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The Office of Fair Trading has launched a new study which examines whether the private and NHS dentistry markets are working well for patients.

The UK market for dental services was worth £7.2 billion in 2010. Forecasts suggest this could grow to £8.2 billion by 2014 with much of the growth coming from the private market. While the OFT recognises that the UK has some of the highest standards of oral care in the world, it wants to examine concerns raised by consumer bodies such as Which? that many patients are confused over dental treatments and prices

The study will focus on how dentistry services are sold, whether patients are given appropriate information to help them choose between dental practices, the types of treatments on offer and different payment methods in the context of both NHS and private dentistry. It will also look at how easy it is to change dentists, and whether the current system for customer redress works.

The study will also examine whether there are any unnecessary barriers to new practices entering either private or NHS funded markets, and consider the issue of professional restrictions on direct access to specialists or providers of auxiliary services, such as hygienists.

Sonya Branch, OFT Senior Director for Services, Infrastructure and Public Markets, said:

‘Patients appear to be confused about the prices they are being charged and concerns have been raised that they may not be getting sufficient information or adequate choice over the dental treatments they receive.

‘We also note that the costs of private dental treatment in England are among the highest in Europe. Given the current strains on people’s finances, we think it is a good time to examine whether competition is working effectively to drive up the quality of private and NHS dental services and deliver better value for money for consumers.’

The OFT will work with the General Dental Council, the Department of Health, the Care Quality Commission and others during the course of its study. It will also seek representations from dentistry providers and trade bodies. The OFT plans to complete the study by March 2012.

Source : OFT

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Anshu Jain, Deutsche Bank’s Co-Chief Executive said there was reluctance from investors to fund European banks, he does however expect a political resolution to the European debt crisis.

Jain said policy makers have done a good job in averting the risks of a deep recession.

However, he said this has come at a price as the global economy has now moved into “the second phase of the crisis–as the pressure moves from the private to the public sector.”

Jain, who is currently the head of corporate and investment bank and member of the management board of Deutsche Bank, was speaking at an event in Singapore.

Jain has been jointly appointed co-CEO along with Jurgen Fitschen, effective May 2012, as part a wide restructuring of the bank’s management in July. Deutsche Bank’s outgoing CEO, Josef Ackermann, will move to a position as chairman of the group’s supervisory board.

He said that countries are struggling to reach a political consensus to implement fiscal austerity mainly due to the potential social reaction.

He said there was also a reluctance on the part of stronger economies to support weaker countries in the absence of substantial economic reform and strong fiscal measures.

Singapour, September 14, 2011 (Dow Jones)

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The annual gold forecast of HSBC has been raised and is expected to average as much as 2,025 USD a troy ounce in 2012. The precious metal benefits from fears of sovereign debt levels geopolitical risks and a lack of alternative safe investments.

The bank, which had revised its forecasts as recently as Aug. 8, said it is increasing its 2012 forecast 25% from an earlier estimate of $1,625/oz, and its 2011 forecast to $1,630/oz, up from $1,590/oz. It is also increasing its 2013 forecast to $1,850/oz from $1,550/oz, and its long-term expectations to $1,500/oz, from $1,375/oz.

“Despite gold’s high volatility and wide price swings, we remain positive on bullion. The steep rise to $2,025/oz for 2012 is based primarily on heightened investor anxieties and the paucity of alternative safe-haven assets,” HSBC analyst James Steel said.

The bank said that while increases in mine output and scrap supplies, in response to higher metal prices, may curb the rally, they “seem unlikely to reverse it.”

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The Association of Medical Insurance Intermediaries warns individuals to “not wait to be diagnosed before taking out medical insurance as you won’t get cover for pre existing conditions”.

This applies particularly to those people who think they will need medical treatment for natural wear and tear, which can affect any of us from middle age onwards, such as knee or hip replacements or cataracts as we get older.

This follows regular concerns that some NHS Primary Care Trusts are already delaying non-life threatening operations to save money as the squeeze on their budgets continues and waiting lists increase forcing more people to consider private healthcare rather than relying on the NHS.

According to AMII Chairman, Andrew Tripp, “If they choose to go private then insurance can be a cost effective way to pay for treatment when they most need it rather than suffering because they have to wait. However, like any insurance, you must have taken it out before an event or situation occurs otherwise you’ve left it too late.”

