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John Stewart

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Drivers called Kate or William (aged 28-40) are more likely to get behind the wheel of a Mini (Kate) or a Rover (William) than the average British motorist, according to a study of 8 million drivers in the UK.

The traditionally British iconic cars are favoured by Kates and Williams, with Catherines preferring to get behind the wheel of a Citroen.  Drivers called William also favour X-type Jaguars, according to Confused.com data.

Top 5 car models by Index (ie above average), motor insurance quoters 2010: drivers aged 28-40:

Kate

  • Mini Cooper
  • Ford Ka
  • Peugeot 206
  • Renault Clio
  • Volkswagen Polo

William

  • Rover 75
  • Peugeot 407
  • Jaguar X-Type
  • Ford Fusion
  • Rover 45

Catherine

  • Citroen C1
  • Toyota Aygo
  • Citroen C3
  • Ford Ka
  • Mini One

Looking further at 28-40 year old Williams and Kates, a study of almost 2.5m home insurance customers revealed:

  • There are 60 couples called William and Kate(out of 2.5m)
  • Almost 10,000 of these 28-40 year olds are called either William or Kate
  • The average number of children a Kate or William has is 1
  • The average number of bedrooms a William or Kate has is 3

Source : Confused.com Press Release

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Catlin Group announces an initial estimate of the financial impact of the 11 March 2011 earthquake and tsunami which devastated areas of northeast Japan.

Catlin expresses its sympathy to the Japanese people following the tragedy. The Group has made a financial contribution to Save the Children to help the organisation provide aid to young people whose lives have been affected by the earthquake and tsunami.

Catlin currently estimates that its losses related to this Japanese earthquake and tsunami will amount to approximately US$200 million, net of reinsurance and reinstatements. This estimate is based on total insured losses of between US$20 billion and US$30 billion.

This estimate is subject to a considerable degree of uncertainty as the full scale of human and economic damage is not yet known. It will be many months until the total amount of insured damage arising from this catastrophe can be estimated with precision.

Catlin had previously estimated that its losses from other first-quarter catastrophes – the January flooding in Brisbane and other areas of Australia and the February earthquake in Christchurch, New Zealand – would amount to US$175 million, net of reinsurance and reinstatements. There has been no material change in the loss estimates arising from either of these events.

The Group believes that whilst the combined losses from the three first-quarter catastrophes will have a significant impact on 2011 earnings, the Group’s capital base remains intact.
Catlin has in place broadly a US$500m catastrophe aggregate deductible in respect of gross catastrophe claims. The Group has significant reinsurance protection in place above this deductible. A substantial portion of the losses from another major catastrophic event during 2011 would be recoverable from the reinsurance programme.

Source : Catlin Press Release

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Hannover Re has reached agreement with Scottish Re (US) on the acquisition of a reinsurance portfolio as part of a transaction.

The acquired portfolio covers the mortality risk under term life and endowment policies that were reinsured by Scottish Re in the underwriting years 2000 to 2003. The business is 100% assumed by Hannover Re with effect from 1 January 2011.

The business is expected to generate an annual premium volume of around USD 80 million. Hannover Re is to assume the technical liabilities associated with the portfolio and will in return receive the necessary assets from Scottish Re.

“This transaction superbly complements our acquisition of the ING life reinsurance portfolio in 2009 and further strengthens our traditional US life business”, Ulrich Wallin, Chief Executive Officer of Hannover Re, emphasised.

The transaction, which is expected to close in May 2011, still requires regulatory approval and is therefore subject to the customary reservations.

Source : Hannover Re Press Release

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Arista Insurance has begun implementing a range of measures to prepare the company to double business volumes by 2014.

This will see Arista further develop its operations and embark on a recruitment drive to appoint high quality underwriters and related staff to manage the increase in business volumes.

A key element of the strategy will be to build on existing broker relationships to gain the additional business. To do this Arista will continue to work closely at an individual level with brokers and carry out detailed research to understand how Arista can become an increasingly important core commercial insurance provider to them.

Crucially, Arista has been refining its operations and will be enhancing its technology to ensure continued efficiency as the business grows.  Developments include improvements to Arista’s online trading, its claims service and revisions to regional operational structures to manage the growing and changing demands from brokers. Staff development and career progression through training and managed structural evolution is also being implemented.

New products and services will be launched following close consultation with brokers and as opportunities are identified by the research. Arista is not looking to significantly expand its current independent broker panel and branch structure.

Although only in its fifth year of trading Arista is confident that its ambitions are achievable having already become a top five UK MGA in this short period of time. The governance structure is already in place to support the larger business and the management team have managed commercial operations far larger than Arista.

