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The British Retail Consortium (BRC), the leading trade organisation for UK retailers, and Willis Limited, the UK arm of Willis Group Holdings, the global insurance broker, today announced a strategic alliance that offers a range of bespoke insurance services to BRC retail members.

As part of the exclusive arrangement with the BRC, all BRC retail members will receive a complimentary review of their current insurance coverage and a detailed report on the extent of the cover
required and how Willis can help reduce their insurance costs. Coverage areas assessed in each customised report include:

  • Property, Business Interruption   Liability (Employers’, Public/Product)   Brand Protection   Goods
  • in Transit / Marine covers   Motor Fleet   Engineering   Fraud /
  • Crime   Directors’ & Officers’ / Pension Trustees Liability   Cyber Liability
  • Employee Benefits

With deep background and experience in retailing, the insurance experts who form the Willis Retail Practice understand the specific needs of the retail sector and can apply that expertise to finding the most productive and cost-effective insurance and risk management solutions for clients. Willis already provides its services to many major retailers and also offers a wide variety of added-value services such as checking landlords’ premiums, logistics review and business continuity planning.

Brendan McManus, CEO of Willis UK & Ireland, said, “Willis has been a leading insurance broker and risk management advisor to the retail sector for many years and we are delighted to have been appointed by the British Retail Consortium to promote a retail insurance facility to their membership. Willis is taking the initiative in developing strategies to help retail businesses positively differentiate  themselves in terms of proactive risk management and robust claims defensibility.”

Employing a team of specialists for the retail sector, Willis has the ability to benchmark retailers (on a confidential basis) in terms of premium spend, extent of cover, limits of liability, claims ratios
and levels of self insurance – powerful information for any retailer looking to contain cost in the current economic environment.

Tessa Kelly, Commercial Director from the BRC, commented, “Willis’ expertise in this field makes them an ideal partner to offer a range of specialist insurance services. With their established credentials within the retail sector, we are confident they can provide bespoke and cost-effective insurance solutions for BRC retail members.”

About the British Retail Consortium (BRC)

The British Retail Consortium is the lead trade association representing the whole range of retailers, from the large multiples and department stores through to independents, selling a wide selection of products through centre of town, rural and virtual stores.

About Willis

Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.

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British holidaymakers are losing millions of pounds each year because they do not have comprehensive travel insurance cover, it has been claimed.

Marketing director at holiday company On the Beach Alistair Daly said that money has to be spent on unforeseen holiday costs such as medical treatment.

Consumers are looking to cut their costs as a result of the recession and therefore they do not spend on what they deem to be non-essential items, he said, noting that holiday insurance is regularly viewed in this way.

But should they run into trouble while on holiday, having adequate travel insurance may help to cover such unforeseen expenditure.

Millions of pounds are spent by Brits without travel insurance each year on things such as hospital costs, he said, noting that having cover would mean that consumers would not be left facing a large bill if they required some form of medical treatment.

Domestic holidays, particularly the short break kind, are growing in popularity as people look closer to home for their rest and relaxation. Recent domestic tourism stats show that the number of people planning a short break in the UK has increased from 40% to 46% as they look for alternatives to taking short breaks abroad and to supplement the annual holiday abroad. Furthermore, 21% of holidaymakers plan on switching their foreign holiday to a domestic holiday in order to cut costs. 51% of people are put off from travelling abroad because of flight costs and 36% are worried about the unpredictability of tour operators1.

What holidaymakers may not realise is that travel insurance has a place in the UK holiday market – many of the mishaps that occur abroad can equally occur closer to home and can help prevent a well-earned break turning into a costly experience. For a single trip policy in the UK prices start at around £12.

AXA’s own claims data shows that cancellation, baggage and curtailment are the most common claims made for domestic holidays. Half of all claims for domestic holidays are for cancellation, at an average cost of £396, although claims can be much higher if you’re going for a week or a fortnight.

Loss or damage of baggage and personal belongings are the second most common claim, costing £183 on average. If you’re taking any valuables on holiday, it’s always advisable to keep them on you or in a locked safe, as claims for lost or stolen items will otherwise be declined.

Curtailment claims, which are made if you need to cut short your holiday, cost £339 on average. However, medical curtailment, when you need special transport home after an accident, could cost as much as £2,000 depending on the circumstances. Travel insurance can also help to bring a friend or family member to assist you if you fall ill or are injured.

Alison Patrick, Head of Travel at AXA, says: “People really value their holidays and aren’t looking to forgo them altogether even though times may be tough. Domestic tourism research shows that more people are looking to holiday in the UK to cut costs. But even if you’re only flying up to Scotland or taking a beach holiday in Cornwall, having travel insurance can help provide security and assistance. Buying an annual travel policy will ensure that you are covered for those short UK breaks as well as any trips abroad.”

UK Holiday Tips

  • Check if you’re covered: AXA’s direct annual policy automatically includes UK cover, but a single policy doesn’t. UK single trip cover for a couple for 10 days from 14-24th of August without baggage cover is £12.34, with baggage and independent travellers cover it’s £18.52. For a single person and the same time period the cover without baggage is £11.75 and with baggage and independent travellers cover it is £13.23. When you book a weekend break for a couple in the UK at the end of July the price, including baggage and independent travellers cover is £11.75. An annual multi trip policy for a couple under 65 to Europe excluding baggage cover (but including UK trips) is £40.19.
  • Declare any medical conditions – even though treatment is covered by the NHS, getting yourself home after an accident will come out of your own pocket if you haven’t declared these.
  • Most insurers require you to have several nights of pre-booked accommodation in order for a claim to be valid. So if you’re staying with a friend, it won’t count. However, if you’re one of those who’ve taken up the recent trend of house-swapping, this normally involves a pre-booked element and will be valid.
  • Be aware that your policy may have different limits depending on whether you’re in the UK or abroad. The limits on AXA’s direct policy are the same apart from kennel/cattery fees and missed departure.
  • If you’re planning on doing any sports or activities on holiday, check what you’re covered for.
  • If you’re driving to catch a train or domestic flight, travel insurance can cover you for a new ticket if you get caught in holiday traffic and miss your flight or train.
  • Do you need baggage cover? If you have home contents insurance, you won’t need this on your travel insurance and can bring the cost of your policy down.
  • And if you’re taking bicycles with you then you these may be covered by your home insurance or even your car insurance.
  • If you’re using your car to get to your holiday, check you’ve got breakdown cover on top of travel insurance. If you need to be towed, your travel insurance won’t cover you.
  • For those taking a caravanning break, ensure you get yourself proper caravan cover as well as your car insurance and travel cover. Travel policies will not cover you for damage or theft of the caravan although will cover you for possessions in the vehicle.

1 – ‘Economic Downturn: Impact on Domestic Tourism’, carried out by Olive Insight Feb/March 2009, online questionnaire, 1000 GB respondents. Undertaken for Visit Britain, Visit London.

