Tuesday, November 26, 2024
Home Authors Posts by John Stewart

John Stewart

Profile photo of John Stewart
3387 POSTS 0 COMMENTS

0 1

This cross-sector event will not only look at the impact of Solvency II on the insurance sector, but will also explore the wider issues the changes in asset allocation would have on the bond market. We will also be exploring any lessons that could be learnt from the implementation of Basle II/III.

Senior analysts from Fitch will also be joined by key market participants in a panel discussion.

The seminar will be held at the InterContinental Hotel Avenue Marceau – 64 avenue Marceau – 75008 Paris.

Registration will commence at 2.00pm. The seminar will run from 2.30pm – 4.35pm with opportunity to meet with the analysts.

0 0

Swiss Re is completing adjustments to its leadership structure to reflect the company’s new legal entity set-up. Stefan Lippe will continue to lead the Group as Chief Executive Officer of Swiss Re Ltd. Christian Mumenthaler becomes CEO of its reinsurance subsidiary, Swiss Reinsurance Company Ltd (SRZ).

The changes have been decided by the Board of Directors as a further step by Swiss Re in re-shaping its structure to enhance client focus, to increase capital efficiency and transparency, and to create long-term value for shareholders. This began with a share exchange offer, first announced on 17 February and declared successful on 18 May 2011.

As Chief Marketing Officer for Reinsurance since January 2011, Christian Mumenthaler is already responsible for leading and growing Swiss Re’s core reinsurance business. Effective 1 October 2011, he will become CEO of SRZ assuming additional responsibilities. Christian Mumenthaler will be accountable for the Group’s reinsurance strategy as well as its entire business performance, including financial results, capital and asset allocation, along with governing the legal entities comprised within SRZ.

Stefan Lippe will continue to focus on running the Group, in charge of implementing Group strategy, overseeing and taking ultimate responsibility for all businesses, and being accountable for the financial performance of Swiss Re Ltd.

Source : Swiss Re

0 0

Fitch Ratings has affirmed German life insurer Lebensversicherung von 1871 a.G. Muenchen’s (LV 1871) Insurer Financial Strength (IFS) rating at ‘A+’ with Stable Outlook.

The rating reflects LV 1871’s strong risk-based capitalisation at end-2010, as evidenced by its regulatory solvency ratio and Fitch’s assessment of the company’s capital position. Fitch also views positively the high credit quality of LV 1871’s fixed-interest portfolio and the strong new business figures in 2010. However, these factors are partly offset by the life insurer’s relatively small size.

LV 1871’s new business volume increased by 22.7% to EUR1.6bn in 2010 from EUR1.3bn in 2009 while the German life insurance sector (GLIS) reported an increase of 4.8% over the same period. The agency believes that the achieved growth in new business is sustainable, mainly due to a new disability product line, which generated 38% of LV 1871’s new business volume.

Due to LV 1871’s large share of disability business in its books, the company is in a good position to mitigate the impact of the low interest rate environment. The GLIS is still dominated by guaranteed interest rate (GIR) policies. On average, the industry has to achieve an investment return slightly above 3% to afford GIR payments. In a long-lasting low interest rate environment, LV 1871’s technical earnings from its disability business would significantly mitigate any potential issues in meeting GIR payments, which Fitch views positively.

LV 1871’s net investment return rate was 4.5% in 2010 (2009: 4.1%) slightly above the expected GLIS average of 4.3% (2009: 4.2%). LV 1871’s acquisition expense ratio was 5.1% in 2010 (2009: 5.1%) and its administration expense ratio was 2.5% in 2010 (2009: 2.5%). LV 1871’s lapse ratio improved to 4.8% in 2010 (2009: 5.4%), whereas the GLIS is expected to report a ratio of 5.4% (2009: 6.2%).

Key rating drivers that could lead to a downgrade include a reduction in the investment portfolio’s creditworthiness, deterioration in new business figures and significantly depleted capitalisation. Fitch views an upgrade of the rating as being unlikely in the near term due to the low level of LV1871’s diversification and hence its vulnerability to external effects.

LV 1871 is a Munich-based mutual life insurer that directly owns 100% of the insurance companies Delta Direkt Lebensversicherung AG, TRIAS Versicherung AG, LV 1871 Pensionsfonds AG and LV 1871 Private Assurance AG. The consolidated group had total assets of EUR4.8bn (2009: EUR4.4bn) and GWP of EUR739.0m (EUR612.0m) at end-2010. LV 1871 distributes its products through a network of around 8,700 distribution agreements with IFAs, multiple agents and banks.

