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Philippe Vuillermoz

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The decision by the European Court of Justice (ECJ) to ban the use of gender in insurance policies from December 2012 is disappointing news. The insurance industry has fought against the possibility of this for the last decade and will now do everything possible to manage negative effects for customers. Before this judgment insurers were able to take gender into account when assessing a person’s risk. Today’s judgment means that insurers will be legally prevented from taking a person’s gender into account when pricing insurance from December 2012.

The judgment will particularly affect products which take account of the risk differences between men and women such as motor insurance and some annuity products. For example, young female drivers pay less for motor insurance because they are less likely to have accidents and therefore women make fewer claims than men. For life insurance, women on average pay less to reflect their longer life expectancy, while pension (annuity) income for males is often higher because men typically have fewer years in retirement.

Maggie Craig, ABI’s Acting Director General, said: “This gender ban is disappointing news for UK consumers and something the UK insurance industry has fought against for the last decade. The judgment  ignores the fact that taking a person’s gender into account, where relevant to the risk, enables men and women alike to get a more accurate price for their insurance.

“Insurers will now study this judgment carefully to manage negative effects for customers. Insurers will work hard to ensure that the UK insurance market remains one of the most competitive in the world offering a strong choice of products and prices for customers.

“It will be crucial to ensure this news does not put people off having vital insurance that protects them against accident or illness, or provides an income in retirement. Insurance remains good value for people and not all customers will be equally affected as the use of gender can vary significantly between products and different companies. Each company will have to respond to the ban in the way they feel is in their customers’ interests.

“Adaptation during this transition period until December 2012 will be challenging, but all insurers will be doing everything they can to ensure as smooth a change as possible for customers. Insurers will comply with the law and work proactively with the Financial Services Authority to ensure stability for the UK insurance market, its customers and investors.”

ABI-commissioned research by Oxera carried out in autumn 2010 highlighted the possible impact of removing gender from assessing risk:

– For motor insurance: women under the age of 25 could see an average rise of 25 per cent to their premium

– For annuities: men approaching retirement could see an eight per cent reduction in annuity rates while rates for women approaching retirement could rise by six per cent

– For life insurance: women could see a rise of as much as 20 per cent in the cost of cover, while men could see a fall of 10 per cent

Over the next 20 months insurers will have to make large scale changes including amending all affected policy documentation; contacting  customers with new information; updating and changing computer systems; ensuring insurance brokers have the right pricing information; adjusting insurance renewals and updating all sales material.

Source : ABI Press Release

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Hungarian insurer Groupama Garancia Biztosito had revenue from premiums of €338 million in 2010, up 6.9% from the previous year, the company told MTI.

Revenue from premiums on asset and liability polices as well as from home insurance policies was practically flat. Groupama Garancia was runner-up on the market for home insurance. Revenue from premiums on individual mandatory vehicle insurance polices fell 16.3%, but the drop was offset by a rise in premiums from policies for fleets of vehicles.

Revenue from premiums on life insurance polices grew 12.2%, in part because of a campaign for single-premium policies. France’s Groupama bought Garancia, the insurance unit of Hungary’s OTP Bank, in September 2008. Groupama merged its Hungarian unit with Garancia on April 1, 2009.

Source : Budapest Business Journal

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Hannover Re is satisfied with the outcome of the treaty renewals in non-life reinsurance as at 1 January. “The renewals passed off better than expected for our company. Despite softening tendencies in the market, we achieved broadly stable rates and conditions and are therefore thoroughly satisfied with the outcome. In certain segments, such as offshore energy business and European motor liability, we were even able to push through price increases”, Chief Executive Officer Ulrich Wallin explained.

Of the previous year’s total premium volume in non-life reinsurance (excluding facultative business and structured reinsurance) amounting to EUR 4,867 million, a good two-thirds of the treaties worth altogether EUR 3,282 million (67%) were up for renewal as at 1 January 2011. Of this, a premium volume of EUR 2,993 million was renewed, while treaties worth EUR 284 million were either cancelled or restructured. “Against the backdrop of more intense competition, we set particularly great store by selective underwriting of treaties. We were thus again able to generate profitable growth in this year’s renewal phase”, Mr. Wallin emphasised.

