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Fitch Ratings has placed a number of European insurers on ratings watch negative (RWN) after doing the same for Belgium, France and Spain last week.

Dexia Bank, KBC and Maphre, as well as a number of their subsidiaries, had their respective ratings placed on negative watch. Last week Belgium, France and Spain had their long-term issuer default ratings put on RNW as well.

Fitch said that each of the companies rely heavily on the credit situations of their countries (Dexia Bank is fully owned by the Belgium government and Maphre sources around half of its profits in Spain) so their ratings are likely to follow these.

“As a result, the RNW’s are dependent on the resolution of the RNW’s of Spain [and Belgium]’s sovereign ratings,” the ratings agency said.

Some of Fitches recent grading movements are as follows:

Belgium, Spain, France, Slovenia, Italy, Ireland and Cyprus – Rating Watch Negative

KBC Bank – Long-term issuer default rating (IDR) of ‘A’ placed on negative watch
Dexia Bank – Long-term IDR of ‘A+’; Outlook revised to negative from stable
Mapfre – Insurer financial strength of ‘A+’ placed on negative watch

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Standard & Poor’s today revised the long-term insurer financial strength rating for Dongbu Insurance from stable to positive, and affirmed the long-term insurer financial strength rating at ‘BBB+’.

The changes reflect Standard and Poor’s view that Dongbu’s underwriting performance will remain stronger than its peers and they will maintain above average capitalization.

The ratings agency said Dongbu’s strengths included good market position, good underwriting performance and adequate capitalisation, but they have a weaker solicitor channel which would prove to be a key asset because of rising non-life insurance competition.

Dongbu is the third-largest insurance company in Korea. According to Standard and Poor’s the company will maintain its good market position because of various initiatives to revitalise its solicitor channel, as well as keep its current strong position in new sales channels.

In a statement, the ratings agency said, “the positive outlook reflects our view that Dongbu’s underwriting performance will remain stronger than its peers and improve its capitalization. Standard & Poor’s expects Dongbu to continue improving its underwriting performance through promoting sales efficiency and maintaining a competitive expense structure.

“We could consider upgrading Dongbu if the company successfully improves the profit base of its long-term business as well as enhances its risk management and capitalization. We could consider a negative rating action if its operating performance declines or capitalization deteriorates significantly.”

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Standard and Poor’s have given Swiss Re Corporate Solutions Ltd. (SRCS) an ‘AA-‘ long term rating and an ‘A-1+’ short term financial strength rating today.

SRCS was recently created by Swiss Re as part of group restructuring. Under the new structure, SRCS is the parent company for the Corporate Solutions business unit, who offer risk and finance solutions for corporate clients.

The ratings company said SRCS is a “material and integral part of the group’s existing and future operations.

“In addition, SRCS and its subsidiaries share the Swiss Re brand, are heavily integrated into the group management and operational structure, contribute a material and beneficial portion of group earnings and capital, and provide a solid platform for growth and diversification for the group.”

Standard and Poor’s said the Swiss Re company has “very strong competitive position, very strong capitalisation, and very strong non-life operating performance” and that as the parent company of SRCS this had an obvious effect on SRCS’s rating.

They said that the stable outlook for SRCS reflects Swiss Re’s stable outlook, and that as a branch of the larger Swiss Re business, SRCS would probably follow their parent with any future grading movements.

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Insurance Australia Group has confirmed rumors that it plans to purchase Malaysia’s Kurnia Insurans.

In a statement released today, the Australian insurance giant announced that it’s 49% owned associate AmG Insurance had submitted a proposal to buy Kurnia Insurans, the principle general insurance business of Kurnia Asia Berhad.

If completed, the deal would result in the merged AmG and Kurnia business acquiring the leading position in the Malaysian motor insurance market.

While IAG did not release a price for the deal, they said that it would fund it’s share of the purchase price from internal resources and that the deal would increase it’s capital position from 1.45 to 1.5 times the required capital amount.