But it’s not only age that causes bits to wear out and need replacing.  Those individuals who lead very active lives whether through their work or sports can suffer in middle age with for example disintegrating knees. If it’s work then your livelihood is affected, if it’s a hobby then you’re potentially missing out.

Tripp added, “These conditions which can often befall us as we get a bit older are relatively easy to deal with. The Coalition Government is concerned about pressure on pensions and on rising NHS costs. Longer waiting lists are certainly not top of its wish list so it makes sense politicians encourage those who can afford to take out cover for ailments that are quick and easy to treat.

 “As a very general guide across the market, a knee replacement could cost approximately £10,000 and the medical insurance premiums for basic cover for a couple in their 50s could cost less than £25 per week or £4 per day depending where they live.”

Source : AMII

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ANZ Banking Group is seeking acquisition opportunities. These could be from the Asia Pacific region because of global market volatilities.

“We should never waste a crisis,” Michael R.P. Smith told reporters at a media event to announce the launch of its operations in India.

“A number of banks in Europe and possibly the (United) States are going to have to sell assets to improve their capital base,” he said. “They will have to sell some of the family silver.”

Melbourne-based ANZ is looking to expand in Asia at a time when the Australian economy is starting to show signs of strain and its banks are contending with subdued credit growth at home.

It aims to achieve 25%-30% of its group income from the Asia Pacific region by 2017. The confidence emanates from the fact that ANZ has a strong balance sheet and is comfortable on liquidity unlike European banks which are starved of capital for growth.

“We actually emerged from the (2008) crisis with a much stronger balance sheet and I would like to do the same thing again,” Smith said.

Smith asked for a “reevaluation” of the Basel-III norms, the global standards for banking regulation, being “imposed” by the U.S. and Northern Europe.

Countries like India, China, Australia and Canada, which have strong banking systems, “need to ally themselves and push back on some of this (Basel-III) stuff because what is appropriate for France or Germany or the U.K. or the U.S. is not necessary relevant to us,” he said.

In India, the bank aims to have a three-stage roll out in about four years. It will start with institutional and corporate banking, supply chain commercial banking in the second stage and wealth and affluent retail in the next round.

Mumbai, September 14, 2011 (Dow Jones)

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Aon Corporation has been named to the 2011 InformationWeek 500, an annual listing of the nation’s most innovative users of business technology.

“Aon prides itself on developing innovative solutions that help companies around the world solve their most complex risk and people challenges,” said Steve Betts, chief information officer of Aon Corporation. “This award emphasizes our strong commitment to using leading-edge technology to support our businesses and deliver maximum value to our clients.”

InformationWeek recognized Aon for developing a secure site that enables employees and retirees of Aon Hewitt’s Benefits Administration clients to access their personal health and retirement information from mobile devices such as smartphones, tablets and android devices. Employees can interact with their benefit programs and quickly make positive changes, such as saving more for retirement or diversifying their investments, and can even enroll in their health care benefits during the 2012 enrollment season.

“Our clients look to Aon Hewitt for new and innovative ways to engage their employees and encourage them to take a more active role in selecting and managing their benefits,” said David Baruch, chief information officer of Aon Hewitt. “As mobile devices continue to grow in popularity, people want flexibility and the ability to access their retirement and health care information quickly and easily, particularly in today’s volatile economy. We’ve designed our application in an engaging way that encourages smarter behaviors among employees and retirees. We believe this will result in better retirement and healthcare decisions, thus enhancing the financial and health security of millions of U.S. workers and their families.”

InformationWeek identifies and honors the nation’s most innovative users of information technology with its annual 500 listing and also tracks the technology, strategies, investments and administrative practices of America’s best-known companies. The InformationWeek 500 rankings are unique among corporate rankings as it spotlights the power of innovation in information technology, rather than simply identifying the biggest IT spenders.

Source : Aon

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The continuing European debt crisis is denting key sources of funding of major banks. Moody’s has cut the long terms debt ratings of Societe Generale and Credit Agricole and kept BNP Parisbas under review for a downgrade.