Chief executive Charles Earle said: “The first years have been about putting essential building blocks in place as we established the business, gaining credibility and latterly refining our processes to take account of our renewal book and to be as efficient as possible.  Arista is now trading profitably and has demonstrated underwriting discipline. Now the business is ready for the management team to do to what we have done successfully before which is take a robust business and maximise its potential for the longer term. Many of the team were responsible for the growth of the NIG commercial business to around £500m GWP so we and the business are now ready to take things at Arista to the next level.”

Source : Arista Press Release

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    The British Insurance Brokers’ Association (BIBA) has warned that the regulatory burden imposed by the Financial Services Authority (FSA) on the insurance broking sector is a greater competitive disadvantage than the amount of corporation tax it pays.

    The warning follows research launched by BIBA which has identified that the current regime appears disproportionate and inappropriate and that costs for brokers in the UK are three times higher than the next most expensive EU state.

    Eric Galbraith, BIBA’s Chief Executive is calling on the government to ensure that the new financial regulator, the Financial Conduct Authority (FCA), puts the right regulation in place: “We have succeeded in persuading the policy makers that the insurance sector is not banking. Now we need to get them to understand that general insurance brokers and intermediaries are not insurers. We are not risk takers, we are risk advisors.”

    “Our members are saying that the regulation burden is a greater competitive disadvantage than the amount of corporation tax they pay.”

    Robert Brown, CEO of Aon Limited, a BIBA member, added: “We work closely with the regulators and have consistently argued that the high cost of regulation for brokers in the UK compared to our counterparts in Europe is evident and puts the UK at a disadvantage.”

    Martin South, CEO of BIBA member Marsh UK, said: “Strong and proportionate regulation makes the UK a good place to do business. However, in order that the UK remains attractive, the level of regulatory oversight needs to reflect the fact that insurance broking does not pose systemic risks to the UK economy.”

    Willis has also supported BIBA’s calls for the right regulation for insurance brokers. BIBA Board member and CEO of Willis UK & Ireland Brendan McManus said: “The latest research from BIBA shows that we have a great opportunity with the formation of the FCA to influence for the right balance of oversight from the regulator with the actual risks inherent in the UK insurance broking industry.”

    BIBA has taken its research findings, new statistics show that general insurance brokers contribute 1% to GDP and that brokers only pose two risks to the regulator, to the Treasury and regulator to call for more appropriate, proportional and cost effective regulation of the sector.

    Source : BIBA Press Release

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    The AXA Group is joining with CARE, the international humanitarian NGO, to help vulnerable populations better prepare for climate-related risks.

    This three-year partnership is part of a global corporate philanthropy program initiated by AXA to promote risk prevention and education in social, financial and environmental fields.

    AXA and CARE have chosen to work together in two areas:

    – Where the Rain Falls, an international research project, which will be conducted with the United Nations University in four countries, including India and Thailand. It aims first at better understanding the impacts that changes in rainfall patterns have on vulnerable people regarding food insecurity and migration, and then helping them address these challenges through adaptation projects.

    – Programs aimed at raising awareness on natural disaster prevention, targeting communities that are particularly exposed to this type of risks in emerging countries. These projects, whose objective is to reduce the human and economic impacts of such disasters, will be implemented in Vietnam, the Philippines and Madagascar.

    Work in both areas began in early 2011. AXA Group’s employees will have the opportunity to actively take part in this partnership, mainly by putting their skills at the disposal of these communities and taking part in Corporate Responsibility International Week events to be held in June in the countries where AXA operates.

    Henri de Castries, Chairman and CEO of AXA, said:

    “The natural disasters that have recently shaken the world have demonstrated how important risk prevention is to help reduce such tragic consequences. Our business as an insurer has given us knowledge and expertise in risk management. We wish to share the benefit of this know-how with society, because a better understanding of risks makes it easier to manage and address those risks.

    I am delighted with the CARE partnership, which involves the active participation of AXA’s employees who will have the opportunity to make good use of their skills and enthusiasm for our risk prevention training programs.”

    Alice Steenland, Corporate Responsibility Director of AXA, said:

    “Through this partnership with CARE, we decided to expand the AXA Group’s role in society. The initiatives we selected aim to reduce the economic and human impact of natural disasters on communities in at-risk countries. According to the United Nations, only four percent of the 10 billion dollars invested in humanitarian aid worldwide are currently dedicated to prevention. And yet, as shown by the experience of countries such as China, who spent 3.15 billion dollars between 1960 and 2000 to reduce the impact of floods and avoided an estimated 12-billion-dollar loss, according to a United Nations study1, investing in risk reduction curbs economic loss in the event of a disaster.”