Including increases of EUR 348 million from new or restructured treaties and thanks to improved prices in some areas, the total renewed premium volume thus came in at EUR 3,346 million. Making allowance for treaties with a later renewal date and assuming constant exchange rates, gross premium in non-life reinsurance (excluding facultative business and structured reinsurance) is likely to surpass the previous year’s level at EUR 4,954 million (+1.8%).

The treaty renewals again demonstrated the considerable importance that ceding companies continue to attach to a reinsurer’s financial strength. A very good rating is a prerequisite for a reinsurer if it is to be offered and awarded the entire spectrum of business. With its excellent ratings (“AA-” from Standard & Poor’s and “A” from A.M. Best), Hannover Re is one of the reinsurers that meets this requirement.

In its domestic German market Hannover Re – through its subsidiary E+S Rück – was able to further cement its position as one of the leading reinsurers. While prices for loss-impacted programs rose, programs that had been spared losses saw rate declines. The development of motor liability business was very pleasing. “In this important line for our company we were again able to obtain rate increases averaging 5% in non-proportional business”, Mr. Wallin noted.

The treaty renewals in North America were satisfactory overall; the portfolio remained virtually stable. In property business modest rate reductions were observed in some instances, but prices were still commensurate with the risks. The picture in casualty business was a mixed one; rates for standard casualty business, an important segment for Hannover Re, were stable. Unchanged or slightly lower rates were recorded in the professional indemnity lines.

The situation in marine business, especially the offshore energy sector, was very pleasing. As anticipated, rates surged sharply on the back of the “Deepwater Horizon” drilling rig accident and the premium volume consequently grew by 20%.

Hannover Re was also satisfied with the development of aviation business. The written premium volume increased by 14%. Despite softening tendencies attributable to excess capacities in the market, prices for the most part remained stable.

Following above-average rate increases over the past two years in credit and surety reinsurance, the treaty renewals as at 1 January 2011 were shaped by a considerably more competitive climate. Against this backdrop, prices in credit reinsurance declined. Given the company’s selective underwriting policy, the volume contracted by 11%. Nevertheless, the prices obtained were still on a good level. Rates in surety reinsurance remained stable.

The volume in global treaty business increased by 3%, although the picture was a mixed one: rates in the developed markets were broadly stable, while vigorous growth was the hallmark of emerging markets.

In worldwide catastrophe business prices for reinsurance covers for the most part retreated. Rate reductions were particularly marked for US risks. Hannover Re responded accordingly by scaling back its business in areas where the price situation was not adequate. Overall, Hannover Re reduced its volume in this segment by 15%. Appreciable double-digit price increases were booked under loss-impacted programs. In Chile, for example, prices climbed by up to 40% following the devastating earthquake in February 2010.

Outlook for 2011

In view of the satisfactory treaty renewals as at 1 January, Hannover Re anticipates a good financial year in non-life reinsurance. “For 2011 we see sufficient opportunities for selective profitable growth. In this context we shall concentrate on segments where prices are rising or where they adequately reflect the risks”, Mr. Wallin stated. The company expects net premium earned from its total non-life reinsurance portfolio to remain stable or show modest growth of up to 3% in 2011 combined with healthy profitability.

Hannover Re expects net premium in life and health reinsurance to record an increase in the range of 10% to 12% in the current financial year.

For total business Hannover Re anticipates net premium growth of approximately 5% at constant exchange rates.

The return on investment should be in the region of 3.5%.

Assuming that the burden of major losses remains within the expected bounds and as long as there are no sharp downturns on capital markets, Hannover Re is looking to generate Group net income in the order of EUR 650 million. As to the dividend, the company still anticipates a payout in the range of 35% to 40% of its IFRS consolidated net income after tax.

Source : Hannover Re Press Release

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The year 2010 was considered as a defined year for the US insurance industry. There were enough ripples created in the insurance industry with the ULIP controversy, IRDA versus SEBI fight and argument over the cashless insurance scheme. An increasing number of people who were made aware of their personal financial condition and the downsides of not getting an insurance policy were forced to get their policies so that they do not incur unnecessary debts and spend time reading a debt consolidation blog. There have been certain changes in the insurance industry and the insurance experts have predicted certain trends on the insurance industry. Read on to get an overview of the changes to the US insurance industry and some predicted trends for 2011.

