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It is Road Safety Week (21-27 November 2011) and cycling and motoring rage is in the spotlight. Both cyclists and motorists have strong feelings about how to handle road related anger according to a survey conducted by Confused.com.

Both cyclists and motorists are turning to social media to report incidents of road related anger with Confused.com identifying 2,674 tweets mentioning both ‘road rage’ and ‘cyclist’ during the first nine months of this year. In response to this emerging danger, Confused.com has created an interactive map that both cyclists and drivers can use to pinpoint rage blackspots.

A survey of 1,000 motorists and 1,000 cyclists carried out by Confused.com identifies what sends cyclists into a ‘two-wheel tantrum’ and turns car drivers ‘cyclo-pathic’:

72% of drivers have experienced one or more of the following incidents involving a cyclist during the last two years, broken down as follows:

– A cyclist caused me to swerve in my car [31%]

– A cyclist slowed down my journey and made me late [22%]

– A cyclist caused an accident which I was involved in [5%]

– Someone I know was involved in an accident involving a cyclist [11%]

– A cyclist went through red lights [39%]

– Cyclists riding on the pavement or in an area with a ‘no cycling’ sign [26%]

46% of drivers say that they are sometimes annoyed by cyclists being on the road and they have suggested some ways to handle them (drivers were permitted to choose more than one solution):

A quarter (25%) of these drivers are keen to see cyclists pay road tax meanwhile 14% of angry drivers want to see cyclists displaying number plates on their bikes. Getting cyclists to pass a version of the driving test before they can ride on the road is a popular idea with 44% of annoyed motorists, while 43% say that they would like to see cyclists taking out a form of insurance in case they cause a collision. Catching those who cycle through red lights was seen as the top solution with 59% of car drivers saying they’d like to see cyclists caught for doing this. Almost one third of motorists (31%) feel that cycling on the pavement (which the Highway Code states is illegal) should be stopped.

Meanwhile, almost a quarter of cyclists have been beeped at or sworn at by a motorist and more than one in eight have been knocked off their bike by a motorist. Over the last 2 years cyclists had the following unpleasant experiences:

– 13% have been knocked off their bike by a motorist

– 24% have been sworn at or beeped at by a motorist

– 14% say they have been run off the road by a motorist

– 11% were hit by a car door being opened

– 4% were chased by a motorist

65% of cyclists told Confused.com that they are feeling less safe than they did a year ago and 34% say they’ve been a victim of road rage.

Cyclists have some suggestions about ways to improve their journeys (cyclists were permitted to suggest more than one solution:

– 28% think cycling on the pavement should be legalised

– 58% suggest that more cycle lanes should be available in the UK

– 25% think that more hire bikes should be available in the UK

– 9% (almost one in ten) suggest that cyclists should be allowed to go through red lights

– 37% would like drivers to stop driving and parking in cycle lanes

Gareth Kloet, Head of Car Insurance at Confused.com: “Rage on the roads is a big problem for both motorists and cyclists and our research shows that both groups have much to complain about. 14% of drivers want to see license plates on bicycles making them more visible on roads. Drivers also need to be tolerant of cyclists taking a prominent position on today’s roads as 13% of cyclists have been knocked off their bike by a motorist.  Whilst both parties can point at differing solutions to help improve road safety, we urge all road users to exercise respect and courtesy as the roads are for everyone and tolerance could save people’s lives.”

Malcolm Shepherd, Chief Executive of Sustrans, the UK charity encouraging people to travel by foot, bike or public transport added its weight to the issue. “The truth is that most people use different forms of transport to get about, be it driving a car, riding a bike or being a pedestrian.

“People need to be more considerate and aware of all other users when making their journeys. Cyclists are among the most vulnerable groups of road users, so when cycling it is important to look after yourself by being visible and positioning yourself correctly on the road. Drivers need to be aware of cyclists on the road and make sure they treat those on bikes with the same consideration they would other road users.”

Source : Confused.com

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Former American International Group chief Maurice “Hank” Greenberg sued the US government for $25 billion Monday over the takeover of AIG at the height of the financial crisis in 2008. 

In a class action suit, Greenberg alleged that AIG shareholders lost most of their investments when the government unnecessarily took over AIG rather than just aiding it financially for what the lawsuit said was a “temporary liquidity” problem.

The lawsuit by Greenberg’s Starr International Company charged the US discriminated against AIG and its shareholders, because it had given liquidity support to other large financial institutions rather than taking them over at the time.

“The government’s taking of control over AIG and of AIG equity was deliberately disparate and discriminatory to the government’s treatment of others similarly situated,” said the suit.

“By deliberately and systematically treating the common stock shareholders differently from others similarly situated without a rational basis for the difference in treatment, the government also acted in violation of the equal protection rights of AIG common shareholders,” it said.

Filed in the US Federal Claims Court in Washington, DC, the suit said the bailout, which involved some $140 billion in investment, loans and guarantees from the US Treasury and the Federal Reserve, unnecessarily wiped out 80 per cent of the value of investors’ shares in AIG.

It asked for damages of not less than $25 billion, equal to the value of the shares the government received in AIG, based on the $45.24 share price on January 14, 2011.

The Federal Reserve stepped in to rescue AIG on September 16, 2008, after the company’s share price hit a low of $1.25.

Greenberg ran AIG for nearly four decades, building it into the world’s largest insurer with a powerful global network before he was forced out as chief executive and chairman in 2005, when the company was hit with an investigation into accounting fraud.

Washington, Nov 21, 2011 (AFP)

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New research revealed by Aon Hewitt, The Futures Company and the National Business Group on Health, shows that employees expect more from their employers’ health and wellness plans.

Together with the National Business Group on Health and The Futures Company, Aon Hewitt surveyed more than 3,000 consumers (employees and their dependents) covered by employer health plans to determine their perspectives, behaviours and attitudes towards health and wellness. Under continued pressure to mitigate costs and adjust to new regulations, employers are continuing to carefully consider the future of their employer-provided health plans. However, as they adjust their plan design and wellness strategies, the survey finds that many employers aren’t aligning these strategies with the goals, needs and concerns of their employees.