The warning came amid a tumultuous period for the French banks that have seen their shares hammered by fears about their exposure to Greece and weaker euro-zone countries. Moody’s said French banks were mainly strong enough to absorb losses from their government bond holdings, but noted that worries that the debt crisis could spread to larger European economies have prompted U.S. money market funds to pull back from lending to the French banks.

“During the summer, concerns over sovereign exposures and the health of sovereign balance sheets grew significantly,” said Moody’s. “This was most manifest in the behavior of U.S. money market funds.” The agency said these funds “became particularly risk-averse, resulting in reduced availability and shorter tenures for this type of financing.”

Moody’s said the banks were able to cope with the short-term impact of the contraction in dollar funding and that euro funding remains plentiful, but that persistent sovereign debt worries threaten to make wholesale money markets fragile for some time.

BNP Paribas and Societe Generale have acknowledged that access to dollars through U.S. money market funds has been drying up and both have said they have secured alternative sources of dollars. They have also indicated they are cutting back on dollar-denominated lending and seeking to sell assets in a bid to bolster their capital, marking a potentially worrying development for slowing economies in France and elsewhere.

“The bigger worry for the near term is that the French banks are facing higher funding costs and are under increasing pressure to deleverage more quickly,” noted Ben Jones, an analyst at the Economist Intelligence Unit. “The fear is that they will do so by paying down debt and curbing lending rather than more gradually over time through earnings growth, and that this will further weaken France’s already fragile economic recovery.”

Societe Generale shares were hardest hit in recent Wednesday trading, falling 10% recently to EUR16.10, BNP Paribas down 6.7% at EUR26.14, and Credit Agricole fell 2.1% at EUR5.05.

Moody’s downgraded Societe Generale’s long-term credit ratings to Aa3 from Aa2 with a negative outlook and lowered Credit Agricole’s rating to Aa2 from Aa1 and kept it on review. It maintained BNP Paribas’s rating at Aa2 but also kept it on review for a downgrade.

Societe Generale said Monday it would accelerate asset disposals and launch a cost-cutting plan in a bid to free EUR4 billion worth of capital by 2013. BNP Paribas followed suit Wednesday, saying it would refocus its business, lowering its dollar liquidity needs and reducing assets in order to comply with Basel III capital rules by the start of 2013.

French financial institutions overall have the highest exposure to Greece–via debt and private loans–rendering them a virtual proxy for fears about whether euro-zone leaders can avoid a destabilizing Greek default that could threaten other weak countries in the region. Shares in Societe Generale have been particularly hard hit, falling nearly 50% since Aug. 1. BNP Paribas’ shares have shed 38% and Credit Agricole’s shares are down 37% over the same period.

Moody’s factored in a potential losses of 60% on Greek sovereign debt for the French banks, much larger than the 21% write-downs they have taken already on their Greek sovereign debt holdings.

The move by Moody’s wasn’t as severe as some investors expected, with BNP dodging a downgrade and Societe Generale avoiding a two-notch downgrade, which Moody’s warned about in June. Even with the downgrade, Moody’s ratings for Societe Generale and Credit Agricole are above those of other ratings agencies.

The drop in Societe Generale’s market value has rekindled speculation that it could become a takeover target.

There is also speculation about some sort of government support or even nationalization of the banks. Nick Hill, Moody’s senior analyst for the French banks, said the rating review also takes into account the likelihood of French government intervention to support French banks, though he declined to estimate the probability of this.

The government is determined to monitor the banks’ efforts to strengthen their equity capital and will guarantee the soundness of the country’s financial system, spokeswoman Valerie Pecresse said after the weekly cabinet meeting. But Bank of France governor Christian Noyer said talk of the nationalization of French banks “makes no sense and is completely surreal.”

Paris, September 14, 2011 (Dow Jones)

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New figures from the Federation of Small Businesses show that the Government should target the road network for its plans to speed up investment in infrastructure as the poor state of the transport network has cost small firms up to £5,000 over the last 12 months. 

The FSB welcomes the Government’s plans to help unlock growth by accelerating investment in infrastructure, but it must be targeted in the right areas, particularly the road network which creates delays and costs for small businesses and acts as a barrier to growth.

In the FSB’s ‘Voice of Small Business’ survey panel of more than 1,700 businesses, half said that the problems with the UK’s infrastructure has cost their business up to £5,000 over the last 12 months. Another 12 per cent said it cost them between £5,000 and £19,999 – this is a huge figure when considering that the average turnover for small firms is around £500,000.

