AXA FLOODING RESEARCH THE TRUE COST OF FLOOD INSURANCE

Size: px
Start display at page:

Download "AXA FLOODING RESEARCH THE TRUE COST OF FLOOD INSURANCE"

Transcription

1 AXA FLOODING RESEARCH THE TRUE COST OF FLOOD INSURANCE vember 2010

2 About AXA AXA Insurance is one of the largest general insurers in the UK and underwrites a broad range of products for individuals and businesses. Products are distributed primarily through brokers, intermediaries and corporate partners with some home, motor, travel and pet insurance also offered directly to customers through its website and via Swiftcover. AXA Insurance is the UK general insurance subsidiary of AXA UK which in turn is part of the AXA Group. AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Europe, rth America and the Asia/Pacific area. 2

3 Key flooding data 1 The Scale of the Flooding Problem: The Environment Agency estimates that 5.2 million homes in England alone are at risk of flooding that s one in six and 185,000 businesses. Many properties are threatened by surface water flooding, as well as flooding from rivers and the sea. The 2009 floods in Cumbria demonstrated how devastating flooding can be not just to homes, but also to businesses. The Environment Agency has estimated that if investment in flood defences stays constant there will be 350,000 more properties in England at significant flood risk by The insurance industry covers much of this risk. It paid out: 3bn after the 2007 floods. 174m after the 2009 Cumbrian floods. An average of 20 40k per household flood claim, and 60k per business claim. The levels of flood cover provided by the UK insurance industry today are almost unparalleled in Europe. 1 ABI Fighting Flooding Together Report vember

4 Introduction The long lasting effects of climate change and more frequent extreme weather incidents are of crucial importance to AXA. As we have seen through the devastation caused by previous floods, in order to mitigate their impact concerted effort by a number of different parties is required. Over recent years, the availability of flood insurance to those householders and small businesses located in flood threatened locations has been provided via a Statement of Principles - an agreement between the Government and the insurance industry whereby insurers agree to maintain flood cover with the proviso that the Government continues a programme of investment to improve flood prevention. Over time and as the nature of flood risk has changed, the reliance of the Statement of Principles has resulted in home owners or buyers in flood affected areas paying a premium lower than what is required. For AXA, this means that our technical prices are being subsidised by an average rate of 58%, i.e. on average, high flood risk customers are paying 42% of the premiums they should be paying. The current agreement between the Government and the insurance industry will finish in 2013 and a practical and sustainable solution to replace the Statement of Principles is required will mark the end of flood insurance as we know it and AXA intends to play a full part in helping to shape the future of flood protection. While we understand the need to bring fiscal stability to the public sector deficit, and welcome the Coalition s stated priority to prepare for and manage risk from flood and other environmental emergencies we were particularly disappointed in the cuts announced in the 4

5 Comprehensive Spending Review and DEFRA flood defence budget from 2.15 billion over three years to 2 billion over four years. Moreover, we want to see a long-term strategy to flood prevention being implemented by the Government rather than the short-term planning over single Parliamentary terms that we have become accustomed to. We also need a clear understanding of what the Government s revised spending plans for flood prevention will deliver; including a firm idea on how much funding is for new capital projects and how much is for maintenance of existing flood defences. To date, much of the discussion around flooding has been focused on river and coastal events we want to see much more attention given to the full range of flood risk management, including problems associated with surface water brought about by unusual rainfall patterns. In 2007, 75% of AXA s flood claims were as a result of surface water and in the Cumbrian floods of vember 2009 less than a third of AXA s flood claims were in a designated high flood risk region. This pattern has been repeated in the initial claims experienced from the Cornwall floods of vember