This figure takes into account all of IAG’s recent business. Just last week the insurers announced the decision to acquire struggling Nez Zealand insurer AMI for NZD380 million (GBP185 million), and in August it said it would take a 20% stake in China’s Bohai Property Insurance for around USD107 million (GBP68.7 million).

IAG’s gross written premium today stands at AUD8 billion (GBP5.1 billion). Their Asian businesses which include Thailand, Malaysia, China and India, account for around AUD430 million of this.

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Despite increased losses, depreciation of capital and historically low investment yields, the UK non-life insurance is stable, according to the latest Fitch report.

The report also predicts that with Solvency II on the horizon, 2012 will see an increase on merger and acquisition activity.

“Smaller franchises and insurers unable to repair balance sheets weakened by the unprecedented catastrophe losses incurred during 2011 are viewed as primary targets for [merger and acquisition] activity,” says Martyn Street, Director in Fitch’s Insurance team.

The agency forecast’s a reduction in earnings for the sector for both 2011 and 2012. The main reason for this is a reduced level of investment income of around GBP3.5 billion for 2011 (compared to GBP9.1 billion in 2010) and GBP5 billion for 2012.

The predictions are ratings are based on the assumption that the UK will continue to see a slow, but steady economic recovery in the UK, with modest GDP growth.

The full Fitch report, titled “2012 Outlook: UK Non-Life Insurance – Testing Times Ahead: Economy and Regulation Present Key Hurdles in 2012”, is available at the Fitch Ratings website.

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The FSA has appointed a new manager within their Insurance Division.

Peter Vipond will lead the new Insurance Sector and Prudential Support Department as of early next year. The new department within the Insurance Division will bring together specialists to support the FSA’s supervision of insurance companies.

Mr Vipond is experienced in the insurance industry, having previously worked for the Association of British Insurers where he was the Director of Financial Regulation and Taxation and where he represented the UK insurance industry. Before that he was a Director in the Wholesale Markets Team at the British Bankers Association dealing with market risk and credit risk as well as risk-based supervision.

The new department will be responsible for:

– Insurance sector oversight: Co-ordination of the central identification of risk across the insurance sector, management of external stakeholders, and oversight of insurance specific training.

– Cross-Division supervisory support: Managing risk across the Insurance Division through work with the Risk and Accounting teams and other FSA specialists.

– Cross-Division policy implementation issues: Influencing the development and implementation of policy changes such as recovery and resolution, policyholder protection, and working with the prudential policy team.

– International representation: Providing senior representation on international insurance committees (e.g. IAIS).

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While European insurers are being downgraded almost daily, Fitch has given a ‘stable’ outlook for the South Korean Life Insurance sector.

Fitch credited their decision to benign economic conditions in South Korea, continued demand for insurance policies, and increasing emphasis on prudent capital management.

“Premium growth is expected to be sustained in 2012, driven by an ageing population, greater spending power and rising risk-awareness among consumers,” Fitch said.

“The key growth areas are likely to centre on traditional protection-related, health insurance and pension products.”

The ratings company said it expects the implementation of a risk-based regulatory capital framework, in replacement of the previous more simplistic solvency margin regime, to strengthen the sector’s overall financial strength.

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The Financial Services Authority (FSA) has appointed a new non-executive director to the Board of the Money Advice Service.

John Spence will take up his new role with effect from January 2, 2012.

Mr Spence is currently Finance Chair for Business in the Community and holds current non-executive directorships at Capital for Enterprise, as Chair of the Audit Committee, HM Revenue & Customs, Chair of Harlow Renaissance Limited and Spicer Haart Limited.

He has significant experience in the banking sector.

Previously John was the Chair for the British Bankers Association Retail Banking Committee, and has held a variety of executive positions at Lloyds TSB.

Lord Turner, the FSA’s chairman, said, “We are pleased that John has been appointed to the Money Advice Service Board as non-executive director. He brings with him extensive experience from the banking sector which will greatly benefit the Service.”