    Arielle de Rothschild, Chairman of CARE France, said:

    “Millions of people in the world live in situations of chronic vulnerability and insecurity which mean they remain trapped in poverty. Climate change is an increasingly important facet of this vulnerability and disproportionately affects the poorest. This innovative partnership with AXA will benefit from CARE International’s expertise and commitment in working toward a better anticipation of the risks that threaten the most vulnerable communities, finding concrete solutions and moving the debate forward

    with decision-makers.”

    Dr. Charles Ehrhart, Chief Climate Change Advisor, CARE International, Hanoi, said:

    “Climate change is fundamentally altering the risks faced by vulnerable communities around the world.

    Last year’s droughts, floods and heat waves contributed to the current spike in food prices. Although events such as these pose an obvious, growing threat, changing rainfall patterns – such as shortened, delayed and less predictable rainy seasons – may prove an even greater threat to global food security.

    As the livelihoods of small farmers become more precarious, those with limited capacity to adapt may have to move in search of alternatives. Studies like ‘Where the Rain Falls’ are needed for us to better

    understand the implications this may have for development and stability, and to take action to help local populations to prepare for these risks.”

    Source : AXA Press Release

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    Peace of mind for all you’ve invested in the special day

    – For the bride and groom: as you celebrate the beginning of your lives together, wedding insurance can help protect your financial future if something beyond your control should go wrong.

    – For the parents of the bride or groom: an investment in your child’s wedding is an investment in their happiness. You want to protect their dreams of a perfect wedding – and your own financial security. If the unforeseen occurs, wedding insurance is there.

    Two wedding insurance products that can be purchased individually or as a package to help provide security and protect the wedding of your dreams.

    – Wedding Event Cancellation / Postponement PlusInsurance – protects your financial investment in your wedding; covers cancellation / postponement, lost deposits, and more

    – Wedding Liability Insurance – protects you against financial liability arising from your wedding; required by many venues

    Wedding event insurance, cancellation, postponement coverage helps protect all you have invested in your wedding – now and throughout the planning period as you put down deposits, sign contracts, and make purchases.

    It covers your wedding against extreme situations that might cause postponement (severe weather, accident, sudden illness) and against financial loss if the event goes on but you have a glitch along the way – no-show vendors, lost photographs, damage to the wedding gown, and more.

    – If you’re worried about recovering your deposits if a vendor goes bankrupt or doesn’t deliver as promised

    – If you’re concerned that extreme weather or an unexpected illness or injury could force you to postpone

    – If the bride or groom is in the military and approved leave could be cancelled

    This insurance protects your wedding day.

    Wedding Liability Insurance

    Wedding liability coverage protects you on your wedding day – if you’re held responsible for alcohol-related accidents, property damage, or bodily injury at your wedding or arising from it. This type of insurance is now required by many venues.

    – If your venue requires you to obtain your own liability insurance

    – If you’re worried about legal liability for alcohol-related accidents

    – If you’re concerned about lawsuits for property damage or bodily injury

     

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    Allows you to choose any great value, high quality worldwide travel insurance options :

    Single trip

    For a single trip of up to 365 days, you can get travel insurance direct from AXA in minutes online. It’s so easy to arrange, and such great value too. You can buy single trip travel insurance up to a year in advance to cover you in case of cancellation. And when you’re away, you’re protected by a company well known around the world for the care it provides.

    Annual multi-trip

    Enjoy AXA protection for all your trips abroad in a year, wherever your travels take you. Rather than buying single trip travel insurance every time you travel, you’re likely to save money as well as time with our annual multi-trip cover. It’s cheaper travel insurance for quality cover with AXA.

    Backpacker/long stay cover

    If you’re taking a long trip or back-packing around the world there’s one thing you should take with you. AXA travel insurance. With so much to see and do, we offer protection you can rely on for up to one year away.

    Winter sports cover

    Whether you’re a complete novice or a seasoned skier, you need the right protection on the slopes. AXA offers you the specialist travel medical insurance you can rely on, giving you rapid emergency treatment if you’re injured and, if required, getting you safely home too. It’s valuable cover at a very affordable price, and it can be taken as a single trip travel insurance or added to annual cover.

    Pre-existing medical conditions cover

    Buying travel insurance when you have an existing medical condition is painless with AXA. Our advanced online medical screening enables you to declare your condition quickly and confidentially without having to call.