6 Background to research It was with the conclusion of the 2013 Statement of Principles in mind that AXA embarked upon research into attitudes and awareness of flood insurance in higher risk flood regions. Our rationale was our continued desire to promote early discussion and dialogue to ensure that at the conclusion of the Statement of Principles some other risk sharing formula would be embraced that would ensure continuation of flood protection. We believe an understanding and awareness of flooding issues among those living in affected regions would add to the debate. We have undertaken polling into how much consumers within flood affected areas understand their insurance protection their actual premiums and the relative costs of providing a real technical price for protection. Methodology The polling firm, ComRes, were tasked with carrying out the survey to assess attitudes towards flood insurance and to gauge consumer awareness of some of the funding issues surrounding the provision of such insurance. Those surveyed were householders in areas of flood risk and so would be required to ensure they had flood insurance. Over the course of 4 days this year (25 th 29 th August) they surveyed a total of 1000 individuals in 11 key regions; Ayrshire and Arran, Berkshire, Buckinghamshire, Cambridgeshire, Country Durham, Cumbria, East Yorkshire, Gloucestershire, rth Yorkshire, Oxfordshire and South Wales. The survey group contained representative numbers of men and women and also spanned all social classes from AB DE. 6

7 The Research We outline below the questions and responses, alongside graphical analysis of the response to individual questions based on the social class of the respondent. The rationale for the social class analysis is that individual constituencies have different socio-economic structures and given the difference in terms of attitude to subsidies and the right to low cost flood insurance it is useful to know where the most/least enthusiastic nodes for these opinions will be found. 7

8 Question 1: Are you aware that insurance premiums in your area are being subsidised by the premiums from people living in areas with a lower flood risk, or not? Our results provided a clear answer that 77% of respondents were unaware that their insurance premium was being subsidised by those living in areas with a lower flood risk. This shows a lack of awareness of the true cost of home insurance in these areas. Looking at the data further we found that among different age ranges the quartiles that were most unaware were those ages between (82%) and (83%). There exists also a higher lack of awareness among C2 (81%) and DE (79%) classes, than among AB (74%) and C1 (76%). We also see another interesting example in that the regions of Buckinghamshire and Cambridgeshire record the highest levels of a lack of awareness of subsidisation. 8

9 Social class % AXA Insurance Are you aware that insurance premiums in your area are being subsidised by the premiums from people living in areas with a lower flood risk, or not? DE C2 C1 Don't know AB 0.00% 20.00% 40.00% 60.00% 80.00% % 9

10 Question 2: Are you aware that if the Government does not continue to invest in flood defences, insurance companies may have to stop providing flood insurance, or not? Our results again showed a clear result that people had not considered the continued availability of insurance if the Government did not continue to invest in flood defences. Results showed that 66% were not aware. In particular we see least awareness among the younger quartiles notably (78%) and (76%). 10

11 Social class % AXA Insurance Are you aware that if the Government does not continue to invest in flood defences, insurance companies may have to stop providing flood insurance, or not? DE C2 C1 Don't know AB 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 11

12 Question 3: How much do you think the average premium in a high-risk flood region would need to rise to reflect the true cost of flooding insurance? Only 19% of respondents got anywhere near a correct answer, believing it to be above 40%. The true answer is well over 50%. This clearly shows a disconnection and lack of awareness between individuals and their insurance premiums. This is further validated as 36% of respondents (the highest respondent figure) opted for don t know. 12

13 Social class % AXA Insurance How much do you think the average premium in a high-risk flood region would need to rise to reflect the true cost of flooding insurance? Up to 10% 11-20% 21-30% 31-40% Above 40% Don't Know Don't know Above 40% 31-40% 21-30% DE C2 C1 AB 11-20% Up 10% 0.00% 5.00% 10.00%15.00%20.00%25.00%30.00%35.00%40.00%45.00%50.00% 13

14 Question 4: Do you think people who buy properties in high flood risk areas should expect to have access to affordable flood insurance, even if this is priced below the real cost to the insurer, or not? A majority of respondents (62%) agreed that people who bought properties in high flood risk areas should have access to affordable flood insurance, even if this is priced below the real cost to the insurer. This figure was highest among younger ages with 72% of people aged between and 69% aged between considering this to be the case. These figures contrast with those aged over 55, where 55% of those between and 53% of those aged over 65 think that affordable flood insurance should be provided. 14

