Distribution and Marketing for Zurich’s General Insurance

Distribution and Marketing for Zurich’s General Insurance

Zurich Insurance Group (Zurich) announces the appointment of Dirk De Nil (50, Belgian citizen) to the position of Head of Customer, Distribution and Marketing for its General Insurance (GI) business. Previously he held the position of Head of Sales and Distribution for GI.
In his new role, Mr. De Nil will continue to report to Michael Kerner, CEO General Insurance. “I’m

Vermont Releases Final Health Insurance Rates

Vermonters can expect to pay slightly lower premiums than those initially proposed by the two insurance carriers approved to sell plans on the state's new health insurance Marketplace, called Vermont Health Connect.

The Green Mountain Care Board -- the regulatory authority for insurance and hospital rates in Vermont -- announced this week that it negotiated 4.3% to 5.3% rate cuts in individual and small-group plans offered by Blue Cross Blue Shield of Vermont and MVP Health Care. The rates go into effect Jan. 1.

Vermont approved six "metal" plans in its health insurance Marketplace, also called an Exchange. There are two bronze, two silver, one gold, and one platinum plan, each with different combinations of copayments, coinsurance rates, and limits on annual out-of-pocket spending.

Every plan must cover the same services, but the companies pay a bigger share of costs going from the bronze to platinum. Bronze plans pay about 60% of the average person's health costs. Silver plans pay 70%, gold plans 80%, and platinum plans 90%. Customers pay the remaining costs. (For example, customers pay 40% of the costs under a bronze plan.) Bronze plans have the lowest premiums, while the platinum plans have the highest.

In Vermont, final rates for mid-range silver plans are from $395 (BCBS) to $410 (MVP) per month for a single person. Family plans range from $1,111 (BCBS) to $1,151 (MVP) per month. About 100,000 state residents are expected to buy insurance through Vermont Health Connect.

Lower-income Vermonters can expect to pay 0.5% to 8% of their income on health insurance premiums, according to Robin Lunge, Vermont's director of health care reform. Financial aid in the form of state subsidies and federal tax credits are available to ease the financial burden for about 49,500 residents.

Under the Affordable Care Act, signed into law in 2010, each state must have a health insurance Marketplace in place by Oct. 1 for coverage starting Jan. 1, 2014. Most Americans will be required to have health insurance starting Jan. 1. Vermont is one of 17 states, along with the District of Columbia, that will run its own Marketplace.

SOURCES: News release, Green Mountain Care Board. Robin Lunge, director of health care reform, state of Vermont. Anya Wallack, chair, Green Mountain Care Board. Emily Yahr, education and outreach manager, Vermont Health Benefit Exchange-Vermont Health Connect.

Insurance is key to fostering economic growth and investment in the Middle East and North Africa region

Insurance can promote economic development, create jobs and boost trade across the Middle East and North Africa (MENA) region, according to “The Role of Insurance in MENA” – a new report from Zurich Insurance Group (Zurich) launched at the World Economic Forum, MENA summit, held in Jordan from May 24-26.

Though the MENA region has made considerable progress over the last decade, with some of the lowest insurance penetration rates in the world, there is still large growth potential in the insurance sector. However, insurance can help to transform the MENA economies to address many of the economic and social challenges facing the region, including helping nations to diversify and modernize their economies to create sufficient employment opportunities for the young. 

Insurance allows individuals and their families to protect their hard-earned assets, which provides economic stability for all classes of society. By providing risk transfer possibilities and facilitating capital formation, insurers also promote economic development. Insurance provides essential coverage to businesses that promotes trade and economic activity. Furthermore, by insuring trade and foreign direct investments, insurance contributes to sustainable growth across all market sectors. 

Saad Mered, CEO General Insurance Middle East & Africa, Zurich Insurance Group commented: “The role of insurance in emerging economies is often not well understood and underestimated. For these fast growing countries, insurance supports the pace of economic development and protects quality of life. It safeguards and rebuilds the foundations of economic activity after unexpected loss, like in the wake of natural catastrophes. Insurance can also play an important part in funding retirement solutions. It not only provides long-term savings vehicles, but also addresses risks that might affect the ability to save (i.e. disability) or living longer than expected (i.e. longevity risk) on one’s savings. In addition, given the long-term nature of their liabilities, insurers are ideally suited to provide finance for growth enhancing long-term investments. Finally, the insurance industry is a dynamic services sector which creates employment and entrepreneurship opportunities at all levels and in adjacent services sector.”