    Many medical conditions are covered at no extra charge, and by answering a few simple questions you should be able to get a tailored medical travel insurance quote in minutes for your ideal AXA cover.

    Sports & activities cover

    We want you to enjoy your trip away as much as possible. That’s why we cover you for many sports and leisure activities as standard. If you’re looking to take part in something more adventurous, you can easily choose the protection you need. Just pick the sport from the long list we cover, and enjoy yourself!

     

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    Fitch Ratings has affirmed Irish Life Assurance plc’s (Irish Life) Insurer Financial Strength (IFS) rating at ‘BBB+’ and Long-term Issuer Default Rating (IDR) at ‘BBB’ and assigned both ratings a Negative Outlook. Irish Life’s subordinated debt has also been affirmed at ‘BB+’ and all three ratings have been removed from Rating Watch Negative (RWN).

    Irish Life is the main insurance subsidiary of Irish Life & Permanent Plc (ILP). ILP’s Individual Rating was today affirmed at ‘E’ and its Support Rating maintained at ‘2’. Both ratings were removed from RWN. The Irish sovereign’s rating of ‘BBB+’ was yesterday assigned a Negative Outlook and removed from RWN. (See ‘Fitch Affirms Irish Banks on Sovereign Action’, dated 15 April 2011, and ‘Fitch affirms Ireland at ‘BBB+’, Outlook Negative’, dated 14 April 2011, at www.fitchratings.com.)

    Irish Life is exposed to the Irish sovereign through material shareholder exposure (relative to regulatory capital) to Irish government debt. Any further downgrade to the sovereign rating may result in a downgrade of Irish Life. However, Fitch notes that this sovereign exposure is unlikely to directly decrease security for policyholders of unit-linked policies, which form 94% of the business measured by reserves.

    Irish Life’s ratings reflect the strong link between its business and the Irish economy. Irish Life’s ratings could be downgraded if the macro-economic environment has a greater than expected impact on persistency or new business, or if the company does not remain profitable. The impact of the Irish government’s austerity package, high unemployment, reduced consumer confidence and lower than expected GDP could trigger higher policyholder lapse rates and lower sales volumes, threatening Irish Life’s profitability.

    Irish Life is due to be sold through an initial public offering (IPO) in 2011 to raise capital for the bank to cover its recent EUR4bn increase in capital requirements, resulting from the regulator’s stress test of Irish banks. Although Fitch views the bank as a drag on the insurer’s ratings due to its weak capitalisation, the IPO will not trigger an upgrade of Irish Life’s ratings as they are closely linked to the sovereign rating and the economic environment in Ireland.

    Despite the Negative Outlook, Irish Life’s ratings continue to reflect the positive rating factors of its strong standalone capitalisation (regulatory solvency ratio of 175% at end-2010), comparatively low-risk business and strong market position. It reported operating profits of EUR163m in 2010 and has a total embedded value of EUR1.6bn. However, Fitch expects profit margins and earnings to remain under pressure for a number of years.

    Source : Fitch Press Release

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    A group of Japanese doctors on Friday urged  workers at the Fukushima nuclear plant to have their blood stemcells stored as  a safeguard should they be exposed to life-threatening levels of radiation.

    The technique entails storing so-called autologous peripheral blood stem  cells (PBSCs), which are immature cells that differentiate into blood cells.

    PBSC transplants are often used in cancer treatment to boost depleted blood  cell counts among patients who have had radiotherapy to destroy a tumour.

    In a letter to the British medical weekly The Lancet, cancer specialists at  four Japanese hospitals argued that it made sense to store blood from the  hundreds of workers battling to save the Fukushima Daiichi nuclear plant from  catastrophe.

    These teams are working in extremely hazardous conditions, removing  irradiated water from the site and trying to cool overheated fuel in three  crippled reactors, they said.

    “The process to completely shut down the reactors is expected to take  years. The risk of accidental radiation exposure will thus accumulate for the  nuclear workers and banking of their PBSCs will become increasingly  important,” they added.

    The letter’s five authors are led by Tetsuya Tanimoto of the Cancer  Institute at the Japanese Foundation for Cancer Research and Shuichi Taniguchi  of the Toranomon Hospital, both in Tokyo.

    The doctors complained Japan’s nuclear industry resisted storing the  workers’ PBSCs because it was fearful of what this could do its reputation.    “The most important mission is to save the nuclear workers’ lives and to  protect the local communities,” the letter said.

    “Such an approach would be the industry’s best defence: if a fatal accident  happened to the nuclear workers, the nuclear power industry of Japan would  collapse.”

