the promotion of greater consistency and alignment in insurance regulation. We look forward to continuing our work with our EU counterparts and US state regulators for the benefit of insurance consumer protection and business opportunity in both jurisdictions.”

In addition to Gabriel Bernardino, Chairman of EIOPA, and Michael McRaith, Director of FIO, the meeting was attended by Edward Forshaw, Manager in the Prudential Policy division, UK Financial Services Authority, Charlotte Paterson,[1]

Internal Market and Services Directorate General of the European Commission, Susan Voss, Iowa Commissioner and Immediate Past President of the US National Association of Insurance Commissioners (NAIC), and Terri Vaughan, NAIC Executive Director.

The meeting focused on the progress in the analysis of the EU and US regulatory and supervisory systems. This analysis is related to seven key areas: professional secrecy; group supervision; solvency & capital requirements; reinsurance and collateral requirements; supervisory reporting, data collection & analysis and transparency to the market; supervisory peer reviews; independent third party review and supervisory on-site exams/inspections.

The next Steering Committee meeting is scheduled for October 2012 and will take place in Washington (USA).

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With the number of cannabis farms on the rise, QuestGates urges brokers to check the covers held by their property owner clients to ensure illegal activity is not excluded.

According to a recent report by the Association of Chief Police Officers (Apco), an average of more than 21 cannabis factories were found daily in Britain last year. The number of farms discovered increased to 7,865, more than doubling in four years.

Simon Jones, head of QuestGates Property owners division comments: “The menace of cannabis farms is an increasing problem and property investors are a clear target as the police authorities advise that more and more of these ‘farms’ are cropping up in private rented houses. Certainly we’ve been involved in a growing number of claims relating to malicious damage by so-called tenants that turn out to be related to cannabis farming. In particular we have seen a number of claims where fires have been caused by lighting used for such purposes overheating or developing electrical faults or where properties have suffered water damage from hydroponic installations.”

He goes on to say: “Landlords need to carry out thorough checks on their tenants before the property is rented and increasingly insurers are requiring landlords to obtain written employers references, obtain verified records of bank accounts. We’re also seeing more insurers requesting landlords to maintain a log of property inspections before considering claims for damages resulting from such incidents. Indeed some have gone so far as to exclude liability for such damage entirely and it is therefore essential that brokers both review and understand policy cover in this respect to ensure that their property owner clients understand the potential risk and take the necessary steps to mitigate them. Failure to do so could result in declinature of liability by an insurer if a problem does occur.”

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XL Group insurance operations has announced it has strengthened its underwriting team serving middle market companies in Germany with the appointment of two senior underwriters based in its offices in Hamburg and Stuttgart. XL Group provides insurance solutions in Germany not only to large corporations but, since 2009, also to middle market companies with an annual turnover ranging from approximately EUR 30 million to EUR 300 million.

Jean Jacques Rossau has joined XL Group as Senior Casualty Underwriter Middle Market, based in Hamburg. Mr. Rossau brings with him 17 years’ of experience in the insurance industry. He joins from ACE European Group, where, for the past three years, he was a casualty underwriter. He previously held several positions in the casualty department at HDI-Gerling.

XL Group’s International Middle Market team has also appointed Seat Sabani as Senior Property Underwriter Middle Market, based in its Stuttgart office. In this role he will serve clients and brokers in the Baden-Württemberg region of Southern Germany. Prior to joining XL, Mr. Sabani was with HDI-Gerling for nine years, where he held various administrative and underwriting roles in its property department, based in Stuttgart.

Michael Harth, Country Manager Germany, XL Group, said: “Being close to our clients and brokers is key to our service offering. The strengthening of our team in Hamburg and Stuttgart underscores our strategy to have a regional presence in the German market in order to offer sustainable solutions to our clients. These appointments will allow us to serve many additional middle market clients, partners and brokers in the North and South of the country with greater ease and efficiency.”

Markus Michnick, XL Group’s Manager Middle Market Germany, added: “Increasingly, middle market companies rely on customised insurance solutions from a single source and expect direct access to local and international underwriting expertise and services. Following the successful development of our business in this segment over the last three years, we are delighted to now further expand our middle market team in Germany.”

In Germany, XL Group has, in addition to its headquarters in Munich, offices in Cologne, Stuttgart, Hamburg and Frankfurt/Main.  An experienced, dedicated team serves middle market companies from all these locations, with innovative products and services.

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Intense rainfall over the 24 hours from 12:00UTC  on Wednesday, July 11, has resulted in flash flooding, as rivers burst their banks, and landslides in southwest Japan. The worst affected areas were the Kumamoto and Oita prefectures, Kyushu, where in excess of 100mm (4in) per hour was recorded. Some cities in these regions, including Kumamoto City, received 500mm (1.8ft) of rain in under 24 hours, leading to knee-deep water.