Source : Fitch Ratings

0 0

For the fifth consecutive year, Scotland seems to be in a stronger budget position than the UK.

Government and Expenditure Revenue Scotland 2009-10 figures show that, including a geographical share of UK North Sea oil and gas revenues, Scotland contributed 9.4 per cent of UK public sector revenue and received 9.3 per cent of total UK public sector expenditure, including a per capita share of UK debt interest payments.

Including a geographical share of North Sea revenues, Scotland’s estimated current budget balance in 2009-10 was a deficit of £9.0 billion, or 6.8 per cent of GDP – stronger than the UK-wide deficit of £107.3 billion, or 7.6 per cent of GDP for the same year, including 100 per cent of North Sea revenues.

In terms of the net fiscal balance – which includes infrastructure investment for long-term benefit – Scotland was again in a stronger position than the UK: a deficit of 10.6 per cent of GDP, compared to 11.1 per cent for the UK as a whole.

Commenting on the figures, Finance Secretary John Swinney said:

“Scotland has now been in a stronger financial position that the UK as a whole for each of the last five years. Once again, the official GERS figures show that Scotland contributes more to the UK exchequer than we receive in public spending.

“Despite the fall in North Sea revenues to £6.5 billion in 2009-10 – less than half the level for this year – Scotland still contributed far more to the UK exchequer than our share of population, which underlines the breadth and strength of Scotland’s finances, and the opportunities of financial responsibility and independence. Scotland generated 9.4 per cent of UK tax with 8.4 per cent of the population – the equivalent of £1,000 extra for every man, woman and child in Scotland.

“The figures also show that in 2009-10, at the height of the UK recession, half of the £2.8 billion increase in public spending in Scotland was for social protection measures such as unemployment benefits, while increased spending by the Scottish Government on the health service also accounted for a significant share of the rise.

“We know that Scotland’s oil and gas resources represent a trillion pound asset base – worth more than 10 times Scotland’s share of a UK debt built up by successive Westminster governments. And we also know that North Sea revenues are on a sharply rising curve – in 2010-11 they were £8.8 billion, and this year the North Sea is forecast to generate an all-time record £13.4 billion in tax revenue. Indeed, over the next five years North Sea oil and gas is forecast to raise £61 billion in tax revenue, 35 per cent more than during the previous five years.

“Unlike successive UK governments, the Scottish Government has run a balanced budget every year since 2007, and we now urgently need new levers to promote economic recovery in Scotland, such as access to enhanced borrowing powers, corporation tax, excise duties and the Crown Estate.”

0 3

Aviva North America has annpounced the nomination of Saskia Goedhart as chief risk officer for the North America region. Saskia Goedhart will lead the region’s risk management strategy, including the implementation of the company’s risk management transformation plan.

“I am pleased to have someone of Saskia’s experience and caliber in risk analysis and management,” said Richard Hoskins, Aviva North America chief executive officer. “With her strong background in risk and compliance, she is an excellent choice to champion Aviva’s global risk vision and strategy here in North America.”

Goedhart comes to Aviva from a similar capacity as chief risk officer of the North America Life operations of Munich Re. In that role, she was charged with establishing the enterprise risk management function. Prior to Munich Re, she worked 10 years at ING as head of Asset Liability Management and Capital Management in the US, and in other senior-level risk and financial management roles throughout the company in Europe, the US and Asia Pacific.

Goedhart also has more than 10 years of experience as a corporate financial and risk management consultant, having worked at PricewaterhouseCoopers and Van Den Boom Groep.

“Saskia fills a crucial role at Aviva in our ongoing efforts to drive a risk-aware culture throughout North America,” Hoskins said. “With her globally diverse background in capital management, enterprise risk management and actuarial financial analysis, she will be instrumental in guiding Aviva during a critical time in our business.”

Reporting directly to Hoskins, Goedhart will oversee the risk management teams of both Aviva USA and Aviva Canada and serve as a member of Aviva North America’s executive committee.

Source : Aviva

0 0

DUAL Corporate Risks announces the appointment of Christopher Blake as a Professional Indemnity Underwriter for the company’s National Business Unit.

His appointment at DUAL Corporate Risks is in line with the company’s expansion into Information Technology for which DUAL has produced a dedicated Professional Indemnity, Public Liability and Products Liability form. Christopher has built up specific expertise in this niche but growing sector. He already enjoys strong support from brokers in this arena and other areas of technical underwriting.

Christopher begins his role on 20th June and will report to the head of DUAL Corporate Risks’ National Business Unit, located in Manchester.

