Reinsurance Brokers


 
Keywords
Calender
<<  April 2014  >>
MoTuWeThFrSaSu
31123456
78910111213
14151617181920
21222324252627
2829301234
567891011
Blogroll


    The case of two Italian marines charged with shooting two Indian fishermen is a bilateral matter concerning Italy and India, stated John Ashe, president of the United Nations General Assembly (UNGA), on 21 March. Ashe had just returned from a three-day visit to India, where he met Indian prime minister Manmohan Singh and the external affairs minister Salman Kurshid. The UNGA deals with multilateral matters rather than bilateral issues, Ashe said, apparently ruling out direct UN involvement in the case. The statement appeared to contradict earlier reassurances that Ashe gave to Italian deputy prime minister Angelino Alfano on 17 March. After that meeting, Ashe's office stated that during his visit the UNGA president would "be alert for whatever opportunity presents itself to raise the issue". Kerala chief minister Oommen Chandy has urged India's national government in New Delhi not to release the marines before their trial, even if the UN decides to intervene. Massimiliano Latorre and Salvatore Girone were part of a vessel protection detachment (VPD) aboard tanker Enrica Lexie, when the shooting is said to have occurred on 15 February 2012. The case has created a diplomatic rift between Italy and India and called into question the use of VPDs on merchant ships.



    http://www.ihsmaritime360.com/article/11943/un-resists-intervention-in-italian-marines-shooting-case?utm_campaign=%5bPMP%5d_PC5415_M36024March14_DeploymentEmail_HM&utm_medium=email&utm_source=Eloqua


    Site View.pdf (279.56 kb)

    International Association of Claims Professionals

    (IACP)


    UK Claims New Entrant Award 2014


    The award is open to entry by any new entrant into the claims section of the first or second year of a graduate or similar training programme, or apprentices, with any organisation that is a Regular Member, Run-off Member or Claim-Management Member (as defined in the IACP Bylaws) of the IACP who is based in the UK.


    Last year’s winner was Sarah Forshaw of Catlin.


    The winning entrant will receive an iPad and a complimentary place at the IACP London Conference 2014.


    The award will be judged by the London Conference Committee of the IACP with the announcement and presentation of the award being made by the keynote speaker at the IACP London Conference on Wednesday 30th April 2014 in the Old Library, Lloyd’s, London. 


    Entrants are invited to submit an essay of not more than 2000 words on one of the following subjects:


    1.    What is the importance of the claims function in the product which the insurance market sells?

    2.    How can claims management be enhanced by the use of Management Information and Data?

    3.    What behaviours and practices does a graduate need to build on academic learning and abilities to progress through to Board level over time?


    It is expected that the winning entry will provide innovative and practical conclusions and suggestions for consideration in claims management.


    Entries should be submitted to Steve Clarke at stc@steveclarkeconsultancy.co.uk.  The closing date for entries is Friday 28th March 2014.


    The decision of the IACP London Conference Committee shall be final.

     

     



     


    Gulf News speaks to Dubai Health Authority expert to get the lowdown on the new system.


           

    All emergency cases will be covered by the law. In fact, any emergencyprocedure 

    will not require pre-authorisation.italbai

     

     

    We are working with insurance companies to work out attractive family packages with

    All emergency cases will be covered by the law. In fact, any emergency procedure 

    will not require pre-authorisation.italbai

    low premiums to encourage organisations to provide family cover, says Dr Haidar Al

    Yousuf, Director of Funding at DHA.                                                                                

                                                                                                                                     

             

     

    Dubai: The new health insurance law for Dubai, which will be implemented from the beginning of 2014 in phases to be completed by 2016, is a step in the right direction. It will bring every resident of Dubai under its umbrella, offering them basic health coverage as a baseline. However, there are a few concerns about how the new insurance initiative will work and what it means for an individual.

    Gulf News spoke to Dr Haidar Al Yousuf, Director of Funding at the Dubai Health Authority (DHA) to shed light on the matter.


    How many people in Dubai will the new insurance scheme cover?

    The entire population of the emirates of Dubai will come under the purview of the new health insurance law. This includes nationals and expatriates numbering about 3 million. There will be different schemes for visitors as in their case, we are looking at emergency treatments. The particulars of this scheme scheme will be announced in time.

     

    Will this insurance coverage be the only one of its kind to be held by an employee or can he/she also have a government health card?

    Yes, this will be the only health coverage for the entire population. There will be no health card. All DHA facilities – clinics and hospitals- will be part of the insurance network.


    What happens to the health card?

    The health card will be replaced by the insurance card.