15 Social class AXA Insurance Do you think people who buy properties in high flood risk areas should expect to have access to affordable flood insurance, even if this is priced below the real cost to the insurer, or not? DE C2 C1 Don't know AB 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 15

16 Question 5: If the insurers cannot continue to offer premiums below the real cost of insurance, do you think the Government should provide subsidies from taxpayers money, or not? At a time of fiscal tightening, question 5 asked respondents whether there should be Government subsidies. Although 52% of respondents replied that there should not be public subsidies, the figure for those that were in favour of subsidies was relatively high (42%) by comparison to other responses to questions during the research. Where we may have expected some divergences on this question was between social classes, this was not the case with only a 9% difference between AB (54%) and DE (45%). 16

17 Social class AXA Insurance If the insurers cannot continue to offer premiums below the real cost of insurance, do you think the Government should provide subsidies from taxpayers money, or not? DE C2 C1 Don't know AB 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 17

18 Question 6: Do you think developers should be allowed to build property in high flood risk areas, or not? The response we received for Question 6 was an emphatic, with 90% of respondents replying that properties should not be built on high flood risk areas. This answer articulates a clear view that respondents lay part of the blame at developers, and think they should be more cautious and considered in where property development takes place. It does though also raise issues concerning the role of Local Authorities in granting planning permission in areas threatened by flooding. 18

19 Social class % AXA Insurance Do you think developers should be allowed to build property in high flood risk areas, or not? DE C2 C1 Don't know AB 0.00% 20.00% 40.00% 60.00% 80.00% % 19

20 Question 7: If new properties are built in high flood risk areas, do you think home buyers should be required to sign a statement to show that they understand that they are purchasing a house in a high flood risk area, or not? The response to question 7 provided a strong response similar to that of question 6, in that 93% of respondents agreed that homebuyers should be required to sign such a statement. This raises an interesting parallel with the respondents on questions 4 and 5. The response to this question, 7, suggests that some liability lies with home buyers, driven by the declaration that they understand they are living in a flood affected area. However, the response to 4 and 5 were less definitive when respondents were asked for their views on whether people should have access to affordable flood insurance and whether there should be Government subsidies. 20

21 Social class % AXA Insurance If new properties are built in high flood risk areas, do you think home buyers should be required to sign a statement to show that they understand that they are purchasing a house in a high flood risk area, or not? DE C2 C1 Don't know AB 0.00% 20.00% 40.00% 60.00% 80.00% % % 21

22 Question 8: The real cost of insurance premiums in areas prone to flooding is 50% higher than the amount currently paid by consumers. Would you be willing to pay this extra for insurance protection? Just under two thirds of respondents (57%) replied that they would not be willing to pay this extra amount. This could be interpreted in a number of ways. First, that people are not prepared to pay more for their insurance as they are unable to afford it, or simply do not want to pay for it. Secondly, given that 38% said they would pay, it might suggest that insurance premiums are in fact low and people would be able to afford to pay an extra 50%, for the quality of life advantages of living in a particular area means that the rise in premium is justifiable. It is worth adding that there is a difference in the response among social classes with 42% of AB s saying yes to paying the premium, but only 34% of DE s saying yes. We see a similar relationship among those responding with 55% from AB and 61% from DE. 22

23 Social class % AXA Insurance The real cost of insurance premiums in areas prone to flooding is 50% higher than the amount currently paid by consumers. Would you be willing to pay this extra amount for insurance protection? DE C2 C1 Don't know AB 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 23

24 Home insurance some key facts AXA provides home insurance to 22,000 properties at high risk of flood The premium for these 22,000 properties is currently subsidised to the tune of 11.3m with each high risk property receiving an average subsidy of 511 Our technical prices are being subsidised to an average rate of 58% meaning that customers in these regions pay premiums at a level of 42% of what they should be This would suggest that every non-high flood risk customer is paying to cover the cost of this subsidy. In rough terms, this is about 5% of their premiums. 76% of properties are subsidised between 1-1,000 p.a. (45% between 1-500, and 31% between 501-1,000) 24