While a majority of consumers (74 per cent) are worried about being able to afford health care now and in the future, they understand that health improvement programs, along with well designed employer-provided health benefit plans, can help them get healthier while also holding down costs. But, the survey reveals that workers really want four simple things—programs and communication that are easy to use, motivating and meaningful to them, but that also provide personalized information and ideas.

“Employers continue to face countless challenges when it comes to offering health plans that effectively meet the needs of workers and their families, while also managing rising costs,” said Helen Darling, president and CEO of the National Business Group on Health. “We hear over and over that the key to ensuring real health improvement is employee engagement, so knowing what employees want and what will motivate them is essential to success. Consumers are telling us that the one-size-fits-all approach to health and wellness isn’t working for them. In order to help with their challenges and reduce costs, they want health programs that speak to their individual and families’ health care needs.”

Make it Easy

Faced with rising health care costs and new regulations, more employers are introducing health care plans that require workers to take more responsibility for managing their health and the related costs. In fact, a recent Aon Hewitt report shows that 51 per cent of employers now offer a Consumer Driven Health Plan (CDHP), up from just 9 per cent in 2005.

The good news for employers is that consumers are willing to try CDHPs if the immediate cost savings are apparent. Among those with a choice, most employees (63 per cent) select a CDHP because of the lower premium costs. Additionally, 39 per cent choose this plan option because their employer contributes to an associated account—Health Savings Account (HSA) or a Health Reimbursement Account (HRA). In fact, among those enrolled in a CDHP who have a choice, over 90 per cent will definitely or probably re-enroll. While CDHPs are, in part, intended to encourage workers to take a more active role in their health, the survey findings indicate that they are having a mixed affect on behaviours. Encouragingly, 42 per cent are getting more preventive care and 40 per cent are looking for lower cost health services options since choosing this plan. More troubling, a sizeable number of workers (35 per cent) are sacrificing or postponing care (28 per cent) to avoid out-of-pocket costs.

“While an eye towards cost is certainly a valid and reasonable reason for consumers to select a certain health care plan, choosing a plan that fits a worker’s lifestyle and needs also ensures that people are getting the most appropriate coverage for their needs,” said Cathy Tripp, managing principal Health & Benefits at Aon Hewitt and project leader for this study. “However, employers need to make sure workers aren’t sacrificing health and the future costs of poor health for lower costs today. Giving employees the tools and advice to decide what is the most appropriate plan for them is critical.”

Make it Personal

When it comes to tools to help them make health decisions, consumers want information that is tailored to their specific situation. Half of participants (50 per cent) want a personalized plan that recommends specific actions they can take to improve their health based on their health status, up 9 percentage points from 2010. Workers are also looking for convenient, one-stop access to information with 40 per cent expressing a preference for a wellness website and more than a third (35 per cent) want personalized health tips and reminders. Cost is still not far from the minds of consumers though. Fully 44 per cent would like cost savings tips and a third (33 per cent) want cost estimating tools.

“If companies truly want to move the needle in terms of overall health and cost, they have to stop looking at employees as one group, and start looking at the individual,” stressed Joann Hall Swenson, principal and health engagement best practice leader at Aon Hewitt. “Employers can customize health information and related programs to address the specific health conditions and risks of their workers as well as offer specific tips and actionable steps they can take to improve their condition. In addition, offering tools that allow individuals to see and understand the cost of their health care services goes a long way in helping workers make the most of their health care dollars.”

Make it Move Me

In addition to shifting a greater share of the cost to employees, companies are also looking at ways to get employees and their dependents healthier. According to consumers, the best way to motivate them to participate in employer-sponsored health plans is by using rewards. More than half of consumers would prefer either non-cash or cash incentives to encourage them to take part in wellness (60 per cent), condition management programs (50 per cent) or respond to a health risk questionnaire (58 per cent).

For employers, getting workers engaged in their health is critical to health improvement and cost containment. However, the survey finds that there is a disconnect between how healthy people think they are and how healthy they actually are. The Centers for Disease Control and Prevention reports that approximately one-third (33.8 per cent) of U.S. adults are obese, though only 24 per cent of survey participants say they are obese. Similarly, the survey found that more than three-quarters (76 per cent) of consumers rated their health as “very good” or “good,” while just 15 per cent considered their health “fair” or “poor.” While employees may think they’re healthier than they likely are, they do acknowledge that their health isn’t perfect. Approximately 60 per cent of consumers report having at least one health condition with obesity, high blood pressure and back pain most often mentioned.

“This lack of awareness between real and perceived health is a huge problem since we know that concerns about risk factors can help overcome our natural tendency to put-off making the tough life changes needed to significantly reduce health risks,” stressed Darling.

Despite the potential disconnect between real and perceived health status, consumers do understand what it takes to get and stay healthy. When ranking what matters most to their health, many (85 per cent) say that good health is a result of making smart health choices each day, over two-thirds (68 per cent) say that getting regular preventive care ranks in the top three, while 40 per cent rank living and working in a healthy environment in the top three. While people know what it takes to be healthy, there are still often barriers to reaching health goals. Most people cite lack of time (42 per cent), cost (40 per cent) and unwillingness to sacrifice (35 per cent) as the leading obstacles to getting and staying healthy. Consumers do acknowledge that there are people and things in their lives that may help move the needle when it comes to improving their health. Nearly three-quarters (72 per cent) are influenced by advice from a doctor, almost half (47 per cent) from friends or family, and 41 per cent from general health websites. Just 13 per cent consider health information from their employer a trusted source.

“It’s clear that when it comes to improving their health, knowing what to do and acting on it are two vastly different things for consumers,” explained Swenson. “They have made it clear that they don’t need employers to focus a lot on explaining to them why they should change their health behaviours. Instead, they’d rather that their companies provide tools, programs, and perhaps most importantly, time, to help them make positive health choices despite the barriers in their lives.”