Gerard Lemos, chairman of the Money Advice Service added, “I am delighted to welcome John Spence to the Money Advice Service board. John brings an invaluable blend of senior banking experience, together with finance and audit knowledge, which will be instrumental for our development of the Service and engagement with our stakeholders. I very much look forward to working with John in the busy year ahead, and beyond.”

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The IFB today announced the members of the newly structured Supervisory and Technical Boards. The new structure is a part of its recently agreed three year strategy.

The board members are:

Supervisory Board

David Neave, Director of General Insurance, Co Operative Insurance Society General Insurance Ltd (Chairman)

Steve Hardy, Chief Executive, AXA

Tim Holliday, UKGI Chief Underwriting Officer, Zurich

Steve Maddock, Managing Director of Claims, RBS

David Newman, Chief Executive, Carole Nash

John O’Roarke, Managing Director of General Insurance, LV

Martin Saunders, Head of Technical, Allianz

Rob Smale, Claims & Operations Director, Ageas

Ashton West, Chief Executive, MIB

Technical Board members

Mihir Pandya, Fraud Manager – Claims Division, Allianz (Interim Chairman)

John Beadle, Head of Counter Fraud, RSA

David Berry, Senior Technical Fraud Manager, Lloyds

Scott Clayton, Claims Fraud & Investigations Manager, Zurich

Ursula Coulibaly, Head of GI Financial Crime Operations, LV

Richard Davies, Group Fraud Risk Manager – Group Operational Risk, AXA

Matt Gilham, Head of Financial Crime, Esure

Steph Griffiths, Counter Fraud Controller / Glen Marr, Director of Fraud, First Central

Paul Hubbard, Head of Counter Fraud Operations, RBS

Steve McDonald, Counter-Fraud Manager, Sabre

Andy Pagett, Counter Fraud Manager, Groupama

Rob Spiegelhalter, Claims Fraud Manager, NFU

Stephen Thorndyke, Claims Fraud & Leakage Manager, Aviva

The Boards will work together and guide the governance and operations of the IFB, in particular to uplift activity in tackling organised motor fraud, increased resources to investigate fraud and rolling out a service model to address application fraud.

The Supervisory Board will focus on strategic decision making, governance, finance and engagement with senior members of IFB’s stakeholders. The new Directors, taken from a cross section of the industry, are responsible for executive level relationships across the industry and will reflect the strategic needs of IFB’s customers.

The Technical Board, taken from a range of leading fraud practitioners in the industry, will focus on providing help and support to the IFB initiatives and operations as well as communications between the IFB and the Customer Fraud units.

The profile of insurance fraud across the industry and with the wider public has never been higher and these steps are being taken to address key priorities to improve the prevention and detection of fraud which costs the industry in excess of £2bn per year.

Nominations closed in early November and have been agreed by the ABI and nominated members of the current IFB Board. The appointments will be effective from the first IFB Board meeting of the New Year and until then the current Board remains in place.

Source : IFB

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Fitch ratings has said in a new report that the outlook for the Japanese non-life insurance industry is stable. The ratings company outlines the main reason for this as a recovery in the core automobile business line.

Fitch says that, while the core automobile business line has already improved in recent months, further recovery is expected. It also credits its judgment to an adequate capital buffer, diversified earnings from their life subsidiaries and strong over seas business.

The report notes that the new premium scheme announced by the Non-Life Insurance Rating Organization in Japan in October will further improve underwriting profit as insurers will be able to charge higher premiums for drivers with accident history. Automobile lines accounted for about half of domestic non-life insurers’ net premium written for the financial year ended March 2011.

“Japanese non-life insurers are fairly well capitalised and able to maintain their current Insurer Financial Strength ratings, despite recent natural disasters such as the typhoons in September and flooding in Thailand,” says Akane Nishizaki, Associate Director in Fitch’s Insurance team. Estimated net insured loss of the flooding in Thailand was JPY260bn for the three major non-life insurance groups, which is greater than the impact of March earthquake.