Commenting on the appointment, Jennifer Martin, Underwriting Director of DUAL Corporate Risks, said: “Chris is a highly respected and popular professional and his appointment really strengthens our offering in the IT space. We are excited to have the depth of talent to take forward ambitious growth plans for the National Business Unit, which is our hub for regional business outside the London Market.”

Source : DUAL Corporate Risks

0 0

Standard Life hosted a series of seminars destined to help better understand the recent legislative changes to tax, trusts and estate planning. These seminars allow financial advisors, solicitors and accountants to see how these changes may affect their clients’ investments.

A panel of experts from Standard Life spoke to more than 580 financial professionals at 12 events located as far south as Bournemouth through to Glasgow in the north.

The events were an opportunity to provide a comprehensive overview of the regulatory changes that have been introduced in the new tax year. The seminar provided the attendees details on the tax implications when using different savings vehicles, including ISAs, offshore bonds and personal pensions.

Julie Hutchison, head of estate planning, Ian Mobley, Paul Lanigan both regional managers and Julie Curtis, technical manager at Standard Life provided details to help UK advisory community guide their clients through difficult financial planning scenarios including minimising inheritance tax payments, the use of trusts in estate planning and saving for university and school fees.

Julie Hutchison said: “We’ve regularly toured our ProActive Business Seminars in the past three years and there has always been a very positive response from the attendees. The seminars sparked interesting and insightful debate from the country’s financial advisory community and hopefully they have taken with them valuable information that will benefit their business.

“The seminar was designed to not only provide the country’s financial advice community with insight into the changing tax legislations but to also offer them a networking opportunity to help the attendees to establish new professional connections across their regions.”

Stephen Owen, Director at Bolton-based MS Wealth Management, who attended the event in Manchester, said: “The seminar I attended provided useful, highly technical market insight, which will be relevant to my business. Standard Life’s events are always worthwhile as they provide information we would struggle to source ourselves, safe in the knowledge it comes from a highly reliable source.

“We’re facing changes to our industry in the coming months and years and it’s reassuring to have this added support from Standard Life, as they try to help businesses prepare for the future.

“The fact financial advisers, lawyers and accountants attended the seminar shows how important it was and our ability to interact with companies from different professional backgrounds on the day is another added benefit in attending.”

This is the third year Standard Life’s free ProActive Business Seminars have toured the country, with many events held throughout each year.

Source : Standard Life

0 0

The first step of a US-funded operation to clean up Agent Orange contamination at a wartime American base in Vietnam began Friday, officials said, almost four decades after the end of the conflict. Authorities started by removing unexploded ordnance at the site, part of the grounds of an airport in the central Vietnamese city of Danang, having identified it as a “hot spot” of potentially cancer-causing dioxin.

“This effort is a key first step… to clean up the dioxin-contaminated soil and sediment at the airport,” the US embassy said in a statement.
The project will remove dioxin from 29 hectares (71.6 acres) of soil “that can be used for economic and commercial activities, and reduce human exposure to the chemical and potential health impacts,” Vietnamese Major General Do Minh Tuan said in the release.

During the Vietnam War US aircraft flying from bases including Danang sprayed Agent Orange and other herbicides, which contained dioxin, to strip trees of foliage, in a bid to deprive communist forces of cover and food.

Both sides said the cleanup effort demonstrated cooperation between the two former enemies, whose relationship has grown across a wide range of areas since the restoration of diplomatic relations 16 years ago.

The embassy said the Danang works will cost more than $32 million, which the US is funding in its entirety, and that both sides hoped to complete the project by October 2013. The United States is focusing its help on Danang, at Vietnam’s request. Experts have identified two other former US air bases as “hot spots” of dioxin contamination.

The UN last year announced a $5 million project to reduce contamination at the Bien Hoa airport hot spot near Ho Chi Minh City.

More than three million Vietnamese have suffered the effects of wartime herbicides, a Vietnamese doctor testified before the US Congress.

A Vietnamese victims’ group has said the US military sprayed about 80 million litres (21 million gallons) of herbicides, much of it Agent Orange, over southern Vietnam during a 10-year period.

Hanoi, June 17, 2011 (AFP)

0 0

Almost two thirds (61 per cent) of UK motorists are actively looking to save money on their motoring costs this year, according to online insurer swiftcover.com. Most significantly, more than 750,000 car owners are skipping their annual service in a bid to save money, potentially putting themselves, their passengers and those around them in danger.