The FSB welcomes the Government’s plans to handpick 40 of the biggest infrastructure projects for investment, but urges it not to neglect existing infrastructure that also requires investment.

The FSB is warning that more needs to be done to address the problem of congestion and the state of repair of UK roads, in order to get businesses moving and growing. At a time when small firms’ cash-flow is already being squeezed, the cost to small firms in lost productivity and damage to their vehicles is one that significantly hampers their growth.

The Government promised to end the war on motorists last year, and so far has allocated £200 million to repair potholes. However, the FSB believes that the Government is missing the point and needs to focus on long-term maintenance that will restore the UK’s road network and improve traffic flow, rather than a quick fix remedy.

In a new report, ‘Small Business and Infrastructure: Transport’, the FSB is calling on the Government to rebalance the funds collected from road users and the amount invested back into improving the road network, to prevent the poor state of roads and high levels of congestion from costing small firms.

Currently, HMRC collects £48.2 billion through taxes such as fuel duty and vehicle excise duty, but only spends £4.8 billion of that on network improvements and £5 billion on road maintenance. The FSB believes this is a huge imbalance. Road users, including small businesses, are seeing little benefits in maintenance and improvement of the road network.

Small businesses rely on roads for the operation of their business: seven in 10 (72%) said their car is crucial to their business. Yet, three in five small businesses said that the state of repair of their local roads impacts negatively on their business.

Small firms typically operate within a 40 mile radius of their premises generally on the road, so it is crucial that there is a good level of service across all roads.

John Walker, National Chairman, Federation of Small Businesses, said:

“Small businesses feel plagued by the poor state of repair of the UK road network. They should not have to pay £5,000 because of failing roads – it is significant waste to their business at a time when they can ill-afford it. It isn’t just the cost that creates a burden on small firms, but there can be lost productivity due to delays in distributing and receiving goods, as well as a delay in staff moving around. It is vital that the Government rebalances the amount spent on the road network with the amount collected so that small firms can get on with the job at hand of growing the economy, without worrying about roads impacting negatively on their business.”

Source : FSB

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Recent research from AXA shows that the behaviour of today’s young drivers can be blamed on the way their parents behave on the road. Young drivers in the UK are responsible for 1 in 4 deaths on the road.

The study of young driver behaviour revealed:

– 18-30 year olds are three times as likely to have points on their licence or a complete ban if their parents also have points on their licence or a ban

– Young drivers who witness their parents drink driving are seven times as likely to go on to drink drive themselves, compared with those who have no memory of their parents drink driving. 28% of those with parents who drink drive do so themselves.

– Young drivers who consider their parents to be aggressive drivers are themselves much more likely to commit aggressive behaviours on the road: they are around 50% more likely to swear, flash or beep aggressively at other drivers,

– Parents are considered by 18-30 year olds to be the most important ‘role models’ behind the wheel (followed by driving instructors)

Of particular concern to AXA car insurance is that while there is a clear correlation between how parents drive and how their children drive, the behaviour is exaggerated in the 18-30 year olds with larger percentages speeding and generally acting aggressively relative to their parents.

The research looked at a range of behaviours on the road and while speeding is a common problem among all young drivers with little obvious parental influence, those with parents who are aggressive road-users are significantly more likely to swear or make offensive hand gestures at other drivers, cut up or tailgate fellow motorists, jump red lights or ignore zebra crossings and race against other drivers.

Young drivers cited speeding as the most common ‘fault’ of their parents’ driving followed by swearing at other drivers and flashing/beeping aggressively.  These were directly reflected as the three most common areas of ‘bad’ driving carried out by young drivers.

Robin Reames,  chief claims officer at AXA car insurance says: “It may seem obvious but I think some parents would be shocked to see just how much of an influence their driving has on their children’s driving.

“And the danger is that those habits and behaviours, while never acceptable, can prove more dangerous among young and inexperienced drivers.  I’m sure most parents would hate to think that the lessons they are teaching their children while they sit in the back of the car could end up in behaviour on the road that leads to a tragic road accident.”

Source : AXA

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NFU Mutual has revealed that countryside crime has more than doubled in the first half of this year, driven by the rise of petty theft.