Insurance performs three core economic functions:
Risk transfer – insurance provides an efficient mechanism of risk transfer by pooling the risks of a large number of individuals (such as the family home being destroyed) based on the law of large numbers.
Risk management – by charging a premium that reflects the underlying risk, insurance provides a signal for efficient risk mitigation. Insurers also provide risk management advice and services to companies and individuals.
Capital formation – by collecting large pools of capital that are invested in capital markets, insurers foster capital formation that is available to fund long-term investments.
Through these functions, insurance enhances welfare, promotes economic activity and protects and supports the growing middle class in the MENA region.

Despite this, the MENA region has some of the lowest insurance penetration rates in the world. The average insurance penetration rate across the MENA region is 1.5%, which is almost four times lower than Singapore and almost eight times lower than the UK.

Against this backdrop, wider use of insurance in the MENA region would greatly speed up the region’s continued economic progress.

A concerted effort by policymakers, regulators and market participants is needed to address a number of market and regulatory challenges to enable insurance to grow in the region.

This includes:
Financial literacy – there is a widespread lack of financial literacy and a low-level of awareness about insurance products and their beneficial effects. Financial education is crucial to overcome this, and the public and private sectors should cooperate to broaden awareness.

Micro-insurance – insurance can be too expensive for the poorest part of the population. Insurers can tailor the products to reduce the thresholds for efficient insurance by simplifying policy terms and collecting payments in highly scalable ways (such as via mobile phones). Such tailored products can serve the needs of low-income households.

Regulation – Regulatory standards in the MENA region are relatively vague and less detailed and sophisticated than in developed countries. This can enhance the risk and screening costs for customers, allowing insurers with poorly developed risk management systems and poor reserves to enter the market. Therefore there is an urgent need to strengthen the regulatory framework and its enforcement.

In conclusion, insurance can play a crucial role in addressing the key challenges of the MENA region by protecting the assets of individuals, families and businesses and promoting economic development. However, a lack of trust and awareness by consumers is a major impediment for insurance in playing this role. On one hand, the insurance sector needs to develop affordable and tailored products for emerging markets that enable consumers to build up trust in the sector. On the other, it is vital for many countries of the MENA region to ensure that the right regulatory infrastructure exists to allow the sector to deliver the economic and social benefits that it is able to.

Zurich reduces its stake in New China Life Insurance Company Ltd. to 9.4%

Zurich Insurance Group (Zurich) announces that Zurich Insurance Company Ltd (the Company), a wholly owned subsidiary of Zurich, has successfully priced the sale of 97.5 million H shares (the Sale Shares) in New China Life Insurance Company Ltd. (NCI), representing 3.1% of the total issued share capital of NCI. The sale of the Sale Shares is being carried out by way of a private placement to a small group of institutional investors conducted on the Hong Kong Stock Exchange.

The Sale Shares have been priced at HKD 22.50 (approximately USD 2.90) per share. Upon the completion of the sale, which is expected to take place on July 16, 2013, the gross sale proceeds to be realized by Zurich will be HKD 2,194 million (approximately USD 283 million).

Following completion of the transaction, the Company will continue to hold 292.5 million H shares in NCI, representing approximately 9.4 % of the total issued share capital of NCI.

Geoff Riddell, Zurich’s Chairman for Asia-Pacific, the Middle East and Africa, commented: “Zurich is a long-time investor in NCI, and appreciates its high quality management team, clear strategy and good prospects within China’s life insurance market. The sale reflects Zurich’s desire to manage its financial exposure to a large single holding of shares. Zurich intends to reinvest the proceeds of the sale into investments in Asia. This will allow Zurich to hold its position in Asian markets while also diversifying its investment portfolio.”

Zurich survey: Insurance is no luxury in times of economic crisis

Europeans remain deeply concerned about the economic crisis. When it comes to reducing expenses, they see the greatest potential in the more discretionary areas of dining out, holidays and clothing. By contrast insurance, education and rent are viewed as essential. These are the findings of a survey conducted by GfK on behalf of Zurich Insurance Group (Zurich) in seven* European countries.

Not surprisingly, the economic crisis is worrying people in Mediterranean countries the most. About 70% of those interviewed in Portugal, 65% in Italy and 59% in Spain are highly concerned about the ongoing financial crisis. In Austria (44%) and Germany (38%) the percentage is significantly lower, yet, the Russians (31%) and the Swiss (28%) are the least concerned. Overall respondents believe that people themselves are more likely than politicians to find a way out of the crisis. While in Spain, one in six and in Russia, Portugal and Italy, one in  seven are afraid of  losing their job; in Germany and Switzerland under 5% and in Austria only 1% of those interviewed are afraid of being made redundant.

