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Great Britain has pledged to contribute GBP20 million to a fund campaign spearheaded by Former US president Jimmy Carter in order to eradicate a debilitating parasitic disease by 2015.

Carter is appealing for $70 million (£45.3 million, 52.6 million euros) to eradicate guinea worm, a water-borne infection that causes agonising pain and leaves sufferers unable to function for months.

Britain will contribute to the Carter Center, the former president’s humanitarian organisation that is coordinating the campaign, providing other donors come forward to back the scheme.

Carter, who is now 87, has been working to wipe out the disease since 1986 when the Carter Center began an eradication programme. At a press conference in London, Carter said: “We have a policy at our centre of undertaking difficult projects, quite often which no one else wants to adopt, and perhaps one of the most vivid examples of this has been with guinea worm.”

There is no known cure or vaccine to prevent the spread of the disease. The funds will be used to educate people about how to avoid guinea worm and provide an extended surveillance period to guarantee the disease does not return.

“We’ve had to do a lot of diplomacy and convincing the people there to take care of their own problems,” Carter said. “Now almost every nation on earth has eradicated or eliminated guinea worm.”

In the mid-1980s, 3.5 million people in 20 countries were infected with the disease. Fewer than 1,800 cases were reported in 2010. Apart from an isolated outbreak in Chad, guinea worm disease exists only in South Sudan, Ethiopia and Mali.

If the campaign succeeds, guinea worm will become the first parasitic disease to be eradicated and only the second human disease to be wiped out worldwide after smallpox in 1979.

London, Oct 5, 2011 (AFP)

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In the US, since late July there has been eighteen deaths and over a hundred have fallen ill from eating cantaloupes infected with listeria.

Illnesses have been reported in 20 states due to the cantaloupes which came from the Colorado-based Jensen Farms, the Centers for Disease Control and Prevention said in its latest update.

The prior death toll, announced last week, was 15. Authorities have warned that the number of cases was certain to rise even though a recall has been issued, because it can take up to two months for symptoms to appear.

The cases mark the United States’ worst foodborne disease outbreak in more than a decade. However, investigators are still trying to figure out how the whole melons became contaminated, in what has been described as the first known outbreak of listeria in cantaloupes.

Listeriosis is particularly dangerous to the elderly, those with weakened immune systems and pregnant women because it can cause miscarriage or stillbirth.

While only cantaloupes from Jensen Farms have been implicated, and none have been shipped outside the United States, the CDC has urged consumers to throw away a melon if they are not sure of its origin.

“Even if some of the cantaloupe has been eaten without becoming ill, dispose of the rest of the cantaloupe immediately. Listeria bacteria can grow in the cantaloupe at room and refrigerator temperatures,” the CDC said.  Listeriosis can cause diarrhea, fever and muscle aches, and other flu-like symptoms. In most people, the bacteria spreads from the intestine to the bloodstream, but it can be treated with antibiotics.

Washington, Oct 4, 2011 (AFP)

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Fitch Ratings is hosting a conference on pressing issuesof Ukraine’s economic development. This is perfect opportunity for developing informal contacts with representatives of regular bodies and with new business partners. 

The conference program will consist of three main sessions:
– Ukraine’s sovereign and economic outlook;
– Ukrainian corporate sector;
– Ukraine’s Banking Sector.

Invitees to the Conference include heads of major Ukrainian corporations, senior executives of leading banks and non-bank financial institutions, representatives of the international investment community, representatives of local and regional governments, mass-media.

Invited to speak at the Conference are representatives of the National Bank and Finance Ministry of Ukraine, heads of international financial institutions, directors of Fitch Ratings sovereign, banking and corporate analytical groups.

View event page / REGISTER

Venue : Intercontinental Kyiv Hotel, 2a Velyka Zhytomyrska Street,  Kyiv Ukraine

 

Speakers & Bios

– Charles Seville, Director

– Nikolai Lukashevich , Senior Director

– Pablo Mazzini, Senior Director

– Alexei Fadyushin, Director, Metals and Mining

– James Watson, Managing Director

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Fitch Ratings is hosting a conference where several of Fitch’s divisions gather to provide treasurers a deeper understanding of the ways to mitigate exposure to bank and money market fund counterparty risk.