Make it Meaningful

To improve health and productivity, employers are increasingly offering programs to both workers and their dependents such as biometric screenings, health risk assessments, onsite clinics/pharmacies and Employee Assistance Programs. However, many employees and their dependents don’t seem to be aware of many of these programs. In 2011, more than one-third (36 per cent) of consumers did not participate in any health program or service offered by their employer. Among the programs that workers did participate in, blood tests or biometric screenings were the most popular (61 per cent participation), followed by health risk assessments (57 per cent participation).

Despite low participation, when workers do take part in these programs, satisfaction is extremely high. Almost all (97 per cent) of consumers who took part in blood work/biometric screening were satisfied, 97 per cent were happy with their on-site clinic or pharmacy, and 92 per cent were satisfied with the health risk assessment.

In addition to lack of awareness, and despite the availability of health improvement programs, many consumers don’t feel their employers are fully supportive in helping them get and stay healthy. A majority of workers (60 per cent) think their company is only moderately-to-not supportive when it comes to their efforts to be healthy.

“Employers may be missing the mark when it comes to health improvement programs being offered to workers,” said Tripp. “Workers need to see that their efforts to become healthy are supported by the company. Developing a culture where leaders care and support healthful living communicates to workers that this matters to the company.”

Source : Aon Hewitt

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Moneysupermarket.com has just announced the launch of its free iPhone application. This mobile device application allows vehicle owners to shop around for motor and proceed a  purchase directly through the mobile device.  

This application, called Moneysupermarket Car Insurance, is available for the iPhone and through the UK Apple Store for free.

The mobile application provides a ‘click to call’ option from any car insurance provider to talk through the quote or purchase directly through their mobile device. The app is able to retain costumer details and remember where they are in the application in case the connection is lost.

Moneysupermarket.com has enhanced its website to detect when a user is using a mobile device and adapts the web page to be optimised on a mobile device. Also the online comparison website has optimised its email communications for mobile devices, showing customers their quote details and allowing customers to ‘click to call’ from the email on their phones.

Julie Fisher insurance expert at MoneySupermarket.com said: “The launch of our App is a real leap forward in the industry and means our customers can make big savings on their car insurance in just a few minutes on their iPhone. We hope that by having a great car insurance buying experience over a smartphone for our customers, the industry will soon follow our lead and optimise their sites to support those who want to buy their car cover while they’re on the move. We know that a vast amount of people in the UK now own a smartphone and are using them for increasingly complex tasks. We identified that making our service even easier for consumers to access on the go consumers was key and by working with our partner Mobile Interactive Group (MIG) we have created a great solution for our customers to get the best deal on their car insurance.”

Source : Moneysupermarket.com

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LMA’s Former Senior Underwriting Executive, Ben Baker, has been promoted to the role of the organisation’s Professional Standards Manager. 

Mr Baker’s promotion comes as Terry Hayday, the LMA’s Head of Professional Standards, prepares to retire next June.

Mr Baker joined the LMA in 2008. Prior to joining, he spent 10 years as a political risk underwriter with ACE. He began his career in the insurance market as a broker with C.T Bowring and also spent 10 years with AIG underwriting political risks.

Commenting on his new role, Mr Baker said: “Professional development is hugely important for the future of the Lloyd’s Market. What we’re trying to do is create a real learning community rather than just running a series of educational events. We want it to be part of the market’s DNA.”

The LMA’s Board has, this month, given approval for the ground-breaking LMA Lloyd’s Market Academy (LMALMA) initiative to extend beyond its two-year pilot phase.

“Based on my years of market experience, I am looking to develop the LMA Lloyd’s Market Academy to widen people’s horizons and support their professional careers at Lloyd’s.  Everything we do is market-focussed from basics to boardroom. Our watchword is ‘by the market for the market’,” added Mr Baker.

The Chartered Insurance Institute has also approached the LMA to lead and champion a new dissertation programme at Lloyd’s, participation in which will qualify for 40 CII credits towards its Advanced Diploma qualification, the ACII.

Terry Hayday said: “Ben is the ideal person for this role. He has already worked with me on a number of professional development activities and his appointment means we can build on the LMALMA programmes we’re developing for next year and beyond.”

 “The job is about more than simply training and development; it’s more to do with relationship management and truly understanding and addressing the educational needs of people working in the Lloyd’s Market.”

Source : LMA

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The pressure on London bankers to get to grips with the global financial crisis has led to stress, depression and insomnia among City workers, affecting even the most experienced bosses. 

The phenomenon was brought to light when the chief executive of Lloyds Banking Group, Antonio Horta-Osario, announced that he was stepping down from his post until the end of the year for “medical reasons.”

Reports claimed the Portuguese-born director was suffering from fatigue after just six months at the helm of the bailed-out bank. The shock announcement came as the financial sector grappled with the latest developments in the Eurozone debt crisis, stirring anxiety among investors and sending shares in the banking giant plummeting.

Horta-Osario highlighted a worrying trend among bankers, said Dr Michael Sinclair, clinical director of City Psychology Group, which treats patients from offices in the City and Canary Wharf, London’s second business centre.

“There’s definitely an increase in (patients) presenting to us with stress-related conditions, a whole host of anxiety disorder and depression,” Sinclair told AFP.

Sinclair blames the current economic turmoil for the growth in cases of stress-related illness, which can cause a range of physical symptoms including headaches, back pain, heart conditions and insomnia.

“Since the recession, things have changed,” said Cary Cooper, a professor of psychology and health at Lancaster University in northwest England.

In the wake of the global economic crisis, many companies were forced to shed employees and increase workloads for their current workers, which has driven up stress levels, Cooper said. As the Eurozone crisis deepens, Cooper said job insecurity is a further source of worry for workers, many of whom remember the traumatic scenes of September 2008 when London employees at failed US bank Lehman Brothers lost their jobs overnight.

A recent study by research institute the Centre for Economics and Business Research (CEBR) has added to financial workers’ job fears.

CEBR estimates that more jobs in the financial sector will be slashed this year, bringing the number of employees in the industry back down to 1998 levels.