The Swiss, Germans and Russians say they are most likely to reduce their costs for dining out if they have to cut their family budget. The Austrians, Portuguese and Spanish would cut their travel budget and the Italians would spend less for clothing and fashion items. A quarter of Swiss, Germans and Russians and almost one third of Austrians would be prepared to pay less for their car or motorbike. Yet, they are very reluctant to cut back on insurance, education and rent, seeing these as essential rather than luxury expenses.

Respondents from all countries agree that despite the economic crisis the need for good insurance coverage has not changed. Over 91% of those interviewed in the Mediterranean countries and Switzerland would maintain their insurance even when forced to trim the family budget. And even in Russia, where the highest percentage of respondents said they would cut insurance costs, only 18% would do so.

The majority of Russians and Spanish would not skimp on their car insurance. Very much to the contrary are the Austrians, who are most likely to reduce car insurance if they had to save on insurance costs. For Italians, accident insurance is the most important coverage while Portuguese value their household goods insurance, and the Swiss and Germans wouldn’t want to relinquish their third party liability coverage. If they had to save on insurance costs, the Swiss, Portuguese and Germans are likely to look at life insurance, the Spanish at health insurance and the Russians and Italians at theft and fire insurance.

One third of Swiss and Austrians regards private pension provision in the current environment as important and they invest in life insurance or in a private pension scheme. 36% of the Portuguese and about one quarter of Germans, Russians and Spanish consider pension provision as important, yet, say that they don’t have money left for it. One in three Italians has not yet considered private pension savings. One fifth of Germans and Russians and one quarter of Spanish are afraid that their private pension provision will not suffice. The Swiss (8%) are least concerned about it.

MetLife Launches Group Accident Insurance

MetLife has added group accident insurance to its portfolio of supplemental health insurance products to help employers and their employees address the challenges associated with rising healthcare costs.

MetLife says that, with the voluntary group accident insurance, employers have a simple and affordable way to provide additional protection that can help their employees cover out-of-pocket expenses, such as deductibles, copayments and non-covered medical services that may result from an accident.

MetLife adds that the group accident insurance provides protection, including more than 150 different events that pay a benefit; coverage for active employees of any age, their spouses and their children (up to age 26) without a medical exam; no minimum employee participation requirements, waiting period for coverage to begin, or limitations on the number of accidents covered; portability (continuation of coverage); and premiums paid through payroll deduction.

© 2013 SourceMedia. All rights reserved. 

Get the Most from Your Auto Insurance

Motor vehicle collisions and other auto-related mishaps result in billions of dollars in property damage, medical and legal bills and lost income every year. Car owners need to protect their vehicle and themselves with auto insurance, but how do you know if you are properly covered?car steering wheel 150x150 Get the Most from Your Auto Insurance

It’s not enough to simply have car insurance. Car owners should be aware of what their insurance covers…and what it doesn’t. Better Business Bureau advises:

Understand the insurance coverage you are buying.Compare the different types of insurance and choose the coverage that best suits the vehicle you own and your financial situation. Most jurisdictions require you to carry liability insurance in case you are at fault in an accident. But if your car is relatively new or if you still owe money on it, you will want to consider collision insurance, as well.

Know and monitor the condition of your vehicle. When considering a new car purchase, think about maintenance costs. Cars that are expensive to service and repair are often targets for theft. If you are buying a used car, ask to see the title, check all the gauges, and consider getting a vehicle history report, which will tell you if the vehicle has ever been in an accident or flood.

Report damage to your insurance company as soon as possible. If you are in an accident, or if your vehicle suffers damage from severe weather, contact your insurance agent or claims center right away. They may be able to save you money and may also arrange to have your car towed if it’s not drivable.

Get to know your mechanic. Have them explain the repair process to you and get estimates in writing for large service jobs.

BBB rates tens of thousands of insurers, car dealers and auto repair facilities. Be sure to check out bbb.org before buying, insuring or repairing your vehicle.
- See more at: http://www.bbb.org/blog/2013/03/get-the-most-from-your-auto-insurance/#sthash.3eNNQnv1.dpuf

Employer Health Insurance Mandate Delayed Until 2015

The Obama administration will delay a crucial provision of its signature health care law, giving businesses an extra year to comply with a requirement that they provide their workers with insurance.

The government will postpone enforcement of the so-called employer mandate until 2015, after the congressional elections, the administration said yesterday. Under the provision, companies with 50 or more workers face a fine of as much as $3,000 per employee if they don’t offer affordable insurance.