The conference will be held at the InterContinental Avenue Marceau Hotel – 64 avenue Marceau, 75008 Paris on Wednesday 12th October, 2011.
Registration will commence at 8.30am and the presentations will run from 9.00am with opportunities to meet with the analysts.

Featured Topics

– Setting the Scene – Counterparty Risk in 2011

– Backdrop – Sovereigns Drowning in Debt

– Are Banks Still Safe-Vaults? How Can Fitch Bank Ratings Help You?

– Money Market Funds – Are You Giving Up Control? How Can Fitch Money Market Fund Ratings Help You?

– Panel Session

View Event Agenda  /  REGISTER

Speakers & Bios

– Gerry Rawcliffe, Managing Director

– Aymeric Poizot, CFA, CAIA

– Douglas Renwick, Director

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Travelers has announced the launch of a new insurance product for the plastics industry. This is part of their strategy to widen their product offering and to provide focused underwriting for customers and brokers in elected business sectors.

The product will provide a range of commercial covers including Property Damage, Business Interruption, Employers’ Liability, Public and Products Liability and Professional Indemnity for a wide range of businesses within the plastics and rubber industry, from injection to slush moulding and thermoforming firms. In addition to the complete package of commercial covers, Travelers Insurance Company Ltd. can also provide non-conventional covers for large risks designed specifically to a customer’s individual needs.

Keith Purvis, General Manager, Travelers UK, said: “The plastics industry has its own unique set of risks and requirements. It is developing very rapidly, which is why we knew it was essential to develop a specific solution that leverages our expertise.”

 “The plastics industry is making more investment into technical advances, and manufacturers are now involved in virtually every sphere of developing technology. Any insurer that provides services to the plastics industry needs to understand these developments.”

“The focused approach and expertise of Travelers underwriters and risk managers allows them to better understand this market and the unique industry risks as well as the emerging issues which these customers face on a daily basis.”

Travelers’ dedicated team of risk managers provide plastics industry specific guidance on many different topics to help customers more effectively manage their exposures, including advice on fire prevention measures, business continuity, product quality control, environmental issues and transit management.

The Travelers industry focused policy wording includes a flexible limit of loss option for business interruption and treats damage during any one period of 72 hours caused by storm or flood as one claim for purposes of excess. High coverage limits are also available in order to avoid the need for customers to buy excess of loss covers, and discounts are available for those who can demonstrate ISO or other industry standard accreditations.

“Our products are centred around the customer’s specific risk and insurance needs. As we broaden our product offerings, we will be leveraging the experience, knowledge and competitive advantages that Travelers has gained by working closely with customers within different industry sectors and partnering with brokers who are committed to providing added value to their clients.” Purvis concluded.

Source : Travelers

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Jamie Cañellas joined the division as Senior Vice President and business Development Manager for AXIS Global Accident & Health’s international operations.

In this role, Jamie will be seeking new opportunities and distribution relationships for the expansion of AXIS’s accident and health insurance business, complementing the activities of the existing underwriting team.  Jamie brings to AXIS nearly 20 years of experience in the accident and health arena, most recently with Willis, where he was Executive Director Accident & Health, Global Markets, and prior to that Executive Director A&H in Willis’s specialist high risk unit, SCR Ltd.  Jamie is based in Barcelona, Spain, and reports to Giles Allen, International Insurance Manager.

Giles commented on the new appointment: “We are very fortunate Jamie has joined us at AXIS.  His vast experience in the territories in which we operate, particularly Continental Europe and Latin America, will be invaluable to us as we develop our International book of business.”