What were the changes in insurance plans in 2010?

Within the last quarter of 2010, there were far-reaching changes in the ULIP plans made by the IRDA. As IRDA capped the rates, elongated the minimum period and also assured maximum returns on insurance investment, the ULIPs became more stable than before. There has been a sustained discussion on providing more autonomy to the banks so that they could easily act as an insurance agent for promoting products from various insurance providers. Though this decision has not been taken as of yet, but it is soon to come into effect within the first three months of 2011.

What are the predominant insurance trends in 2011?

The changes mentioned above in the year 2010 have already set a clear path for the insurance trends for 2011 and beyond. Have a look at some such trends in the respective insurance industries.

– The life insurance industry

The aforementioned changes in the ULIP will make it more sought-after in the year 2011, however, there is a slight possibility that the insurance providers may revert from selling ULIPs and ask them to get back to their traditional life insurance policies. The whole life insurance policies, money-back plan and the endowment plan will gain more significance in 2011. The term life insurance policy may get cheaper making it affordable among most US consumers. Apart from this, the banks will certainly increase their focus on the insurance industry.

– The medical insurance industry

With the surging medical costs, the cost of medical insurance will also go up. Both in domestic areas and overseas, there will be a huge competition in the health insurance industry as there will be some new plans coming in. Despite the initial high rates, the rates will go down in the long run. Consumers are advised to be aware of such insurance policies where you’re being offered unnaturally low premiums.

– The auto insurance industry

The auto insurance industry will see some new players again in 2011. There will be a rise in the demand for comprehensive package due to the increase in the number of vehicles on the roads. You must highly focus on getting a comprehensive auto insurance package.

You may also consult advisors for a reputed and really cheap auto insurance. If you’re a careful driver, you can surely boost your deductibility and lower the premium rates on your policy.

Getting an insurance policy is a prerequisite for people to safeguard themselves from incurring unnecessary expenditures. Not having an insurance policy may get you into serious financial trouble where you may have to go through a debt consolidation blog to get rid of your multiple debts. Educate yourself on the predominant trend in the insurance industry so that you can take an informed and a measured decision while getting a policy.

Angela B. is a contributory writer associated with a really cheap auto insurance community and has written several articles for various financial websites. She holds her expertise in the insurance industry and has made significant contribution through her various articles.

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The European Insurance and Occupational Pensions Authority (EIOPA) has selected Gabriel Bernardino to become the Authorities’ first Chairperson. Mr. Bernardino, who is currently the Director General of the Directorate for Development and Institutional Relations at the Instituto de Seguros de Portugal (ISP) was elected by the Board of Supervisors of EIOPA.

His nomination follows a pre-selection of the European Commission and is subject to confirmation by the European Parliament. Mr. Bernardino represented EIOPA’s predecessor, CEIOPS, as Chairman between October 2009 and December 2010.

The Chairperson is an independent representative and chairs the meetings of EIOPA’s Board of Supervisors as well as the meetings of its Management Board. He represents EIOPA to the Council of the European Union, the European Commission and the European Parliament and is elected for five years. His term can be extended once.

Source : EIOPA Press Release

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    Croatia recorded its first death linked to swine flu this season as a 60-year-old man infected with H1N1 virus died at a Zagreb hospital, the national public health institute said on Tuesday.

    By December 24 a total of 22 people had contracted the H1N1 — swine flu — virus, it said in a statement.

    Two of them developed serious clinical symptoms that led to complications with lethal outcome for one of the patients, the institute said.

    The World Health Organisation declared the swine flu pandemic over in August, more than a year after the virus that emerged from Mexico sparked panic and killed thousands of people around the world before fizzling out.

    Swine flu has killed 163 people out of almost 36,000 cases reported in 76 countries, according to the WHO.

