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Claims data published by Hibernian Aviva, Ireland’s leading insurer, has revealed some major challenges to home safety as crime levels increase throughout the country. According to the Hibernian Aviva claims data, there has been a 3% increase in breaking and entering claims this year. Interestingly break-ins are more likely to occur on a Saturday and least likely to occur on a Sunday.

The claims data also reveals a 2% increase in property theft claimants with Dublin showing the highest number of property theft claimants followed by Cork and Kildare. Leitrim is the safest country and has the lowest number of property theft claimants. The Central Statistics Office also recently published data revealing an increase of 6.7% in burglaries across the country with a total of 6,236 recorded burglary and related offences.

Commenting on the claims data, Michael Brennan, Hibernian Aviva’s risk management expert, says: “The claims data reveals a real need for crime prevention among Ireland’s consumers and at Hibernian Aviva we advise both consumers and businesses alike to ensure they have maintained burglar alarms installed. We also recommend businesses consider advanced technology such as CCTV monitoring via the web. This means when the alarm is triggered, the monitoring centre has real time footage of the intruders and can communicate with and warn the intruders that they have been detected, while simultaneously alerting the Gardai.

“It is also important that people lock windows and doors and have adequate perimeter security around the property grounds such as fencing, walls and access gates. A lot of burglaries are opportunistic and result from thieves walking or driving around an area and seeing a house or business that is not secure, for example it may have an open window. Wall mounted security lights triggered by movement is another effective deterrent to break-ins.”

To help protect the safety of Ireland’s consumers and to encourage them to practise greater safety and security, Hibernian Aviva offers home insurance discounts of 10% to 15% to those who use an alarm system that it is of an approved standard. Intruder alarms that are monitored receive the higher 15% discount. “We hope that by linking safety and security to significant reductions in insurance premiums we will incentivise Ireland’s homeowners to safeguard their home,” says Michael Brennan.

Highlights:

  • Ireland homeowner’s see an increase in breaking and entering claims and property theft claimants
  • Break-ins are more likely to occur on a Saturday
  • Leitrim has lowest number of property theft claimants

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Swiftcover was founded in 2005 by senior executives from within the insurance industry. It was a unique proposition offering good value car insurance online only. Swiftcover was also the first UK insurance company to offer its customers the convenience of printing their own car insurance certificate.

Unlike most of its competitors who rely on both the telephone and the internet to sell car insurance, Swiftcover’s sole source of business is the internet and as a result we think you get the best online customer experience in the market. As a result of being an online only company, you can do everything you need online using our innovative Swift Space customer area.

If you need to make a claim on your Swiftcover policy then you have a choice of either registering the claim using our fast and efficient online claims registration service or calling one of our dedicated claims professionals, the choice is yours.

In 2007, Swiftcover became the fastest growing Car insurance provider in the UK selling over half a million policies in two years.

Swiftcover was so successful that it was purchased in 2007 by the Axa group and now forms a highly successful but still very independent part of the Global Axa Group.

Swiftcover started out with just a few staff but now employs well over 250 people across two UK locations in Surrey and Teesside.

In short, Swiftcover is a highly successful and trusted insurer within the UK insurance market which offers many useful benefits over its traditional rivals. As a customer you get the benefits of insuring with a young dynamic online company with all the benefits of insuring with the worlds largest insurance organisation.

www.swiftcover.com

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The real estate arm of insurer Legal & General is in talks to cherry-pick troubled assets from Lloyds Banking Group in deals that could generate millions of pounds for the lender, sources close to discussions told Reuters.

Legal & General Property is weighing potential joint ventures and acquisitions of some of Lloyds’ moderately distressed real estate assets, as cash continues to roll into its open-ended funds, the sources said.

Bill Hughes, Legal & General’s property head, declined to confirm the talks with Lloyds, but said his team was talking to several banking organisations with a view to helping them lighten their property burdens.

“The banks need long-term investors with free capital, who can get their heads round complex deals and have first-rate property skills in house,” Hughes told Reuters in an interview.

“They are clearly willing to spend time with organisations that they believe they can work with,” he said.

Lloyds was not immediately available for comment. Its shares were trading 4.2 percent up at 99 pence by 1243 GMT, while Legal & General gained 1.3 percent to trade at 85.9 pence.

Last week, Legal & General Property said it had around 600 million pounds in cash to invest on new real estate as the two-year depression in Britain’s commercial property market neared an end.

Since May, the company has notched up 110 million pounds of buys for investors in its four open-ended property funds. Its 17 real estate funds hold assets worth around 8.5 billion pounds.