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Research by AA Insurance suggests that more two-fifths of households would save money by buying separate home insurance and contents insurance, rather than a combined policy.

Says Simon Douglas, director of AA Insurance: “Many insurers offer special discounts for buying a combined home and contents policy. But even when taking that into account, a surprising number of customers would be better off buying the policies from different insurers although using a broker enables the most cost-effective combination to be bought from a single source.

“This underlines the fact that even if you get a great price on buildings, the same insurer won’t necessarily offer the best deal for contents (or vice versa).”

25,000 quotes

The study1 compared nearly 25,000 home insurance quotes for 750 ‘customers’ throughout the UK, during April, May and June 2009. It revealed that 41 per cent would save money by buying their buildings and contents policies from different insurers. But without promotional discounts, the figure would rise to 59 per cent.

“However, it is important that buyers don’t just check prices but policy benefits too, to ensure they are comparing on a like for like basis,” Douglas points out.

Mortgage providers

He adds that a third2 of home-owners arrange their home insurance with the bank or building society from whom they bought their mortgage, and may have renewed for years without exploring better options.

“Our study also shows that they would probably get a better deal if they bought their cover elsewhere. But the important thing is that they don’t just allow their cover to lapse – recent suggestions that the recession has led up to a fifth3 of householders to cancel or not renew their cover is worrying, especially at a time when claims for both burglary and weather damage are increasing.”

Buying home insurance from a broker such as AA Insurance allows customers to automatically benefit from the cheapest option, whether cover is placed with different insurers or as a combined policy, Douglas suggests. “This also overcomes objections from customers who would prefer to buy their cover from a single source, without making compromises on quality.”

Factfile

1Quotes obtained from 11 insurers on a basket of 750 risks obtained from the AA British Insurance Premium Index database, 8,250 quotes for each of buildings, contents and combined policies (total 24,750 quotes). Study repeated in April, May and June 2009.

2Source: Mintel Home Insurance Report, November 2008

3Source: Association of British Insurers, June 2009: 22% of householders have cancelled or not renewed their cover

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According to  Financial Services Authority, life insurers could survive a recession that assumed a 15 percent drop in property prices in 2009.

“A 15 percent fall in property values is already inadequate,” said Tony Silverman, a London-based analyst at Standard & Poor’s Equity Research, who has a “sell” rating on six European insurers, including Aviva Plc. “There will be arguments that the 1980s’ model is not the right one to use.”

This is the worst economic recession UK is facing since 1958. AVIVA, Prudential Plc and Legal & General Group Plc (The UK’s three biggest insurers) fell to their lowest in at least 18 years in March. The insurance industry is following banks to seek new capital.

The main objective of stress tests is to identify financial firms that my require taxpayer funds or need to raise capital. The Financial Services Authority requires banks and insurers to stress test regularly their own balance sheets.

However the insurance industry remains in a strong position. the stress tests undertaken by the FSA were applied to institutions that were fully able to cope,” said the Association of British Insurers in an e-mail today.

“Stress tests take place all the time and are a useful tool for firms’ risk management,” said a spokesman at Aviva.

Recovering signs appears

There are some economic recovering signs: the average cost of a home rose 0.6 percent to 227,864 pounds ($372,000) after falling 0.4 percent in June, said the operator of the U.K.’s biggest residential property Web site, Rightmove Plc, yesterday.

In the four quarters through March 2009, the economy shrank 4.2 percent, according to the Office for National Statistics, and economists expect output to keep falling through much of this year. Unemployment was 7.1 percent in the first quarter, the highest level since August 1997.

The Financial Services Authority’s parameters for insurers included interest rates rising or falling by 50 basis points, and credit spreads widening by 50 basis points. Equity prices dropped by 20 percent under the model. A basis point is 0.01 percentage point.

“The stress tests used are not forecasts of what the FSA thinks is likely to happen; their purpose is to consider whether an insurer would be able to sustain adequate financial resources under conditions which, at the time the stress is conducted, are considered unlikely,” the FSA said.

Parameters Change

The Financial Services Authority said the insurance stress-test model is different from the one used for banks. The time- frame was also different: while banks were examined using changes in value measured from peak to trough over five years, insurers were tested on changes that would occur over 12 months.

The London-based regulator said it wouldn’t release results for specific insurers and that its parameters for further tests would change.

That differs from the U.S., where the Federal Reserve in May released the results of stress tests showing that 10 lenders needed to raise a total of $74.6 billion.

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    A guide for employers

    Most employers are required by the law to insure against liability for injury or disease to their employees arising out of their employment. This guide is intended to help you to understand what is required. It is not a legal interpretation of the Employers’ Liability (Compulsory Insurance) Act and it has no formal legal status. You should be aware that only the courts can authoritatively interpret the law.

    What is employers’ liability insurance?

    Employers are responsible for the health and safety of their employees while they are at work. Your employees may be injured at work or they, or your former employees, may become ill as a result of their work while in your employment. They might try to claim compensation from you if they believe you are responsible. The Employers’ Liability (Compulsory Insurance) Act 1969 ensures that you have at least a minimum level of insurance cover against any such claims.

    Employers’ liability insurance will enable you to meet the cost of compensation for your employees’ injuries or illness whether they are caused on or off site. However, any injuries and illness relating to motor accidents that occur while your employees are working for you may be covered separately by your motor insurance.

    Public liability insurance is different. It covers you for claims made against you by members of the public or other businesses, but not for claims by employees. While public liability insurance is generally voluntary, employers’ liability insurance is compulsory. You can be fined if you do not hold a current employers’ liability insurance policy which complies with the law.

    Do I need employers’ liability insurance if my employees work abroad or my company is based abroad?

    If any of your employees are normally based in England, Scotland or Wales (including offshore installations or associated structures) you must have employers’ liability insurance.

    Under the law in Great Britain you do not need employers’ liability insurance to cover any of your employees who are based abroad (eg if they are on secondment). However, you should check whether the law in the country where they are based requires you to take out insurance or take any other measures to protect your employees.

    If any of your employees are normally based abroad but spend more than 14 days continuously in Great Britain, or more than seven days on an offshore installation, under the law in Great Britain you will need employers’ liability insurance for them.

    Which insurance companies can sell me employers’ liability insurance?

    You must use an authorised insurer. If you do not, you may be breaking the law. You should check that your insurer is authorised before you take out employers’ liability insurance.

    Authorised insurers are individuals or companies working under the terms of the Financial Services and Markets Act 2000. The Financial Services Authority (FSA) maintains a register of authorised insurers. You can check whether a company is authorised by searching their register on www.fsa.gov.uk, or telephoning the FSA on 0845 606 1234.

    Can my insurance policy contain conditions?

    If you take out employers’ liability insurance, you will have an agreement with your insurer about the circumstances in which they will pay compensation. For example, the policy will cover the specific activities that relate to your business.

    There are certain conditions which could restrict the amount of money your insurer might have to pay, which you cannot agree and your insurer cannot impose. You should make sure that your contract with your insurer does not contain any of these conditions.