    Zagreb, Dec 28, 2010 (AFP)

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      Four eastern and southern European states face a shrinking and ageing population, the World Bank warned Thursday, calling for urgent policy changes to prevent knock-on effects on health and social care.

      Projections in Bulgaria, Croatia, Latvia and Poland show a steady increase in the population aged 65 and older over the next 50 years, according to a new World Bank study presented in the Bulgarian capital.

      Meanwhile, the working age population, whose taxes and social security installments will have to support pensioners, is set to shrink by almost a third, the study found.

      In 2025, more than 20 percent of Bulgarians will be 65 or over, up from just 13 percent in 1990, World Bank experts said at the presentation.

      The average Slovene will be 47 years old, among the oldest in the world, they cited in another example.

      “The shrinking and ageing population will put pressure on public expenditures, including those related to the provision of long-term care,” the World Bank’s representative in Bulgaria, Markus Repnik, said.

      “Therefore countries need to find solutions that are based on two principles — fair financing for those who need assistance and fiscal sustainability,” he advised, adding that the governments should lose no time in addressing what he called “substantial challenges” in their health and social care systems.

      Strong fiscal pressures from long-term care expenditures could be avoided if countries turned from institutional to community-based care for the elderly and transferred some of the services over to the private sector, World Bank economist Johannes Koettl also noted.

      World Bank senior health specialist Sarbani Chakraborty, who led the study team, meanhile suggested that young people be encouraged to increase their old-age savings as the current pay-as-you-go systems were becoming increasingly unsustainable over the years.

      Sofia, Dec 9, 2010 (AFP)

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      When it comes to deciding which stars will sparkle in a new movie, it’s not just the director’s fancy, the studio’s demands, the tastes of the fans or even the casting couch making the final call. It’s also a bunch of insurance guys.

      That’s what we learned when the production team behind “Inferno,” a biopic of tragic ’70s porn star Linda Lovelace, announced they had replaced their original star, Lindsay Lohan. For months, director Matthew Wilder touted the dynamic comeback performance the troubled starlet would unleash; this week he replaced her with Malin Akerman because of “the impossibility of insuring” Lohan.

      Read more here…

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      Aid workers Friday launched a mass vaccination campaign against polio in the Republic of Congo, where more than 100 people have died since October a Red Cross official said.

      “The vaccination campaign indeed began today at Pointe-Noire and in the (neighbouring) Kouilou” region, said the official, who asked not to be named but is a member of the crisis committee based in Pointe-Noire, the economic capital and an Atlantic port.

      “The figures are alarming. There are 105 dead for 240 cases registered across the country. Most cases we have registered are in hospitals,” the Red Cross official added.

      On Thursday, the health ministry, the UN World Health Organisation (WHO), the UN Children’s Fund (UNICEF) and the Rotary Club jointly announced the campaign “targeting three million people (…) in response to a polio epidemic which has unusually claimed a majority of adult victims.”

      “You mustn’t think this campaign will only cover Pointe-Noire,” Health Minister Georges Moyen told journalists Thursday. “On November 18, it will be the turn of Brazzaville, which like Dolisie and Nkayi (in the southwest), is also affected by the epidemic.”

      These four principal towns in the central African country account for more than three quarters of the Congolese population of 3.6 million inhabitants, according to official figures.

      Moyen said that “the vaccination will be carried out door-to-door, even in administrative offices,” and added that 12 million doses of the vaccine would be needed to complete the operation, including booster shots.

      In a statement, the WHO said that neighbouring Democratic Republic of Congo and Angola would also be the object of vaccination campaigns.

      Polio was thought to have been eradicated in Congo, where no cases had been registered since 2000, according to the WHO.

      “According to our preliminary epidemiological inquiries, this is an imported polio virus,” Congolese health director Alexis Elira Dokekias recently told AFP, adding that “the greatest number of cases are (…) between 15 and 40 years old,” which is unusual. Polio generally affects children.

      Dokekias said that the victims are “certainly people who have either been vaccinated before by vaccines no longer effective or not vaccinated.”

      In 2000 and 2001, the Congo, the Democratic Republic of Congo, Angola and Gabon carried out synchronised campaigns against the polio virus.