Source : AXIS Global Accident & Health

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In a recently published report, Standard & Poor’s discusses how Sharia-compliance affects the analysis of the creditworthiness of insurance companies that follow Islamic religious principles (see “S&P’s Analysis Of Sharia-Compliant Cooperative And Takaful Insurers In The Middle East Focuses primarily On Financial Strength”). Across much of the Islamic world, Sharia-compliant takaful and cooperative providers have in recent years started to compete aggressively with traditional insurers and reinsurers.

The rapid growth and multiplication of these new entrants has been impressive, but has occasionally brought into question the stability of their business model. This can sometimes be seen as encouraging excessive premium expansion alongside exposure to religiously acceptable, but potentially volatile or illiquid investment assets–notably shares and real estate. These inherent dangers will likely remain implicit in takaful insurance, particularly when shareholder income is, in part, based on a fixed percentage share of gross premiums written. However, in our view, the risks can be limited through prudent management, good corporate governance, effective risk controls, and conservative central regulation.

Source : S&P

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According to Aon Hewitt, the average cost for employee health coverage will pass the $10,000 mark in 2012, even though costs are projected to lower in 2012 compared to 2011.

According to Aon Hewitt’s analysis, the 2012 average health care premium rate increase will be 7.0 percent, which is slightly lower than the 7.5 percent mark in 2011, and on par with the 6.9 percent increase in 2010.  However, the average total health care premium per employee for large companies is projected to be $10,475 in 2012, up from $9,792 in 2011, and $9,111 in 2010.  The amount employees will be asked to contribute toward this premium cost in 2012 is $2,306 (or 22 percent of the total health care premium), compared to $2,084 in 2011 (or 21.3 percent of the total health care premium), and $1,952 in 2010 (or 21.4 percent of the total health care premium).  Meanwhile, average employee out-of-pocket costs, such as copayments, coinsurance and deductibles, are expected to be $2,275 in 2012, compared to $2,007 in 2011, and $1,691 in 2010.

According to Aon Hewitt, a number of factors are driving the projected increase in health care cost for 2012. Employers continue to experience an increase in the quantity and cost of catastrophic claims, as slower levels of hiring have resulted in slightly older workforces who are more prone to costly medical conditions. In addition, generally poorer health – leading to increases in costly conditions such as diabetes and heart disease – make it difficult for employers to deploy tactics that drive short-term cost savings.  As a result, employers continue to ask employees to absorb increases through a combination of out-of-pocket cost and increased payroll contributions.

“In what continues to be an uncertain economic environment, organizations cannot afford health care costs growing at 7 percent each year,” said John Zern, executive vice president and the Americas Practice Director for Health & Benefits with Aon Hewitt.  “While health care reform continues to represent potential systemic change in a few years, employers will continue to shift cost to employees in order to keep company costs to a manageable level.”

Cost by Plan Type

On average, Aon Hewitt forecasts that companies will realize 2012 cost increases of 7.8 percent for health maintenance organization plans, 6.6 percent for preferred provider organizations (PPOs) and 6.6 percent for point-of-service (POS).  That means from 2011 to 2012, the average cost per person for major companies is estimated to increase from $10,344 to $11,151 for HMOs, $9,417 to $10,038 for PPOs and $10,375 to $11,059 for POS plans.

Year HMO PPO POS National
2012* $11,151 $10,038 $11,059 $10,475
2011 $10,344 $9,417 $10,375 $9,792
2010 $9,506 $8,821 $9,541 $9,111
2009 $8,821 $8,297 $8,925 $8,527
2008 $8,213 $7,888 $8,467 $8,044
2007 $7,604 $7,528 $8,153 $7,586
2006 $6,995 $7,350 $7,851 $7,206
2005 $6,488 $6,913 $7,048 $6,677

Source : Aon Hewitt

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The French non-life insurance sector outlook has been revised by Fitch Ratings to stable from negative. A majority of French non-life insurer ratings should be affirmed over the next 12 to 24 months.