    Paris, April 15, 2011 (AFP)

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    British adults spend on average £10,339 a year financially supporting their dependents, according to Scottish Provident’s Financial Safety Net Report.

    The study found that around 15.2 million British adults (31%) currently have people that rely on them financially, costing on average two fifths (39%) of their gross income. This amounts to £10,339 each year for the average earner.

    Despite this, less than half (45%) of those financially responsible for others – for their children, their parents, siblings or a partner – have any form of life cover in place.  In fact, just one in five (21%) have critical illness cover, while only one in seven (14%) have an income protection product.

    Susan Barclay, head of marketing at Scottish Provident, commented: “With such a high proportion of an earner’s gross income spent on those that they care for, it is vital that financial providers are protected so their dependents also have a robust financial safety net in place. By not doing this they could be seriously risking their financial security as well as that of their dependents.”

    Of those who are financially supporting others, workers are financially providing across the generations – four per cent of British adults have a mother dependent on them for financial support, while three per cent have a father dependent on them.

    Susan Barclay added: “There has been a rise in recent times of what is dubbed the ‘sandwich generation’ – people who have both children and elderly parents financially reliant on them. Even children who have flown the nest may still need provision when it comes to accommodation and tuition fees, while they may also be paying nursing home fees for their parents and juggling their own bills into the mix.

    “It is essential that earners understand the importance of taking out life cover, critical illness cover and income protection, and what this can provide for families when they are most at need financially. People should take time to speak to an IFA to evaluate what best suits their personal financial situation and protect their households accordingly.”

    Source : Scottish Provident Press Release

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    More Americans have killed themselves in  times of financial hardship than in times of prosperity, said a US study of  suicide rates and the business cycle from 1928 to 2007 released Thursday.

    Suicide rates among people of typical working age, 25 to 64, were highest  during the Great Depression in 1932, and lowest around the time of the dot-com  Internet boom in 2000, said the Centers for Disease Control and Prevention.

    “Knowing suicides increased during economic recessions and fell during  expansions underscores the need for additional suicide prevention measures  when the economy weakens,” said James Mercy, acting director of CDC’s Injury  Center’s Division of Violence Prevention.

    “It is an important finding for policy makers and those working to prevent  suicide.”    The CDC findings, published in the American Journal of Public Health, show  a series of higher suicide rates in times of trouble, such as during the oil  crisis of 1973-75, and the double-dip recession of 1980-82.    Suicide rates were lowest when the economy was growing, such as the post  World War II period (1939-1945) and during an extended period of financial  expansion from 1991 to 2001.

    “Economic problems can impact how people feel about themselves and their  futures as well as their relationships with family and friends,” said Feijun  Luo, lead study author and an economist in CDC’s Division of Violence  Prevention.

    “We know suicide is not caused by any one factor — it is often a  combination of many that lead to suicide. But there are many opportunities for  prevention.”

    Washington, April 14, 2011 (AFP)

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    Friends Life is urging corporate platform providers to resist adopting ‘bait-price’ interest rates, commonly used to attract customers to cash ISAs.

    The provider believes that over the long term, introductory interest rates that fall after a fixed period will undermine the efforts of corporate platforms in encouraging employees to save.

    Friends Life – whose corporate platform is set to launch this summer – argues that reducing interest rates will leave many employees with diminishing returns. Employees could potentially lose the benefits of a workplace platform solution if they are forced into moving their ISA around. Instead, the company believes platform providers should offer a solid, consistent interest rate that provides on-going value.

    Dan Hawkins, Corporate Platform Proposition Manager, Friends Life, commented:

    “The concept of ‘bait-pricing’ strays from the principle aims of a corporate platform – to give financial security for employees at all stages in life, and to provide enviable workplace savings for employers to reward and retain their staff. Unless platform providers offer sustainable interest rates, employees will be disadvantaged for continuing to make use of the benefits of a corporate ISA.”

    With only 31% of people regularly moving financial products and providers according to new research from Friends Life, the company believe it is vital that employers and employees understand how the value of their ISA will be affected over the long term by reducing rates.

    Dan Hawkins continued:

    “Many consumers are naturally drawn to dazzling introductory rates. But corporate platforms offer a timely opportunity to educate people in seeing beyond the big numbers, to grasp how to make the most of what remains a valuable, tax efficient savings product.

    It is particularly important – in light of continuing economic unease – to instil confidence and certainty when it comes to saving. Good, reliable interest rates and better financial education should replace bait-prices as the new headline-maker.”