      Brazzaville, Nov 12, 2010 (AFP)

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      Aviva France Chairman and CEO Jean-Pierre Menanteau has announced his immediate resignation during Wednesday‘s executive meeting according to information from French insurance magazine La Lettre de l’Assurance.

      An internal note informed employees this afternoon. Corroborating sources within the company indicated that Jean-Pierre Menanteau was displeased with at least one social policy issue from the UK parent company.

      The board was surprised at Menanteau’s decision and expressed its deepest regrets.  La Lettre de l’Assurance indicates that for a transition period, Andrea Moneta, CEO of Aviva EMEA and Vice President of Aviva France, is to replace Menanteau as non-executive CEO at the board of directors.

      Corroborating sources also indicate that Nicolas Schimel, currently distribution manager would become general director and be assisted by Jean-Luc François, current deputy general director.

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      Allianz Retail’s Corporate Partners team has appointed Helen Rickards as its new client services manager. Helen, who joined Allianz in 2000, moves from her role as operational change manager, within the wider Retail Division, to take the newly-created position.

      In her previous post, Helen was responsible for a team of nine business analysts across two operational sites which, amongst other projects, led the business implementation of Allianz Retail’s new direct motor product, Your Cover insurance.

      As client services manager, Helen will supervise the integration of new corporate partners into the Retail business, ensuring a smooth transition from tender through to the implementation process.

      Commenting on her appointment, Helen said: “Corporate Partners is a growing area of the Retail business and I am looking forward to further strengthening the client services team with new recruits in the coming weeks. Maintaining and developing client relationships is core to the growth of the business and, with the expansion of the team, we hope to see a number of new business wins in 2011.”

      Source : Allianz Press Release

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        Insurance has for decades been a simplistic, One Size Fits Whether You Like It Or Not cash cow. Until now, not much has changed but prices, and the insurance issues have been entrenched in legalistic rituals. Some of the strangest documents imaginable are old type car insurance policies. One venerable old insurance company has a complete section detailing specific instances in which the insurer won’t pay claims. Not exactly an incentive to buy a policy and it’s indicative of the level of vulnerability of the old style insurers.

        The old style insurance sector is ripe for being undercut, thanks to these archaic practices, bureaucracy, and “premium creep”. Competition has now arrived in the form of new predators, the New Economy insurance businesses which are gouging out huge new market shares in all sectors.

        Custom insurance- What it is and how it operates

        The new approach is based on custom insurance. This is a simple idea in theory, but its practical aspects have been cutting swathes through the established businesses. Custom insurance is based on simply insuring specific instances. For car insurance, if you use the car less, you pay less insurance. If you have special requirements, there’s a “check list” of options, tailor-able to your needs. For home insurance, the same thing, with a range of options.

        Now the clincher: the insuring party, not the insurer, can modify these policies at will, and online. If the insured person needs advice, these businesses have a sort of help line/advisory service. This is like a phone plan option, and it works.

        The reasons for their success are very clear:

        – The new insurers operate online, doing all their business without a massive organization and overheads adding costs.

        – They have practically no overheads, relative to the old style businesses.

        – They can outsource insurance claim checks on a needs basis, and cherry pick the best claims checkers because they’re doing a lot of business.

        – They charge like companies trying to get market share, ultra competitively.

        – Everything is paperless, verifiable at both ends and through third party payments. No loose ends and bureaucratic slip ups.

        – They can afford to be comparatively generous in payouts, because they’ve already saved millions in costs.

        The future and custom insurance

        One thing is becoming very clear as the custom insurance and New Economy business models interact- They’ve only just started to evolve. It’s quite likely that the insurance models will expand into other modes, as many other types of insurance, notably life insurance, have developed.

        These policies have huge implications for the insurance market as a whole. A No Frills, No Questions basic set cost cover on preset premiums, for example, could be a category killer, particularly at the lower rates New Economy businesses can afford to charge.

        If you’re in the industry, now is the time to start paying close attention. Everything from car insurance quotes to home, life and fire insurance can be turned into packages, and the commercial realities are unavoidable for those going against this new methodology.