Pricing conditions and claims experience have started showing signs of improvement, as French non-life insurers experienced some recovery in their technical results in 2010. No material climate events occurred during the year, while at the same time the total cost of claims in the motor insurance sector stabilised.

Nevertheless, premium growth continued to be weak in 2010 and Fitch believes the French insurance industry is facing a number of challenges, which have been amplified by the financial crisis. The difficult economic environment has led to the emergence of low-cost offers that are more attractive to policyholders looking for less expensive and simpler insurance products.

Fitch considers the main risks to French non-life insurers’ ratings in the next 12-24 months to be a return of aggressive pricing policies, which would have a negative effect on the sector’s profitability, and a prolonged period of low financial returns. Should these trends materialise, this could exert negative pressure on French non-life insurers’ ratings and prompt a revision of the rating outlook to negative.

Source : Fitch Ratings

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The French life insurance sector’s rating has been revised to negative from stable by Fitch Ratings. A negative sector outlook indicates that the agency believes that a material portion of life insurer ratings could be downgraded as they are reviewed over the next 12-24 months.

The French life sector showed some resilience in 2010. However, the challenging interest rate environment and unfavourable business mix will continue to penalise life insurers’ profitability and solvency.

Fitch expects net collections (i.e. premiums – claims paid – surrenders) to materially decrease in 2011-2012 due to lower premiums and higher lapses, which indicates that the market is becoming increasingly mature.

Margins on euro-denominated products are weak, mainly due to the low interest rate environment, which should lead the majority of life insurers to further reduce returns offered to policyholders. The business mix is becoming unfavourable, as financial market volatility is putting pressure on sales of unit-linked (UL) policies, which typically generate high margins in France.

Capital adequacy is also being affected by unfavourable trends in Southern European government bonds, although exposure is not spread equally over the sector.

The rating outlook could be revised to stable if higher asset returns, especially interest rate, would allow insurers to rebuild margins and, as such, possibly improve retained earnings.

Source : Fitch Ratings

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Swiss Re’s Board of Directors will propose Robert Henrikson, Chairman and former Chief Executive Officer of MetLife, for election to the Board at its next Annual General Meeting on 13 April 2012. If successfully elected, he will succeed Robert A. Scott who will resign from the Board after reaching retirement age.

Walter B. Kielholz, Chairman of the Board of Directors of Swiss Re, said: “I am delighted that Robert Henrikson has agreed to his nomination. With his extensive experience in the insurance industry as a Chief Executive Officer as well as a Chairman of the Board of Directors, he brings a deep expertise in business of our most important clients and in the key US market.”

Robert Henrikson, a US national, has served as Chairman of the Board of MetLife, Inc. since April 2006 and was MetLife’s Chief Executive Officer (CEO) from March 2006 through April 2011. As Chief Executive, Robert Henrikson led MetLife to achieve record financial results and positioned the company to expand its leadership positions.
Robert Henrikson holds a Bachelor of Arts from the University of Pennsylvania and a Juris Doctor from Emory University School of Law. In July 2010, Henrikson was appointed by President Barack Obama to the President’s Export Council, the principal national advisory committee on international trade.  He is the former chairman of the Financial Services Forum.

Executive Committee strengthened with Regional Presidents

In order to strengthen regional representation at the senior leadership level, the company has named three Regional Presidents to the Executive Committee of Swiss Re Ltd, effective 1 January 2012. The Regional President role is newly established and will be assumed in the respective regions by the existing regional heads of Swiss Re’s Reinsurance Business Unit in addition to their current responsibilities.

The Regional Presidents will serve as senior representatives of the Swiss Re Group in their particular region. The three Regional Presidents are as follows:

Jean-Jacques Henchoz, responsible for Europe, Middle East and Africa (EMEA), joined Swiss Re in 1998 and served as CEO of Swiss Re Canada until early 2011.

Martyn Parker, responsible for Asia, joined Swiss Re in 1996 with the acquisition of Mercantile and General Re. He has been head of Swiss Re’s Reinsurance Asia division since 1 June 2006.