The findings also revealed that of those looking to cut back on motor costs (61 per cent), a third (33 per cent) will simply drive less. The highest proportion of those driving less are between 35 and 44 years old – an age at which people are likely to rely on transport for their children or work. Furthermore, 1.5 million motorists are resorting to buying six month tax discs rather than 12, a false economy potentially costing the nation millions of pounds.

It’s not just younger drivers who have to find ways to reduce the cost of living through their driving habits. Pensioners are taking advantage of their free bus passes and leaving their cars at home in a bid to save money on motoring. According to the research by swiftcover.com, one in five (20 per cent) admitted to ditching their car in favour of public transport as part of a saving push being forced on today’s over 65 year olds.

Other ways of reducing the cost of motoring, revealed by swiftcover.com’s research:

– One in five (19 per cent) male drivers will sacrifice speed in a bid to gain better fuel economy and therefore help mitigate the rising prices of petrol

– Three per cent of car owners are washing their cars less often to save a few pounds

– Nine per cent will switch their car insurance to help cut the cost of motoring

Robin Reames, claims director at swiftcover.com, explained: “A well serviced car is less likely to go wrong, so it should go without saying that motorists should ensure that their car is properly serviced. In the long-term, servicing your car is likely to save you money by keeping it running smoothly – no-one wants to hear that their expensive car problems could have been prevented by shelling out a few pounds for a service.

“It’s encouraging to see people are at least trying to service their cars themselves rather than not service their cars at all; however, if it’s the first time you’ve done it, it’s recommended that you get help from someone who is experienced in doing such a task themselves.”

Source : Swiftcover.com

0 0

Aviva announces that it has appointed Philippe Maso y Guell Rivet as CEO of Aviva France, subject to regulatory approval, and also to the role of Underwriting, Pricing and Product (UPP) Director for Aviva Europe.

Mr Maso y Guell Rivet, will join Aviva Europe’s Executive Committee and will report to Aviva Europe chief executive Igal Mayer.

Mr Maso y Guell Rivet, who will join Aviva on 1 July, was CEO of AXA Insurance UK from 2008 to 2010 and was previously finance director of AXA’s UK business. He has also held senior roles for AXA Group including leading its corporate finance and risk management division. He began his career with Mazars and also worked for UAP Group.

Andrew Moss, group chief executive of Aviva, said:

“‘I am delighted that Aviva has attracted someone of Philippe’s experience and I am confident that he will be a strong addition to our European team under Igal’s leadership.”

Igal Mayer, chief executive of Aviva Europe and chairman of Aviva France, said:

“I’m delighted that Philippe has agreed to join Aviva as CEO of Aviva France and also to lead our underwriting, pricing and product team across Europe. Philippe has an excellent track record of achievement in European insurance and will be a strong addition to our leadership team.

“His expertise and experience will enable him to lead our business in France while ensuring that we develop sophisticated underwriting, pricing and product innovation to allow our business to grow and meet our customers’ needs across Europe.”

Philippe Maso y Guell Rivet said:

“I am looking forward to joining Aviva and Igal’s European leadership team. I have admired Aviva’s progress for many years so it is exciting to now have the opportunity to help drive the development of both our French and European businesses and continue to offer innovative solutions to our three million customers in France.”

After an orderly transition, Nicolas Schimel who has acted as CEO of Aviva France during the interim period, will dedicate himself fully to his position as chairman and CEO of UFF, the independent adviser company which is listed in Paris and majority owned by Aviva France.

Source : Aviva

0 0

Japan’s Fukushima city said Tuesday it would  hand radiation measuring devices to 34,000 children to gauge their exposure  from the crippled nuclear power plant about 60 kilometres (40 miles) away.

The city will hand the “dosimeters” to all children aged between four and  15 for three months from September so that they can wear them around the  clock, an official at the city’s education board told AFP.

The city is located outside the government’s no-entry zone 20 kilometres  (12 miles) around the tsunami-hit Fukushima Daiichi nuclear plant, but many  residents are concerned about radiation, he said.

“There have been fixed-spot radiation measurements but parents and citizens  are concerned about individual exposure,” said the official.

“We also believe the distribution of dosimeters will help ease parents’  worries if they confirm their children’s exposure does not pose health risks.”

He added that radiation in the city had been below the official threshold  for health risks, and said the children’s dosimeters would be read out once a  month to assess cumulative radiation exposure.

Since the March 11 disaster, Japan has raised the legal exposure limit for  people, including children, from one to 20 millisieverts per year — matching  the safety standard for nuclear industry workers in many countries.

Environmental activist group Greenpeace called on Japan last Thursday to  evacuate children and pregnant women from the town.    It said its people were being exposed to 10 to 20 millisieverts per year  through the air, not counting contaminants inhaled or ingested, a level  Greenpeace considers unacceptable, especially for high-risk groups.