    Your insurer cannot refuse to pay compensation purely because:

    • you have not provided reasonable protection for your employees against injury or disease
    • you do not keep specified records or cannot provide the insurer with information from those records
    • you have done something they told you not to do (for example, said it was your fault)
    • you have not done something they told you to do (for example, report the incident)
    • you have not met any legal requirement connected with protection of your employees.

    However, this does not mean you can forget about your legal responsibilities to protect the health and safety of your employees. For example, you must carry out a risk assessment that is suitable and sufficient, and take all reasonably practicable measures to protect your employees and report incidents. If your insurer believes that you have failed to meet your legal responsibilities for the health and safety of your employees and that this has led to the claim, the policy may enable the insurer to sue you to reclaim the cost of the compensation.

    Can the insurer make me pay part of any claim for compensation?

    Your insurer must pay the full amount of any compensation agreed with your employee or former employee or awarded to them by a court. Your insurer cannot impose conditions which make you, your employee, or your former employee pay part of any claim. However, you can agree with your insurer that you will pay back to them part of any compensation which they have paid to your employee or former employee.

    How much cover will I need?

    You must be insured for at least £5 million. However, you should look carefully at your risks and liabilities and consider whether you need insurance cover of more than £5 million. In practice, most insurers offer cover of at least £10 million.

    If your business is part of a group, a policy for employers’ liability insurance can be taken out for the group as a whole. In this case, the group as a whole, including subsidiary companies, must have cover of at least £5 million.

    You can have more than one policy for employers’ liability insurance. However, the total value of the cover provided by the policies must be at least £5 million. You should bear in mind that the £5 million minimum level of cover includes costs, so you may wish to purchase cover of more than this.

    Do I need to tell my employees that I have employers’ liability insurance?

    When you take out or renew a policy, your insurer will give you a certificate of employers’ liability insurance. This must state clearly the minimum level of cover provided and the companies covered by the policy. You must display a copy of the certificate of insurance where your employees can easily read it.

    Since 1 October 2008 you have been allowed to display your certificate electronically. Employers choosing this method need to ensure their employees know how and where to find the certificate and have reasonable access to it. Factors to consider include the availability of the chosen format and ensuring employees understand how to use it. For example, this arrangement may be suitable where all employees have access to a computer as part of their job.

    If you have employees working in the Isle of Man, Jersey, Guernsey or Northern Ireland as well as in England, Scotland or Wales you can use the same certificate in all locations. However, you must check that this complies with any local requirements as well as the law in Great Britain.

    If your employees work on offshore installations or associated structures, you do not need to provide a copy of the certificate on every installation. However, if one of your employees asks to see a copy of the certificate, you must provide one as soon as possible and certainly within ten working days of their request. You can provide a copy electronically or by fax if this is easier for you.

    Does the law apply to me?

    You need employers’ liability insurance unless you are exempt from the Employers’ Liability (Compulsory Insurance) Act. The following employers are exempt:*

    • most public organisations including government departments and agencies, local authorities, police authorities and nationalised industries;
    • health service bodies, including National Health Service trusts, health authorities, primary care trusts and Scottish health boards;
    • some other organisations which are financed through public funds, such as passenger transport executives and magistrates’ courts committees
    • family businesses, ie if all of your employees are closely related to you (as husband, wife, civil partner, father, mother, grandfather, grandmother, stepfather, stepmother, son, daughter, grandson, granddaughter, stepson, stepdaughter, brother, sister, half-brother or half-sister). However, this exemption does not apply to family businesses which are incorporated as limited companies;
    • companies employing only their owner where that employee also owns 50% or more of the issued share capital in the company

    Do I need employers’ liability insurance for all the people who work for me?

    You are only required by law to have employers’ liability insurance for people who you employ under a contract of service or apprenticeship.

    Whether or not you need employers’ liability insurance for someone who works for you depends on the terms of your contract with them. This contract can be spoken, written or implied. It does not matter whether you usually call someone an employee or self-employed or what their tax status is. Whether you choose to call your contract a contract of employment or a contract for services is largely irrelevant. What matters is the real nature of your relationship with the people who work for you and the nature and degree of control that you have over the work they do.

    The following paragraphs may help give you some indication of whether or not a person is an employee under the Employers’ Liability (Compulsory Insurance) Act. However, it is for you to satisfy yourself of the status of the persons working for you and if you have any doubts, you should seek legal advice. You may need employers’ liability insurance for someone who works for you where:

    you deduct national insurance and income tax from the money you pay them

    • you have the right to control where and when they work and how they do it
    • you supply their work materials and equipment
    • you have a right to any profit your workers make although you may choose to share this with them through commission, performance pay or shares in the company
    • you require that person only to deliver the service and they cannot employ a substitute if they are unable to do the work
    • they are treated in the same way as other employees, for example, they do the same work under the same conditions as someone else you employ.

    You may not need employers’ liability insurance for people who work for you where:

    • they do not work exclusively for you (for example, if they operate as an independent contractor);
    • they supply most of the equipment and materials they need to do the job
    • they are clearly in business for their own personal benefit
    • they can employ a substitute when they are unable to do the work themselves
    • you do not deduct income tax or national insurance. However, even if someone is self-employed for tax purposes they may be classed as an employee for other reasons and you may still need employers’ liability insurance to cover them.

    In some cases you will not need additional employers’ liability insurance for volunteers or for:

    • students who work for you unpaid;
    • people who are not employed, but taking part in a youth or adult training programme
    • a school student on a work experience programme.*2

    Insurers will usually cover the above under an existing employers’ liability policy, and there is generally no need to inform your insurer if you take on any of the above. However, you should talk to your insurer if you take on the above either for long periods, or if they are doing work that is not your company’s usual business, and  ou should bear in mind the level of risk they may be exposed to during the time they are working for you. It may be necessary for you to carry out a separate risk assessment (eg for young workers) or take special measures for those listed above.

    If you do not currently have any employers’ liability cover you should talk to your insurer before taking on any of the above.

    One difficult area is domestic help. In general, you will probably not need employers’ liability insurance for people such as cleaners or gardeners if they work for more than one person, nor are you likely to need it if you employ a childminder. However, if you employ someone who works only for you, you may be required to take out insurance to protect them.

    Do I need to keep copies of certificates of insurance which are out of date?

    Since 1 October 2008 there has been no legal requirement for employers to keep copies of out-of-date certificates. However, employers are strongly advised to keep, as far as is possible, a complete record of their employers’ liability insurance. This is because some diseases can appear decades after exposure to their cause and former or current employees may decide to make a claim against their employer for the period they were exposed to the cause of their illness.

    Employers that fail to hold the necessary insurance details risk having to meet the costs of such claims themselves.

    What happens if I do not have employers’ liability insurance?

    The Health and Safety Executive (HSE) enforces the law on employers’ liability insurance and HSE inspectors can check that you have employers’ liability insurance with an approved insurer for at least £5 million. They may ask to see your certificate of insurance and other insurance details.