J. Eric Smith, responsible for the Americas, joined Swiss Re in July 2011 from USAA Life Insurance Co. where he had been President since 2010. Prior to that, he was President of Allstate Financial Services for seven years.

Source : Swiss Re Press Release

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A rare virus has killed three people and sickened nearly 100 in Japan, the Philippines, the United States and the Netherlands over the past two years, US health authorities said Friday. 

The culprit is human enterovirus 68 (HEV68), and its respiratory symptoms can be particularly dangerous to children, the US Centers for Disease Control and Prevention said in its Morbidity and Mortality Weekly Report.  In six separate clusters of the virus that showed up worldwide, patients commonly experienced cough, difficulty breathing and wheezing. The highest number of cases were found in Japan, where local public health authorities reported more than 120 cases last year.

However, the CDC said it could only confirm clinical data for 11 of those patients, all children, one of whom died. The Philippines had 21 cases in late 2008 and early 2009, causing two deaths, the CDC said. Other cases surfaced in the Netherlands and the US states of Georgia, Pennsylvania and Arizona, for 95 total confirmed cases over two years.

The virus was first discovered in four children who were sick with pneumonia in California in 1962, but subsequent incidences have been rare and sporadic, according to the CDC.

“Identification of a large number of patients with HEV68 respiratory disease detected during a single season, such as described in this report, is a recent phenomenon,” it added.

“Whether this increase in recognized cases is attributable to improved diagnostics or whether the clusters themselves represent an emergence of the pathogen is unknown.”

The CDC said its report aimed to highlight HEV68 as “an increasingly recognized cause of respiratory illness” and urged clinicians to report cases of unexplained respiratory illness to public health authorities.  Human enterovirus is closely related to human rhinovirus, which causes the common cold.

Washington, Sept 30, 2011 (AFP)

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President Barack Obama’s proposal to raise the income tax rate on Americans who make $1 million a year or more could generate annual revenue of $20 billion, investor Warren Buffett said Friday on Bloomberg Television.

Buffett, chairman and chief executive of Berkshire Hathaway Inc, said he has received some complaints about his support for higher taxes on the nation’s very wealthy but more people have expressed support.

The White House tax proposal, he said, would only affect about 50,000 Americans and “would raise, perhaps as much as $20 billion a year.”

People who make money with money, only, pay very low taxes at very high levels of income,” he said. The economy will not suffer under the proposal, he said.

Regarding the economy, Buffett said: “We have a recovery going. We are not in any double-dip recession.” Most of Berkshire’s businesses, he said, “are doing very well.”

As for the holding company’s new stock-buyback program, Buffett was asked under what conditions the company would execute a purchase. “If the stock is cheap, we will buy it in. If it isn’t cheap, we won’t buy it in.”

“If the (stock) price is attractive, we could spend a lot of money” on repurchases of Berkshire stock, he added.

Berkshire added a total of about $4 billion in common stock of various companies to its portfolio in the third quarter, Buffett said.

Asked if any banks in the euro zone have approached him about an investment, he said he had received “very, very few” inquiries but that Berkshire “would not be a good prospect” for assistance.

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Tawa plc holds capital extraction and free cash flow generation as its main performance indicator. In this context a capital extraction of $22.8 million from its Connecticut domiciled subsidiary PXRE Reinsurance Company Limited was achieved during the period, which has been used to repay debt. This continues to reflect the progress made on reduction of the volatility achieved by downscaling the liability portfolios owned by the Group.

Gilles Erulin, Chief Executive, commented:

“This first half of the year has been busy and profitable for our company. We have invested considerable effort into our servicing arm to create a solid performer across all segments of the insurance market. Since the acquisition of Pro, nearly two years ago, Tawa has positioned Pro as ‘best in class’ outsourcing provider and moved its consulting services towards higher value added. The soon to be completed acquisition of Chiltington, and now Whittington, will give our servicing business outstanding coverage of the UK insurance market, and a US and Continental reach.