    What is the minimum premium and basic coverage promised to each person? What is the maximum?

    Organisations have to provide a basic health coverage with an annual premium anywhere between Dh500-Dh700 and a maximum insurance cover per persona per annum of Dh150,000.


    Which areas of health will be covered by the insurance? What will be included in the basic health coverage and what will be excluded?

    The basic coverage includes:

    • GP visits.
    • Referral to specialists.
    • Surgical procedures.
    • Tests and investigations.
    • Maternity and emergencies.

    Basic package obviously means all luxury medical expenses will be excluded. Cosmetic, dental and optical medical procedures will be excluded. In the case of dental, only dental emergencies will be included. Patients will not be entitled to private rooms, only general rooms will be provided under the basic cover.


    If Dh150,000 is the health cover per person per annum, will the co-insurance and deductibles (amounts paid by the holder of insurance as his contribution towards the treatment costs per episode) get higher? How will DHA ensure that the burden of added cost is not transferred to the common man?

    The minimum requirements (premium and annual coverage) will be defined by law and cannot be changed. Every thing that has been mentioned will be allowed. Special investigations will require pre-authorisation but if a patient needs it, it will be done with a pre-authorisation. No insurance company can shift the burden to the common man. Only insurance companies that can provide this basic health benefits with these premiums and the annual health cover can register with us. Only those who fulfill DHA criteria will be allowed.

    We will look at companies that have the ability to manage large portfolios, high numbers, acceptable benefits and less profit. There will be other high-end insurance companies catering to other kinds of clients. Even they can apply for additional permit to work out a basic package on our criteria.


    Who will decide the bracket of coverage and network?

    The government defines the minimum legal requirement and basic benefit package. Whether you are a cleaner or CEO, you are entitled to the basic package. If the organisation chooses to give anything higher than that and better insurance network packages, it will be their prerogative.

    (Every insurance policy has a network of hospitals, pharmacies and clinics which are involved in addressing and treating his case. So, a patient needs to be aware of which network his insurance policy is linked to as he can only avail of medical facilities at these the designated points (hospitals, clinics and pharmacies).


    Will the company pay only for employee insurance or will there be provision for family health cover? Who will bear the cost of an employee’s spouse and children’s insurance?

    We strongly encourage organisations to provide family health cover. However, we cannot force them to do this as small companies will not be able to afford it. They will then begin hiring only single executives and that will alter the social fabric. As a government, we want the emirate to attract families. We are working with insurance companies to work out attractive family insurance packages with low premiums to encourage organisations to provide for family cover. In case the employer does not, then the employee will have to pay for insurance cover for spouse and children.

    We are in the process of working out affordable packages that, with a small premium, will help the employee to be completely at ease about the health expenses of his/her family.


    Is this health insurance coverage linked to visa renewal like the Emirates ID?

    Yes, it will be linked. No insurance, no visa renewal.


    What will happen in case of an emergency? Who will pay for the costs?

    All emergency cases will also be covered by the insurance. In fact, any emergency procedure will not require a pre-authorisation. If a patient happens to be in an emergency situation and is taken to a hospital that is not covered by his insurance, he will still be taken there and emergency treatment will be carried out. Only after that can a hospital shift him/her to a hospital that is under the insurance coverage once his/her condition stabilises.


    What about chronic and pre-existing illnesses? Will the co-insurance amount to be picked up by the individual be higher?

    Chronic illnesses will be treated only six months after being in the insurance coverage. But once you have completed the six months, the illness will be considered a pre-existing one and expenses incorporated under the insurance.


    What about specific illnessnes like cancer? Will the insurance policy cover the long period of treatment and remission?

    We have planned a special fund and a special approach in such cases and will not burden the insurance provider. At the moment we are still working on the plan and cannot disclose it.


    In case a person goes into a vegetative state or a coma, will insurance cover it?

    Initially, the insurance company will have to bear the cost. Ultimately, the person will have to be sent back to his country of origin. I think all insurances work on the principle of pooling of risk wherein they have a large group of clients. Some make overt use of their services, some use it moderately and some do not have much use. But the premium amount is pooled and that pays for those in most need.


    How will DHA enforce the rule that the employer bears the cost and does not pass the burden to the employee?

    Legally speaking, no company can shift the burden of the premium on the employee and we will have strict punitive laws in place to take action in case an employee files a complain. In any case, the DHA is going to be the official insurance regulator. Our sophisticated electronic monitoring system called E-claim is already up and running. We monitor all transactions in the health sector to ensure optimum utilisation of the health services in the emirate.



    http://gulfnews.com/news/gulf/uae/health/dubai-health-insurance-how-2014-law-works-1.1268407


     

    Mr. Girishankar, Director was invited by organizers of Asian offshore energy conference to make a presentation

     on oil and gas Insurance in India. You may find the link to the conference.