In this high-pressure environment, Cooper suggests there is a ‘survival of the fittest’ mentality, with bankers, brokers and other management staff likely to try desperately to hide any stress symptoms from their employers.

“The majority of people working the financial sector would not admit to not coping because it could mean they are highly vulnerable to job loss,” Cooper said. Bankers are unlikely to turn to outsiders for help for their “businessman blues” because of public animosity towards their profession, Cooper added.

Recent reports of hefty bonus payments for staff at banks that were rescued from collapse by state bailouts has done little to improve their reputation in the eyes of the general public.

“The public perception of them and the media’s attack on them has made their job more stressful,” Cooper said, adding that many even lie about their job when asked.

According to Sinclair, the British public’s lack of compassion for bankers has forced many to turn to drugs and alcohol in a bid to relieve the stress.  “It’s a vicious circle that makes the problems worse in the end,” he said.

London, Nov 20, 2011 (AFP)

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The government of Thailand estimates it will take as long as two months for the floodwaters to fully recede. Many areas of Thailand remain flooded, particularly those near the west and east of Bangkok.

Access to some areas is possible as the flood water is now receding particularly around the country’s industrial region, Ayutthaya Province, north of Bangkok. Crawford & Company is monitoring the situation closely and where access is possible we have commenced our attendance at various insured locations assisting the recovery process.

“Crawford’s local adjusters are able to meet current demand for site inspections and claims handling but as policyholders return to their properties and businesses, we expect to see an influx of additional claims. To meet this increased demand, our local team will be supplemented by senior adjusters from Crawford Global Technical Services (GTSSM) and we expect to have these additional adjusters in place by 21 November” said Richard Martin, CEO Asia Pacific at Crawford & Company.

The team in Crawford Thailand will be strengthened with the appointment of Stuart Mintz who has more than 30 years of management and adjusting experience. He joined Crawford in the United States in 2004 as an Executive General Adjuster in GTSSM and has worked on large, complex losses worldwide. Stuart A. Mintz has joined Crawford’s Asia-Pacific team in Thailand as International Executive General Adjuster for the Indochina Zone incorporating Thailand, Vietnam, Cambodia, Laos and Burma. Richard Martin said, “Stuart has expertise to manage claims resulting from a number of catastrophes, including earthquake losses in Christchurch, New Zealand. He also will be part of our team handling claims from the recent floods in Thailand. Stuart is a great addition to our team in the region and we are looking forward to his continued work on behalf of our clients.”

Crawford Thailand are closely monitoring claim assignment intake, whilst ensuring that additional claim assignments are allocated utilising the group resources as required.

Source : Crawford & Company

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The UK Sustainable Investment and Finance association says pension funds can drive change but companies are the strongest link in the broken investment chain.

The Government’s Kay Review closes this Friday (18/11/11) and UKSIF is today calling on pension funds, investors and companies to embrace a long-term approach. UKSIF is the UK’s trade body for sustainable finance whose members include the Co-operative, Aviva and many other major financial institutions.

Economist John Kay is investigating whether UK stock markets push companies into taking a short-term approach to business. UKSIF has welcomed the Review and publicly called for all parts of the investment chain to use the publication of Kay’s report next year as an opportunity to rebuild public trust in UK equity markets.

As part of their submission, UKSIF has released a diagram of the investment chain that includes a list of its recommendations. This is published under a ‘creative commons’ license so is available free for any publication to use.

Penny Shepherd MBE, Chief Executive of UKSIF said:

“In our submission, we call for everyone – asset owners, the investment industry, companies, regulators and civil society – to play their part in restoring UK equity markets to their proper role as the most effective way to allocate capital for long-term wealth creation. This is urgently needed by companies, savers and society as a whole.

“Pension funds and other asset owners must drive change by incentivising their managers to act in a long-term way and by embracing best practice on transparency. That includes publicly disclosing not only their responsible investment policies but also how they are implemented.

“We are already seeing examples of brilliant practice from leading corporate and public sector pension funds but many more need to follow their example.

“All actors in the chain can improve the way the markets behave from individual pension beneficiaries demanding more information from their pension trustees, to the Chief Investment Officers who allocate billions of capital to companies lacking clear strategies to protect value in the face of pressing environmental, social or governance issues.

“But it is companies that are perhaps the strongest link in the chain. Firstly, many companies should do more to encourage their pension funds to be long-term responsible investors. Too many major companies which recognise the importance of sustainability in their business strategies do not help their corporate pension schemes to appreciate the challenges ahead. Secondly, we need more companies to disclose clearly their strategies and key metrics for addressing the threats to business models in a world of resource constraints and social pressures. If companies do not assess and report effectively on how they will address ESG risks and opportunities, how can the market assess their potential for sustained success over the long-term?”

Source : UKSIF Press Release

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According to credit insurer Atradius, the retail sector is currently the UK’s sector with the fastest payment times.

UK businesses are currently displaying the quickest payment times in Europe at just 25 days for export sales, the shortest export payment term set in the entire history of the biannual Atradius Payment Practices Barometer. However, retailers have gone one step further with an average of just 17 days from invoice to payment indicating that businesses in the sector are paying more promptly than any other.

The Autumn 2011 Payment Practices Barometer, of over 5,200 companies across 27 European countries, showed that UK businesses set an average sales payment term of just 26 days in the domestic market and 25 days for export sales; 10 and 11 days below the European average respectively.

Payment terms were also found to be closely linked to company size with micro-enterprises operating payment terms of 21 days for domestic and 22 days for foreign while large companies set payments terms at 32 days from receipt of goods, but still shorter than their European neighbours. The standout trend was the stance taken by financial services companies which set the longest domestic payment terms of 30 days on average and the shortest export payment terms at just 19 days. This suggests that this industry sector had relative reservations about the payment morality of its domestic clients.

Marc Jones,Head of Sales for Atradius UK, explains: “As this report shows, businesses are now much more likely to adapt their payment terms depending on the sector of the buyer they are dealing with. If it is a sector that has been badly impacted in the economic climate, businesses are remaining astute about what payment terms they extend to them compared to those who have performed more robustly. Company standard terms are cited as one key reason, together with trade relationship with the customer and industry standard terms, for adapting domestic and foreign trade payment terms. Credit capacity of the customer, type of product sold and the competition have also been key factors in setting credit terms and balancing company policy with other external factors.”