25 Conclusions Our research raises a number of public policy issues above and beyond access to affordable flood insurance. Most notably there is a clear lack of awareness amongst those living in high flood risk areas that their premiums are being subsidised. On a more equitable risk sharing model after 2013 the potential rise in property insurance premiums will come as a shock. We must also acknowledge the likelihood of a similar lack of awareness among householders who live in low flood risk regions but who currently cover the cost of the subsidy. The research also raises issues over housing. With the possibility of insurance premiums increasing, and a lack of commitment to people either wanting or able to pay anything extra, questions arise over access to current stocks of housing, future property development and the possibility of property blight. 25

Presentation by Michael Wade. Old Library, Lloyd s

Presentation by Michael Wade. Old Library, Lloyd s Presentation by Michael Wade Old Library, Lloyd s 8 th December 2015 What are some of the roles for Government - funded by the Taxpayer - in regard to domestic flooding? To identify the risk and scope

More information

Presentation by Michael Wade. Crown Representative for Insurance at the Cabinet Office of the UK Government. National Flood Conference Washington DC

Presentation by Michael Wade. Crown Representative for Insurance at the Cabinet Office of the UK Government. National Flood Conference Washington DC Presentation by Michael Wade Crown Representative for Insurance at the Cabinet Office of the UK Government National Flood Conference Washington DC May 2015 Role of the Crown Representative.. Role of the

More information

Aviva response to the European Commission s Green Paper on the insurance of natural and man-made disasters

Aviva response to the European Commission s Green Paper on the insurance of natural and man-made disasters Aviva response to the European Commission s Green Paper on the insurance of natural and man-made disasters Aviva provides 34 million customers with insurance, savings and investment products. We are one

More information

Submission to the inquiry on Future flood prevention by the House of Commons Select Committee on Environment, Food and Rural Affairs.

Submission to the inquiry on Future flood prevention by the House of Commons Select Committee on Environment, Food and Rural Affairs. Submission to the inquiry on Future flood prevention by the House of Commons Select Committee on Environment, Food and Rural Affairs Swenja Surminski Policy paper March 2016 ESRC Centre for Climate Change

More information

FLOOD INSURANCE MADE SIMPLE

FLOOD INSURANCE MADE SIMPLE FLOOD INSURANCE MADE SIMPLE Working with the profession to simplify the language of insurance TAKE COVER FROM RISING WATER Flooding can be destructive to our lives, our homes and our wallets. However investing

More information

Preparing for Climate Change: Insurance and Small Business

Preparing for Climate Change: Insurance and Small Business The Geneva Papers, 2008, 33, (110 116) r 2008 The International Association for the Study of Insurance Economics 1018-5895/08 $30.00 www.palgrave-journals.com/gpp Preparing for Climate Change: Insurance

More information

Long-Term Care Insurance:

Long-Term Care Insurance: The Prudential Insurance Company of America 2011 Long-Term Care Insurance: A Piece of the Retirement & Estate Planning Puzzle IRA Pension 401(k) Annuities Long-Term Care Insurance Life Insurance Social

More information

Thames Water s Thames Tunnel Consultation

Thames Water s Thames Tunnel Consultation Thames Water s Thames Tunnel Consultation Consumer Council for Water response January 2011 Introduction 1. The Consumer Council for Water (CCWater) is the independent body that represents water and sewerage

More information

Flood Re Pricing Home Insurance in a Flood Re environment. Tom Woolgrove Flood Re David Rochester Lloyds Banking Group

Flood Re Pricing Home Insurance in a Flood Re environment. Tom Woolgrove Flood Re David Rochester Lloyds Banking Group Flood Re Pricing Home Insurance in a Flood Re environment Tom Woolgrove Flood Re David Rochester Lloyds Banking Group Flood Re What is the proposal? Tom Woolgrove Interim CEO, Flood Re Flood Risk: What