        Source : www.youi.com.au

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        Aon Benfield Securities, the securities and investment banking operation of Aon Benfield, reinsurance intermediary and capital advisor, today announces the launch of its latest report on the insurance-linked securities sector.

        The Insurance–Linked Securities Third Quarter Update 2010 highlights that issuance of insurance-linked securities (ILS) was in line with expectations in the third quarter.  The report also details the Aon Benfield ILS Indices, which posted exceptional returns due to an overall increase in demand for catastrophe bonds and a mild U.S. Hurricane season through September 30.

        Aon Benfield Securities publishes its indices each month on Bloomberg and through the Thomson Reuters online ILS community.

        Two catastrophe bonds were brought to market during the period, transferring a total of $232 million of risk into the capital markets. As of September 30, 2010, a total of $2.8 billion of new ILS transactions had been brought to market in 2010 and $11.1 billion of catastrophe bonds were outstanding.

        Paul Schultz, President of Aon Benfield Securities, said: “Year-to-date issuance in the ILS market has been dominated by transactions covering U.S. Hurricane, pushing investors’ exposure to previously unseen levels. This phenomenon has led to strong investor demand for insurance-linked securities without U.S. Hurricane risk, in an ongoing attempt to achieve diversification across their portfolios.  With some rebalancing of investors’ portfolios and scheduled upcoming maturities, demand for U.S. Hurricane risk will improve into the fourth quarter.”

        Secondary trading during Q3 was variable, with heavy trading volumes in short-dated U.S. Hurricane and Europe Windstorm bonds seen in August and September. Throughout the quarter, investor demand in the secondary market remained strong.

        Source : Aon Benfield Press Release

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        Swimming pools in the Philippines’ richest neighbourhoods could be partially to blame after tens of thousands of people were struck down in a dengue fever outbreak, health authorities said Friday. Caused by a mosquito-borne virus that inflicts an influenza-like illness, dengue is an annual scourge during the country’s wet season, with residents of Manila’s slums usually comprising many of those affected.

        However health authorities at the Manila suburb of Muntinlupa suspect that the carrier mosquitoes could be breeding at swimming pools in Ayala Alabang, home to some of the wealthiest Filipinos, said surveillance chief Romeo Javier.

        “These mosquitoes don’t make a distinction between rich or poor,” Javier told AFP, adding that dengue cases have also been reported even in the affluent enclave. “It’s one angle we are looking into,” he added.

        Local health authorities have formally notified the city mayor about the issue, the city health official added. The leafy, gated community of Ayala Alabang sprawls over nearly 700 hectares (1,729 acres) of southern Manila. The area’s housing association could not be reached for comment Friday. The Philippine Daily Inquirer newspaper quoted an official as saying they are checking the untended pools of houses of deceased owners or properties that have been foreclosed by banks.

        June Corpuz, a staff member at the health ministry’s National Epidemiology Centre, told AFP it was plausible that the mosquito species that spreads the virus could be breeding in swimming pools found in the homes of the rich.

        “They can lay eggs in any type of clear water,” she told AFP. She said the ministry had monitored 84,023 cases of dengue up to September 11, already double the cases for 2009. The disease can lead to a potentially deadly complication called dengue haemorrhagic fever.

        The health ministry said this year’s death toll has topped 500, compared to 369 for the whole of last year. The World Health Organization said dengue incidence has risen dramatically around the world in recent decades, with two-fifths of the global population at risk. Southeast Asia and the Western Pacific are considered the most seriously affected, it said on its website.

        Manila, Sept 24, 2010 (AFP)

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        AEGIS London, the UK- based subsidiary of mutual insurer AEGIS (Associated Electric & Gas Insurance Services Limited) has announced it will be holding a conference for its Canadian coverholders on October 19 in Toronto, Canada.

        The conference, chaired by John Chambers, Deputy Underwriter for AEGIS London, will aim to help coverholders get the most out of their relationship with AEGIS London. Key topics to be addressed will include managing a Lloyd’s contract through the cycle and recent market wide claims issues. AEGIS London will also take the opportunity to showcase new product lines including contingency, hospitality and accident & health. Around 80 of AEGIS London’s Canadian coverholders are expected to register and participate in the one-day event.