Radiation experts agree that children are at the greatest risk from cancers  and genetic defects because they are still growing are more prone to thyroid  cancers, and because they will have more time to develop health defects.

The city of Date, located just outside the nuclear no-go zone, said last  Thursday it would distribute radiation dosimeters to all its 8,000 pre-school,  elementary and junior high pupils, a news report said.

Tokyo, June 14, 2011 (AFP)

0 0

The death toll from a killer bacteria  outbreak rose to 36 Monday as Germany said a warning to avoid eating  cucumbers, lettuce and tomatoes, initially suspected of carrying the bug, had  seen up to 10 percent of crops destroyed.

The Robert Koch Institute (RKI), Germany’s national disease agency, said  3,228 people had fallen sick from the virulent EHEC (enterohaemorrhagic E.  coli) or the linked kidney ailment haemolytic uraemic syndrome (HUS).

All 36 deaths have occured in Germany except one patient who died in Sweden  but who had travelled to the country.

“For many days the number of new infections from EHEC or HUS communicated  to the RKI has declined in the country,” the agency said in a statement that  upped the previous number of fatal cases by one.

After several frantic weeks of searching, German authorities said on  Friday they had identified the contamination source as being vegetable sprouts  from an organic farm in Lower Saxony, northern Germany.

The farm cultivated sprouts from a variety of products including lettuce,  azuki beans, mung beans, fenugreek, alfalfa and lentils. It has been closed  and all its products recalled.

Authorities have said that the business in the northern village of  Bienenbuettel had done nothing wrong however.    With health officials only late last week dropping advice, particularly in  northern Germany, to avoid uncooked tomatoes, cucumbers and lettuce, the scare  has cost European farmers hundreds of millions of euros (dollars).

German Agriculture Minister Ilse Aigner said that between five and ten  percent of the three salad vegetables’ crops had been destroyed in Germany.

“About 5,900 tonnes of cucumbers, 1,300 hectares of lettuce and 3,500  tonnes of tomatoes have had to be destroyed,” the minister told Tuesday’s Neue  Osnabrueker Zeitung newspaper.    Aigner defended health officials’ advice however. “Protecting consumers  from health risks will always take priority over economic interests, even if  that causes serious financial setbacks for some businesses,” she told the  paper.

The RKI still recommends not eating raw vegetable sprouts.    Germany’s Federal Institute for Risk Assessment said Sunday the outbreak is  the most serious of its kind recorded in the world to date.

Frankfurt, June 13, 2011 (AFP)

0 0

Sharply reducing emissions of soot and smog  could play a critical role in preventing Earth from overheating, according to  a UN report released Tuesday.

Curbing these pollutants could also boost global food output and save  millions of lives lost to heart and lung disease, said the report from the UN  Environment Programme (UNEP) and the World Meteorological Organisation (WMO).

Even as climate talks remain deadlocked on how to share out the task of  cutting CO2, parallel action on “black carbon” particles and ground-level ozone would buy precious time in the quest to limit global temperature rise to  2.0 degrees Celsius (3.6 degrees Fahrenheit), it said. Record output in 2010 of carbon from energy use and unprecedented CO2 levels in the atmosphere suggest that efforts to maintain the 2.0 C cap,  widely seen as a threshold for dangerous warming, may already be doomed, say  scientists.

On current trajectories, temperatures are set to go up 1.3 C (2.3 F) — on  top of the 0.9 C (1.6 F) jump since human-induced warming kicked in — by  2050, bringing the total compared to preindustrial levels to 2.2 C (4.0 F). But quickly tackling black carbon and smog-related ozone could slash 0.5 C (0.9 F) off the temperature increase projected for 2030, putting the two-degree target back on track, the new findings suggest.

“There are clear and concrete measures that can be undertaken to help  protect the global climate in the short and medium term,” said Drew Shindell, a researcher at NASA’s Goddard Institute for Space Studies and one of the 50 scientists behind the new assessment.    “The win-win here for limiting climate change and improving air quality is self-evident and the ways to achieve it have become far clearer.”

The report was unveiled in Bonn as delegates from more than 190 nations  under the UN Framework Convention on Climate Change (UNFCCC) struggle to make  headway in the deeply stymied negotiations.