More information

qeb=^ppl`f^qflk=lc=_ofqfpe=fkprobop= ^ka= qeb=p`lqqfpe=dlsbokjbkq= ^=glfkq=pq^qbjbkq= lk= qeb=molsfpflk=lc=cilla=fkpro^k`b= = = ab`bj_bo=ommu

qeb=^ppl`f^qflk=lc=_ofqfpe=fkprobop= ^ka= qeb=p`lqqfpe=dlsbokjbkq= ^=glfkq=pq^qbjbkq= lk= qeb=molsfpflk=lc=cilla=fkpro^k`b= = = ab`bj_bo=ommu qeb=^ppl`f^qflk=lc=_ofqfpe=fkprobop= ^ka= qeb=p`lqqfpe=dlsbokjbkq= ^=glfkq=pq^qbjbkq= lk= qeb=molsfpflk=lc=cilla=fkpro^k`b= = = ab`bj_bo=ommu ^_fl=dlsbokjbkq=pq^qbjbkq= = lk=cillafkd=^ka=fkpro^k`b=clo=p`lqi^ka=

More information

INVESTMENT BOND INCOME AND GROWTH, ALL IN ONE BOND

INVESTMENT BOND INCOME AND GROWTH, ALL IN ONE BOND INVESTMENT BOND INCOME AND GROWTH, ALL IN ONE BOND PAGE 1 INVESTING GROWTH, INCOME OR A COMBINATION OF THE TWO? WHAT IS A BOND? THE INVESTMENT BOND AT A GLANCE PAGE 2 FINDING A BALANCE INVESTING FOR GROWTH

More information

The chain. Unravelling the links between sales

The chain. Unravelling the links between sales The chain Unravelling the links between sales Autumn 2015 The story so far Contents More homes have been sold without an onward chain in 2015 than in any of the previous years. The growth in the number

More information

YOUR COMPANY PENSION GROUP PERSONAL PENSION. A guide to help you prepare for the retirement you want

YOUR COMPANY PENSION GROUP PERSONAL PENSION. A guide to help you prepare for the retirement you want YOUR COMPANY PENSION GROUP PERSONAL PENSION A guide to help you prepare for the retirement you want SUPPORTING LITERATURE AND TOOLS TO HELP YOU MAKE DECISIONS ABOUT YOUR COMPANY PENSION LITERATURE Key

More information

Guidance on Rents for Social Housing

Guidance on Rents for Social Housing Guidance on Rents for Social Housing May 2014 Department for Communities and Local Government Crown copyright, 2014 Copyright in the typographical arrangement rests with the Crown. You may re-use this

More information

Long-Term Care: Frequently Asked Questions About Long- Term Care Insurance

Long-Term Care: Frequently Asked Questions About Long- Term Care Insurance FACT SHEET LTC: FAQ s About Long-Term Care Insurance (H-003) p. 1 of 5 Long-Term Care: Frequently Asked Questions About Long- Term Care Insurance Long-Term Care (LTC) insurance only pays for long-term

More information

Attendance Allowance and care reform briefing

Attendance Allowance and care reform briefing Attendance Allowance and care reform briefing 1. Summary The Commission on the Funding of Care and Support is due to report in the summer and Age UK hopes it will present proposals for radical reform of

More information

Contents. Introduction 1 Key Findings 1. 1. Canada s Changing Retirement Landscape 2. 2. Retirement Expectations and Aspirations 4

Contents. Introduction 1 Key Findings 1. 1. Canada s Changing Retirement Landscape 2. 2. Retirement Expectations and Aspirations 4 Contents Introduction 1 Key Findings 1 1. Canada s Changing Retirement Landscape 2 2. Retirement Expectations and Aspirations 4 3. Retirement Saving and Planning 7 4. The Retirement Savings Habit 9 Recommendations

More information

Headline Findings. Public Opinion on UK Nuclear Energy

Headline Findings. Public Opinion on UK Nuclear Energy Headline Findings Public Opinion on UK Nuclear Energy 10 th November 2014 METHODOLOGY Methodology Note ComRes interviewed 2,047 GB adults online between the 7 th and 9 th November 2014. Data were weighted