In contrast, part-nationalised Lloyds is in the throes of an asset sale spree and multi-billion pound rights issue plan which could enable it to escape from a government scheme for bad debts.

It fears European antitrust watchdogs could demand further heavy restructuring if it goes ahead with its planned participation in the UK Asset Protection Scheme.

The bank offloaded its loss-making Halifax estate agency business for 1 pound last Friday and sold the bank of Scotland investment portfolio management service to wealth manager Rathbone Brothers (RAT.L) for 35.4 million pounds on Tuesday.

Hughes said most banks’ property loan books could be divided into quadrants — good assets, ordinary assets, assets that were moderately impaired and assets that were massively impaired. The optimum restructuring solution was different for each, he said.

“We can help with assets that are moderately impaired, in a structure that bridges the difference between the value of the property and the loan by way of an equity injection, in exchange for a share in the upside. That sort of deal is appealing to us,” he added.

Banks like Lloyds and Royal Bank of Scotland are still trying to find partners for the most distressed portions of their loan book but L&G was steering clear of lost causes.

“When something is flagrantly beyond saving, let’s say when the debt-to-value ratio beyond 150-200 percent, then we walk away. We’re not magicians. Obviously the $64,000 question is how much of the banks’ loan book is in that state because there is very little any white knight can do about that,” Hughes said.

With Reuters

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French insurer AXA is in the early stages of selling its 15 percent stake in China’s Taikang Life Insurance Company, in a deal that could fetch as much as $1 billion, sources said on Thursday.

Morgan Stanley is advising AXA on the sale of the stake, sources said, with the auction expected to attract several large corporate and private equity suitors. One source with direct knowledge of the matter said the stake is worth between $800 million and $1 billion.

The Wall Street Journal, citing people familiar with the matter, said AXA “could be feeling pressure to sell the stake because of possible regulatory concern over its investment in two separate insurance businesses.”

With Reuters

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AXA PPP healthcare has introduced a new lower cost ‘six week’ medical insurance option for companies modelled on its popular plan for larger sized employers, Corporate Health Plan.

Corporate Health Plan 6 provides immediate access to private out-patient treatment, including specialist consultations and scans. It also provides immediate access to private treatment provided the NHS cannot provide the treatment the patient needs within six weeks.

This arrangement, where clients use the NHS to treat more urgent cases, helps to reduce premiums by up to 15 per cent.

Chris Rofe, AXA PPP healthcare head of client relationships, said:

‘Businesses are under considerable pressure to contain their costs and Corporate Health Plan 6 is a valuable new cost-saving option for employers.

‘It’s also an attractive option for companies who want to consider different levels of cover for their workforce or as part of a flexible benefits package.’

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    News-insurances.com was attacked by hackers around 10:00 this morning.

    Safeguard measures and servers protections have been enagaged and makes the website inaccessible during several hours.

    While fixing all the website, you could see some display issues.

    All the team of news-assurances.com apologize for this issue.

    We look forward to see you on News-insurances.com the first independent media for the insurance industry and consumers

    News-insurances staff

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    Churchill Insurance launched in 1989 as one of the UK’s first direct motor insurers. In 1990, they started selling home insurance and, over the years, have extended their services, now offering car insurance, home insurance, travel insurance, pet insurance, breakdown cover, van insurance and motorcycle insurance.

    Churchill is a UK based company with all of their call centres in the UK and sell insurance policies by phone and on the Internet.

    In 2003, Churchill was acquired by the Royal Bank of Scotland Group and now forms part of the RBS Insurance division.

    Churchill values :

    • People focused
    • Challenging
    • Passionate
    • Action orientated
    • Straightforward

    The brand :

    The bulldog was used for the first time in advertising in 1994. Less than 2 years later, the Nodding Dog™ brand was born and was an instant hit. 2005 saw a refresh of the brand, although the dog remains firmly at the heart of it.

    Nodding Dogs™ can be ordered in Churchill website and include discounts for existing Churchill policyholders.

    www.churchill.com

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    Direct Line started from scratch in the UK in April 1985 with a single product – car insurance, and just one way for customers to buy – over the telephone.

    Today Direct Line have over five million customers and a broad range of products and services. They do business over the phone and on the Internet, and also internationally, with businesses in Germany, Italy and Spain.

    The secret of this success is great products and services, competitive pricing, outstanding customer service and a real belief in their employees.

    With six regional offices around the UK, It could be useful to give you a directory of the sales numbers, customer service number and claims numbers for each of Direct Line regional offices around the UK.

    www.directline.com

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    Research from the British Insurance Brokers’ Association has revealed that insurance brokers have to fight harder during the recession to get insurers to pay claims.

