Falcon’s appointment is for the post of head of global reinsurance portfolio in Latin America and he will be base in the Miami reinsurance office. After holding to a range of positions supervising underwriting, actuarial and claims operations he has a quarter of a century of experience in reinsurance for Endurance.

Before Endurance he has managed the Latin and South America offices for Odyssey America Reinsurance Office. He was also positioned as the Vice President of American Reinsurance Company and General Manager of American Reinsurance Company in Chile in S.A.

Falcon was greeted with a warm welcome by President William.M.Jewett for his appointment and his experience in Latin American market that he brings along with him.

According to the ABI’s acting director, the current economic scenario makes it even more necessary that the people are not under insured or putting of any vital cover due to lack of knowledge about the insurance and its products.

There are 5 tips which are highlighted by ABI as follows:

• Disclosure of all facts and matters whether it is about a serious previous illness or a recovering one. It is important to clear all doubts if any with the insurer. If some information is hidden the claim can be turned down on its disclosure at a later stage.
• The home should be insured for rebuilding cost and not the market value. The buildings insurance cost must reflect the full amount of the rebuilding cost and not the market value of the home.
• Home improvements must be reflected in the sum insured. The extra value from improvements such as house extensions, new kitchen, bathrooms must be included when renewing the home insurance as it increases the rebuilding cost and the sum insured.
• Updating of the content cover. The value of the contents may change due to more number of music players and other stuff. The insurer must be informed when there is any expensive purchase of any items.
• Life insurance is based on health when the policy is taken and not on any subsequent changes. Life insurance is a long term contract. So as long as true and fair information is provided the premium amount shall stay unaffected as you get older, even if you fall ill.

There are 5 myths which are cleared by ABI as follows:

1. Myth: your car is worth for what you paid for and not what it costs to repay.

Fact: incase the car is stolen or damaged beyond repair, the insurer pays for the cost that is required to replace the car with a similar model today and not the cost that you paid to purchase the car as most vehicles loose the value over time.

2. Myth: If your house suffers subsidence it becomes insurable.

Fact: Subsidence (as well as landslip or heave) will usually be covered by building insurance. If after the claim you are having problems getting the cover there are some schemes available that can help cover properties with a history of subsidence. An insurance agent can help you with these.

3. Myth: The European Health Insurance Card (EHIC) is a substitute for travel insurance.

Fact: While the EHIC entitles you to any unnecessary state provided medical treatment, it does not provide full NHS coverage whilst abroad or pay for emergency repatriation to the UK. For these travel insurance is required.

4. Myth:Online insurance comparisons help choose the best insurance option.

Fact: make sure that the policy you choose serves you with what you need. Don’t choose the price alone and ensure you compare like-to like. Not all insurers are on comparison sites. It is more appropriate to contact the insurer directly in case you want some special requirements.

5. Myth: there is ‘Act of God’ exclusion in insurance policies.

Fact: there is no such exclusion in insurance policies. The policy will set out what is insured and what are the exclusions. The insurer will pay out for the loss that occurs according to the terms and conditions.

The commission has initiated the QIS as the series of studies to ensure the most accurate formulation of solvency 2 framework. This is the 5^th one in series, the 1^st four being taken place between 2005 and 2008. The previous studies have provided empirical basis for the preparation of the solvency 2 directive as well as the subsequent negotiations between the European Parliament and the council The results of the fifth QIS studies are likely to help the commission fine-tune the calibration of the Solvency Capital Requirement standard formula and the technical provisions and the own funds in the level 2 implementing measures.

According to the Internal Market and Services Commissioner Michel Barnier, the additional QIS5 for Solvency 2 is likely to provide with the details of the Solvency2 Implementing Measures and the exact calibration of those measures. The results of the study will further allow the Commission to estimate the requirements of capital that the insurance and the reinsurance companies will have to hold under the new solvency regime.

It is vital to know about the various laws, rules and regulations in UK related to Car driving. The important point here is that Motor Insurance is compulsory and not having a motor insurance if you own a vehicle is considered as an offense in UK. Auto insurance not only covers the expenses of your car but also medical expenses involved for yourself incase of an accident. It could also cover the other motorist’s liability in case of an accident. The benefits or extent of reimbursement mainly depends on the type of motor insurance chosen by you.

There are mainly 3 types of auto insurance available in UK,

1. 3rd party only Insurance
2. 3rd party car and theft Insurance
3. Comprehensive Insurance.

1. Third Party Only Insurance: Owning this insurance is the minimal requirement as per UK law’s amongst the auto insurances offered in the market. It covers damage to others involved in the accident. This includes passengers, other party in the accident and damage if any caused to someone else’s property in the accident. Hence, like the name suggests it covers all third party damages, however doesn’t cover the cost incurred by the owner of the motor vehicle due to the accident.

2. However there are some additional benefits provided by many companies in the market. Hence the exact benefit differs from company to company. While choosing the right auto insurance product, it is critical to understand the benefit and cover provided by the company.

2. 3rd party car and theft Insurance: This insurance type provides all the benefits mentioned above, however here the coverage of loss is in case of damage to your vehicle caused by Fire. It also covers loss against the car being stolen. While 3rd party only insurance provides security for accidents to 3rd parties, this insurance provides security against loss due to theft and fire.

