HSBC Sells Assets as Ireland Floods

NCD News: HSBC Sells Assets as Ireland Floods - 01.12.09

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HSBC Sells Assets as Ireland Floods: >>>> According to the Irish Independent newspaper, parts of Ireland may become uninsurable following the recent floods in the country. It was suggested that reinsurance companies are likely to become more aggressive with their premiums, leading to some areas being uninsurable. Hibernian Aviva has said that the cost of the flooding in Ireland may be more than 250m Euro while others have suggested it may be much higher.

>>>> The leader of Ukip and wealthy insurance broker, Lord Pearson of Rannoch, is facing allegations of bribery against the then President of Costa Rica who they were overcharging for insurance premiums in 1997. Pearson's firm of Lloyds brokers, known as PWS was subsequently sold after the launch of an investigation into the allegations. The sale did not include any legal responsibilities resulting from the legal dispute. Pearson took over the leadership of Ukip at the weekend and claims to have no personal knowledge of the dealings in Costa Rica, despite the premiums providing a substantial chunk of the company's income. Costa Rican officials enjoyed a "training" fund at the expense of PWS amounting to $1.6m. The Serious Fraud Office is continuing its investigations and say that while pursuing the company is futile, individuals may be liable. Pearson claims that offering money for treats and days out was normal practise at the time.

>>>> Marsh & McLennon (MMC), one of the worlds largest insurance brokers is said to be considering purchasing part of HSBC's insurance business. HSBC Insurance Brokers business is said to be worth £150m - £200m and is ranked as the UK's ninth largest broker, but is no longer considered to be part of the banks core business strategy. MMC's broking business is looking to expand it's international business and it is thought that talks are at an advanced stage.

Meanwhile, Jardin Lloyd Thompson has purchased HSBC Actuaries and Consultants (HAC) from HSBC Insurance Brokers for £27.25m. HAC employs 440 staff and covers investment and risk consultancy and administration. JLT say that the acquisition fits squarely with other bolt on businesses they have acquired.

>>>> Research carried out by The Post Office has found that despite the popularity of remote holiday destinations, most travellers have no idea which vaccinations they might require when travelling. 56% admitted they didn't know which countries require vaccinations and one in three do not know if they have ever had travel vaccinations or what they were vaccinated against. They also found that many travellers do not know that these vaccinations are available on the NHS.

>>>> Hiscox has released details of research into the risk to many small and medium sized businesses due to a lack of awareness about the rules regarding sexism, shouting and swearing in the workplace. 70% of British workers said that bad behaviour of this kind was commonplace at work. 70% of bosses said they were not concerned about the possibility of legal action, while 55% of workers said they would consider legal action if they felt it was right to do so. A spokesperson from Hiscox pointed out that Christmas was often a time when bad behaviour could cause problems and the perfect time to raise levels of awareness.

>>>> Research from Gocompare.com has shown that young people are increasingly being put off by high insurance costs and may not get on the road as a result. For many, insurance makes up two fifths of the cost of driving and is forcing young people to turn to their parents for financial help. 70% of parents contribute to driving lessons, while 32% help with the cost of the car. Another 30% of parents also help to pay for the insurance.

>>>> It has been revealed that thousands of Polish small business owners are paying National Insurance Contributions in the UK rather than in Poland, as they hope to secure a larger pension. It has been pointed out however, by the Polish labour ministry that someone making the minimum contributions will not accumulate enough for a pension. Despite this many people are taking the option as a way of avoiding high social insurance contributions in Poland. Some firms are even offering to act as a front to those who are not registered in the UK with claims that the customer could receive as much as £384 a month as a pension. HMRC have warned that this practise is illegal. †