Black carbon, found in soot, is a byproduct of incomplete burning of fossil  fuels, wood and biomass, such as animal waste. The most common sources are car  and truck emissions, primitive cook stoves, forest fires and industry. Soot suspended in the air accelerates global warming by absorbing sunlight. When it covers snow and ice, white surfaces that normally reflect the Sun’s  radiative force back into space soak up heat instead, speeding up the melting  of mountain glaciers, ice sheets, and the Arctic ice cap. The tiny particles have also been linked to premature death from heart  disease and lung cancer. Gro

und-level, or tropospheric, ozone — a major ingredient of urban smog —  is both a powerful greenhouse gas and a noxious air pollutant. It is formed  from other gases including methane, itself a potent driver of global warming.

A threefold increase in concentrations in the northern hemisphere over the  last century has made it the third most important greenhouse gas.

Unlike carbon dioxide, which lingers in the atmosphere for centuries once  emitted, black carbon and ozone disappear quickly when emissions taper off.

“The science of short-lived climate forcers has evolved to a level of  maturity that now requires … a robust policy response by nations,” said  Achim Steiner, Executive Director of UNEP.    Measures recommended for reducing black carbon include mandatory use of  diesel filters on vehicles, phasing out wood-burning stoves in rich countries,  use of clean-burning biomass stoves for cooking and heating in developing  nations, and a ban on the open burning of agricultural waste.

For ozone, the report calls for policies that curb organic waste, require  water treatment facilities to recover gas, reduce methane emissions from coal  and oil industries, and promote anaerobic digestion of manure from cattle and  pigs, both major sources of methane.

The report estimates that nearly 2.5 million deaths from outdoor pollution,  mainly in Africa and Asia, could be avoided every year by 2030 if black carbon  levels dropped significantly.    Far less ground-level ozone could also avoid important losses in global  maize, rice, soybean and wheat production, it said.

Paris, June 14, 2011 (AFP)

0 0

Specsavers Corporate Eyecare has joined forces with global insurer RSA to offer eyecare to drivers of vehicles insured under RSA’s Motor Fleet policies.

Intermediaries offering RSA cover to fleet clients will now also be able to offer a solution for fleet drivers’ eyecare needs.

Research undertaken by Specsavers Corporate Eyecare earlier this year reveals that more than half (53%) of companies do not offer eyecare to their drivers. With the Corporate Manslaughter Act in place, theoretically this could mean high penalties if employees do not have eyesight fit for driving.

David Geer, UK business director at RSA says: ‘Clients that demonstrate a proactive approach to the management of their drivers, including eye examinations, could potentially look at reducing their premiums with us benefiting a significant number of companies.’

Specsavers Corporate Eyecare offers a voucher system for its business customers. Fleet managers can purchase Optical Care Vouchers from Specsavers and simply hand them out to the relevant employees. The vouchers entitle the bearer to a sight test, eye examination and a pair of glasses if they need them. If the sight test shows that an employee does not need glasses, they can have non-prescription sunglasses instead.
Jim Lythgow, director of strategic alliances at Specsavers Corporate Eyecare, says: ‘Good eyesight is surely an essential prerequisite for driving. Figures show that company drivers are at particular risk and that with eye examinations available for less than £20, it is a cost that is easily justifiable.’

Source : Specsavers

0 9

Earlier this year, AXA Wealth used the strong partnership between its wrap business Elevate and its multi manager business Architas, to bring to market a special ‘cashback’ offer.

Due to demand from IFAs AXA Wealth announces a new offer which advisers and their clients can take advantage of.

The cashback offer provides benefits for both IFA and end customer; the client receives cashback and the adviser earns a fee income from the client investment*.

The way it works is straightforward:

– The client invests in eligible Architas funds on Elevate during the offer period (until 30 September 2011)

– The client remains invested in the funds throughout the investment period (1 October 2011 until 30 September 2012)

– Elevate makes a cashback payment to the client’s Elevate Cash Account by 31 October 2012.

David Thompson, managing director, AXA Wealth UK Distributors, says: “Taking advantage of the Elevate-Architas cashback offer allows investors access to the expertise of multi-management investment specialists through an award-winning platform**. The fact that demand from advisers has been so high is testament to the fact that this really is being recognised as exactly what it is – a partnership that pays.”

The offer also provides financial advisers with a good opportunity to review their clients’ portfolios, helping them choose the funds most appropriate to their personal circumstances, financial needs, life goals and risk profile.

Source : AXA

0 0

Hearts and minds are the focus for the Association of Medical Insurance Intermediaries (AMII) 2011 Exhibition & Conference, which takes place on 30 June at the Park Inn, Heathrow.

Key topics during the day will cover: whether private medical insurance has a role to play in the Big Society and cancer cover in the employer-paid PMI market.