More information

A Future Flood Resilient Built Environment

A Future Flood Resilient Built Environment www.bre.co.uk White Paper A Future Flood Resilient Built Environment Dr Stephen Garvin, Director Centre for Resilience 01 Contents Introduction 02 The extent of the flood risk to the built environment

More information

THE HONG KONG HOUSING AUTHORITY. Memorandum for the Subsidised Housing Committee. Survey on Applicants of Home Assistance Loan Scheme (HALS) 2004

THE HONG KONG HOUSING AUTHORITY. Memorandum for the Subsidised Housing Committee. Survey on Applicants of Home Assistance Loan Scheme (HALS) 2004 PAPER NO. SHC 13/2005 THE HONG KONG HOUSING AUTHORITY Memorandum for the Subsidised Housing Committee Survey on Applicants of Home Assistance Loan Scheme (HALS) 2004 PURPOSE Pursuant to Government s repositioned

More information

Results of a survey of people engaging with self-build

Results of a survey of people engaging with self-build Results of a survey of people engaging with self-build Alison Wallace, Janet Ford and Deborah Quilgars Centre for Housing Policy Spring 2013 Acknowledgements This paper reports the findings of a small

More information

Personal Debt Snapshot: Payday loans lead to prioritising debt above food

Personal Debt Snapshot: Payday loans lead to prioritising debt above food NOVEMBER 2012 Personal Debt Snapshot: Payday loans lead to prioritising debt above food R3 s ninth Personal Debt Snapshot reveals that more than 5 million (5,205,237) GB adults say they are considering

More information

Lloyd s response to DEFRA consultation: Securing the future availability and affordability of home insurance in areas of flood risk

Lloyd s response to DEFRA consultation: Securing the future availability and affordability of home insurance in areas of flood risk Lloyd s response to DEFRA consultation: Securing the future availability and affordability of home insurance in areas of flood risk Q1. Do you have any evidence of small businesses experiencing difficulty

More information

GREATERLONDONAUTHORITY

GREATERLONDONAUTHORITY GREATERLONDONAUTHORITY REQUEST FOR MAYORAL DECISION MD1 648 Title: Hockey additional grant funding Executive Summary: This decision seeks approval to commit a further 300,000 from the major sports events

More information

RAISING CAPITAL FOR YOUR SOCIAL BUSINESS The Ethex share or bond support package

RAISING CAPITAL FOR YOUR SOCIAL BUSINESS The Ethex share or bond support package RAISING CAPITAL FOR YOUR SOCIAL BUSINESS The Ethex share or bond support package Social businesses and co-operatives need to raise capital to grow. But the process of doing so can be complex, expensive,

More information

Self Assurance. Your simple guide to protection

Self Assurance. Your simple guide to protection Self Assurance Your simple guide to protection Your simple guide to protection Peace of mind for you and your family None of us really knows what the future has in store, but like millions of other people

More information

Flood Insurance in the UK. Our Proposal for the Way Forward

Flood Insurance in the UK. Our Proposal for the Way Forward Flood Insurance in the UK Our Proposal for the Way Forward Morpeth Group - June 2010 Scope of the Proposal Our case has been written to highlight the problems associated with the current system of insuring

More information

Flooding in London A London Assembly Scrutiny Report Follow up review Submission by Association of British Insurers (revised April 2004)

Flooding in London A London Assembly Scrutiny Report Follow up review Submission by Association of British Insurers (revised April 2004) Flooding in London A London Assembly Scrutiny Report Follow up review Submission by Association of British Insurers (revised April 2004) 1. The Association of British Insurers (ABI) is the trade association

More information

Response to public consultation on Securing the future availability and affordability of home insurance in areas of flood risk

Response to public consultation on Securing the future availability and affordability of home insurance in areas of flood risk Response to public consultation on Securing the future availability and affordability of home insurance in areas of flood risk Swenja Surminski, Florence Crick, Jillian Eldridge and Bob Ward August 2013

More information

National Rheumatoid Arthritis Society. THE ECONOMIC BURDEN OF RHEUMATOID ARTHRITIS March 2010

National Rheumatoid Arthritis Society. THE ECONOMIC BURDEN OF RHEUMATOID ARTHRITIS March 2010 National Rheumatoid Arthritis Society THE ECONOMIC BURDEN OF RHEUMATOID ARTHRITIS March 2010 ABOUT NRAS NRAS provides support, information, education and advocacy for people with rheumatoid arthritis (RA)

More information

Think you know the Next Gen investor?