A seasonal update to the NFU Mutual Rural Crime Report reveals that an estimated 507,906 crimes took place in the UK countryside between January and June 2011, compared to 195,907 over the previous six months.

The update saw the insurer question rural-dwellers for the first time, enabling it to estimate the number of incidents that have taken place since January and the number of people affected – approximately 420,000.

The figures have been driven by a significant increase in thefts from residences and businesses – up from an estimated 145,116 crimes to 370,046 over the period.

The figures illustrate the growing problem of petty crime in the countryside, where a theft now occurs every 43 seconds, with each incident costing 27% more than in urban areas.

Offences are frequently opportunistic, with thieves targeting stocks of diesel and heating oil as well as scrap metal and livestock.

The figures are released today to supplement the recently published NFU Mutual Rural Crime Survey, which questioned the insurer’s network of rural agents to reveal a 17% increase in ‘agri-crime’ between January 2009 and December 2010.

In many cases, petty crime goes unreported, with nearly one in five (19%) incidents not reported to police or the victim’s insurer, according to the survey.

The research also suggests that a significant number of homeowners (28%) are ramping up home security to cope with this nuisance.

Commenting on the figures, Lindsay Sinclair, Group Chief Executive of NFU Mutual, said: “The rural economy isn’t immune to the tough economic environment and rising unemployment coupled with spiralling commodity prices has made petty theft a major temptation for certain individuals.

“The good news is that country-people are wise to this menace and are taking sensible security precautions to help address it.

“We know that by working closely with the police, rural-dwellers can prevent crime, and we will continue to do everything we can to assist them.”

Source : NFU Mutual

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The UK newspaper The Times has reported in Tuesday’s edition without citing sources, that HSBC has put its general insurance business up for sale for USD 1 billion. This is in tune with the Chief Executive’s plan to offload the bank’s unessential assets.

HSBC’s nonlife insurance division includes policies written for individuals and corporations worldwide, including cover in property, aviation and motor insurance, The Times said. HSBC sells nonlife insurance in Britain, France, Hong Kong and Singapore.

Europe’s biggest bank is understood to have sent out offer circulars to potential buyers, which could include private equity, The Times said.

A deadline for initial bids has been set for mid-October, The Times said. HSBC declined to comment on what it described as “market rumor and speculation,” although a source close to the bank said it was exploring options for its insurance arm.

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Insurers are at more risk as a result of inflation than they are as a result of natural disasters, such as tsunamis, or from the European sovereign debt crisis.

This is according to Martin Sullivan, the deputy chairman of insurance broker Willis Group Holdings Plc. Speaking at a conference in London last week, Mr Sullivan said, “Inflation could well be the monster under the bed.” He added that rising prices “can be more deadly to an insurer’s economic health than defaults, earthquakes, winter storms, or tsunamis.”

The speech was Mr Sullivan’s first since he left his role as CEO of American International group (AIG). It came in response to figures showing consumer prices rising at their highest levels since 2008 in the US, the UK, China and Germany.

The problems arise when the cost of covering injuries, rebuilding houses or paying legal claims increases rapidly between when a policy is sold and when a claim is made. Low interest rates, which many countries, including the UK, are also dealing with, can exacerbate the problem.

Mr Sullivan also warned, “Of all the issues out there, inflation could be the one that comes to surprise a lot of companies.” He added that reinsurers will either be feeling the pinch on their balance sheets or will be increasing their rates.

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RMS estimates that U.S. insured losses from Hurricane Irene’s wind and surge impacts will fall between USD$2 and 4.5 billion, excluding inland flood losses from heavy rainfall and all National Flood Insurance Program losses from surge and rain. In addition, RMS estimates that insured damage in the Caribbean will total a further USD$0.5 to 1.0 billion, predominately from the Bahamas.

“Our estimate range reflects some uncertainty, including the definition of hurricane versus non-hurricane deductibles for individual states, and the uncertainty surrounding losses from damage caused by tropical storm winds,” said Michael Kistler, director of Model Solutions at RMS. “During Irene, a large swath of tropical-force and low hurricane-force winds swept across a large area of exposure causing widespread, low-levels of damage.”