Despite this, Fitch outlines investment volatility as the main risk facing the sector today.

They also predict that Japanese non-life insurance companies will continue their strong operations overseas as the market outside of Japan is particularly strong at the moment. Operating overseas will be made easier for Japanese companies, with the Japanese FSA’s proposed deregulation of cross boarder mergers and aquisitions for non-life insurance groups.

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Despite experiencing financial growth for the first time since 2009, Fitch ratings has given Russian bank Rossiya an IFS rating of ‘B-‘ and a National IFS rating of ‘BB-‘, with a negative outlook.

The ratings company justified the negative outlook by saying there is limited evidence that the bank will achieve a “sustailable improvement of its underwriting performance in the medium term”. Fitch credited Rossiya’s last term growth to the compulsory motor third party liability (MTPL) insurance business, and said that this strategy was unhealthy for the bank.

Fitch also said that Rossiya’s commission levels are too high for the market they deal in (mainly the motor business), and that to lower this would be very challenging considering the medium size and limited bargaining power the bank holds.

The agency said that it fears if Rossiya doesn’t improve it’s underwriting performance, it will lose the support of its shareholders which would resolve in further losses, and a further downgrade.

Fitch finished by saying that “Rossiya has an investment policy involving significant risks and [we] considers this to be a rating constraint. The agency notes that the investment policy creates additional risks for the capital when the underwriting performance is loss-making. Fitch sees no potential for positive rating actions in the absence of improvements in the investment risk management area”

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Liberty Syndicates today announced Peter Sprent as the man to lead their Global Financial Risks team.

Chief Underwriting Officer, Matthew Moore, said “Peter is a highly respected market figure with a first class record in his market. The prospect of him developing and expanding our account is genuinely exciting. We believe Liberty Syndicates will be an excellent platform for his talents.”

Peter Sprent will take over from Matthew Moore as head of Global Financial Risks. Matthew Moore’s responsibilities as Chief Underwriting Officer for the £910M Syndicate require a separate, dedicated leader of this complex class. Peter’s team will continue to include Thomas White and Elizabeth Dexter.

Liberty Syndicates’ Chief Executive Officer, Nick Metcalf, said “Peter’s appointment confirms our place as a must see market and reinforces our position as a front ranking underwriting proposition. We have had a long and successful history in this class and we confidently look forward to him taking the business to the next level.”

 

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Swiss Re announces that Stefan Lippe will step down as Chief Executive Officer in the course of 2012. A successor will soon be named.

Walter Kielholz, Chairman of the Board of Directors, says: “The Board of Directors very much regrets Stefan Lippe’s decision to retire early after almost three decades at Swiss Re. Since becoming CEO in 2009, he has led Swiss Re through challenging times, during which we were able to turn around the company.

Under his leadership we have restored our capital strength, repaid the convertible capital instrument to Berkshire Hathaway, regained the AA- rating with Standard & Poor’s and improved premiums earned as well as net income significantly. We are initiating the process to select a successor and will ensure a smooth transition.”

Stefan Lippe, Chief Executive Officer, says: “In the course of my career at Swiss Re, the company has offered me a series of exciting opportunities. Three years ago I took on the challenge of leading the company through turbulent times as CEO. Today we can say proudly that we have delivered on all of the ambitious targets that we set out at that time. This is thanks to the dedication and hard work of the outstanding Swiss Re team.

Now that the turnaround has been achieved, a new era begins for Swiss Re with a new corporate structure and refined strategy. This was the right moment for me to choose to inform the Board about my intention to retire early. This lead time should be sufficient to allow for a smooth transition.”

Under Stefan Lippe’s leadership, Swiss Re established a new holding structure in 2011 that is fully aligned with the company’s strategic priorities. Three new Business Units have been created under the holding structure: the existing reinsurance business, as well as the two new Business Units, Corporate Solutions and Admin Re. The new structure provides greater transparency for investors, responds proactively to regulatory changes and enables Swiss Re to improve its client focus. By doing so Swiss Re aims to increase the long-term value that it creates for shareholders.

