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This Issue
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Broker warns off travel concerns for western staff
Companies with employees who regularly travel abroad have been warned by a leading risk advisor to review their overseas safety strategies after the recent terrorist bombings in Jakarta. After the suicide bombings at business hotels in the Indonesian capital, which killed seven and injured fifty, Marsh issued a list of advice for businesses, ranging from personal security measures, such as using legitimate airlines and hotels, to arranging contingency plans in the event of a crisis situation or medical emergency. Basic measures include equipping travellers with telephone numbers for local police and national embassies. In light of the demonstrations in Tehran in June, the report also advised workers avoid unofficial gatherings. It suggested that firms should distribute detailed travel schedules, with updates on the latest political and social events – particularly for countries that require special authority for travel – and the implementation of a “centralised booking system”, allowing employers to monitor their colleagues’ progress abroad. Withholding information such as occupation, rank and company at hotel check-ins was advised in the survey, which stressed the importance of adequate travel insurance and warned that cover against kidnap, ransom and extortion may be needed in some circumstances. Commenting on the report, Neil Irwin, Marsh’s Client Development Leader for Europe, the Middle East and Africa, said: “Doing business overseas is an increasingly normal element of trade. However, recent events such as Jakarta, the Mumbai terrorist attacks and the riots in Greece have brought into sharp focus the risks of doing business abroad. Staff caught in an emergency situation overseas need to have clear information, guidance and specialist support mechanisms to call upon. Businesses can do a lot to help their staff stay safe – and have a duty of care to do so.”
Rain cover for French holidaymakers
Summer’s here and now French sun-seekers can take out a policy which will give them cash back if their break is a wash out. Two French travel agencies have launched insurance cover for unwanted interruptions to the sunshine in conjunction with broker Aon. Pierre et Vacances and FranceLoc, will market the product which has been underwritten to enable travellers to claim part of the cost of their trip if they suffer at least four days of rain in a single week of the trip. In the statement announcing the launch the holiday firm said: "Aon France allows Pierre & Vacances to provide its clients with automatic reimbursement for part of their stay...if weather conditions don't meet expectations." Under the terms of the product the trippers will be able to claim up to Euro 400 depending on the number of days which are blighted by rain. Aon’s team behind the scheme will access French weather bureau data to calculate just how much rain there has been and whether the weather has been bad enough to trigger a claim. Policyholders just have to wait for the findings and will be notified by e-mail or text to be told if they are due compensation while they are on their holiday. A cheque will be dispatched shortly after the end of the trip. The scheme was thought up Herv Kayser, who told French daily Le Figaro that in a trial run last year, 10% of those interested in the insurance policy has suffered levels of rain which would have triggered a payment.
Miller opens for reinsurance in Singapore
Miller Insurance Services Limited is to launch a facultative reinsurance operation from its Singapore office after recruiting two senior brokers from rival Benfield. Nigel Cross and Adam Fuller joined the firm having spent considerable time within Benfield’s Asia operations and become the latest recruits within the broker’s Fac team which was launched in June. The firms has also recruited two other former Benfield staff to work within their London operation and said both Mr Cross and Mr Fuller will be based in Singapore. Mr Cross joins as Head of Asia Facultative Reinsurance. He started his career in 1991 and has been permanently based in Asia since 1996. He built his reputation in the non marine field, focusing on property, energy and construction. He led the Benfield facultative operations in the Asia Pacific region prior to joining Miler. Mike Papworth, Head of Facultative Reinsurance commented “The high level of knowledge and expertise that Nigel and Adam possess will enable us to offer a high standard of service to our current and prospective clients in Asia.”
Ambant adds support for Monaco Ironman team
With a month to go before the annual Monte Carlo reinsurance Rendez-Vous support is still coming in for the intrepid team GBU which will take part in the international half ironman contest which takes over the principality on the Sunday prior to the official opening of the Rendez Vous that evening. The team will be sponsored by Tobell Underwriting and Ambant as it aims to raise as much money as possible for the Prostate Cancer Charity. To put the task in context, in layman’s terms a half ironman is a 1.9 km sea swim a 90km cycle ride and a 21km run ( a half marathon in miles) and given the mountainous terrain in and around the principality coupled with the fact the swim is in the sea this is not the easiest of events. Spurred on by the sight of the elite endurance athletes last year a team of hardy London market luminaries are set to fly the flag in 2009. Team GBU comprises of International Editor for Business Insurance magazine Adrian Ladbury who will lead the team off at 7.15 am on Sunday September 6 in the swim, handing over to Neil Smith MD of London market underwriting agency Tobell who will take to the bike and the final half marathon will fall to Global Broker & Underwriter’s Editor Jon Guy. All three have been busy training and while the event will attract elite endurance athletes from across the world the team event has also taken off with over 35 teams now lined up to take part. The Prostate Charity works to fund work in the more effective treatment and diagnosis of prostate cancer which is the biggest cancer killer in UK men with one man dying every hour from the disease in the country. It also seeks to raise awareness of the disease amongst men, as early diagnosis increases survival rates significantly. The team has set up a page on the just giving website for people to make donations which go directly to the charity. Anyone who wishes to donate is asked to got to: http://www.justgiving.com/jonguyironman
Jon Guy
Editor
Global Broker & Underwriter
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