    Source : Friends Life Press Release

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    The late Easter holiday – followed by the Royal Wedding and May Day Bank Holidays – present a rare opportunity for employees to take just three days off work for an 11-day break.

    And, according to research from AA Travel Insurance, half of the millions expected to get away over the break will take the same kind of holiday they usually take with 15% going the same destination.  However, 28% are taking the opportunity to ‘try something new’.

    Airports and travel agents are reporting a big increase in holiday bookings for the end of April, many opting to get away from the UK Royal Wedding celebrations.

    According to the research among 3,000 Brits, just over half (51%) will spend their holiday on the beach, a third (31%) sight-seeing and over a fifth (22%) absorbing local culture.

    The research also shows that holidaymakers are least likely to use a traditional travel agent to arrange their trip (18%).  Mark Huggins, director of AA Travel Insurance, says: “Given that nearly half of travellers (47%) say that the economic situation means they are being careful about how much they spend, it’s perhaps not surprising that well over half (55%) look for the best deals by searching for their holiday online.

    “Our study shows that only 18% will use a traditional high-street travel agent.”

    Mr Huggins points out that many travel companies are reporting that bookings to some destinations are up by as much as 180% over the Easter break compared with last year.

    “The uncertain economy in some European destinations means that there are plenty of holiday bargains to be had, especially for those booking late.

    “Our research also shows that about 40% of those booking online are arranging their flights, hotels, hire cars and other components separately.

    “This certainly means that your holiday will only be constrained by your imagination and your budget,” he says.  “But the danger is that by doing it this way you may not be covered by ABTA or other protection if one of the companies you book with goes bust: so it’s vital that you choose travel insurance that includes financial failure protection.

    “But regardless of how you arrange your holiday, travel insurance really is vital and I am concerned that a quarter (24%) say they don’t take out travel cover.”

    “But the most important thing is that however you spend your extended break or two successive long weekends, you enjoy it: whether you plan to take absorb the Royal Wedding atmosphere – or take the opportunity to get away from it all.”

    Source : The AA Press Release

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    Unless action is taken to curb the rising cost of settling personal injury claims, motor insurance premiums will continue to rise, the ABI warned today.

    This stark warning comes as figures released today by the AA show that the average motor insurance premium has risen 40% over the last year.
    Nick Starling, the ABI’s Director of General Insurance and Health, said:

    “Enough is enough. Putting the brake on ambulance-chasing lawyers and claims management firms cannot come a moment too soon. Motorists have rightly had enough of paying for excessive legal costs, which add an extra 10% to the cost of motor insurance. It cannot be right that for every £1 motor insurers pay out in compensation, an extra 87 pence is paid out in legal costs.

    “The Government’s recently announced plans to reform civil litigation will go a long way to cutting out unnecessary and disproportionate legal costs and should lead to cheaper motor insurance in the future. What we now need is a ban of referral fees – where details of potential personal injury claimants are sold on to solicitors and claims management firms.

    “It is vital that the Government acts to outlaw referral fees, as part of its wide-ranging reforms to civil litigation”.

    Source : ABI Press Release

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    Victims of asbestos won today a major victory after judges threw out a court appeal by insurance firms.

    Axa, Aviva, RSA and Zurich had tried to get the Court Of Session to rule that a law passed by the Scottish Parliament allowing sufferers of pleural plaques to claim compensation was illegal.

    Today, three judges at the court rejected their claim, paving the way for more than 1000 claims for compensation. It could cost the insurance firms tens of millions of pounds.

    Pleural plaques is a symptomless thickening of lung membranes. It can be caused by past exposure to asbestos but have no symptoms or ill-effects. They are not considered a disease in their own right.

    Thousands of people in Scotland have the condition, many of whom worked in heavy industry for a number of years.

    The Scottish Parliament passed a law in 2009 giving sufferers the right to claim compensation after the House of Lords had previously said they were not eligible.

    A judge threw out the first challenge to the Damages Act in January last year, prompting the latest appeal.

    The judges said today that the insurers’ claim was not consistent with Common Law and it interfered with people’s rights under European human rights laws.

    Joe O’Neil, treasurer of Clydebank Asbestos group, said: “ This is a great result. Because of the waiting time it has been a very distressing period for our clients.

    “There are hundreds of people waiting for compensation, which have been held up for years because of appeals. We can now look forward to these claims moving forward.”

    Frank Maguire, senior partner with Thompsons Solicitors, who represent 90% of Scottish pleural plaques cases, said: “This is a great day for democracy and a triumph for justice over insurers trying to avoid their responsibilities.