Source : Swiss Re

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Windstorm Friedhelm is located to the west of extreme southwest Norway. The system is expected to bring strong and potentially damaging winds to southern Norway, Denmark, and northern Germany, accompanied by heavy snowfall in eastern Norway.

On Thursday, Friedhelm brought peak gusts across Scotland and northern England of 115km/hr in Dundee at 12:20 UTC, 119km/hr at Prestwick Airport at 14:50 UTC, 31 m/s 112km/hr in Glasgow at 13:50 UTC and Carlisle at 11:20 UTC. Observed peak gusts are comparable to Windstorm Elaine, which impacted the region in 2008. Friedhelm also brought heavy rain to Scotland and northeast England, with flood warnings issued by the Scottish Environment Protection Agency and the Environment Agency.

In Scotland at the peak of the storm, preliminary reports indicate that close to 60,000 lost power in central and southern Scotland, as trees and other debris fell onto power lines and, in some cases, brought down the lines.

As of 07:00UTC on Friday, the figures for those still without power is unclear but it is expected that re-connection has been limited by the weather, and estimates suggest complete power restoration will not be for a couple of days.

 “Downed trees have been a noticeable feature of this storm across the region,” said Neena Saith,  director of product marketing at RMS.  “This is a consequence of the storm occurring after months of heavy rain in Scotland and where very wet ground conditions remain. Transportation networks were severely disrupted in Scotland and northeast England with bridge and road closure, train service speed restrictions and flight suspensions.”

An assessment of the scale of structural damage is at this time unclear. Preliminary reports indicate isolated damage.

Source : RMS Press Release

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Standard & Poor’s on Friday warned a swathe of European insurers that they could face a credit downgrade as a result of the continent’s fiscal crisis.   

Allianz, Aviva, Axa, Generali and Mapfre were among 15 firms warned by the US-based ratings agency.

S&P said the “creditwatch” was related to an earlier warning on the ratings of 15 of the 17 countries of the eurozone. S&P’s warning on Monday threatened a one-notch cut to the hallowed AAA ratings of Germany, the Netherlands, Finland, Luxembourg and Austria.

France, also AAA-rated and the eurozone’s second-largest economy could be hit with a two-notch cut, as could the other countries currently rated below AAA.

S&P said it would complete a review of the 15 countries’ ratings “as soon as possible” following the EU summit.

It warned Tuesday that the eurozone’s 440-billion-euro EFSF bailout fund, which depends on the triple-A ratings of six eurozone countries, also risks losing its top rating.    For insurers, the firm pointed to market turmoil and poor capital trends.

“Our more-recent negative adjustments to Europe’s economic growth prospects and the potentially heightened credit risk… only serve to compound the difficulties that insurers face.”

Washington, Dec 9, 2011 (AFP)

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The Association of Medical insurance Intermediaries, or AMII, announces that it fully endorses the Office of Fair Trading’s bid for greater transparency and competition for consumers of private healthcare.

AMII Chairman, Andrew Tripp said, “We want to see greater transparency around benefit fee limits for consultants and anaesthetists. In the UK access to transparent and competitive markets should  be fundamental rights for consumers seeking private healthcare and as an Association we welcome the OFT’s decision to refer to the Competition Commission. This is extremely important, especially now, when greater pressures are being put on NHS spending raising the important role the private healthcare market has to play.”

The Association recognises benefit fee limits and hospital networks are a necessity to maintaining a cost-effective insurance proposition for consumers. However, it believes there should be a clear distinction between those broad-based “hospital networks”, where the private medical insurance (PMI) policyholder has actively agreed to only obtain treatment at a selected list of hospitals in return for a lower premium; and the “treatment networks” where the insurer insists that for certain types of treatment (for example oral-surgery, ophthalmic conditions, certain types of cancer treatment) the PMI policyholder must use specific consultants/hospitals, which may be more restrictive than the general hospital list that the PMI policyholder has bought into.