On August 27, 2011 Hurricane Irene made landfall near Cape Lookout, North Carolina, as a strong category 1 hurricane, followed by a second landfall near Little Egg Inlet, New Jersey, as a weaker category 1 hurricane on August 28. Irene then became a post tropical storm as it passed over the United States and Canada border. Wind, storm surge, and inland flooding losses were observed in northern portions of the Caribbean and along the east coast of the United States.

Wind damage was observed throughout the Mid-Atlantic and Northeast, with a small number of reports of total roof detachment. More generally, the region saw less severe damage to roofs, siding, windows, and automobiles, resulting from downed trees and large branches.  Additionally, Irene caused widespread power outages and transportation disruptions. Over 5 million customers were without power – a number that rivals outages from Hurricane Isabel in 2003.

Source : RMS Press Release

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Global investors will tune in on the nation’s capital Thursday as the new head of the IMF will talk about the challenges the world economy faces, and the Federal Reserve will hold a conference on bank systemic risk.

Over in Congress, investors may get their first clues this week on how much of President Barack Obama’s jobs plan will make it into law. The supercommittee charged with keeping the U.S. public debt under control, meanwhile, holds its first substantive meeting on Tuesday.

IMF Managing Director Christine Lagarde, a former French finance minister who was deeply involved in Europe’s debt crisis, will discuss policies she believes are needed to put the world economy back on track. Her first Washington address since becoming chief of the global lender comes at a time of deepening concerns that Europe’s fiscal crisis could tip the global economy back into recession.

Worries that a wider crisis could be triggered by the euro zone’s debt woes dominated a meeting of finance ministers and central bankers from the world’s largest advanced economies in Marseille, France, over the weekend. Moody’s Investors Service may cut the credit ratings of France’s largest publicly traded banks because of their exposure to Greek sovereign debt, according to people familiar with the matter.

The U.S. central bank conference, where Fed Chairman Ben Bernanke and his top regulatory right-hand man Governor Daniel Tarullo both speak on Thursday, will focus on the unsolved problem of banks which are so big and interconnected that they pose a threat to the economy. To help prevent another financial crisis, new international requirements call for banks to set aside capital worth 7% of their assets to guard against potential losses, up from 3% previously. Tarullo has suggested a range of between 8% and 14% of assets.

To help cut a U.S. unemployment rate still above 9.0%, most of the Obama $450 billion stimulus plan unveiled Thursday focuses on Social Security tax cuts. Remarks by senior Republican lawmakers this week will be scrutinized for signs of where they stand on the proposal. On Tuesday, the select committee on deficit reduction will hear from Congressional Budget Office Director Douglas Elmendorf.

Economic data for August out this week are expected to show the recovery continues at a slow place–retail sales should rise despite the hit to confidence from Washington’s fierce debt fight, while inflation remains subdued, giving the Fed scope to ease credit further at its Sep. 20-21 meeting.

Washington, September 12, 2011 (Dow Jones)

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Hurricane Irene, which lashed the United  States east coast at the end of last month, will cost insurers some $7 billion (5.1 billion euros), the world’s top reinsurer Munich Re said on Friday.   

“According to Munich Re estimates, insured losses caused by Hurricane Irene  in the Caribbean and the United States are in the region of US$ 7 bn,” the  company said in a statement.

The estimate is considerably higher than $1.8-$6 billion calculated by  risk-assessment firms Eqecat and AirWorldwide.

Munich Re said that due to continued flooding in the northeastern US, there  remains considerable uncertainty to the loss estimates.

The figure does not include damage covered under the US National Flood  Insurance Program, it added.

Irene struck North Carolina as a category one hurricane on August 27, with  intense rain triggering flooding across the northeastern United States.    Munich Re estimated that its own costs would be “in the low three-digit  million euro range.”

The reinsurer has already said 2011 has been the worst year in history in  terms of losses due to natural catastrophe, but still expects to finish 2011  with a net profit, provided it doesn’t a hit much over a billion euros in the  second half of the year.

Franfurt, Sept 9, 2011 (AFP)

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A new tailor-made home insurance product is being offered to psychological professionals who invite clients into their homes for treatment.

Oxygen Psychological Professionals Home Insurance Scheme is being promoted as a scheme that will suit those who see clients at home, such as psychologists or counsellors. It is being launched by Oxygen Insurance Brokers and is being underwritten by Ecclesiastical, which claims there is a huge demand for this kind of cover from psychological professionals.