    “The insurers now have to do the decent thing and no longer delay payments for wrongful conduct in exposing employees to asbestos exposure by employers and thus prolonging the victims’ agony.

    “We have almost 1000 clients who are living testimony to the real and damaging effects of living with pleural plaques. They deserve just compensation.”

    Source : Evening Times

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    The cost of health care poses a burden  to developed countries that could spark immense financial crises if not  contained, the International Monetary Fund warned Tuesday.

    Even countries that move decisively to contain and cut the costs of keeping  their populations healthy will find it is not enough and will have to cut  spending elsewhere for fiscal stability, it said.

    “Rising spending on health care is the main risk to fiscal sustainability,  with an impact on long-run debt ratios that, absent reforms, will dwarf that  of the financial crisis,” it said.

    In a report on the world’s financial health released Tuesday, the IMF  warned that many advanced countries are living beyond their long-term fiscal  means, especially in the wake of the 2008-2009 crisis.

    Debt for an average of 29 developed countries was at 97 percent of the size  of their economies, and 103 percent for the G20 group of advanced economies.

    To get to a sustainable debt level of 60 percent of GDP by 2020 — the  median for the same countries before the crisis — many have to begin cutting  spending sharply, even as they confront greater social spending costs for  aging populations.

    Those with the highest debt levels — Japan, Ireland, the United States and  Greece — would have to reduce their fiscal deficits at a pace of more than 10  percent of GDP a year.

    a separate report released Monday, the IMF called on Washington to begin  slashing spending and boosting revenues this year or risk destabilizing global  debt markets with its rising funding needs.

    The IMF said health costs will be the biggest burden for governments, and  that the main driver is not aging populations but generous health care  systems, costly procedures based on new technologies, and the rising incomes  that have so far afforded rising medical costs.

    The United States, with the largest fiscal deficits and costliest health  care system in the developed world, is most at risk.

    But Western European countries and wealthy Asian nations like South Korea  and Japan, are not far behind.

    The burden of health care in 2008 averaged 7.0 percent of GDP in developed  countries, with the United States close to that and France more than eight  percent.

    wenty years from now, health costs will grow another three percentage  points of GDP in all the countries, and five percent more in the United States.

    All this increase of costs relative to governments’ financial resources,  the IMF said, will amount to “three times the estimated impact of the  financial crisis on advanced economy public debt.”

    It said many countries have scope to wrest costs under control via  market-based policies, caps on spending, and supply and price controls.

    More competition among insurance companies for consumers was the best but  not only way to cut health care costs, the IMF said.

    It also pointed to  improved public management and budget ceilings.

    But even the most aggressive reforms were not going to save the most  indebted countries.

    “The impact of these reforms may still fall short of what is needed in some  advanced economies to stabilize public health spending as a share of GDP,” it  said.

    “This means that further adjustment measures elsewhere in the budget will  be required to control the growth of public spending.”

    April 12, 2011 (AFP)

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    The head of Telecom Italia Gabriele Galateri  di Genola is set to be named as the new chairman of insurance giant Generali  after the board achieved a consensus on his appointment, an informed source  told AFP.

    Galateri di Genola, who has also been chairman of investment bank  Mediobanca,  will replace Cesare Geronzi who was pushed out this week after a  major fallout with the Generali board over his strategy.

    Geronzi resigned on Wednesday after less than a year on the job.    Generali has more than 85,000 employees and is present in 68 countries. It  holds more than 400 billion euros ($578 billion) worth of assets.

    Milan, April  8, 2011 (AFP)

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    Ageas Insurance has joined forces with the Neighbourhood Watch Trust to highlight new research which reveals that the average UK home is a shop window of opportunity for thieves.

    The survey, carried out on behalf of Ageas found that homes across the UK have an average of £1223 of valuables such as TVs, other electronic goods, antiques and works of art that are clearly displayed for would-be burglars to see through home windows. The study, conducted among 2000 adults for Ageas by Populus, also found that nearly one in five people (18%) said that as much as £2,000 or more worth of valuables could be seen by a passer-by looking through a window. One in three people (35%) said that valuables worth more than £1000 could be seen.

    Mark Cliff, Managing Director from Ageas Insurance said that ‘caution about valuables being visible to passers-by is not just for Christmas. We are often reminded during the festive season not to stack presents under the tree in view of the window but it seems that for the rest of the year we inadvertently provide a veritable shop window display for burglars. And with the lighter nights we’re more likely to leave curtains undrawn for longer, so now is the time to take stock and exercise caution.’