The Atradius Payment Practices Barometer also revealed:

– The standout ranking was that 60% of respondents from large enterprises cited trade relationship with the customer as a major influence on setting export payment terms

– 41% and 46% respectively of medium/large companies highlighted credit capacity of the customer as a major domestic and export payment term determinant

– 47%of large businesses across (insert region) and the UK singled out company standard terms as the predominant driver of export payment terms

– By sector, 57% of respondents from the UK financial service industry flagged up both trade relationship with the customer and industry standard terms as key determinants for export payment terms

– Industry standard ratings were also spotlighted by 54% from the manufacturing industry as the most important domestic influence on payment terms

– Also worthy of note is that 50% of financial services firms ranked credit availability and type of product sold as major drivers of foreign sales terms

– British businesses showed a relatively keen appetite for discounting for early B2B payments in an attempt to reduce trade and export credit risk, offered by 44% of respondents compared with the European average of 37% Particularly among manufacturing firms and financial services companies

Source : Atradius

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Specialist underwriting agency DUAL Corporate Risks has launched a new and more broad-ranging management liability product.

Management Liability Plus provides comprehensive cover to privately-owned companies, their directors, company pension funds and their trustees to protect them from claims and losses incurred as a result of internal frauds.

The product covers: directors and officers liability (D&O); corporate liability (CL); employment practices liability (EPL); pension trustees liability (PTL); and fidelity fraud losses (Crime).

Jennifer Martin, Underwriting Director at DUAL Corporate Risks, said: “In the current economic climate employee fraud can be a significant issue for many companies and this cover provides valuable balance sheet protection for companies.”

She added: “As a result of our dialogue with brokers and clients, we discovered that they wanted a product that was much more broad-ranging, where all the components fitted together without gaps or unnecessary overlaps. This comprehensive product suite is unusual in that it addresses all the requirements of our targeted client base in today’s working environment.”

The product is flexible and allows the insured to select the level of cover required to suit their needs, be it simply D&O cover, the full suite of cover available, or a mixture of the five insuring clauses.

The coverage takes account of the latest legal developments and has a number of unique features including separate towers of liability with no aggregation. It also has internal fraud cover for companies and their pension funds.

The policy includes full coverage for criminal investigations and prosecutions of companies and their directors under the Bribery Act 2010, which came into force on 1 July 2011.  Many other policies only provide coverage for investigations and prosecutions of directors, but companies can also be held liable under the new act.

There is also broad coverage available for directors’ and officers’ defence costs where they are suspended following a notification by the company to a regulatory body or governmental agency. Other policies would typically not regard this event as triggering coverage, even though the director may need to obtain urgent legal advice to protect his/her position.

The product also includes coverage for official investigations, internal investigations and corporate manslaughter claims against individuals and companies.

Further coverage options include: assets and personal liberty costs; retirement cover; emergency costs; travel costs cover; public relations cover; pre-agreed run-off coverage in the case of merger, acquisition or liquidation; and mitigation loss coverage included as standard.

The management liability product is aimed at UK private commercial companies and will be sold via DUAL’s National Business Unit in Manchester. This will enable DUAL to capitalise on its already impressive penetration into the UK commercial market.

Source : DUAL Corporate Risks

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An interactive seminar designed to provide an overview of the issues identified during our recent wealth management review work and to provide guidance on complying with our requirements in relation to retail clients.

Overview :

We have recently reviewed the suitability of retail client portfolios in a sample of firms in the wealth management industry.  We have identified significant, widespread failings, which we are concerned may also be prevalent in firms outside our sample.  This seminar aims to provide further information and guidance to compliance consultants and compliance officers of wealth management firms on the issues we have identified and how firms can demonstrate that they meet our requirements in relation to retail clients.

Attendees :

This event is aimed at compliance consultants of wealth management firms and the compliance officers of wealth management firms.

Places are limited to one delegate per firm and will be allocated on a first-come first-served basis.

Dates :

Thursday 8 December 2011, Financial Services Authority, London

Thursday 19 January 2012, The Midland Hotel, Manchester

Format :

A full-day event, including lunch

Fee :

Compliance officers from FSA regulated firms – £95

Compliance consultants – £250

Register :

London event – 8 December 2011

Manchester event – 19 January 2012

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According to Deloitte, over half of small and medium businesses expect no disruption to their operations from the 2012 Olympic and Paralympic games.

Entrepreneurship UK surveyed owners of private businesses, of which 80% generate revenues of £50m or less, and found that 59% of respondents across the country believed the Games will have no impact on their business as usual operations. Even in London the figure was only marginally lower at 55%.

Transport is the biggest concern with 14% of small and medium sized enterprises in London citing it as an issue ahead of next summer. Staff unavailability was the next highest worry with 8% of respondents from London concerned.

Rick Cudworth, head of the Business Continuity & Resilience team at Deloitte, said: “The level of awareness of the impact of London 2012 among small businesses appears to be low.  With less than a year to go to the Games, the clock is ticking and planning needs to start now. For small businesses, supplies, transport, travel, and staff availability will be critical considerations.

“There will be three million additional journeys on the busiest days of the Games, whilst transport and logistics restrictions will be in place throughout the Games period, which extends for several weeks.

“In our research with larger companies we have seen the levels of understanding about the potential impact of the Games significantly increase in the past 12 months. 95% of larger companies will assess the impact the Games could have on their operations. One point larger companies will need to consider is how well prepared the smaller businesses they rely on for supplies are for the Games as the indications at present suggest there is work to be done.”

The research also discovered that the vast majority of small and medium sized businesses do not feel that London 2012 will lead to an increase in demand for their products or services. 74% of companies across the country believe the Games will have a neutral impact on sales, whilst this figure was 72% in London.

However, just under a quarter (24%) of small and medium sized businesses in London do believe the Games will provide a revenue boost with just 4% fearing a negative effect.