    6India-Country_Review-Giri_Shankar-KM_Dastur.pdf (1.78 mb)

    Asiana Airlines has hired a new head of safety, four months after one of its Boeing 777-200ER had a fatal crash in San Francisco.

    Yamamura Akiyoshi will join Asiana as a senior executive vice-president in charge of safety and security management, effective 1 December.

    “I will focus on figuring out risk factors that can occur in the aviation industry and coming up with preventive measures. In addition, I will analyse proven worldwide aviation safety cases. The analysis will be applied to Asiana’s existing safety culture and continue to build the optimum safety management system,” says Akiyoshi.

    As part of its efforts to strengthen safety measures, Asiana has also evaluated its safety and security division and broken it into three teams focusing on: safety audit, safety prevention and aviation security. The division will report directly to the carrier's president and chief executive, Yoon Young-Doo.

    Akiyoshi has 40 years of experience at Japanese carrier All Nippon Airways, having worked in various roles, including director of corporate safety audit and general manager of flight operation. Most recently, he was in charge of safety inspectors at IATA.



    http://pro.flightglobal.com/news/articles/Asiana-Airlines-hires-new-head-of-safety-392861/

    Boeing and Hexcel have expanded their joint venture composites manufacturing facility in Malaysia to support increased production needs by the US airframer.

    The expansion has added 125,000ft2 (11,600m2) – 40% more floor space – to the facility of Aerospace Composites Malaysia (ACM), formerly known as Asian Composites Manufacturing. The M$50 million ($15.6 million) investment by the two partners includes a clean room expansion of 11,000ftand the installation of M$14 million of new equipment.

    “The added capacity is expected to be partially used to begin production of [Boeing] 787 fixed leading edge panels in 2014,” says US-based composites parts maker Hexcel.

    With the added capacity, ACM is also expected to grow its manufacturing workforce beyond its current 950 employees.

    Formed in 1998, ACM produces flight surfaces for all of Boeing’s commercial programmes. This includes producing aileron panels for the 747-8 and spoiler components and fixed leading edge panels for the 787 and 737NG.


    http://pro.flightglobal.com/news/articles/Boeing-expands-composites-manufacturing-JV-in-Malaysia-392855/

    Willis Lease Finance reduced its third-quarter net loss to $2.2 million compared with a net loss of $8 million in the year-earlier period.

    A $1.9 million profit was realised in the quarter from the sale of aircraft and engines to Island Air, says Willis in an earnings statement.

    An improvement in portfolio utilisation in the current quarter was overshadowed by asset write-downs and engine repair expenses, says the lessor. A year ago, the same quarter’s results were impacted by a $15.4 million charge for the extinguishment of debt and derivatives termination related to the closing of the WEST II financing.

    Total revenues improved 1.2% to $38 million. Lease rent revenues increased 12% to $25.8 million compared to $23 million a year ago.

    "Leasing activity in September was robust, with a significant number of new leases signed, lifting our utilisation to 88%, a level we haven’t seen for nearly three years," says Donald Nunemaker, president of Willis in an earnings statement. "One of the factors contributing to the improvement in utilisation is that the market for V2500-A5 engines, which powers the A320 aircraft type, appears to be coming back to normal in terms of supply and demand. We had eight of these engines off-lease in early 2012 and have only two of these engines available for lease today."

    "The $2.2 million loss in the current quarter was mainly due to the write-down of certain assets and the expensing of engine repairs," says Charles Willis, chairman and chief executive. "The non-cash write-downs totalled $4.3 million, representing 0.4% of our total asset base, consisting of a $2.6 million write-down of parts inventories related to engines we consigned to third parties in the past, and a $1.7 million write-down of two engines we decided to part out. We also expensed $2.2 million in the period for engine repairs completed on two engines in our lease portfolio. We feel the above actions are appropriate to maintain a vibrant and suitably valued portfolio. The foregoing expenses overshadowed an otherwise profitable quarter – excluding these charges, third quarter pre-tax income was $2.9 million."

    Liquidity available from the revolving credit facility was $138 million at quarter end compared with $111 million in the second quarter of 2013 and $159 million a year ago.

     

    http://pro.flightglobal.com/news/articles/Willis-Lease-reports-Q3-loss-on-asset-write-downs-392845/

    Willis Lease reports Q3 loss on asset write-downs

       LONDON
    05:07 11 Nov 2013 

    Willis Lease Finance reduced its third-quarter net loss to $2.2 million compared with a net loss of $8 million in the year-earlier period.