But it is the theme of the Big Debate this year that will focus on Hearts and Minds, two other high cost areas of healthcare – heart conditions and psychiatric treatment. The debate will ask whether it is actually better for consumers to have “grey areas” or discretionary cover in PMI, rather than trying to be completely black-and-white.  Should PMI actually be covering these conditions at all or does the NHS do the same job?

Fringe sessions include group risk and international PMI.

Andrew Tripp, chairman of AMII said: “We are delighted that the Exhibition and Conference has been so well supported again this year by our insurer partners. Against the challenging background of the economic climate, and uncertainty surrounding the Government’s plans for reforming the NHS this is an exciting time for the industry as many opportunities will undoubtedly arise for product innovation and growth.”

AMII member firms are entitled to one free delegate place for a gala dinner on the evening of 29 June, and entry to the full exhibition and conference on 30 June.  A further free delegate place is available to each AMII member firm for the exhibition and conference on 30 June.

The conference and exhibition is open to all involved in the private medical insurance industry.

Source : AMII

0 0

Aviva has lead new research which shows that employers find challenging the return to work of employees with complex conditions such as cancer.

New plans announced under the Government’s welfare reform bill will see thousands of cancer patients no longer being eligible to receive Employment and Support Allowance after a year if a spouse or partner is working. This is likely to encourage many to return to work before they are ready, making the employer’s role even harder.

One in five (19%) employers questioned in the study have experience of staff living with cancer. Although an overwhelming 61% of employers say their primary concern when an employee presents them with a serious condition is the health and wellbeing of the employee, the study also reveals that business priorities remain a concern:

– 23% of employers were anxious about the pressure this absence would put on other employee’s workloads

– 15% worry about the effect it would have on morale

– One in 10 (11%) worry about finding the money to support the employee/or to ensure the business is unaffected

– 11% were concerned about getting the employee back to work.

With survival rates improving all the time, many employees are eager to return to the normality of the office. Although just 5% of employers say that rehabilitation is not an option, nearly one in five (17%) admit that they would find it difficult to manage both the needs of the business and the needs of their employee when faced with this situation. 14% say they would be anxious about finding a way to deal with the employee without upsetting them.

Interestingly, nearly a quarter (22%) of employers who have supported staff through serious illness say that the experience prompted them to reviewed their HR policy to ensure that they know how to deal with future cases. This demonstrates the need for regular reviews to ensure companies are able to effectively support employees living with complex conditions such as cancer.

Dr Doug Wright, head of clinical development at Aviva UK Health says: “When faced with a serious illness, helping people to continue to lead as normal a life as possible makes a real difference to them. Having this link back to their usual life and activities not only helps with their physical but also their mental wellbeing. Thankfully medical advances mean that many people are now living with cancer and with the right physical and psychological support, are able to continue to work.

“Our research highlights that while employers genuinely care about their employees, they often don’t have the right HR policies, employee benefits and advice in place to help them back into the workplace.  The good news is that there is a wealth of specialist occupational health and rehabilitation support available to help them do this. For example, at Aviva we help our customers back to work by drawing upon our specialist clinical knowledge, occupational health support and insurances such as group income protection and private medical insurance.”

Duleep Allirajah, policy manager at Macmillan Cancer Support, adds: “There are people with cancer who have the skills and experience to benefit their employer and so it makes sense to help them return to work by making the necessary changes to their workload or environment. Many adjustments, such as flexible working hours or allowing an employee to work from home, are easy to make and cost very little. We encourage employers to visit our website and take advantage of the wide range of resources we’ve produced to help them support people with cancer at work.”

Source : Aviva

0 0

A series of earthquakes have struck the Christchurch region of New Zealand’s South Island on Monday, June 13. A 5.2 (body wave) magnitude struck and was soon followed by a stronger 6.0 (moment) magnitude earthquake. A further earthquake, of 4.6 (body wave) magnitude, struck at 02:40 pm local time. (As reported by the USGS).

According to both the New Zealand GeoNet network and USGS the 6.0 magnitude earthquake, which struck at 02:20 pm local time, occurred at a depth of 5.6 miles and at an epicentral location around 8 miles south-southeast of Christchurch and within 3 miles of the port of Lyttelton. Information from the USGS ShakeMap and USGS PAGER system show that the area close to the epicenter, which includes the city of Christchurch, experienced ‘severe’ shaking of intensity VIII on the Modified Mercalli Intensity (MMI) scale. The New Zealand GeoNet network has reported two further earthquakes greater than magnitude 4.0 to have occurred in the region since the 6.0 Mw earthquake.