Tony Cohen, Head of Entrepreneurial Business at Deloitte, said: “We know from Sydney, Beijing and Vancouver that businesses tend to underestimate the sheer breadth and scale of the impact of the Olympic and Paralympic Games, and this survey suggests it could happen again in London – despite the huge opportunity. Companies large and small should be planning now to take advantage of increased demand and new customers.”

Source : Deloitte

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MMA Insurance has enhanced its Shops, Offices and Surgeries products with a new level of rating sophistication on its Broker Online system.

These developments have also resulted in reduced minimum premiums, rate reductions on target trades and extended ‘work-away’ availability (with reductions on specific trades).

Brokers can access the improved Shops and Offices rating using the Broker Online trading system, which offers the quickest and most efficient way to place Micro SME business with MMA.  The online system is fully supported by MMA’s Micro Underwriting Team for risks that fall outside standard acceptance criteria.

In addition MMA offers options to pay by instalments (via direct debit), an extensive list of acceptable trades and full cycle functionality.

MMA’s Director, Commercial Underwriting, Paul Hodgson said: “With so much choice in the small commercial insurance market, brokers need to make sure they provide their clients with a competitive and comprehensive product.  As such we want to ensure we provide our brokers with the best choice when it comes to these smaller commercial insurance risks. In order to do that we have widened the range of acceptable trades and there is now a host of new rating factors which will ensure competitive premiums.”

Source : MMA

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German insurance giant Allianz said on Friday that earnings plunged in the third quarter, hit by turmoil on financial market, but the group said it stood by its full-year targets.   

Allianz said in a statement it earned 196 million euros ($266 million) in the period from July to September, a drop of 84.5 per cent from the figure for the previous year. Operating profit fell by 7.3 per cent to 1.906 billion euros on a 1.8-percent decline in total revenues to 24.1 billion euros.

“We maintained revenues at a high level and achieved a solid operating profit in the third quarter,” the insurance giant said.

“At the same time, we preserved our strong capital base despite the downturn of equity markets and the on-going sovereign debt crises.”

The decline in operating profit was largely due to lower investment results in the life and health insurance business. Earnings were stable in property and casualty insurance, “while asset management continued its successful path and again increased its operating profit,” the statement said.

Allianz said it took a charge of 931 million euros on its investments in the financial sector and from Greek sovereign debt. In addition, its tax rate surged.

“All market participants have to face the uncertainty and high volatility of the capital markets,” said chief financial officer Oliver Baete.

“Because of our solid operating results and unwavering capital strength, Allianz is well able to withstand this adversity. We remain committed to achieving our operating profit target for 2011 of 8.0 billion euros, plus or minus 0.5 billion euros,” Baete said.

Investors appeared to be encouraged by the group’s confidence and Allianz shares were the biggest gainers on the Frankfurt stock exchange on Friday, rising 2.4 per cent to 73.93 euros in a slightly firmer market.

Frankfurt, Nov 11, 2011 (AFP)

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New research released by Virginmoney.com shows that half of Scottish charities are planning to increase their use of online fundraising. The findings show that these charities would welcome advice and raining in order to maximise online fundraising. Nearly six out of 10 (56%) charities say there is not enough external support and advice on online fundraising.

The study shows widespread use of digital fundraising – just 8% of the charities surveyed said they did not use any form of digital fundraising and only 11% say online fundraising is not important.

Around 56% of charities say they plan to increase their use of fundraising websites and to encourage supporters to use sites – another 33% say they already use online fundraising extensively. Analysis shows online fundraising only generates around 3% of total giving which in 2010 was around £10.6 billion – £700 million down on pre-recession levels.

Jo Barnett, executive director at Virgin Money Giving said: “The online giving market is growing rapidly and charities and fundraisers benefit from using online giving services as they are more efficient and improve Gift Aid uptake.

“However charities need support and advice on maximising the amounts raised and on the techniques to use. Virgin Money Giving has run workshops across Scotland and has more planned as part of its commitment to help charities.”

Virginmoneygiving.com’s research shows the most popular method of online fundraising is Facebook used by 41% of charities, followed by online donation services which are used by 37%. Around a third (33%) of charities currently use online fundraising pages while 32% use Twitter and 7.5% use text/SMS.

Source : Virginmoney.com

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Recent data released by Aon Hewitt shows employee satisfaction or engagement continues to be “sluggish” and remains at the lowest level since 2008.

At the end of the third quarter, Aon Hewitt analysed its Employee Engagement Database of more than 5,700 employers, representing five million employees worldwide. The findings reveal an engagement level of 56 per cent thus far in 2011, which is the same as 2010, but lower than 2009 (60 per cent) and 2008 (57 per cent). Traditionally, engagement levels between 65 per cent and 100 per cent represent a high-performing culture; 45 per cent to 65 per cent indicate the workforce is indifferent to organizational success or failure; and anything lower than 45 per cent represents a serious or destructive range.

According to Aon Hewitt, the largest drop in engagement this year is employees’ perception of how companies manage performance. Workers worldwide believe their employers have not provided the appropriate focus or level of management that would lead to increased productivity, nor have they connected individual performance to organizational goals.

“A significant number of employees are not motivated enough to provide extra effort beyond the job requirements and many anticipate leaving their employers in the near future,” said Pete Sanborn, Talent and Organization Consulting global practice leader for Aon Hewitt. “This is critical, as our research continues to show a strong correlation between employee engagement and financial performance, even in turbulent financial times. For example, in 2010, organizations with engagement levels of 65 per cent or greater outperformed the total stock market index and posted total shareholder returns 22 per cent higher than average. On the other hand, companies with engagement of 45 per cent or less had a total shareholder return that was 28 per cent lower than the average return in 2010.”

Aon Hewitt further analysed this 2011 data and measured satisfaction scores for key drives of engagement, with its benchmark database. This revealed that Managing Performance (the way we manage performance here keeps me focused on achieving this organization’s goals) dropped nearly 8 percentage points globally thus far in 2011, with a global satisfaction score of 44 per cent. Regionally, Managing Performance in Latin America is at 55 per cent, followed by the U.S. (50 per cent), Canada (49 per cent), Asia Pacific (49 per cent) and Europe (36 per cent).