It’s the latest setback for a health care law that has met resistance from Republicans, who have sought to make the plan a symbol of government overreach. Republican-controlled legislatures and governors in several states have refused funding to expand Medicaid coverage for the poor and declined to set up exchanges where individuals can buy insurance, leaving the job to the federal government.

The delay in the employer mandate addresses complaints from business groups to President Barack Obama’s administration about the burden of the law’s reporting requirements.

“The administration has finally recognized the obvious — employers need more time and clarification of the rules of the road before implementing the employer mandate,” Randy Johnson, a senior vice president at the U.S. Chamber of Commerce, the nation’s largest business lobby, said in an e-mail.

Valerie Jarrett, a senior Obama adviser, said in a blog post announcing the move that the administration decided on the delay so officials could simplify reporting requirements and give employers a chance to adjust their health care coverage.

The individual mandate, a linchpin of the law that requires most Americans to carry health insurance, remains in effect.

Ron Pollack, executive director of the consumer advocacy group Families USA, said the employer-mandate delay creates “a potential for some harm” to workers. Businesses that don’t offer coverage may now wait an additional year because there is no penalty, he said. And employers who provide “substandard” coverage that doesn’t meet the minimum requirements of the health law won’t be forced to improve it, he said.

Senate Minority Leader Mitch McConnell, a Kentucky Republican, said the delay confirms his party’s argument that “Obamacare costs too much and it isn’t working the way the administration promised.”

House Speaker John Boehner, an Ohio Republican, seized on the announcement to urge the White House to also delay the individual mandate.

“I hope the administration recognizes the need to release American families from the mandates of this law as well,” Boehner said in a statement. “This is a clear acknowledgment that the law is unworkable.”

The 2010 Patient Protection and Affordable Care Act allows the Obama administration to set the starting date for the information-reporting requirement that is key to enforcing the mandate that companies cover their workers. While the White House hadn’t yet announced a date, enforcement of the mandate had been widely expected to begin in 2014, an official said.

Congressional elections will take place in November of next year, and the delay potentially shields Democratic candidates from a backlash generated by the additional regulations on employers.

The White House had been in discussions with business groups over complaints about the reporting requirements and believes it can simplify the process, two officials said.

“As we implement this law, we have and will continue to make changes as needed,” Jarrett said in her blog post. “In our ongoing discussions with businesses we have heard that you need the time to get this right.”

The employer mandate imposes extensive reporting requirements on businesses including the months during which each employee and any of their dependents was covered by health insurance, the official said. The Business Roundtable said in a June 11, 2012, comment letter that reporting requirements would demand “substantial changes in administrative procedures and reprogramming of recordkeeping systems.”

According to a White House fact sheet, more than 96 percent of companies with at least 50 employees already offer health insurance to their employees.

The officials said the decision stemmed from a commitment in the administration to reduce regulatory red tape and drew parallels to a move earlier this year to cut the length of application forms for insurance provided through government- sponsored exchanges to three pages from 21.

Neil Trautwein, vice president and employee benefits counsel for the National Retail Federation, called the move “an unexpected but extraordinarily wise decision.”

It could lead companies to delay their own decisions on whether to offer coverage to all their workers, Trautwein said.

“The administration is certainly encouraging employers to continue and expand offerings,” he said. “We’ll see how that goes.”

Tim Taft, president and chief executive officer of Fiesta Restaurant Group Inc., reacted to news of the delay in a phone interview: “Hooray,” he said. “That’s so huge.”

“The delay affords us what is really needed, which is time to get our heads and minds around how this is going to work,” Taft said.

Obama has confronted opposition from Republicans at every turn of the law, which passed Congress with only Democratic votes and was later challenged before the U.S. Supreme Court.

Only 16 states have agreed to set up the new exchanges, or marketplaces to sell insurance to people who don’t get it at work. Twenty-four states have refused to expand Medicaid, as called for under the law, according to Kathleen Sebelius, Obama’s secretary of health and human services.

Congressional Republicans, who have vowed to try to repeal the law, have refused Obama’s requests for about $1 billion more to help enact the statute and ensure it runs smoothly. Instead, they’ve started multiple investigations into the implementation.

Nor is this the first time Obama has been forced to scale back the law’s features. In March, the administration said small businesses wouldn’t be able to give their workers a choice of health plans in exchanges set up just for them. In January, a plan to create new nonprofit insurers in states was curtailed after Congress capped funding for the companies.