 “On the insurance portfolio front we are keeping a good momentum in our cash investment-cash extraction model. Overall the first half of the year results were more volatile than we would have expected in relation to the insurance portfolios we are carrying, but capable of being absorbed by solid acquisitions generated profits of the QX transaction earlier this year. QX is an innovative way to assume discontinued portfolios, when a company transfer is not possible. The engineering of this transaction by both Tawa and Penn National Insurance illustrates where Tawa makes a difference, enabling this innovative structure to be developed and established.

 “Overall, Tawa has reaped the benefits of cross synergies between its servicing business and its portfolio acquisition capacity. Service provision enhances our ability to access portfolio opportunities and the portfolios acquired by Tawa feed our servicing business and increase the skilled professional staff which forms the bulk of our consulting capacity.

While this first part of the year has been a great ride, we keep in mind that those transactions are only valuable to our shareholders if we ensure new investments contribute to solid sustainable earnings in the future.”

Source : Tawa

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Typhoon Nesat made landfall as a moderate Category 1 storm on the northeastern corner of the island of Hainan at 2:30 pm local time (6:30 UTC) Thursday, near the city of Wenchang in Wengtian Township. Its maximum sustained wind speeds at the time were 135 km/h. After crossing the northeastern tip of the island and moving along Hainan’s northern coast, Nesat turned sharply north, crossed the narrow (25 km) Qiongshou Strait, and made a second China landfall on the western coast of the Leizhou Peninsula in Guangdong province.

Nesat is the 17th typhoon of the 2011 season, and the strongest to strike China this year.

As of the Japan Meteorological Agency’s (JMA) 15:00 UTC analysis (11:00 pm local time in China), Typhoon Nesat had maximum sustained winds of about 135 km/h with gusts up to 200 km/h, and was located on the western coast of the Leizhou Peninsula in Xuwen County, about 80 kilometers northwest of Hainan’s capital, Haikou. Nesat’s tropical storm-force winds stretch across roughly 110 kilometers as the storm moves at about 10 km/h to the northwest and, according to the JMA’s current projected track, toward yet another landfall, this time near the border with Vietnam, about 700 km away.

 “Once Typhoon Nesat reentered the South China Sea after a landfall in the Philippines two days ago, it maintained a nearly steady intensity,” said Dr. Peter Sousounis, principal scientist at AIR Worldwide. “On Hainan, the capital city of Haikou experienced wind gusts of 126 km/h and has received 82 mm of rain thus far, with additional significant rainfall accumulations expected.”

Typhoon Nesat has moved across the northeastern most tip of Hainan, passing through or very close to Haikou. It then traveled along the northern coast of the island until it turned sharply north and crossed the Qiongshou Strait. This is an area—Hainan island and southern Guangdong—that has developed rapidly in recent years. It thus includes both urban and rural areas, and many light-industry facilities.

According to AIR, the predominant exposures in the region are commercial and industrial buildings, with residential exposures being much fewer. A significant portion of the residential exposure, however, is apartment buildings. At Nesat’s wind speeds, there may be some isolated instances of minor non-structural damage to well-constructed engineered commercial and apartment buildings. Insurance penetration for typhoons is quite low in China, particularly for residential risks, and insurance penetration varies by province, Hainan having one of the lowest rates in China. (However, when there is coverage, wind and flood generally are covered together in the same policy.)

According to AIR, single-family homes in the region where Nesat made landfall and on the Leizhou Peninsula in Guangdong are primarily of masonry construction. Apartment buildings are made largely of reinforced concrete and confined masonry, while commercial and industrial structures are largely made of reinforced concrete. Older structures are of unreinforced masonry and some confined masonry.

Three days earlier in the Philippines, Nesat made landfall as a Category 2 storm on northernmost Luzon, causing extensive damage. In its passage through the South China Sea, Nesat also brought strong winds and rain to Hong Kong, causing widespread transportation, business, and school disruptions.