In the latter case (“treatment networks”), the criteria that these insurers are using to determine which providers are included on the “treatment network” should be clear to private healthcare providers, medical professionals and consumers.

In addition, when an insurer introduces a “treatment network” for specific medical conditions, AMII would like to see existing policyholders given the choice to “opt out” of the network (albeit, at a higher premium).  And insurers should share with intermediaries and policyholders the quality data they are using to establish these “treatment networks”.

Tripp concluded “These are really important issues which need addressing for the benefit of the consumer.”

Source : AMII

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Changes in the welfare Reform Bill will have a direct effect on couples with one working and the other having reached Pension Credit Age. Indeed these couples can end up with up to GBP100 less a week than those currently in an identical position.

Under the proposed Universal Credit system a pensioner could be better off living alone receiving Pension Credit rather than receiving Universal Credit as a couple.

In the future couples, where one partner is under Pension Credit age, will have to claim Universal Credit. The Government wants to ensure that the younger person has greater incentives to work and in certain situations couples in work could benefit from the changes. However many will lose out. Unemployed people approaching pension age can find it hard to return to employment and those unable to work through sickness or being a carer could also lose out.

Age UK has produced a policy paper looking into the impact of the proposed reforms also reveals that older people with younger partners who receive the Universal Credit could lose other benefits related to Pension Credit such as cold weather payments and he Warm Homes Discount as well as any local concessions.

Michelle Mitchell, Charity Director of Age UK said:

“Pension Credit currently brings a couple’s income to being just the right side of the poverty line  Just because one half of a couple is below Pension Credit age does not mean that their income needs drop and for those suffering unable to work through sickness or caring for others there is no opportunity to supplement their partner’s income. Many of those nearing the State Pension Age can find it difficult to find work no matter how hard they try.

“We are extremely concerned that there has been no consultation on such a major policy change and full details of the system are not yet available even though the Welfare Reform Bill has been considered by the House of Commons and is entering its last stages in the House of Lords.  There are just too many questions that have been left unanswered.”

There are currently 93,000 couples receiving Pension Credit where one partner is aged below 60. While those already in receipt of Pension Credit will continue to be able to receive this, new claimants will have to claim Universal Credit instead. As well as lower benefit rates the savings rules are much harsher. Currently there is no savings limit for Pension Credit but in the future those with a low income but over £16,000 savings will not be entitled to Universal Credit and any savings over £6,000 will result in a steep withdrawal of support.. This could result in older people having to spend their retirement savings so they will be able to support their younger partner.

Age UK believes it is essential that if couples have to claim Universal Credit in the future the benefit levels must reflect the fact that one partner is a pensioner. .Otherwise, couples with very similar circumstances will receive very different support simply because they need to claim before or after the introduction on Universal Credit. As the date for the start of Universal Credit approaches the revised policy could act as a disincentive for younger partners to seek employment as if their partner stops being entitled to pension credit, they may not be able to claim it in the future under Universal Credit.

Source: Age UK

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Dutch banker ING said on Wednesday it was setting aside a fourth-quarter provision of 900 million to 1.1 billion euros to cover commitments on US-based annuity products. 

The Amsterdam-based group said the move was necessary after a review of its US-based Insurance US Closed Block Variable Annuity business showed “current US policyholder behaviour… diverges from earlier assumptions made by ING.”

“At the moment, these products are loss-making products,” company spokesman Frans Middendorf told AFP, saying ING stopped selling them in 2009. But he added: “These insurance products provide for a minimum return, which we must honour.”

There were about 500,000 contracts in the portfolio, with a total value of $45 billion (33 billion euros), Middendorf said. The insurance product is known as a variable annuity which allowed investors from benefitting from a rising market, while being assured of a minimum return on investment.

It needed large reserves to ensure that an insurer was able to meet its obligations in the event of a market downturn.