Steve Johnson, Head of Affinity at Oxygen, explained, “Many counsellors, psychotherapists and an increasing number of coaching professionals work from home and have clients visiting them there.”

He added that many people working in the industry feel that they need a product that understands their profession. Johnson explained, “Our experience shows that our customers in the psychological professions have often encountered difficulties when trying to arrange suitable home insurance that would allow them to see clients at home. This is mainly due to home insurers not fully understanding the nature of the work such professionals do.”

Oxygen already offers professional liability insurance products to people working in the psychological therapy industry. The new product will be a house insurance product with an extension that allows working from home.

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Anthony Collins has been appointed as MMA’s new Head of Actuarial to specifically focus on Solvency II preparations.

In his new role Anthony will be leading MMA’s development in the areas of reserving, Solvency II, actuarial pricing and capital and will manage and develop the actuarial function. Anthony will take charge of the Actuarial team which is soon expected to see growth due to the increased focus on addressing the challenges of pricing and Solvency II.

Prior to joining MMA Insurance and returning to the UK, Mr Collins worked in Dublin for over four years in chief actuary roles for Euro Insurances and ESG Re. Collins has over 11 years experience in the UK in various actuarial roles.

Commenting on the appointment, MMA Finance Director Steven Whittaker said: “Anthony is a significant addition to our actuarial team, his experience will help to equip us for the many and varied actuarial challenges ahead. Regulation such as Solvency II, as well as the competitive environment affecting pricing means that actuaries will continue to be a pivotal part of the business.”

Source : MMA

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Specialist Lloyd’s insurer Jubilee Europe aims to offer protection for Dutch mortgage holders, by entering into a partnership with Reliance Mutual Insurance Society Limited to launch a long term life cover product.

Underwritten by Reliance Mutual, the product can be either level or decreasing term and single or joint life.  The maximum term is 30 years.  Single, annual and monthly premium options are available and the policy will be administered by Jubilee Europe in Amsterdam.

As with Jubilee Europe’s existing MPPI (Mortgage Payment Protection insurance) products, the long term life product can be accessed via Jubilee’s online platform Jubilee.net.  This will enable brokers and IFAs to obtain quotes, confirm standard of the policy and print key documentation within minutes.

The long term life product launch is part of Jubilee Europe’s long term strategy to create a suite of innovative house buying covers, which includes plans to offer property and residual value insurance products in the near future.

Theo Van Der Mark, Executive Chairman of Jubilee Europe said: “By joining forces with Reliance Mutual and delivering products via our web based quote engine we intend to widen the choice available to brokers, IFAs and their clients.  With our combined expertise we can genuinely bring added value to the market by delivering a comprehensive product whilst reducing the time it takes to sell and administer the policy.”

Mark Goodale, Chief Executive of Reliance Mutual said: “We are delighted to be joining forces with Jubilee Europe to launch this exciting product into the vibrant Dutch market and hope this marks the start of a very successful collaboration.  Reliance Mutual prides itself on its ability to work with partner organisations to help bring a range of exciting and innovative products to the market both in the UK and Europe.”

Source : Jubilee

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Two new divorce insurance products are being launched on the market by ARAG. The new insurance products are called “Pre-nuptial Legal Solutions” and Divorce Legal Solutions”.

As the first of their kind to hit the UK market, these products provide a legal expenses insurance policy that starts from the date of a marriage or civil partnership and protects the policyholder against legal costs associated with matrimonial breakdown.

Sold alongside nuptial agreements, both policies cover costs arising from a legal challenge to the nuptial agreement whilst Divorce Legal Solutions extends cover to include the cost of divorce proceedings.

The opportunity for nuptial insurance products was recently highlighted in the landmark case of £100m heiress Katrin Radmacher where her pre-nuptial agreement was upheld in the Supreme Court, reducing her ex-husband’s settlement from £5.8m to around £1m, and the Law Commissions consideration of a statutory framework for pre-nuptial agreements.

This combined with the restriction on legal aid for most divorce cases and proposed reforms to civil litigation, means that the popularity of nuptial agreements is very likely to grow. This in turn will increase interest in insurance products that protect against the burden of legal costs in divorce.