With assistance from James Rowley in Washington. Editors: Mark McQuillan, Robin Meszoly

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Peliculas Online

Erie Insurance Offers Safety Tips for July 4th Outdoor Parties

Seven in 10 Americans who plan to celebrate the 4th of July this year will attend a barbecue, cookout or picnic, according to the National Retail Federation’s 2013 Independence Day survey. That amounts to 164 million people, a record number in that category.

To help people stay safe at parties this holiday weekend and all throughout the summer, Erie, Penn.-based Erie Insurance describes common outdoor party mishaps and simple ways to avoid them.

• Leave fireworks to the professionals. Approximately 9,600 fireworks-related injuries were treated in U.S. hospital emergency rooms in 2011, according to the most recent data published by the National Fire Protection Association (NFPA).

An estimated 17,800 fires were started by fireworks in 2011, causing $32 million in property damage, according to the data. NFPA’s data also show that fireworks cause two out of five reported fires on a typical Independence Day, more than any other cause of fire.

Erie Insurance said it has seen both personal injury and property damage claims caused by fireworks — including one in which a customer was shooting off fireworks in their yard and the sparks landed on a neighbor’s house, catching it on fire.

“Fireworks are wonderful way to celebrate our country’s birthday, but we recommend watching them at a community-sanctioned location, rather than setting them off yourself,” said Matt Myers, senior vice president of claims at Erie Insurance.

“There are just too many things that can go wrong, especially in a group of people and when children are nearby,” he said.

Myers added that if parents allow their children to play with sparklers, which NFPA says account for a quarter of all fireworks-related injuries, such sparklers should be extinguished completely in water to avoid having them unexpectedly reignite.

• Be careful when firing up the grill. More than eight out of 10 U.S. households owning a grill or smoker, according to a 2009 study conducted by the Hearth, Patio and Barbecue Association. Erie Insurance said it has seen fires caused by people putting their grills too close to the house.

“It’s not just the flames from the fire that can be a hazard,” said Myers, “but the radiant heat from the grill can melt vinyl siding, and can even catch a house on fire.”

The U.S. Consumer Product Safety Commission recommends grills be placed at least 10 feet away from any structure, and that they never be used in a garage, breezeway, carport or porch, or under any surface that can catch fire.

Erie Insurance also cautions against pouring lighter fluid over hot coals, which can cause a flash fire or explosion. If the homeowner dumps hot coals on the ground after the barbecue is done, the coals should be thoroughly doused with water to make sure they are completely out.

• Make the right kind of campfire memories. Gathering around a campfire roasting marshmallows and telling stories is a great way to spend time with family and friends — and more and more people are doing that with commercially manufactured fire pits designed for patios and back yards. But while fire pits can be a great addition to an outdoor space, it’s important to remember that anything that involves fire is inherently risky.

Erie Insurance recommends never putting a fire pit on a wooden deck. “We had a claim in which a customer thought the fire was out but the wind caught a spark, and that led to the deck catching on fire,” said Myers.

“We’ve also seen a situation where a customer started a fire in fire pit not realizing that the bottom had nearly rusted out, and the whole thing, burning embers and all, collapsed onto the wooden deck and started a fire,” he added.

• Tread carefully with pools, toys and games. Swimming pools, trampolines, playground equipment, volleyball nets — these and similar items can amp up the fun factor at an outdoor party, but homeowners should use common sense to keep guests safe.

“Even simple housekeeping, like storing toys and games out of areas where people can trip on them, can make your guests safer,” said Myers. “Using common sense, like not putting the volleyball net too close to the grill, can also make a huge difference.”

The insurer said swimming pools can be particularly hazardous, with the Centers for Disease Control and Prevention reporting drowning as the leading cause of injury and death for children between the ages of 1 and 4. The CDC offers several swimming pool safety tips including that children learn to swim and be closely supervised when near pools or spas.

Source: Erie Insurance

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Peliculas Online

Wisconsin Governor Vetoes Health Insurance Tobacco Surcharge

Wisconsin Gov. Scott Walker has vetoed his own plan to charge state workers more for health insurance if they smoke.

Walker’s executive state budget would have required state workers who smoke to pay $50 more per month for health insurance. Walker’s administration said the extra charge was necessary because health care is more expensive for tobacco users.

But Walker used his partial veto powers to erase the plan from the final budget signed June 30.

Walker’s veto message says new federal guidance on tobacco surcharges was issued after he drew up the fee plan that would make the program too cumbersome. For example, Walker wrote, a smoker could avoid the fee by joining a cessation program.

A Walker spokeswoman had no immediate comment Monday afternoon, and could not be reached later for details.

Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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