    You can be fined up to £2500 for any day which you are without suitable insurance. If you do not display the certificate of insurance or refuse to make it available to HSE inspectors when they ask, you can be fined up to £1000.


    Where can I go for further information?

    If you need legal advice, for example, if you are unsure about whether someone is your employee, you can consult a solicitor or go to a legal centre or a Citizens’ Advice Bureau.

    If you want further information and advice about anything in this leaflet, you can get in touch with:

    • your local HSE office. You can find their address and telephone number under Health and Safety Executive in the telephone directory; or
    • HSE’s Infoline. Their contact details are at the end of this leaflet.

    You can obtain copies of the Employers’ Liability (Compulsory Insurance) Act 1969 (ISBN 978 0 10 545769 5), the Employers’ Liability (Compulsory Insurance) Regulations 1998 (SI 1998/2573 ISBN 978 0 11 079725 0) the Employers’ Liability (Compulsory Insurance) (Amendment) Regulations 2004 (SI 2004/2882 ISBN 978 0 11 050068 3), and the Employers’ Liability (Compulsory Insurance) (Amendment) Regulations 2008 (SI 2008/1765 ISBN 978 0 11 081970 9) from your local branch of The Stationery Office or from any good bookshop. Or, you can order them by telephone from 0870 600 5522 and by fax from 0870 600 5533. The text of the 1998, 2004 and 2008 Regulations can also be viewed on the Office of Public Sector Information website at: www.opsi.gov.uk/stat.htm.

    Source : Health and Safety Executive

    *1 Further exemptions from the need to have employers’ liability insurance are listed at section 3(1)(a) and section 3(1)(b) of the Employers’ Liability (Compulsory Insurance) Act 1969, and Schedule 2 to the 1998 Regulations.

    *2 For more information on work experience see the Department for Children, Schools and Families’ publication Work experience: A guide for employers. You can find this at www.publications.teachernet.gov.uk.

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    Last week’s first meeting of the British Insurance Brokers’ Association (BIBA) new London Market Region Committee (LMRC) had a clear aim: to set the kind of goals and strategy that would mark a fresh approach to London broker representation.

    The committee will be a new voice for its broker membership both inside BIBA and to other stakeholders, such as the Financial Services Authority (FSA) and the UK government.

    The LMRC, made up of brokers and chaired by Ken Davidson, chairman of Crispin Speers, supersedes the London Market Brokers’ Committee, which finished its run at the beginning of the year.

    As well as providing a new outlook, the committee will be more closely integrated into BIBA’s regional representational structure than its predecessor, allowing London market brokers to reap the benefits of wider membership.

    Greater influence by members

    BIBA also hopes that London brokers will take advantage of the committee to influence the organisation’s industry and lobbying work, including the manifesto (pdf) which underpins BIBA’s activities.

    “We’ll be engaging with as many London market brokers as possible to discuss matters that affect them and where BIBA might focus its effort,” says Ken Davidson, chair of the committee.

    LMRC will work closely with other London market bodies, including Liiba, to dovetail activities and take account of shared goals.

    The committee welcomes London market members’ views on current market issues. Contact details can be found in BIBA’s press release.

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    The AXA Group announced today the appointment of Jean-Laurent Granier as CEO of the Mediterranean-Latin America Region (MedLA), which encompasses AXA’s operations in Spain, Italy, Portugal, Greece, Turkey, Morocco, Mexico, the Gulf countries and Lebanon, effective January 1st, 2010.

    He will succeed Jean-Raymond Abat, who is retiring from the AXA Group. Jean-Laurent Granier will become a member of the Group’s Executive Committee from this date.

    “AXA’s Management Board joins me to warmly thank Jean-Raymond Abat for his commitment and his contribution to the growth of AXA. He has successfully built our business platform in the Mediterranean Region since 2003, recently achieving the integration of Winterthur in Spain and AXA Seguros’ operations1 in Mexico” said Henri de Castries, Chairman of the Management Board of AXA.

    “I am confident that Jean-Laurent, after successfully completing major projects at AXA France and developing our business in personal lines, will be able to build on Jean-Raymond’s achievements, and I welcome him to the Group’s executive committee on behalf of our entire team”.

    With revenues of Euro 11 billion in 2008, the MedLA region accounts for 12% of AXA Group revenues. Today, 13,000 employees provide Life & Savings and Property & Casualty products, services and advice to more than 15 million clients across the region.

    Since its foundation in 2003 under the management of Jean-Raymond Abat, the MedLA region has grown its underlying earnings four-fold (to Euro 665 million in 2008) while significantly improving its clients’ satisfaction2, notably thanks to a growing engagement of its employees3.

    Jean-Laurent Granier joined UAP in 1990 until its merger with AXA in 1997. He worked in various positions at AXA France, where he was appointed head of Life Insurance in 2000 and CEO of AXA particuliers/professionnels in 2002.

    Jean-Laurent Granier is a graduate of Ecole Polytechnique and ENSAE and is a member of the Institut des Actuaires Français (French Institute of Actuaries).

    Jean-Raymond Abat spent most of his career with UAP, until its merger with AXA in 1997, when he was appointed CEO of AXA Seguros in Spain. In 2002, he added Portugal and South America to his portfolio. Since 2003, he has been CEO of the Mediterranean-Latin America region.

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    HSBC Insurance (Asia) Limited (HSBC Insurance) has received final approval from the China Insurance Regulatory Commission (CIRC) to launch a jointly held insurance company with Beijing-based National Trust Limited (National Trust).

    The new company, HSBC Life Insurance Company Limited, will open for business in the third quarter of 2009. HSBC Insurance and National Trust will each hold 50 per cent and it will have a registered capital of RMB500 million, funded equally by both shareholders.

    David Fried, Chairman and Chief Executive Officer of HSBC Insurance for Asia-Pacific, said: “This investment will allow us to further broaden our insurance offering in China where the GDP growth is estimated to be 7.8 per cent this year and the growing personal wealth base will drive the use of insurance products.”

    The percentage of insurance penetration shown by premiums as a percentage of the GDP is extremely low in China at only 3.3 per cent, compared to more mature markets like the UK where it is 18 per cent.

    Dennis Chan, Chairman of National Trust, added: “The new insurance company will enable both National Trust and HSBC to participate in the considerable growth potential of the insurance market in China. We are delighted to bring our franchise, our trusted platform and our local market knowledge to this partnership. In business vision, management philosophy and corporate governance, we share the same goals and diligence as our partner HSBC. These synergies, together with HSBC Insurance’s franchise and proven track record, augur well for a good future for HSBC Life Insurance Company Limited.”

    HSBC Life Insurance Company Limited will offer a comprehensive range of life, pensions and medical insurance. It will employ both an agency sales force and bancassurance partnerships as channels for distributing its products.