    The majority of brokers surveyed have secured increased payments for clients over the past year following an initial lower offer from insurers, and 58% of brokers said that they had to fight harder to get claims paid during the recession.

    The research also revealed that brokers regularly negotiate up to a 20% increase on claims offers made by insurers.

    BIBA plans to use the research in the media and with political stakeholders to demonstrate the benefits of using a broker and is encouraging brokers to use the statistics themselves to help promote brokers.

    Eric Galbraith, BIBA Chief Executive, said: “This is strong evidence to demonstrate the value of the broker. I also recognise that with fraud being a major issue, particularly in the current recession, there is a need for insurers to validate claims. “

    Galbraith added: “However these statistics seem to suggest a too frequent reduction in the amount offered in claims settlements. A position which could ultimately lead to more customers believing they need to inflate claims in order to respond to what they expect will be the insurer’s initial offer.”

    Key findings from BIBA brokers :

    • 91% have secured an increased payment for a claim, on behalf of a client following an initial lower offer from the insurer
    • 58% have had to fight harder on behalf of clients to get claims paid during the recession
    • 87% regularly negotiate up to a 20% uplift on claims
    • 91% negotiate a claim payment uplift either often or occasionally
    • 94% overturn a claim rejection occasionally or often.

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    Cordea Savills, the international property fund manager, has appointed Aon, the insurance broker, to consolidate its current insurance arrangements into a Pan European insurance programme, following an extensive tendering process.

    Cordea Savills had previously taken a decentralised approach to insurance, allowing its local offices and property managers to arrange insurance with various insurance brokers and insurers. Aon will be responsible for converting this into a consolidated pan European programme to achieve consistent coverage and competitive premiums.

    Bill Hackney (COO) from Cordea Savills, commented: “We look forward to expanding our relationship with Aon, who we’ve previously worked with in the Nordic region.  We believe the new programme will enable our clients to maximise their purchasing power whilst mitigating their insurable risks.”

    John Johnson, client director at Aon, added: “We’re thrilled that our experience of managing Pan European programmes, coupled with Aon’s European network, has been recognised by Cordea Savills. We’re looking forward to using this expertise to achieve the rationalisation of their insurance arrangements.”

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    AIG announced that Robert G. Gifford has been named President and Chief Executive Officer of AIG Global Real Estate, the international real estate investment organization.

    Mr. Gifford’s experience includes 22 years with AEW Capital Management, L.P., the Boston-based real estate investment management advisor to leading institutional and private investors, where he was a Principal holding leadership positions in acquisitions, capital markets, portfolio management and new product development. Prior to AEW, Mr. Gifford worked for The Rouse Company, a developer and owner of regional shopping centers, urban mixed use projects and planned communities.

    “Rob Gifford brings to AIG a deep and versatile background in real estate investment, development and portfolio management,” said Paula Rosput Reynolds, AIG Vice Chairman and Chief Restructuring Officer. “He also has an outstanding reputation for earning the confidence of investors, including during challenging real estate market conditions.”

    Mr. Gifford succeeds Jeffrey Hurd, Senior Vice President, Head of Asset Management Restructuring and AIG Chief Administrative Officer, who has been serving as interim President and Chief Executive Officer of AIG Global Real Estate. Mr. Hurd will resume his previous responsibilities on a full-time basis.

    AIG Global Real Estate invests in, develops, and manages $24.3 billion of real estate in 50 countries for clients and other AIG companies. In conjunction with the overall restructuring of AIG, the company has previously announced its intention to divest certain holdings in its real estate business and reduce its global footprint.

    Mr. Gifford earned a bachelor’s degree in history magna cum laude from Dartmouth College and a master’s degree in public and private management from Yale University.

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    Grant Foster has been appointed head of enterprise risk management (ERM) at Aon, the insurance broker and risk management firm. Grant was recently a key member of the team that won a 2009 British Insurance Award for Risk Management for Aon’s Risk Detox product.

    The ERM team, under Grant’s leadership, will continue to focus on supporting Aon’s insurance broking operations, in order to provide an end-to-end risk management programme for Aon’s clients.

    Grant will be heading the UK team but will further integrate the UK into Aon’s pan-EMEA and global risk management for world-wide businesses.

    Previously the UK head of general industries consulting for Det Norske Veritas, Grant is also a chartered engineer, holds PhD in the field of distributed systems modelling and a BSc (First Class) in Cybernetics and Mathematics from the University of Reading.

    Grant commented: “This is a very exciting time to be heading up such a fantastic team and to be a part of a global business like Aon. Pandemics, financial crises and climate change, just as a few examples, really allow ERM to shine and show how powerful this type of risk management is. I am truly happy to be leading this team, at this time, at this company and look forward to the challenges ahead and growing this successful business.”