Over 68,000 people were ordered to evacuate from 33,000 households across the prefectures. Officials are reporting 10 fatalities, with 20 others missing. Fatalities confirmed by the Kumamoto prefecture are all elderly people, who were unable to escape the floodwater that destroyed their homes. Hundreds of homes have been reported to be damaged or destroyed, and approximately 22,000 are currently without electricity. Local train service has been disrupted, as well as some roads being blocked off by landslides.

“The rainfall was caused by a stationary front situated across the southwest of the country, which brought warm, moist air from the Pacific Ocean over Japan. As this moist air hit the mountains, intense downpours of rainfall were produced,” said Christine Ziehmann, director, model product management at RMS. “While flooding in this region isn’t rare, the amount of rainfall within the 24 hour period was.”

The Japanese Meteorological Agency (JMA) has reported the rainfall amount to be unprecedented – the heaviest rainfall experienced on record in the Kumamoto and Oita prefectures. Some cities across Kyushu have recorded rainfall in the past few months twice that of the annual average, so grounds were already relatively saturated previous to this event. The terrain in Kyushu is very mountainous and hence susceptible to landslides under saturated ground conditions. Average rainfall in July for Kyushu is around 340mm, which was received by some parts of the island in just four hours on Wednesday.

Forecasts suggest that more rain in these regions is possible due to the stationary front, so alert levels for rivers in the area have been raised in order to help prevent against further overflowing. The JMA predict a further 20cm (8 in) of rainfall through Friday, with a risk of tornadoes developing in some areas.

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    In April 2012, the European Space Authority lost contact with its Earth observation satellite Envisat, rendering it inoperative. Envisat will orbit Earth for approximately another 150 years before burning up upon re-entry into the atmosphere. If the enormous 8-ton ghost satellite were to collide with another object and break apart, the resulting debris cloud would escalate the already serious threat to operating satellites.

    A new report by Allianz Global Corporate & Specialty (AGCS), titled Space Risks: A new generation of challenges, explores the considerable risks millions of orbiting fragments pose for satellites and space missions and stresses the need to actively remove debris is now urgent. The report also highlights the insurance industry’s pivotal role in enabling the space industry.

    “The space around our planet is becoming increasingly congested,” says Thierry Colliot, Managing Director of Space Insurance at AGCS. Since space exploration began in 1957, objects have been left there by humans, ranging from used rocket boosters and defunct satellites to space exploration equipment that has gone lost or exploded. “Today, the space debris situation has become irreversible,” says Colliot. “The number of objects is now so high that it won’t decay on its own through atmospheric drag. Instead, it’s actually increasing as objects collide and produce fragments, which in turn collide in a runaway chain reaction.”

    More than 35 million objects in orbit

    Close to 800 satellites orbiting the earth’s atmosphere currently provide geographical data, weather information or telecommunication services. These are under permanent fire by space debris. An estimated 16,000 objects larger than 10 cm have been cataloged so far. However, the projected amount of uncataloged objects dwarves this number. Estimates place the figure of small objects between 1 and 10 cm at around 300,000, and at 35 million for objects smaller than 1 cm. These objects travel at very high velocities of 10 km per second, which is more than 10 times faster than a bullet. At these speeds, even tiny fragments can have a devastating impact. They can penetrate the surface of satellites and can severely damage the electronics, causing total loss in a worst-case scenario.

    How can satellites be better protected? To avoid collisions or mitigate collision effects, avoidance maneuvers can be initiated, though trajectories of larger objects cannot always be predicted reliably or early enough. Further, multi-layer insulation shields or impact absorption systems can limit damage in minor collisions.

    Deorbiting not good enough

    Besides protecting satellites, space authorities and scientists work hard to reduce overall space debris congestion. Today, satellite operators are obligated to deorbit satellites within 25 years of their mission’s end, though only the latest generation of satellites have such functionality. One of the deorbiting techniques is achieved through a destructive re-entry into earth’s atmosphere. Most of the structure burns up, owing to the drag and intense heat it generates. The remaining unburned fragments fall into uninhabited parts of the world or into the sea.

    “Systematic deorbiting of new satellites at the end of their lives won’t suffice, however,” notes Colliot. According to experts, an additional 10 major objects would need to be eliminated each year to reduce the debris population to a stable and sustainable level.

    New technologies to eliminate or remove debris encourage hope. For example, laser tools that destruct larger objects or space tethers could enable a controlled deorbiting of entire systems. “There are exciting concepts of active debris removal,” acknowledges Colliot. “However, at this stage, because of the high cost involved and technological restraints, we have not yet seen a real breakthrough.”

    Most commercial satellites are insured

    To fulfill their missions economically, about a quarter of all satellites in the Earth’s

    orbit are insured against losses from physical damage, as well as service interruption. Most insured satellites belong to commercial telecom providers. These satellites operate in so-called Geostationary Orbits at an altitude of 36,000 km above the Earth’s equator for up to 15 years and have a value up to $200 million each at their launch phase. Most other satellites are used for Earth observation and are operated by governments on a ‘self-insured’ basis. Their value is about $40 million each and they usually operate for up to five years in Low Earth Orbits at altitudes of between 300 km and 2,000 km.