    Roy Rudham, Chairman of UK Neighbourhood Watch Trust, which gets 15,000 visits to its website each day said: ‘People should treat their homes like they treat their cars – don’t leave valuables on show, lock the doors and make sure you are insured. If you were to lock your home how easy would it be for you to get in? If you can easily gain entry, then a burglar will be in a lot faster than you.’

    Top tips for homeowners include ensuring that expensive electronic games, laptops and other valuables are kept out of sight of windows and that all goods are marked with a security pen and properly recorded and photographed. With net curtains being less fashionable in recent years, experiment with the angle of any blinds fitted to allow light in; a view from inside but no view from outside is worth considering. Ageas has teamed up with The Neighbourhood Watch Trust to provide top tips to reducing the likelihood of becoming a target for burglars.

    Source : Ageas Press Release

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    Thousands of drivers will be compromising passenger safety by overloading their cars this Easter, according to new research from breakdown service Britannia Rescue.

    With around 6.7 million Brits set to drive to UK holiday destinations this Easter and 17.7 million[2] this summer, Britannia Rescue predicts a surge in breakdowns and accidents as one in ten pack their cars full to the brim for every eventuality. The problem is exacerbated this year by the state of the UK’s roads, which are currently peppered with potholes and surface damage as a result of the harsh winter. Overloaded cars are more prone to breakdown when driving on poorly maintained roads as their suspension is compromised by the load.

    The research reveals that over eight million drivers have overloaded their car in the last five years, yet a fifth admit they never think about weight when packing focusing instead on getting every last piece of luggage on board. In our quest to create a ‘home from home’ holiday experience, nearly one in ten (9%) Brits planning a UK holiday this year will load the car with everything they can fit in. The majority (64%) intend to take food and drink with them, 40% will pack entertainment equipment such as laptops, video games and MP3 players and some will even take ‘the kitchen sink’ – with 16% saying they will pack their own cooking equipment.

    The risks of ‘car cramming’ are clear with those driving overloaded cars admitting it causes a number of problems. One in seven (16%) of drivers say have driven while their rearview mirror was obscured, while one in twenty (6%) say they found it harder to stop and a fifth (18%) admit asking passengers to keep a look out for them when carrying heavy loads. Worryingly, 180,000 motorists have broken down as a result of overloading their car.

    Going on holiday isn’t the only time when UK motorists are tempted to overload their cars however, as just under a tenth (7%) has overloaded the car collecting a child from university, as many will do this Easter. The bank holiday weekend is also a peak time for home improvements and two fifths (41%) admit to overloading the car while carrying new furniture and 38% have overloaded the car while moving home or helping someone else move home. Over a third (35%) say they have driven with car doors, windows, or boot open to accommodate a large load.

    Seven in ten motorists (71%) claim they’ve not overloaded their car (in the last five years), yet nearly eight in ten people (78%) admit they don’t know the maximum weight their car can carry. When carrying heavy items six in ten (61%) of motorists never bother to adjust the tyre pressure and 69% fail to keep their parcel shelf clear.

    Britannia Rescue is advising motorists planning to carry heavy loads to think carefully about the risks associated with overloading a car to avoid the possibility of breakdown, accidents and even legal penalties. Frequent overloading, particularly when combined with this winter’s road damage, can significantly increase the risk of breakdown. Springs, wheel bearings, tyres and suspension systems are strained, braking effectiveness is reduced, steering is harder to control and there is an increased risk of the engine overheating.

    Peter Horton, Britannia Rescue managing director, said: “With Easter upon us and the excitement of summer holiday season fast approaching, it’s completely understandable that motorists may not be considering the dangers caused by overloading their car. But it’s vital to put safety first, especially when UK roads are in such a state of disrepair. To minimise the risk of breakdown and accidents, our advice is to take a little extra time before the journey starts to be sure your load is safe, secure, not blocking your view and within your car’s maximum permitted weight.”

    Britannia Rescue has the following advice for drivers planning to carry a heavy load:

    – Know your limits: Ensure you know the maximum permitted weight for your car before you carry any heavy items or large loads. You can find this in your owners’ handbook or on the chassis ID/VIN (Vehicle Identification Number) Plate.

    – Carry out basic checks: Adjust tyre pressures, ensure you have full vision in all mirrors, particularly the rearview mirror, and check for blackspots. Don’t rely on passengers to guide your vision.

    – Pack safely: Ensure your load is well-balanced with heavy items at the base. If you are carrying items on the roof rack ensure they are well-secured and check it every couple of hours during your journey.

    Source : LV= Press Release