 “Typhoon Nesat’s general movement to the northwest is forecast to continue, eventually into the Gulf of Tonkin,” said Dr. Sousounis. “At present, Nesat remains a consolidated system with a well-defined, low-level circulation center, but it is expected to weaken slowly as it approaches the Vietnam border area. It is tracking west under the steering influence of a subtropical ridge (air mass) that is currently over southeast China.”

 “Nesat’s landfall north of the Red River Delta region is expected in the next 24 hours, probably sometime in the early evening, Friday. Thereafter, Nesat is forecast to slowly weaken and then dissipate. Heavy rain is the primary concern from Nesat, since the region—Hainan and southern Guangdong as well as northern Vietnam—has experienced significant rainfall during the past several weeks, and satellite estimates indicate that in its wake, Nesat is producing rainfall totals of more than 300 mm.”

Source : AIR Worldwide

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Britain is discriminating against citizens from other EU nations by subjecting them to a residency test before they can get certain social security benefits, European Commission said Wednesday. 

The European Union’s executive arm warned London that it could be referred to the European Court of Justice, where it could face stiff fines if it fails to stop the practice and bring its legislation into line with EU laws.

British authorities require EU nationals who move to Britain to pass a so-called “right-to-reside” test before they can enjoy social security rights such as child benefits, a state pension credit and unemployment compensation.

Britons do not have to take such a test to secure these benefits.

“As this test indirectly discriminates non-UK nationals coming from other EU member states it contravenes EU law,” the European Commission said.

The commission cited the example of an Italian woman who moved to Britain where she worked for an Italian company for two years until she was made redundant in April 2009.

Despite having paid taxes and national insurance contributions, her claim for income-based jobseekers’ allowance, an unemployment benefit, was denied on the grounds that she did not have the right to reside in Britain.

Any discrimination in providing social security benefits, the commission said, is an obstacle to free movement rights of the 27-nation EU.

Britain was given two months to inform the European Commission of steps taken to remedy the situation.

Brussels, Sept 29, 2011 (AFP)

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New data from the Financial Services Authority (FSA) suggests that insurer Aviva still attracts the most complaints from policyholders.

Some 30,278 complaints were made in total, with more than half of these being general insurance and protection complaints, and nearly 10,000 being life, pensions and decumulation complaints. The data shows that the majority of the complaints were upheld.

A spokesperson for Aviva said that it is trying to solve some customer service issues that remain: “Customer service – including the handling of customer complaints – is a key priority for us. However, we recognise that sometimes things are not as the customer expected or we get it wrong. We would like to reassure our customers that we take all complaints very seriously and aim to resolve these as quickly as possible.”

Aviva’s complaint numbers far exceeded its rivals, with the second-most complained-against insurer, Prudential, only racking up 9,364 complaints in comparison. Zurich attracted the third largest number of complaints, at 9,127, while Legal & General received 6,929 complaints.

Although Aviva admitted that it may sometimes get things wrong when it comes to customer service, it also pointed out that it is the largest insurer: “We are the UK’s largest insurer with over 19 million customers and the complaints we receive represent less than 0.2 per cent of those customers.”

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Britain’s most annoying driving behaviours have been revealed in a new poll, and it’s the dangerous practice of tailgating that gets us most hot under the collar.

Admiral commissioned YouGov to survey 2,500 drivers as part of the annual Admiral Survey of Motorists, and found the aggressive act of tailgating is top of the list; with 79% of motorists saying it infuriates them. Next was not indicating with 70% followed by cutting up and for not paying attention with 64%.

The full list of what annoys motorists most about other road users is as follows:

Annoyance

Percentage

Tailgating

79%

Not indicating

70%

Cutting up

64%

Not paying attention

64%

Hogging the middle lane

55%

Driving too slowly

52%

Not saying thank you when you give way

44%

Speeding

30%

Racing at traffic lights and junctions

22%

Sue Longthorn, Admiral managing director, said, “Tailgating is incredibly dangerous, so it’s not a surprise to see how much it annoys motorists. Not leaving enough room should the car in front need to brake can lead to accidents as you need time to react. Some motorists even think it’s acceptable to intimidate the driver in front by driving very close to them, which is totally unacceptable.