    The application to form the jointly held insurance company with National Trust was made under the terms of the Mainland China – Hong Kong SAR Closer Economic Partnership Arrangement (CEPA), which made certain trade and investment terms available to Hong Kong residents and enterprises, including banks wishing to enter or invest in certain mainland China economic sectors such as insurance.

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    Aviva has launched its new commercial property owners cover via its online trading platform, Fast Trade.

    The new offering, which is traded exclusively online, is packaged to target owners with one to 10 commercial properties, with a building sums insured of up to £2 million per property. The package provides preferential rates for over 1,000 tenant trades including office blocks, shops, factories, small warehouses and industrial units.

    Andrew Green, product development manager at Aviva, the new name for Norwich Union, says: “This new package product provides comprehensive cover for property owners, whether they have one or 10 properties. Whatever the property is used for, we’ve designed the cover to make things easier for brokers and their customers, with the flexibility to add on additional cover.

    “Fast Trade provides brokers with access to Aviva’s commercial package range and enables them to transact business more easily, with a quote and buy facility and instant access to documentation.”

    There are five additional commercial packages available via Fast Trade, which are Office and Surgery, Residential Property Owners, Self-employed, Shop and Salon, Pub, Restaurant and Hotel.

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    The British Insurance Brokers’ Association (BIBA) has announced that Patrick Smith, Chairman of Swinton, will become Chairman of the trade association in September.   He takes up the post following unanimous Board approval and will be confirmed as Chairman elect at the BIBA Annual General Meeting this month.

    Patrick has 38 years experience in the insurance industry including being Chairman of Hill House Hammond. He has also set up an e-commerce general insurance intermediary, fronted the buy -out of Swinton from R&SA, held the Chief Executive position and is now the Chairman.  Patrick has previously sat on the BIBA Board and chaired the BIBA Personal Lines Focus Group.

    Derek Thornton, Chairman of BIBA, said: “As my two years in the role come to an end, I am delighted that Patrick has agreed to take up the mantle. Patrick has a wealth of broking knowledge and experience of the industry which I know he will now apply to the benefit of both BIBA’s Board and the whole Association. I’m sure he will prove to be a strong leader for the organisation and will successfully guide BIBA and its members through the challenges that face insurance brokers and intermediaries in the general insurance sector.”

    Patrick Smith commented: “I am honoured to be selected for such an important role and I am very much looking forward to taking up my position as BIBA Chairman in September. It’s important to make a contribution to the industry and I’m pleased to have this opportunity to give something back to broking. I am determined that BIBA will continue to make an impact on the tough issues that it has to deal with and I’m planning to participate wherever possible.”

      1 0

      The Competition Commission (CC) has today published a draft order for consultation setting out how measures to introduce competition into the Payment Protection Insurance (PPI) market will be implemented.

      The measures were outlined when the CC published its final report into PPI in January this year, concluding that businesses that offer PPI alongside credit face little or no competition when selling PPI to their credit customers.

      To address the lack of competition, the CC announced its intention to introduce a package of measures to bring competition in the market including:

      • A prohibition on the sale of PPI during the sale of the credit product and for seven days afterwards

      • A prohibition on single-premium policies

      • Personal PPI quotes, annual reviews and other measures to make sure that improved information is available to consumers to make it easier for them to compare and search for products and switch policies at a later point

      Although the CC’s decision and proposed measures have since been appealed to the Competition Appeal Tribunal (CAT) by Barclays*, the CC has started consultation on the detailed implementation of the changes to enable it to move quickly once the appeal is finalised and it has considered the CAT’s judgment. The appeal hearing takes place from September 7-10.

      The CC has already carried out consumer research in order to ensure that the improved customer information contained in PPI quotes and annual reviews is set out in a clear and easily understandable format.

      Peter Davis, Inquiry Chairman and CC Deputy Chairman, said:

      “Whilst we are waiting for the outcome of the appeal, we are pressing ahead with the detailed work needed to put these measures in place. By continuing with the necessary preparations like this, we can hit the ground running once the appeal is finalised and we have considered the CAT’s judgment.

      If the CAT supports our findings, taking these steps now will help ensure there is no unnecessary delay in resolving the significant competition issues that we found in this market and in delivering a better outcome for consumers.

      This public consultation is an opportunity for all PPI providers and others with an interest in the effective operation of PPI markets to comment on the way in which we plan to implement these important measures.”

      The draft order is available at www.competition-commission.org.uk and outlines how the measures detailed below will be implemented.

      • A prohibition on the sale of PPI by a distributor or intermediary to a customer at the point of sale of credit and within seven days of selling credit to that customer. This will address the point-of-sale advantage, and give the customer more opportunity to compare products and providers, in turn encouraging greater competition between providers. Whilst the distributor or intermediary cannot re-contact the customer for seven days, customers will be able to contact the distributor or intermediary and purchase a PPI policy on their own initiative from 24 hours after the credit sale.

      • Distributors and intermediaries will be required to provide a ‘personal PPI quote’, which will clearly state the cost of the PPI policy individually and when added to the credit product. If this is not given at the point of sale, the credit provider must provide it if they subsequently contact the customer to offer PPI. The seven-day prohibition period starts from the later of the conclusion of the credit sale or the date on which the personal PPI quote is provided to the customer.

      • A prohibition on the selling of single-premium PPI policies, whose rebate terms act as a barrier to consumers switching while the prices of these policies are unduly difficult to compare with other PPI policies. Premiums can be charged monthly or annually—if an annual premium is charged and the customer decides to terminate the policy, then a pro-rata rebate must be reimbursed. No separate charges can be levied on a customer for administration or other costs arising from the set-up or early termination of a PPI policy.

      • A requirement on all PPI providers to provide certain information and messages in PPI marketing material (including the price of their PPI, expressed in a common format of monthly cost per £100 of monthly benefit, and that PPI is optional and available from other providers).

      • A requirement on all PPI providers to provide certain information on PPI policies to the FSA and a recommendation to the FSA that it uses this information for its PPI price comparison tables. Providers will also be required to supply information to the OFT for the purpose of monitoring the remedies package and to provide information about their claims ratios to any person on request.

      • A requirement on all PPI providers to provide an annual review for PPI customers, including information similar to that provided in the personal quote, to encourage customers to review their policy annually and make it easier for customers to decide whether to switch.
      • Where distributors of retail PPI offer an insurance package containing PPI and merchandise cover, they must also offer, as a separate item, PPI cover alone.

      * : The Financial Services Authority (FSA) is intervening in support of the Competition Commission, whilst LloydsTSB and Shop Direct Group Financial Services Ltd are supporting Barclays

      Notes :

      1. The CC is an independent public body, which carries out investigations into mergers, markets and the regulated industries.

      2. The members of the PPI inquiry group were Peter Davis (Group Chairman and CC Deputy Chairman), John Baillie, Christopher Bright, Professor John Cubbin and Richard Farrant.

      3. PPI covers repayments on credit products if the borrower is unable to make repayments due to accident, sickness, unemployment or (in many cases) death. PPI is sold to cover a variety of financial products, but over 90 per cent of PPI sold in the UK in 2007 was either: unsecured personal loan PPI, credit card PPI, mortgage PPI or secured loan PPI.