The Dutch group has marketed these contracts mainly between 2003 and 2009. After its review, ING made the adjustment which it said “bring the assumptions more in line with US policyholder experience and reflect to a much larger degree the market volatility of recent years.”

The latest step was also part of a larger effort to turn ING’s US-based insurance subsidiary into a standalone business in future, ING’s chief executive Jan Hommen said in a press release.

The Dutch group said it continued to lay the groundwork for two initial public offerings (IPOs) of its insurance and investment business — one in the United States, and another based in Europe and Asia.  At the release of its third quarter results in early November, ING announced it was slashing 2,000 jobs in the Netherlands to cut costs.

The Hague, Dec 7, 2011 (AFP)

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The Salisbury International Arts Festival is to be sponsored by Ageas. The event will be then rebranded the Ageas Salisbury International Arts Festival beginning with the 2012 festival in May 2012.

The Festival presents a wonderful array of spectacular events. Classical and world music share the limelight with international theatre, dance, film, visual arts, children’s events, free outdoor events and a full literature programme. The Festival brings the best artists from around the world, commissioning and creating work unique to the region. Highlights for the 2012 programme include the vibrant culture of Brazil, celebrations of Olympic themes and the Queen’s Diamond Jubilee Celebrations.

Barry Smith, CEO at Ageas UK commented: “We are delighted to be partnering with the Festival team to launch the Ageas Salisbury International Arts Festival. It has been a momentous year for us under a new brand and this sponsorship deal provides us with an excellent platform to raise the profile of the Ageas brand in our local area and internationally through alignment with this world-renowned arts festival. We very much look forward to continuing to work with the Festival team on what will prove to be a very exciting partnership.”

Ageas is a leading insurer of Personal and Commercial lines insurance and Protection solutions, insuring around 8 million customers in the UK. As a result of its growth strategy, Ageas now employs over 5,500 people nationally, with over 1000 employees at both its offices in Eastleigh and Bournemouth, and almost 800 at its office in Gloucester.

Maria Bota, Festival Director adds: “We are delighted to welcome Ageas as the new Principal Sponsor of what will now be known as the Ageas Salisbury International Arts Festival. They join us at a time when the Festival is on the move. Audiences have doubled over the last three years and the majority of attendees experience the Festival for free through our outdoor events and free installations. Our Principal Sponsor plays a major part in enabling us to sustain the success of the Festival. We are really enjoying working with Ageas.”

The full event programme for the Ageas Salisbury International Arts Festival will be announced in February 2012.

Source : Ageas

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Before The Office of Fair Trading (OFT) presents its findings on the increase in private motor insurance premiums this December, David Powell, Underwriting Manager at the Lloyd’s Market Association, urges them to consider the underlying causes of rising costs:

 “When presenting their findings, I urge the OFT to take into consideration all the factors contributing to the recent increase in motor premiums. Legitimate factors such as low investment returns are inevitable in the current economic climate. However, the OFT should recognise that the motor insurance market is loss-making and that largely unnecessary costs faced by insurers are pushing up prices for customers.

 “Claims farming has led to a doubling in personal injury claims frequency since referral fees were permitted in 2003. Inflated legal costs and recoveries, unnecessary credit hire costs, fraud and uninsured drivers are the major factors pushing up costs for customers.

 “Jack Straw’s 10 Minute Bill recognises the huge costs that the ‘claims industry’ has created for compensators, and whilst insurers are not likely to support restrictions in postcode underwriting, Mr Straw has made some welcome proposals to reduce the scope for abuse and fraud regarding the whiplash claims epidemic.”

Mr Powell concludes: “The OFT has an ideal opportunity to explain to customers, Government and the media that unless action is taken to address the underlying factors that are pushing up motor insurance costs premiums will continue to rise. The LASPO Bill, to reduce legal costs and ban referral fees, must be enacted swiftly, and fixed legal costs must be significantly reduced so that savings can be passed on to customers. The industry must also re-structure to remove the unnecessary and inflated costs caused by credit hire, and further regulation should not be ruled out.”

Source : LMA

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