“Not indicating and cutting up can also prove dangerous for yourself and other drivers. And there could be other consequences, as if the police catch you, convictions for dangerous or careless driving can range from three penalty points on your licence to two years in jail.”

Alongside these annoying driving behaviours, it appears the nation’s roads have become a worse place to be over the years. In fact, 62% of the motorists Admiral surveyed agree that road users are less courteous than five years ago and 69% agree that they get irritated by the lack of courtesy from other road users.

Source : Admiral

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Xchanging Broking Services is now fully controlled by Xchanging. The business process and technology services provider and integrator has formed an enterprise partnership with Aon in 2006.

Aon has exercised the put option it holds to transfer its entire shareholding in Xchanging Broking Services to Xchanging. The transfer gives Xchanging 100% ownership of XBS.

The enterprise partnership was formed to create a platform to provide services for insurance broking firms, including the processing of insurance policies and claims. It involved outsourcing of Aon’s Client Operations division to XBS. Xchanging’s service contract with Aon will continue unaffected by the exercise of the option.

Following this transaction, Xchanging can offer XBS as an independent broking platform to insurance broking firms going forward whilst continuing to nurture its strong relationship with Aon.

Ken Lever, Chief Executive of Xchanging said, “We are pleased our relationship with Aon, a valued customer, will continue through our service contract with them following change of control of the Enterprise Partnership. As we set out in our Four Part Action Plan, simplifying our overall business structure is one of our objectives. Gaining 100% ownership of Xchanging Broking Services contributes towards this objective”.

Source : Xchanging

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Fitch Ratings has affirmed insurer financial strength rating for Brit insurance, with a stable outlook. The ratings agency has also affirmed Brit Insurance Holding’s ‘BBB+’ long term issuer default rating with a stable outlook and its subordinated notes at ‘BB+’.

The affirmations and Stable Outlook reflect the group’s solid financial profile, which is supported by a strong level of risk-adjusted capitalisation and strong underlying earnings.

The group reported an overall profit before tax for H111 of GBP6.8m (H110: GBP77.5m), despite incurring substantial catastrophe-related losses. The reported combined ratio, excluding FX effects, was 104.8% (H110: 96.5%) with a 15.5 percentage point impact from catastrophe claims (H110: 7.1 percentage points). Fitch views as positive the fact that the group reported an improvement in the attritional claims ratio of 3.5 percentage points to 58.6% over the same period.

Brit Insurance was acquired on 9 March 2011 by Achilles Netherlands Holdings B.V, a holding company majority owned by funds managed by Apollo Management VII, L.P. and funds advised by CVC Capital Partners Ltd. Fitch continues to monitor the post acquisition profile of the group, specifically that the consolidated group adjusted leverage is maintained below 30% and that Fitch risk-adjusted capitalisation remains at a level at least commensurate with the current ratings.

Fitch views positively actions taken by management to streamline its operations and reduce costs following the change in ownership, with underlying management expenses falling by 11.8% to GBP75.4m in H111. In addition, Fitch understands that Brit intends to outsource a number of its non-core back and middle office functions. The agency currently has a credit-neutral view on this, although it could develop into a positive rating driver if it successfully improves the group’s profitability.

Key rating triggers for a downgrade include failure to maintain consolidated group leverage and capitalisation at levels at least commensurate with the current ratings. A change to a more aggressive strategy resulting in a significant loss of insurance business arising from the change in ownership would also be viewed negatively.

Fitch views a rating upgrade as unlikely in the near term given the expected weakening in the insurer’s underwriting performance in 2011 and low interest rate environment. In a longer-term perspective, key rating triggers for an upgrade would be a marked and sustained improvement in earnings, coupled with capitalisation in excess of the current rating level.

Source : Fitch Ratings

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