3. Comprehensive Insurance: Again, like the name suggests this is an all inclusive insurance that covers both loss against accident as well theft and fire. Having this insurance is of utmost importance if your car value of very high. Apart from covering these 3 contingencies, different insurance companies also provide various other benefits depending upon the premium you choose to pay.

Cost of buying these auto insurances differ from company to company. The premium depends upon the type of insurance, the additional services, your gender, age, marital status, type of vehicle, your past driving record, complaints if any registered in the past, Duration of usage of your vehicle, Life of usage and the state where you stay.

This report comes as a surprise to many. The RSPCA, a symbol of UK’s love for animals that was founded more than 60 years ago to protect animals from cruelty, even before the NSPCC was formed to protect the children from cruelty. The figures highlight the need for having UK pet insurance for your dog to cover for potential damages and even expenses related to advertising and rewards in case of loss of or theft of the animal.

According to a report by the Metropolitan Police, there has been a sharp increase of over 74% in the number of cases if pet theft in London alone. There are many celebrity victims of dog-nappers including Lily Allen who lost her English Bull Terrier. This is why more people should be buying UK pet insurance policies. The cost of advertising for the loss of pet and declaring a reward to whoever returns or finds it can be quite expensive. Also it is important to note that the cost of a veterinary treatment in case the pet dog falls ill is very high. This is why one should consider having a pet insurance so that one doesn’t have any financial stress in taking good care of his / her pet dog.

Besides the expenses associated with having a pet dog, the occasional visits to the vet can put you in a financial stress. Dog owners then face the dilemma of whether they should treat their dog by paying the high vet charges or leave the dog suffering. This also leads to the dog being treated improperly and neglected. This is one of the reasons why the RSPCA recommends having pet insurance so that the owners do not have to worry about the expenses on their pet’s health and good medical treatment.

Having a UK pet insurance will also protect you from any kind of expenses that you might otherwise have to incur in case your dog causes an accident or injures someone. The UK pet insurance will cover you for third party liability and maybe even the court expenses if any You can even cover the cost of bereavement counseling after the death of your beloved pet.

In its latest report, the Treasury Select Committee said that in the year 2006 a very large number of UK citizens who traveled abroad were sold the UK travel insurance policies as per their needs and requirements. It said that there was considerable reason to believe that there was consumer detriment in the UK travel insurance market and there was an urgent need for a greater regulation on the policy cover offered by the travel agents and tour operators.

Figures show that over20 million people buy UK travel insurance cover every year. However, as per the report, many travelers are sold policies that are not suitable for them and do not provide them adequate cover, leaving them helpless if they meet an accident abroad or experience some problem while traveling.

The committee also pointed out that there was a low level of awareness among the travelers about the exclusions in their policies related to terrorist attacks. A large number of travelers last year would have been left without any cover in case of a terrorist attack.

John McFall MP, Chairperson, Treasury Committee, said, He added: ‘All too often, exclusions are buried in the small print of insurance policies. Holidaymakers are risking damage to their health or considerable financial loss if they require treatment while abroad or repatriation to the UK.’

He added, ‘There can be no doubt that consumers are suffering a detriment here, and that o vercoming this is a mammoth challenge for the insurance industry, for all those who sell travel insurance and for those who regulate them.’

Mike Naylor, Principal Researcher at Which?, said: ‘This is a damning report reiterating the urgent need for consistent regulation of travel insurance.

‘Our research shows that travel insurance is being mis-sold and consumers aren’t being given the appropriate information.’

‘There is no reason why travel agents should be excluded from regulation. People should have the same protection and peace of mind on holiday regardless of where they buy their insurance.’

A spokesperson at the Treasury said, ‘Last year the Economic Secretary launched a review of travel insurance, including a consultation which closed this week.

‘We will study the results of this consultation and the Treasury Select Committee report and announce our policy intentions in the coming months.

The survey was conducted by BMRB Omnibus in February 2007 revealed that a majority of the UK Insurance consumers ( about 69%) hated shopping for insurance. Nearly 52% of the respondents said that they had difficulty in comparing the insurance products available in the market. The survey also highlighted the fact that 46% of the consumers weren’t sure if they were being offered a good insurance deal.

The survey was commissioned by the Financial Services Authority (FSA). The FSA aimed at establishing five questions through the survey that would enable the UK Insurance consumers to select the right insurance product for themselves. The FSA pointed out that a number of worrying results emerged during the survey, suggesting the need for some quick measures to resolve them.

The consumers were asked about whether they had insurance cover already, to which 49% of the respondents said that they had no idea what they are covered for. Only 52% of the respondents rarely checked their policy to find out if they have adequate life cover. 25% of the respondents in the survey thought that they had to compulsorily buy the travel insurance sold by their travel agent without any knowledge that they can shop around for a better deal from someone else.

The trend that has emerged from the survey is a serious issue as it shows a low level of awareness among the consumers about life insurance. This highlights the need for creating consumer awareness about life insurance in UK. About 52% of the respondents believed that the insurance company would make it very difficult to get the claims settled. The FSA added that the consumers had a responsibility to give their exact and full details as the claims are settled on the information provided by them.

Vernon Everitt, Director, Retail themes, FSA, said: “Insurance plays an important part in protecting our families, homes and possessions. But, as with all financial products, consumers need to be capable and confident in making the right choices, including shopping around for the best deal and asking the right questions.”