Engagement scores connected to Managing Performance also are low. For example, Career Opportunities (my career opportunities here look good) has a 42 per cent global satisfaction level, Recognition (appropriate recognition beyond pay and benefits for an employee’s contribution) is at 40 per cent globally, Tools & Resources (contribution of tools and resources toward employee productivity) is at 51 per cent worldwide, while Senior Leadership (evidence of effective leadership from senior leaders) has a score of 48 per cent globally.

Engagement Driver Satisfaction Scores for the First Nine Months of 2011
Category Global Asia Pacific Europe Latin America Canada U.S.
Career Opportunities 42% 48% 33% 51% 48% 50%
Recognition 40% 46% 34% 45% 45% 48%
Tools & Resources 51% 57% 46% 58% 50% 54%
Senior Leadership 48% 54% 39% 62% 57% 54%

“Our analysis suggests that even at the height of the recession, employees felt a greater connection to their work and role in achieving organizational success than they do now,” said Sanborn. “This is a harsh reality, but also an opportunity for those employers willing to invest in specific areas that will have the largest impact on employee engagement. While there is an expense in doing so, the return on investment can be well worth the effort.”

Following are universally applicable best practices for improving and maintaining engagement:

– Create a strategy for improving employee engagement based on data with specific goals

– Communicate a clear “employment deal” that links the success of the company to employees

– Display authentic leadership; be consistently open, honest and transparent

– Invest in improving the capabilities of middle managers

Source : Aon Hewitt

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The historic flooding in Thailand continues to damage residential properties and has interrupted operations for numerous businesses. At the start of this year’s monsoon season in late July, Tropical Storm Nock-Ten brought high precipitation levels that swelled the Yom and Nan rivers in the north of Thailand, forcing the evacuation of 650,000 people.

Since then, persistently heavy rains have caused serious flooding throughout the country, killing more than 500 people and severely affecting an estimated 2.5–3 million more in what has been the most severe floods in 50 years for the region. Current predictions are divided as to whether the defences protecting central Bangkok, including the main business district, will hold over the coming days. Also, the long-term economic impact of this event is set to be far reaching and no reliable estimates can yet be made as to the impact the flooding will have on the global economy. The Bank of Thailand has cut their projected 2011 national economic growth forecast from 4.1% down to 2.6%.

According to AIR, upwards of three quarters of a million residential properties are reported to have been damaged or destroyed by the flooding. However, Thailand’s General Insurance Agency (GIA) estimates that less than 1% of residential properties are insured for flood damage. The government has set aside an initial budget of THB 100 billion (USD 3.3 billion) to begin the rebuilding process. Infrastructure and transport links have also been heavily affected, although Bangkok’s sky-train and subway have not been damaged. In addition, power outages, a shortage of food, and concerns about sanitation complicate recovery efforts in the affected areas.

The major cost of the flooding, however, is a result of disruption to manufacturing and supply chains. Reports suggest that up to seven industrial estates, housing close to 1000 manufacturing plants and employing approximately 460,000 people, have been out of use for weeks now. Some companies are estimating it will take up to six weeks to restart production, while others are considering not re-opening. Flood insurance is prevalent in these industrial parks and the brunt of this loss will be borne by the insurance industry.

Two particularly hard hit sectors are the automobile and computer manufacturing industries. Two of the world’s largest car manufacturers, Honda and Toyota, have had severe disruption to their manufacturing processes, not just in Thailand but worldwide, due to a lack of parts. Thailand is responsible for the manufacturing of about a quarter of all HDD drives produced for the global computing industry. This round of flooding has raised fears of a global supply shortage of hard disk drives in the run-up to the lucrative Christmas period; already prices of hard drives are reported to have increased by up to 180%.

According to AIR, the recent flooding has been described as among the worst in Thailand’s history, with some 6 million hectares of land affected. In the north and central plains, the damage has been predominantly to residential properties and to agriculture. Rice paddies in particular have been quite hard hit, with reports of over 10% having been destroyed. A contributing factor to the severity of flooding in Southeast Asia this year is the appearance of a weak La Niña phenomenon. La Niña, which is one phase of the El Niño Southern Oscillation (ENSO) climate pattern, creates conditions that are conducive to heavy precipitation and flooding in this region. Accumulated monthly rainfall totals in August and September exceeded 300 mm in vast portions of the country, reaching more than one meter in some isolated areas. In October, more than 200–400 mm of precipitation fell in parts of central Thailand, exacerbating the flooding situation in Bangkok.

Flooding was at first confined to the north and northeast of the country but has steadily moved further into the central plains. As the monsoon season continued, the Bhumibol and Sirikit dams in northern Thailand reached their capacity, forcing authorities to increase their discharge rates at the start of October. This further raised water levels downstream in the southern central plain and into Bangkok. Failure of flood barriers in the north of the city and the continued accumulation of floodwaters from the north, having been backed up by a period of high tide, has meant that flooding to some districts in the capital was unavoidable. As of November 7, 12 of the 50 districts of the capital were on the evacuation list with a further 7 sub-districts on partial notice. The commercial heart of the city, however, remains dry at present. Officials estimate that flood conditions in the Bangkok area are likely to continue for several more weeks.

Source : AIR Worldwide Press Release

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IAG announced that its Thailand business has received almost 1,500 claims arising from the severe flooding in the country. The group’s assessment of net claims loss is estimated at AUD50 million (GBP31.9 million), after allowance for reinsurance recoveries.

IAG Managing Director and CEO Mike Wilkins said: “Thailand is experiencing its worst flooding in half a century, with many lives lost and thousands of homes and businesses affected. It has clearly been a very difficult time for people in and around Bangkok and our thoughts are with our people and customers there. In particular, a number of our commercial customers have been impacted by this event.