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        Now in their 15th year, the British Insurance Awards are based on a partnership between the judges, the magazines involved, the sponsors and the organisers. The awards showcase top class performance and innovation, they reward achievement and they raise standards.

        The judging panel of market experts and practitioners, analysts, consultants, industry commentators, and political and trade union representatives have a genuine expertise in each category, ensuring that the expertise is shared by at least 2 judges to spread the load and to ensure that no prejudices, gaps in knowledge of conflicts of interest cloud the decision-making process.

        Success at the Awards has become the benchmark by which the industry judges itself. Each year the finalists and members of the industry gather at the gala evening to celebrate the success of the past year. The awards evening is one of the most noted and spectacular events in the insurance industry’s calendar attracting leading figures in the industry.

        THE E-BUSINESS AWARD

        • ARC – Account Reconciliation Centre/CGI
        • AXA Insurance
        • Fortis Insurance
        • Provident Insurance

        WINNER: ARC – Account Reconciliation Centre/CGI

        THE TECHNOLOGY AWARD

        • ACS Building & Maintenance
        • Kwik-Fit/Tealeaf
        • RBS Insurance (Detica NetReveal)
        • Sequel & Willis

        WINNER: RBS Insurance (Detica NetReveal)

        PERSONAL LINES BROKER OF THE YEAR

        • Carole Nash Insurance Consultants
        • Kwik-Fit Insurance
        • MCE Insurance

        WINNER: MCE Insurance

        COMMERCIAL LINES BROKER OF THE YEAR

        • Bollington Group
        • Lockton International
        • R K Harrison
        • Swinton Commercial

        WINNER: Lockton International

        REINSURANCE BROKER INITIATIVE OF THE YEAR

        Aon-Benfield
        Guy Carpenter & Company
        RGA UK Services

        WINNER: Guy Carpenter & Company

        THE RISK MANAGEMENT AWARD

        Aon
        AXA Insurance
        Marsh Risk Consulting

        WINNER: Aon

        UNDERWRITER OF THE YEAR

        AIG
        Brit Insurance
        Cassidy Davis, part of the Jubilee Group
        QBE European Operations

        WINNER: Brit Insurance

        CLAIMS INITIATIVE OF THE YEAR

        Auger Technical Investigation Solutions
        Davis French & Associates
        Halliwells
        QBE European Operations
        Zurich Insurance

        WINNER: Auger Technical Investigation Solutions

        LOSS ADJUSTING INITIATIVE OF THE YEAR

        Cunningham Lindsey
        Merlin Claims
        QuestGates

        WINNER: Merlin Claims

        The Major Loss Award

        Cunningham Lindsey
        GAB Robins/Davis French & Associates
        Teceris & Willis
        Zurich Insurance

        WINNER: Cunningham Lindsey

        Service Provider of the Year

        Acturis
        Enterprise Rent a Car
        Independent Inspections
        Lorega
        WNS Assistance

        WINNER: Acturis

        Customer Care Award

        Brit Insurance
        Fortis Insurance
        Kwik-Fit
        Oval Insurance Broking
        WPA

        WINNER: WPA

        Marketing Initiative of the Year

        Aviva
        BGL Group – comparethemarket.com
        Longhawk Insurance Group
        RBS Insurance

        WINNER: BGL Group – comparethemarket.com

        The Training Award

        Crawford & Company
        Corpore
        Ecclesiastical Insurance
        RSA

        WINNER: RSA

        Young achiever of the year

        Alessandra Carrillo, Crawford & Company
        Sarah Collison, Corpore
        Amanda Kerr, Brit Insurance
        Joe Thelwell, Towergate Risk Solutions
        Claire White, Allianz Insurance

        WINNER: Joe Thelwell, Towergate Risk Solutions

        Corporate & Social Responsibility Project of the Year

        Allianz Insurance
        Co-operative Insurance
        RSA
        Royal Liver Group

        WINNER: Co-operative Insurance

        Life Insurer of the Year

        HSBC Insurance
        NFU Mutual
        Wesleyan Assurance Society
        Zurich Financial Services

        WINNER: Zurich Financial Services

        General Insurer of the Year

        Chubb Insurance
        Fortis UK
        Hiscox Insurance
        RSA

        WINNER: Hiscox Insurance

        The Achievement Award

        David Slade


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        Specialist UK general insurer, IGI Insurance, has signed up Steve Devine, chairman of Protect, the association of UK creditor insurers, to spearhead a move into the payment protection market. Mr Devine will also be responsible for growing the company’s established GAP insurance and warranty business.

        Mr Devine brings with him 25 years’ experience in the creditor insurance market,the last 15 years of which were with Cardif Pinnacle, a provider of creditor, warranty and special risks insurance. As the current chairman of Protect, he takes a leading role on issues affecting the creditor insurance industry.

        Mr Devine’s remit at IGI Insurance covers three product areas. He will be responsible for developing their payment protection insurance business, including mortgage payment protection and income protection, as well as other creditor covers. Mr Devine will also target the motor finance market to develop IGI Insurance’s existing GAP business, whilst also supporting its established warranty business, which incorporates new, used and extended mechanical or electrical breakdown insurance and guarantees.

        Mr Devine says: “IGI has a tremendously entrepreneurial spirit and that’s what attracted me to the company. It works closely with its network of brokers and affinity groups to deliver products that are tailored to meet the needs of customers. That’s more important than ever in a climate where there is a very real need for cover and I’ll be looking at various distribution channels for these products.

        “Unemployment in Britain is at its highest level since the early-90s and figures just released show the Government’s Mortgage Rescue Scheme, set up to assist 10,000 mortgage holders, has helped just six households. Now more than ever, payment protection has the opportunity to come into its own as a means of surviving the tough employment market.

        “For those with cover, it’s the difference between having peace of mind that there’s support until a new source of income can be secured, and facing the prospect of having their home repossessed or being legally pursued for mounting debts. Relying on state benefits to help you and your family stay in your home should not be anyone’s first option,” added Mr Devine.

        Keith Wardell, managing director of IGI Insurance, said: “We’re delighted to have Steve on the team to focus on these three important products. His knowledge of these markets and contacts within the industry will be invaluable in establishing IGI Insurance as a leading provider in the creditor insurance market. Whilst IGI’s GAP and warranty business is well-established, we are committed to continued growth and Steve will be integral to achieving that.”

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        Catlin Group Limited, the international specialty property/casualty insurer and reinsurer, announces that it has strengthened its market-leading London aviation underwriting team with the addition of Richard Power and Mark Stanley.

        Richard Power will join Catlin on 1 August as a senior underwriter and head of the airline underwriting team in London.  He most recently was airline practice leader at C.V. Starr & Company and was previously an underwriter with Global Aerospace (formerly BAIG and BAIC).  He has an MSc in Risk Management and Insurance from Cass Business School in London and is also ACII qualified.