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    Aon Benfield, the global reinsurance intermediary and capital advisor of Aon, today releases the latest edition of its Global Catastrophe Recap report, which reviews the natural disaster perils that occurred worldwide during June.

    Published by Impact Forecasting, the firm’s catastrophe model development center of excellence, the report reveals that several natural disaster events occurred across the United States during the month, the most costly being a severe weather event that spawned up to baseball-sized hail in parts of Texas and New Mexico. According to the Insurance Council of Texas, insured losses in the state will exceed USD1 billion, with more than 100,000 claims filed by the end of June.

    Meanwhile, a separate hail event in Colorado and Wyoming caused more than USD700 million in insured losses, according to local sources.

    At least 28 people were killed following a prolonged stretch of severe weather in central and eastern U.S. states, which included a violent derecho – a fast-moving, long-lived cluster of intense thunderstorms – that claimed at least 15 lives, caused extensive blackouts, and resulted in more than 50,000 insurance claims.

    In Colorado, two major wildfires ignited and burned during the month. The Waldo Canyon Fire in the Colorado Springs region became the most damaging blaze in state history, killing at least two people, destroying 347 homes (with a combined housing market value of USD110.2 million) and damaging at least 50 others. Meanwhile, the High Park Fire outside of Fort Collins destroyed 259 homes and killed one person.

    Steve Jakubowski, President of Impact Forecasting, said: “The Colorado wildfires proved to be the two most damaging fires in state history, and also two of the costliest. Impact Forecasting is the only firm to have developed a brushfire catastrophe model for the western states in the U.S., which allows us to provide detailed feedback to our clients following events such as these, giving them confidence that their exposures are being fully identified and quantified.”

    Also in the U.S., Tropical Storm Debby brought days of torrential rain and flooding to Florida, killing at least seven people. The weather system caused significant infrastructure damage and flooded more than 7,500 homes and businesses across the state. Very preliminary economic damages were listed at USD100 million.

    Elsewhere, China sustained several natural disaster impacts during June. Flooding in nearly 20 provinces claimed more than 70 lives, damaged or destroyed 175,000 homes and caused an economic loss in excess of USD3 billion. Severe weather and multiple earthquakes caused additional fatalities and damage, and an economic loss of more than USD500 million.

    Also in Asia, a weakened Super Typhoon Guchol made landfall in Japan’s Wakayama Prefecture, damaging around 500 homes. And extreme monsoonal rainfall in India and Bangladesh killed at least 232 and damaged or destroyed as many as 600,000 dwellings. Flooding was also recorded in Thailand, Taiwan, Afghanistan and the Philippines.

    The U.K. recorded separate instances of heavy rainfall, with portions of England, Northern Ireland, Scotland and Wales reporting flood damage to homes and other structures. Also in Europe, a rare tornado struck Italy’s Venice region and caused USD12.6 million in damage.

    Australia sustained severe weather in parts of New South Wales, Victoria and Western Australia during the month. A rare earthquake (magnitude-5.2) impacted Victoria, although the resultant damage was reported to be minimal.

    To view the full June Global Catastrophe Recap report, please visit the link below:

    http://thoughtleadership.aonbenfield.com/Documents/201207_if_monthly_cat_recap_june.pdf

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    Specialist technology underwriter Rick Welsh has joined AEGIS London to launch a cyber insurance book for the Lloyd’s managing agent.

    The business will be written via a consortium of Lloyd’s managing agents, formed and led by Welsh, called the AEGIS Cyber Consortium.

    Welsh will be targeting cyber insurance business globally, providing innovative solutions for both complex risks and small-to-medium enterprises (SMEs). The consortium will offer a broad range of cyber coverage including privacy, technology liability, intellectual property, media liability, network security and business interruption, and will work with dedicated industry experts to provide risk management, risk assessment and response services.

    With over 24 years’ experience in the insurance industry in both UK and Australian markets, Welsh has written cyber insurance since 2000 for leading carriers including ACE, Novae and Aspen UK. Prior to this, he underwrote financial institutions business for AIG Europe and Gerling.

    Welsh will report to Alex Powell, AEGIS London’s Head of Property.

    David Croom-Johnson, active underwriter at AEGIS London, said: “Cyber insurance is a new class for AEGIS London and one that fits perfectly with our diversification into lines that are uncorrelated with traditional property and casualty lines and the economic cycle. It’s also one of the few areas of insurance to see profitable growth in demand, steady rates and strong market premium growth.

    “Rick is a well-known and respected technology specialist in the market.  His presence leading this consortium, combined with AEGIS London’s reputation for expertise and long-term commitment, will make for a very strong offering in this class.”

    Over recent years, AEGIS London has implemented a strategy of building on its origins in the energy sector to diversify successfully into classes such as contingency, livestock, accident & health and specie.

    Cyber insurance is a generic description for insurance covers developed in response to the internet and commercial technology boom that began in the 1990s.

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