“Our preliminary estimate is a net claim cost to the Group of around AUD50 million, however we expect claim assessments to take several weeks to complete as the water level slowly recedes. This estimate assumes the remaining protection available under the Group’s aggregate reinsurance cover, of approximately AUD25 million, is fully utilised.”

IAG provides insurance in Thailand under the Safety and NZI brands. Safety is predominantly a motor insurer and represents over 80% of IAG’s gross written premium (GWP) in Thailand. The NZI brand, which is focused on commercial insurance, accounts for the balance.

Source : IAG

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Standard & Poor’s has raised to ‘A-‘, up from ‘BBB+’ the counterparty and insurer financial strength of Dubai based Islamic Arab Insurance as well as the core operating subsidiaries of its wholly owned Labuan-based reinsurance sub-group. The outlook is stable.

The ratings principally reflect the Salama/IAIC group’s strong capitalization, strong consolidated business position, and now strong and stable underwriting performance. Partially offsetting factors include investment strategies that are assessed as good, but which are nonetheless relative weaknesses because they introduce potential volatility through significant exposures to equity and property assets. Additionally, our analysis reflects the potential industry and economic risks relating to certain regions and lines of business in which the group is active.

The group enjoys a strong and still-developing business position with significant insurance operations in the United Arab Emirates (UAE), Algeria, Egypt, Senegal, Saudi Arabia, and Jordan. The business profile of the group also benefits from the strong, inward reinsurance franchise maintained by its wholly owned subsidiary, BEST RE, which writes inward reinsurance in over 60 countries across Asia, the Middle East, and Africa.

Consolidated group capitalization is also strong relative to risks; total shareholders’ funds at end-June 2011 were UAE dirham (AED) 1,634.7 million (including AED47.1 million of minority interests and AED191.5 million of intangible items). The quality of capital is deemed high, exhibiting only modest use of debt and little reliance on the revaluation of investments. Prospective risk-based capitalization is likely to remain at least strong, and the forecast position as of end-2011 is extremely strong. In S&p’s view, reinsurance protection is satisfactory, while reserving is appropriate relative to the short-tail, stable insurance, and inward reinsurance exposures underwritten by the group.

Operating performance across the group is also now strong. The group has displayed particularly stable underwriting results even across economic and industry cycles. The group’s net combined ratios have continued to cluster around the five-year average of 95.9%, despite current “soft” inward reinsurance terms constraining BEST RE in many regions. This is indicative of prudent risk selection.

Investments are regarded as good by S&P. However they are also potentially volatile given the significant, AED694.7 million holding of equities and the similarly significant AED279.4 million invested in properties reported at end-June 2011. The strong capital base of the group and the fact that a significant proportion of these equities are mutual fund assets for family takaful (life and savings) policyholders are offsetting factors. However, the significant levels of market risk leads S&P to regard the investment strategy as a relative weakness in the overall assessment of the group’s otherwise strong financial profile.

The stable outlook reflects the view that Salama/IAIC, its subsidiaries, and affiliates will together continue to enhance the group’s strong business and financial profiles. S&P anticipates that they will do so through a combination of selective business expansion and improving earnings; overall net income is expected to be about AED110 million for the whole of 2011. Gross and net premium income are both expected to increase by not more than 20% annually over the two-year outlook period, while net combined ratios are forecast to remain stable at about 95%.

S&P expects the group to continue to diversify geographically and by line of business. The ratings agency anticipates particular growth in UAE life activities and in the Saudi Arabian and Algerian insurance operations, as well as at BEST RE. Capitalization and quality of capital are expected to remain a particular strength. Modeled risk-based capital outcomes are likely to remain at least strong prospectively, and probably very strong as retained earnings largely offset any strains associated with forecast business growth. However, the group management is expected to increase paid-up share capital at BEST RE to $200 million in 2012, up from the current level of $150 million.

Any rating uplift is viewed as remote in the next two years. However, ongoing improvements in earnings and business position could ultimately prove supportive of a higher rating. This would particularly be the case if, at the same time, revenues become better balanced between the group’s insurance and reinsurance activities. S&P could take a negative rating action if earnings fall below expectations, or if the group fails to maintain strong capitalization, in line with expected growth in underwritten and investment risk exposures.

Source : S&P

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Mathew Irvine has been appointed to Chief Underwriting Officer of XL Insurance Bermuda Professional Lines unit and Stephen Outerbridge has been appointed as Senior Vice President, Underwriter, effective immediately.

Mr. Irvine succeeds James Loder who was recently named as Chief Underwriting Officer/Senior Vice President of CSI-Complex Situational Insurance. Mr. Irvine will be responsible for a team of 11 underwriters and support people. He joined XL’s Lloyd’s syndicate operation, XL London Market Ltd, in 1998. In 2002, he transferred to XL’s Professional Lines unit in Bermuda.

Prior to joining XLIB, Mr. Irvine was an underwriter at the SVB Syndicates Agency for three years where he was involved in the underwriting of UK and US Errors & Omissions, Directors & Officers and Employment Practices Liability business. Mr.Irvine began his insurance career in 1992 as a Senior Account Executive/Broker at the Minet Group where he was responsible for the placement of North American Errors & Omissions business in the London market.

Mr. Outerbridge, who reports to Mr. Irvine, is a Bermudian with approximately 20 years of industry experience, including 15 years in underwriting. He was Senior Vice President/Manager of the Professional Lines department at Ariel Reinsurance Company Ltd from 2006 to 2010. Prior to that, Mr. Outerbridge was Vice President within ACE Bermuda’s Professional Lines department where he also acted as deputy department manager.

Commenting on the appointments, Chief Executive of XL’s Global Professional Insurance operations, Bernard Horovitz, said: “These appointments further demonstrate the bench strength of XL’s professional lines operations as well as our ability to attract top talent in the industry.”

Patrick Tannock, XLIB President, added: “XLIB is fortunate to have Matt and Stephen within our ranks. Having worked closely with both men, Stephen at ACE and Matt here at XL, I can attest to their dedication and drive. Both are seasoned, respected underwriters who are assets to XLIB and the Bermuda market.”

Source : XL Insurance

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