        Mark Stanley will join Catlin on 16 September as a senior underwriter and head of aviation products and airport underwriting in London.  He has been an underwriter for Global Aerospace for more than 20 years.  He is ACII qualified.

        Catlin also announces that Paul Cooper, currently a class underwriter with Catlin Guernsey, will join the Catlin aviation team in London in August as a class underwriter specialising in airline accounts.

        In addition, Fiona Hodgson has joined Catlin as a senior aviation claims adjuster in London.  She most recently held claims positions at XL Insurance and previously worked at Global Aerospace and Charles Taylor Consulting.

        Alain Burguiere, European business group leader for Catlin Aerospace, said:

        “I am pleased to welcome Richard Power and Mark Stanley to Catlin’s London aviation underwriting team.  Richard and Mark are highly respected underwriters in the marketplace, and their addition to our existing London aviation underwriting team – which includes Julia Milton and soon Paul Cooper – will further strengthen Catlin’s position as one of the world’s leading aviation insurers.  The addition of Fiona Hodgson to our aviation claims team will increase the existing high levels of service that Catlin offers to its aviation policyholders.  The full team at Catlin will be in place by September.”

        Catlin is a major international aviation and aerospace insurer and reinsurer, with gross aerospace-related premium volume of approximately $400 million in 2008.  Catlin currently  underwrites aviation insurance through subsidiaries in London, continental Europe, Guernsey, Canada, Asia, Australia and the United States.

          0 1

          June looks set to be the most expensive month in the aviation insurance market since September 2001. In an already hardening market, this means price rises are likely to be universal for the rest of 2009.

          The Air France and Yemenia losses in June are likely to set the agenda for the airline insurance market for the rest of the year and potentially well into 2010. With just over half the year gone, claims totals including an estimate for minor losses are already around 11% higher than the average for a full year.

          This means that total losses are likely to be significantly higher than the average by the end of the year, even if there are no further major incidents.

          Market Context

          The price of lead hull and liability premium in the airline insurance market plummeted in 2006 and 2007, but claims outweighed premium in 2007 and 2008. Coupled with difficult economic position for global
          insurance providers, there was already considerable pressure to increase the price of airline insurance in 2009 even prior to the two losses in June.

          The price rises were already occurring even given the airline insurance market’s high level of latent capacity, much of which was holding back as a result of the low prices, and the falling fleet and passenger exposure forecasts.

          Expensive year likely

          According to 1996-2008 loss data, on average there are US$621m worth of losses between July and December if an estimate for minor or attritional losses is included. Adding this to the year to date loss total would mean that total claims for 2009 could exceed US$2.2bn. This is nearly 60% higher than the long term average of US$1.4bn. This means that if the rest of 2009 follows the 13 year average pattern for losses and discounting 2001, the year will be the most expensive ever seen in the airline insurance market.

          More than challenging

          With losses so far this year are already above the full year average, the industry is likely to see insurance premiums rise significantly for the rest of the year and potentially into the next.
          This will be a bitter pill to swallow for an industry that is already seeing passenger numbers fall as a result of the global economic downturn as well as fuel prices that are climbing once again.

          So far this year, only around a third of the total number of expected airline insurance programs have been placed, representing about 20% of the total forecast lead hull and liability premium.
          With 19 of July’s 36 expected renewals now placed, it seems that the market is already hardening in response to the losses. Nearly half of the programs placed so far have seen lead hull and liability premium costs rise by more than 25% compared to 2008 as a result of either losses or projected fleet increases. This pattern is likely to continue for the rest of the year.

           

           

          Losses

          The loss figure excluding minor losses is US$1,315m so far in 2009, compared to US$457m recorded at the same point last year. Taking an annual pro-rata estimate for minor losses into account, the overall loss total for the year to date is US$1,590m, compared to US$715m in 2008.

          There has been a single major loss since the last edition of this newsletter.

          On June 30, an Airbus A310-300 operated by Yemenia was lost near the Comoros Islands in the Indian Ocean. The loss happened while the aircraft was on a flight from Yemen’s capital Sanaa to Moroni, the capital of the Comoros Islands. The aircraft was valued at around US$34m.

          The aircraft is thought to have had 153 people onboard, 142 passengers and 11 crew. At this point there is thought to have been a single survivor. There are believed to have been strong winds in the area at
          the time.

          Coupled with the Air France loss (covered in the June edition) and excluding September 2001, June 2009 looks set to have been the most expensive month for claims under standard hull and liability policies ever once the liability reserves are set.

          It also means that even with half the year still to go, 2009 is already the third most expensive year ever in terms of hull and liability claims (excluding 2001).

          Any further major losses will simply make the position worse, and would potentially extend the expected hard market conditions well into 2010. The loss charts on the right paint a stark story for the airline industry and its attendant insurance markets.

          Timeline for the EU ETS

          • 31 August 2009 : Aircraft operators to submit benchmarking and emissions plans to respective authorities
          • 1 January 2010 and every year thereafter : Operators to monitor total CO2 emissions every year, starting with calendar year 2010 and surrender the correct number of allowances to cover emissions from 2012
          • 1 January 2011 – 31 March 2011 : Operators to have emission reports verified by regulated party (it is not necessary to have the emissions plan verified)
          • 31 March 2011 : Operators to submit pre-compliance verified benchmark tonne-km reports and annual emissions reports for the monitoring period 1 January 2010 to 31 December 2010
          • 30 September 2011 : Commission produces benchmark number for calculating emissions
          • 31 December 2011 : Regulator publishes final allocations to each operator
          • 28 February 2012 : Regulators issue allowances to operators
          • 31 March 2012 : Operators to submit pre-compliance annual emissions reports for the monitoring period 1/1/11 to 31/12/11
          • 31 December 2012 : End of first emissions reporting year for which allowances must be surrendered by operators. Submission of first verified emissions report.
          • April 2013 and every year thereafter : Operators surrender the correct number of allowances from their registry accounts to cover CO2 emissions

           

          Airline renewals

           

           

          Over the last few years, July has become one of the pivotal months in the airline insurance calendar. In 2008 it became the month with the highest number of renewals after December.

          The last month of the year dominates activity in the airline insurance market however. Over half of the total annual lead hull and liability premium was placed in December 2008, compared to around 13% in July, so there is some way to go before the market could be described as having a smooth pattern of renewals.

          There are five renewals expected to take place in July that were previously placed earlier in the year. Three other airlines that formerly renewed in July are no longer expected to renew during the month. Two of these are the result of fleet reductions taking them below the inclusion criteria for this newsletter (see below) while the third has extended to the end of the year.

          The variety of airline insurance programs that are placed during July means that it should provide a strong indicator for market direction for the rest of 2009.

          The market has hardened considerably since 2008, driven both by the economic challenges facing global insurance capacity providers generally as well as the reaction to the major losses that have occurred so far this year. The harder conditions look set to continue.