Emerging information from Christchurch reports a masonry collapse at the remnants of Christchurch Cathedral and fallen masonry from other buildings in the central business district (CBD). The ‘red zone’ within the CBD (as designated following February’s earthquake) is closed and is likely to remain closed for at least the next 24 hours. Limited damage reports are emerging from the suburb of Merivale, whilst damage has also been reported from Lytttelton. Significant rockfalls have been reported in the suburb of Sumner and part of Banks Peninsula. Liquefaction has been reported in Burwood in the northeast of the city, while local media reports are also reporting significant liquefaction in the eastern suburbs. Approximately 50,000 people in the region lost power during the earthquake, and the city’s water infrastructure has been affected. Christchurch airport was temporarily evacuated following the earthquake, as were shopping centres and office blocks through the city.

The earthquakes come within four months of the magnitude 6.3 earthquake that struck the region on February, 21. The USGS has reported that Monday’s earthquakes are a continuing part of the earthquake sequence that initiated with the Darfield earthquake on September, 3, 2010. GeoNet have stated that the 6.0 earthquake is within the range of forecasted aftershocks.

Source : RMS

0 2

Seven years ago Aviva was the first UK insurance company to launch a fleet telematics insurance policy. Today, the company is re-entering the telematics market with a new way of working with clients’ existing technology.

Following feedback from insurance brokers and customers as well as active tracking of the market, Aviva has now developed a proposition that will enable fleet managers to have telematics insurance without reinvesting in additional equipment.

Mark Keavney, development manager – commercial product at Aviva, explains: “We gained a lot of experience in the sector the first time around and we have applied this knowledge to deliver insurance cover that’s relevant and has value in today’s market. Businesses have invested much more heavily in vehicle telematics in recent years and our approach enables customers who already have the technology installed to maximise the insurance benefits when buying cover for their fleet.

“We recognise that the cost of running fleets is increasing and so we are providing a cost-effective way to reward customers for making a commitment to risk management through using telematics to capture and analyse data on their drivers’ behaviour behind the wheel.

“By taking the safety of your fleet further by installing telematics – and provided they meet our criteria – then companies will be able to take advantage of this policy.”

The Aviva telematics cover is available on Aviva’s Fleetwise and Fleetwise Self Drive Hire products, for fleets where at least half of the vehicles have telematics technology installed.

Aviva’s team of 12 fleet risk advisors will work with customers to help them monitor their own data and make changes to their driving as appropriate.

The telematics units must meet a number of criteria, including maximum speed notification when a vehicle exceeds 70mph; the ability to record abnormal acceleration; braking, cornering, as well as the duration and distance of each journey; and the ability to identify both the vehicle and the driver.

Source : Aviva

0 1

Gocompare.com has published new research showing that cash-strapped homeowners put off home maintenance projects in order to save money. Just over a third (32%) of respondents say they are delaying home maintenance and decoration jobs to save money, while 22 per cent were putting off fitting a new kitchen and 17 per cent a new bathroom suite.

The survey reveales that 32 per cent of Brits say that they really need to make some cutbacks to make ends meet.  Not carrying out home maintenance and renovation projects were identified as areas where savings could be made.  The survey also found that in order to reduce their outgoings, eight per cent of people would consider not renewing their home buildings insurance and another eight per cent would consider not renewing their insurance for their home contents.

Phil Paterson-Fox, Gocompare.com’s head of home services, commented, “In the current economic environment it is a good idea to review your finances and cut back on unnecessary spending – but it is important that in order to save money now, you don’t make false economies.  For most of us, our home is our most valuable asset, so when making cut backs you need to ensure that it is adequately protected.

“Homeowners need to think carefully about the maintenance jobs they are putting off. While it may be ok to delay cosmetic redecorating jobs, essential repairs should not be ignored.  Delaying structural repairs – a leaking roof for example, may lead to more damage and a bigger bill for repairs in the long-run than if it is dealt with promptly.”

M. Paterson-Fox continued, “People should also think very carefully before deciding not to renew their home insurance.  While it is not a legal requirement to insure your property, it is usually compulsory to have buildings insurance if you have a mortgage on your home.  The cost of rebuilding a property after fire, flood or subsidence can run into tens of thousands of pounds, so even if you own your home outright, you need to consider what you would do if the worst happened.   Similarly, before stopping your home contents insurance you need to think about whether you can afford to replace lost or damaged goods.

“A better solution to ditching your cover would be to shop around for a better deal.  Only 22 per cent of those taking part in our survey had switched home insurance in the last 12 months, while 14 per cent had never changed provider”.

Source : Gocompare.com