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    Solvency II is a significant area of European regulatory reform with implications for insurers (both life and non-life).

    • The proposed Solvency 2 regime represents the opportunity for Europe to take a global lead in the regulation of insurance.
    • A regulatory focus on risk management will result in a better managed industry overall. This will benefit all stakeholders.
    • Regulatory capital requirements will be based on the real risks that a company faces.
    • The proposals for a sophisticated and risk based approach to supervision of insurance groups will, if carried through, encourage groups to develop their services to customers across Europe.
    • Enhanced cooperation between regulators and movements towards supervisory harmonisation will encourage a true single market for insurance.

    The Solvency 2 project is intended to replace outdated European insurance legislation with a consolidated set of requirements for supervision, capital, risk management and reporting.

    The key elements are:

    – Regulatory incentives are targeted at the effective management of risk. Managing risk to avoid problems is a much more effective regulatory strategy than simply holding enough capital to deal with problems when they occur.

    – Capital requirements are assessed according to the risk profile of the company. Better risk management is reflected in lower capital; a virtuous circle is created of a better managed industry with lower costs. Consumers benefit from a more secure and efficient industry.

    – The proposals include a high level of harmonisation across the community; these are key to enhancing the single market in insurance.

    – The approach to groups is radically overhauled and they are supervised as groups instead of a collection of individual firms. This improves the effectiveness of supervision, helps transfer best practice and skills between supervisors and simplifies compliance.

    – The EU is leading the way with insurance regulation under solvency 2. In an increasingly global market, European insurers remain a strong force. Solvency 2 proposals are important in helping Europe to maintain a competitive edge.

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    A person who is appointed to investigate the circumstances of a claim under an insurance policy and to advise on the amount that is payable to the policyholder in order to settle that claim. Loss adjusters are generally appointed by underwriters but sometimes policyholders appoint their own loss adjusters to negotiate claims on their behalf.

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    This term generally refers to some injury, harm, damage or financial deteriment that a person sustains. Losses may be insured or uninsured. Whether a loss is covered by a policy or certificate of insurance depends on the terms of that document and local law.

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    This refers to a type of insurance where claims may be made many years after the period of the insurance has expired. Liability insurance is an example of long tail business. The opposite of long tail business is short tail business

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    If you are about to travel to Europe you should check the renewal date on your European Health Insurance Card (EHIC). More than three million will have expired by the end of March, leaving many travellers at risk of hefty medical bills.

    European Health Insurance Card

    The EHIC replaced the E111 form in 2005. The EHIC means that should you fall ill or have an accident you will get reduced costs or free state-provided healthcare in most European countries.

    However, only 292,089 people have renewed their EHIC so far. This means that 3.3 million people have an out-of-date card.

    Health Minister Dawn Primarolo said: “”Anyone travelling with an expired EHIC is putting themselves at risk – they will not be covered for basic medical care.”

    “”It is vital that UK residents holidaying in Europe carry their EHIC and take out adequate travel insurance to avoid having to pay out unnecessarily for medical costs that could be covered by a valid EHIC.””
    Renew your EHIC

    The EHIC can be renewed online or over the phone and will be delivered within ten days.

    It can also be renewed up to six months in advance of expiry.

    To renew or obtain an EHIC, call the EHIC Application Line on 0845 606 2030 or apply online using the link below :

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    Broker insurer MMA Insurance has appointed Robin Peddell to the position of Research and Product Development Manager. Reporting to MMA’s Head of Marketing Phelim Browne, Mr Peddell will be responsible for developing the company’s product portfolio, ensuring both new and existing products respond to clients’ needs and provide greater stakeholder returns.

    Prior to joining MMA, Mr Peddell was Product Development Manager for Aon where he focussed on SME and micro commercial lines. He previously held similar development roles with other brokers, including Marsh.

    Commenting on the appointment, Phelim Browne said: “We have spent a lot of time this year talking to brokers about developing their SME business and positioning ourselves as a leader in this area. In order to maintain this going forward, we need someone whose entire focus is on ensuring our products lead the market and meet the needs of our brokers’ clients, while supporting our chosen distribution model and strategy. Robin brings 15 years’ experience of SME and micro commercial insurance and so I have no doubt that he will fulfil this role.”

    Mr Peddell added: “I am delighted to be joining the team at a time when the focus in the company, and indeed the market, is on bringing innovative solutions to the SME sector. I believe that this is an area of huge potential for brokers and MMA are genuinely committed to helping them exploit it. My goal now is to ensure that the process from research to product delivery results in a first class range that brings benefits to all trading partners.”

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