          Sources : AON AVIATION & AEROSPACE

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          Your national insurance record will determine your entitlement to many social security benefits.

          These include:

          • State pension
          • contribution-based Jobseekers Allowance
          • contribution-based Incapacity Benefit
          • contributory Employment and Support Allowance
          • bereavement benefits.

          To be entitled to one of these “contribution-based” benefits, you have to satisfy two contribution conditions (except for bereavement benefits).

          The first contribution condition is that you have to have paid enough actual contributions in one or more past tax years (the tax year runs from April 6th to April 5th). The second contribution condition is that you have paid paying, or have been credited with, enough contributions in the last two tax years before your claim for the benefit.

          Contributions and credits

          The national insurance record is built up from either actual contributions or contributions which are credited, or a combination of the two.

          Contributions may be actual deductions from earnings while you are in paid employment. The deductions are made between the age of 16 and state pension age, if you earn more than a certain amount of money.

          State pension age is currently 60 for women and 65 for men, but is set to rise from 2010. For more information see the Pension Service website.

          There are different classes of contribution depending on whether, for example, the contributions are made by the employee or employer or by a person who is self-employed. Different classes of contribution give entitlement to different benefits.

          In some circumstances you can be credited with earnings or “Class 1” contributions which may help you satisfy the entitlement conditions to certain benefits.

          If you are a carer receiving Carer’s Allowance you should be credited with Class 1 contributions for each week in which the benefit is paid. You would also receive credits if the only reason you are not receiving Carer’s Allowance is because you receive a bereavement benefit (see sections on carers credits and home responsibilities protection for more information).

          You can also receive credits:

          • for each complete week you receive Jobseekers Allowance or you are available for work and actively seeking work. Even if you are not entitled to Jobseekers Allowance, signing on at a Jobcentre Plus office will help protect your contributions record
          • for one or two complete tax years when you are on a course of full time training, education or an apprenticeship
          • for each week you receive either statutory maternity pay or statutory adoptions pay
          • for each week when you receive the disability element or severe disability element of working tax credit.

          The national insurance scheme

          The national insurance scheme is run by Her Majesty’s Revenue and Customs (HMRC). Your national insurance number is the number used to keep track of your national insurance contributions and your entitlement to benefits.

          The way in which national insurance credits can help you satisfy the conditions for different benefits is complicated. It may be a good idea to seek advice.

          0 3

          Spending a few pounds on travel insurance could save you thousands if you have an injury or illness.

          Healthcare is free at the point of delivery in the UK but don’t assume it’s the same abroad. You will often have to pay part, if not all, of your medical bills. And if it’s serious, the costs could easily spiral.

          By taking out travel insurance and getting a European Health Insurance Card (EHIC) you can avoid massive doctors’ bills, delays in treatment and undue stress in the event of a medical emergency.

          The EHIC replaces the now obsolete E111 form. It entitles UK residents to free or reduced-cost medical treatment in European Economic Area countries and Switzerland. The card is free.

          If you’re pregnant you should also fill out an E112 form, which can be obtained through the Department of Health.

          The card would have made things a lot easier for Alex Cooper, who fractured his leg on the last day of a skiing holiday.

          Even though he had travel insurance, the ambulance crew wouldn’t drive him to the nearest clinic until he had paid for the ambulance ride. “I was lying on a stretcher, waiting for someone to come to me with the debit card reader,” he says.

          He was X-rayed at a small clinic, then taken to a nearby hospital.

          “I was lying there, drugged up to the eyeballs, and the hospital wanted to make sure they would get their money,” says Alex. “I had to organise endless faxes and copies of documents between my insurance company, the hospital and my wife in England.

          “Having to get involved in administration and paperwork when I was in pain, in traction and drugged up was very upsetting and irritating. I think if I’d had the EHIC things would have been a lot easier.”

          ‘Bad things happen’

          Always take out separate travel insurance, even if you’re visiting a country where your EHIC is valid. Each country’s healthcare system varies so your EHIC may not cover all costs, or you may be expected to pay for your treatment and then claim a refund using your EHIC.

          Insurance will cover other medical costs that the EHIC will not, such as paying for your return journey if illness delays you, or covering your personal contributions towards treatment. You will also normally receive cover for non-medical emergencies, such as replacing possessions or a lost passport.

          Your insurance policy will vary by destination and insurer, but cover generally starts at just a few pounds, and could save tens of thousands.

          You might not be fully covered if you are doing any hazardous sports, like climbing or skiing. Check whether your policy covers these.

          With an EHIC and some insurance you can avoid a bad situation getting a lot worse, says Alex.

          “Anyone who thinks they’ll be fine without them is mad,” he says. “Bad things can happen to anyone on holiday.

          “If you don’t have the correct paperwork, you’re asking for everything you get. And you’ll probably get it in a language you don’t understand.”

          source : www.nhs.uk

          0 0

          Catlin Group Limited, the international specialty property/casualty insurer and reinsurer, announces that Heinz-Walter Haas has joined Catlin as chief underwriting officer for Continental Europe.

          Heinz-Walter Haas, who is based in the Cologne office, is responsible for the execution of the Group’s underwriting operations across Continental Europe. He will work with the individual underwriting teams in Catlin’s nine European offices to develop existing classes of business as well as investigate potential new classes.

          He previously held positions with Basler, Generali, HDI and Jauch & Hübener.

          Ralf Tillenburg, chief executive officer for Continental Europe for Catlin, said:

          “I am delighted that Heinz-Walter has joined Catlin in this key role.  With his extensive underwriting experience and client relationships, he will bring an additional dimension to our existing business activities.  I look forward to working closely with Heinz-Walter as we expand our existing classes of business and continue to seek new opportunities across Europe.”

          Catlin’s European offices are located in Cologne, Paris, Zurich, Innsbruck, Barcelona, Antwerp, Bergen, Munich and Genoa.

          0 0

          Brit Insurance Holdings PLC, (“Brit Insurance” or “The Group”), the international general insurance and reinsurance group, today announces the appointment of Malcolm Beane as Chief Operations Officer.

          Reporting to Dane Douetil, Chief Executive Officer of Brit Insurance, Malcolm will take up his position on 21 September 2009 and will join the Executive Management Committee of the Group.

          Malcolm joins Brit Insurance from XL Capital, where he was most recently Chief Processing Officer, responsible for the oversight of the firm’s global insurance operations, administration and business architecture. Prior to this, he worked at the company in a number of roles, including Chief Operating Officer XL Insurance, Global Head of HR Service Delivery and, previously, Global Business Partner of Global Risk and Regional Head of HR. Before joining the insurance industry, Malcolm worked at JP Morgan for over two decades in a number of senior HR and operational roles.

          Dane Douetil, Chief Executive Officer of Brit Insurance, commented:

          “With his breadth of experience in the smooth running and successful development of the operations of large financial services organisations, Malcolm will be a great asset to our business and, particularly, in our drive to continually strengthen Brit Insurance’s operational platform. We look forward to welcoming him to the Group.”

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