        Commenting on the forthcoming conference, John Chambers said: “We previously ran an event like this in Vancouver in 2009 and hope that this year’s conference in Toronto will prove to be as successful. Meeting directly with our Canadian coverholders in this type of conference setting provides a valuable opportunity to share views on the market and discuss the key challenges facing the commercial property and casualty sector.”

        Source : AEGIS Press Release

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        The regular use of alcohol-based disinfecting hand gels authorities recommended during the A(H1N1) pandemic has little effect on the disease’s infection rate, according to a study published Sunday.

        The findings suggest that the pandemic virus and similar strains may be most effectively transmitted in the air, rather than by contact with infected surfaces, the authors of the study said.

        “An alcohol hand disinfectant with enhanced antiviral activity failed to significantly reduce the frequency of infection with either rhinovirus or influenza,” wrote the authors of the study presented Sunday at the Interscience Conference on Antimicrobial Agents and Chemotherapy (ICAAC) here.

        Participants in the study disinfected their hands roughly every three hours over ten weeks between August 25 and November 9, 2009. Of that group, 42 out of 100 contracted rhinovirus infections, compared to 51 out of 100 in the control group. Similarly, 12 of those regularly disinfecting their hands contracted the so-called swine flu, compared to 15 in the control group.

        “The hand treatment also did not significantly reduce the frequency of illnesses caused by the viruses,” said the authors of the study led by Ronald Turner of the University of Virginia. The study was financed by the Dial Corporation, which makes various care and cleaning products, including alcohol-based hand sanitizer.

        “The results of this study suggest that hand transmission maybe less important for the spread of rhinovirus than previously believed,” the authors said.

        “This study suggests that protection from infection with these viruses may require increased attention to aerosol transmission of virus,” they added.

        ICAAC, the principal international meeting on infectious diseases, has brought together some 12,000 specialists to Boston for presentations and discussions between September 12-15.

        Boston, Sept 12, 2010 (AFP)

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        Many parents give their children too large or frequent doses of non-prescription medicines for fever, coughs and colds, putting their health at risk, according to an Australian study released Monday.

        “Many children are being put at risk by parents’ over-use of widely-available over the counter medicines for fever, coughs and colds” concluded the study by University of Sydney researchers presented at a conference of the International Pharmaceutical Federation.

        “We were surprised and concerned to find that some people thought that medicines must be safe because you can buy them without prescription”, said Rebekah Moles, who headed up the study of 97 parents and day care centre employees.

        “Taking all the scenarios together, 44 percent of participants would have given an incorrect dose, and only 64 percent were able to measure accurately the dose they intended to give”, said Moles. Only 14 percent managed the fever scenario correctly.

        The noted that 48 percent of calls in 2008 to the New South Wales Poisons Information Centre, which receives all out of hours calls from around Australia, concerned accidental overdose in children, with 15 percent needing hospitalisation.

        Australia is unlikely to be a special case, the researchers said, and they believe that the inappropriate use of children’s medicines is widespread throughout the world.

        “It is vital that parents worldwide should understand the proper usage of medicines so that they do not continue to put their children’s health at risk,” said Moles.

        Lisbon, Aug 30, 2010 (AFP)

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        US billionaire Warren Buffett is interested in buying Royal Bank of Scotland’s insurance business Direct Line, a report said Sunday.

        Spiraling claims from car accidents have led to heavy losses at RBS’s insurance arm and the bank has brought in a team of advisors to help sell the business, according to the Sunday Times.

        RBS,  which is 83-percent state-owned after being bailed out by the British government,  has been ordered by the European Commission to sell Direct Line to fall into line with competition rules.

        Berkshire Hathaway, the investment vehicle owned by Buffett, is among a clutch of potential bidders interested in the business, the Sunday Times reported. US insurer Allstate has also expressed an interest, it was claimed.

        RBS would not comment on speculation over potential buyers, but did confirm it had engaged a team of advisers to see through the sale.

        Direct Line was being lined up for a stock market flotation, but the significant losses made by the business are thought to have derailed the plan.

        London, Aug 29, 2010 (AFP)

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