With a flexible amount of cover available, Pre-nuptial Legal Solutions will cover legal costs and expenses involved in a challenge to a pre-nuptial agreement, including:

– Costs of mediation

– Costs of legal proceedings if the policyholder or their spouse cannot reach agreement through mediation

Divorce Legal Solutions covers the same costs and also extends cover for:

– Divorce proceedings to final decree

– Ancillary relief and challenge to a nuptial agreement

Tony Buss, MD of ARAG said: “While some may see the very idea of divorce insurance as unromantic, the realities of modern life and the government’s legal aid and costs reforms will make it harder for ordinary people to access justice before the courts, meaning this is the right time to launch such a product.”

Source : ARAG

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Since the beginning of 2011 fire crews have fought nearly 19,000 wildfires so far in the state of Texas alone. This represents 3.6 million acres, or the size of the state of Connecticut, and accounts for nearly half of all the acreage burned by wildfires in the USA this year.

“The fires have been especially severe because of the 2011 southern United States drought that has persisted throughout the year,” said Dr. Tomas Girnius, senior research scientist at AIR Worldwide. “The levels of exceptional drought in Texas are the highest since the United States Drought Monitor began tracking the data in 2000. Drought conditions in the state have been exacerbated by an unusual convergence of strong winds, unseasonably warm temperatures, and low humidity.”

For the first time, outdoor burning, including using campfires, has been prohibited in 251 of the 254 Texas counties.

Dr. Girnius continued, “Over the Labor Day weekend, Texas experienced about 85 new outbreaks of wildfires. Ironically, the outbreaks were assisted by Tropical Storm Lee, which officials had hoped would finally bring much-needed rain to the state. Instead of rain, however (which Tropical Storm Lee dropped in over-abundance on Mississippi, Louisiana, Alabama, and other states to the east and northeast), Texas received the storm’s winds. Gusts as high as 30 mph fanned earlier fires and helped start and spread the new ones.”

Tuesday morning, winds slowed to five miles per hour in east and central Texas, giving hope to firefighters that the outbreak of wildfires could begin to be contained. Fire crews responded to 22 new fires yesterday, ten of which are considered to be large, in addition to other fires that had started earlier. The largest, the Bastrop County Complex fire, which is burning about 25 miles southeast of Austin, the state capital, has raged through 30,000 acres, destroyed nearly 600 homes, and forced the evacuation of at least 5,000 people. As of early Tuesday the Texas Forest Service said there was no containment of the fires.

On Sunday, two days ago, firefighters battled 63 new fires burning on more than 32,000 acres, including 22 that were considered to be large. The Texas Forest Service estimates that more than 700 homes have been destroyed in the past 48 hours. In the past week there have been 181 fires covering nearly 120,000 acres.

AIR estimates that the average replacement value (building only) of a single family home in Texas statewide is roughly $187,000.

At least 40 Texas Forest Service aircraft were involved in the firefighting Monday along with another half-dozen Texas military aircraft. The largest individual fire, the Bastrup County Complex blaze, has been fast-moving and has jumped the Colorado River twice. Bastrup (population 6,000) is situated along the river, and at the height of the fire on Monday, a wall of fire and smoke stretched for 16 miles across blackened central Texas croplands.

About 250 firefighters worked against the fire around the clock with bulldozers and water trucks while overhead air tankers dropped more water. Their fight so far has had to be defensive:  evacuating residents, protecting homes where possible, and trying to remain safe themselves. After several days of continuous activity, the firefighters need replacement.

On the opposite side of Austin, about 20 miles to its northwest, another large fire, the Pedernales Bend fire, was officially considered to be about 40% contained as of Tuesday morning. According to the latest Texas Forest Service report, it has destroyed 67 homes while burning across about 6,500 acres. More than 1,000 homes were under mandatory evacuation.

Dr. Girnius concluded, “Gusty winds from Tropical Storm Lee fanned flames in Texas over the weekend. At five and ten miles per hour, the winds are now more quiescent, and with temperatures expected to be lower—90 degrees—firefighters will have a better chance at containing the outbreaks. But the continuing parched conditions, dry air that remains over the state, and an abundance of dead, dry grasses and other vegetation that burn easily ubiquitous across the state, officials see Tuesday’s wind change as a lull in an on-going battle.”

Source : AIR Worldwide

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