    A $1.9 million profit was realised in the quarter from the sale of aircraft and engines to Island Air, says Willis in an earnings statement.

    An improvement in portfolio utilisation in the current quarter was overshadowed by asset write-downs and engine repair expenses, says the lessor. A year ago, the same quarter’s results were impacted by a $15.4 million charge for the extinguishment of debt and derivatives termination related to the closing of the WEST II financing.

    Total revenues improved 1.2% to $38 million. Lease rent revenues increased 12% to $25.8 million compared to $23 million a year ago.

    "Leasing activity in September was robust, with a significant number of new leases signed, lifting our utilisation to 88%, a level we haven’t seen for nearly three years," says Donald Nunemaker, president of Willis in an earnings statement. "One of the factors contributing to the improvement in utilisation is that the market for V2500-A5 engines, which powers the A320 aircraft type, appears to be coming back to normal in terms of supply and demand. We had eight of these engines off-lease in early 2012 and have only two of these engines available for lease today."

    "The $2.2 million loss in the current quarter was mainly due to the write-down of certain assets and the expensing of engine repairs," says Charles Willis, chairman and chief executive. "The non-cash write-downs totalled $4.3 million, representing 0.4% of our total asset base, consisting of a $2.6 million write-down of parts inventories related to engines we consigned to third parties in the past, and a $1.7 million write-down of two engines we decided to part out. We also expensed $2.2 million in the period for engine repairs completed on two engines in our lease portfolio. We feel the above actions are appropriate to maintain a vibrant and suitably valued portfolio. The foregoing expenses overshadowed an otherwise profitable quarter – excluding these charges, third quarter pre-tax income was $2.9 million."

    Liquidity available from the revolving credit facility was $138 million at quarter end compared with $111 million in the second quarter of 2013 and $159 million a year ago.

    Airbus and Boeing have made much of the Asia-Pacific as a potential market for high-capacity aircraft such as the A380 and 747-8I, but this part of the market looks set to remain a highly specialised niche.

    In September, Airbus’s global market forecast for the next 20 years predicted a market of 1,334 high capacity aircraft, of which 47%, or 627 aircraft, will go to Asia-Pacific operators. Boeing’s current market outlook foresees global demand for 780 “large widebodies”, of which 34%, or 265 aircraft, will go to Asia-Pacific operators.

    Assuming that the truth in the two forecasts sits in the average between them, that would indicate that Asia Pacific carriers will account for 446 very large aircraft in the coming years, but data from Flightglobal’s Ascend Online Fleets database highlights how small the market for such aircraft has become.

    Asia-Pacific operators have 274 aircraft with more than 350 seats in service. Of these, 150 aircraft (55%) are in the 350-400 seat category, while 95 (35%) are in the 400-500 seat category. There are just 29 aircraft in the Asia-Pacific that Ascend shows as having capacity above 500 seats, accounting for just 11% of the region’s widebody market.


    Asia Pacific widebody fleet composition

    Flightglobal Ascend


    As for Asia-Pacific operators’ 204 firm orders for widebodies, Ascend indicates that only 17 aircraft on order have capacity above 500 seats, for an 8% share of total orders. Asia-Pacific operators have orders for 67 aircraft with capacity in the 400-500 range, for a 33% share, and orders for 120 aircraft with 350-400 seats, for a 59% order share.



    Widebodies on order with Asia Pacific carries as measured by capacity

    Flightglobal Ascend


    The Flightglobal Fleet Forecast 2013-2032, for its part, sees demand for just 183 high capacity aircraft over the next two decades, out of total demand for 1,800 widebodies in the region.

    It is all but inevitable that Boeing will officially launch its new 777X at next week’s Dubai air show. This aircraft, due to enter service in 2019, will have two variants, with the -8X accommodating 350 passengers and the -9X accommodating over 407 in a three-class configuration.

    Boeing has said that the 777X aircraft are likely to be 20% more fuel-efficient than the 777-300ER, which emerged as the true replacement of the 747-400. The Airbus A350-1000 should offer similar efficiency gains.

    Despite the optimism of the world’s biggest airframers over their flagship double-decker products in the Asia-Pacific, the current market size for such types and the advent of yet more efficient “heavy twins” will make for an increasingly challenging marketplace.


    http://pro.flightglobal.com/news/articles/ANALYSIS-Very-large-aircraft-face-dubious-future-in-Asia-Pacific-392796/