Think you know the Next Gen investor? UBS Investor Watch Analyzing investor sentiment and behavior 1Q 2014 Think you know the Next Gen investor? Think again. a b See what s really on their minds 2 UBS Investor Watch Lazy. Entitled. Narcissistic.

More information

equity loans explained State money, interest-free for five years

equity loans explained State money, interest-free for five years help TO buy Your guide to the latest government-backed scheme Produced by In association with equity loans explained State money, interest-free for five years easy access How to apply INTROducTION The

More information

The new Market Abuse Directive what it means for investment trust share buybacks

The new Market Abuse Directive what it means for investment trust share buybacks Stop Press 14 July 2005 The new Market Abuse Directive what it means for investment trust share buybacks 1 Issues 1.1 The EU Directive on Insider Dealing and Market Manipulation (the Market Abuse Directive

More information

UK Flooding April to July

UK Flooding April to July UK Flooding April to July Prepared by JBA Risk Management Limited and Met Office July JBA Risk Management Limited Met Office www.jbarisk.com www.metoffice.gov.uk Overview After a very dry start to the

More information

STAKEHOLDER PENSION. KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future.

STAKEHOLDER PENSION. KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future. STAKEHOLDER PENSION KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future. 2 STAKEHOLDER PENSION KEY FEATURES USING THIS DOCUMENT.

More information

SUFFOLK COASTAL DISTRICT COUNCIL DOMESTIC FLOOD PROTECTION POLICY

SUFFOLK COASTAL DISTRICT COUNCIL DOMESTIC FLOOD PROTECTION POLICY SUFFOLK COASTAL DISTRICT COUNCIL DOMESTIC FLOOD PROTECTION POLICY 1. Introduction 1.1 The Council recognises the threat to local communities from flooding following severe weather events and as a result

More information

The future for discounts and loyalty in the restaurant industry

The future for discounts and loyalty in the restaurant industry White Paper The future for discounts and loyalty in the restaurant industry Findings from the the Peach Brand Track Survey Table of of contents... The The challenges of of discounting...... The The opportunities

More information

STAKEHOLDER PENSIONS FUND SELECTION IT S ALL ABOUT CHOICE

STAKEHOLDER PENSIONS FUND SELECTION IT S ALL ABOUT CHOICE STAKEHOLDER PENSIONS FUND SELECTION IT S ALL ABOUT CHOICE A SCOTTISH WIDOWS STAKEHOLDER PENSION IS A WAY OF SAVING FOR RETIREMENT. YOUR PENSION CANNOT NORMALLY BE ACCESSED UNTIL YOU REACH AGE 55. We offer

More information

Workforce Management Plan (April 2014-15)

Workforce Management Plan (April 2014-15) Workforce Management Plan (April 2014-15) Date: 12 March 2014 Version: Final www.archerygb.org/coach Our aim Our aim is to support archers better by improving their access to support from coaches and judges.

More information

Life Insurance Buyer's Guide

Life Insurance Buyer's Guide Life Insurance Buyer's Guide This guide can help you when you shop for life insurance. It discusses how to: Find a Policy That Meets Your Needs and Fits Your Budget Decide How Much Insurance You Need Make

More information

BIBA response to DEFRA consultation on Securing the future availability and affordability of home insurance in areas of flood risk.

BIBA response to DEFRA consultation on Securing the future availability and affordability of home insurance in areas of flood risk. S:\Wp\Files\Current\Grane\Nicol\2013\July 8 August 2013 Flood Insurance Consultation Department for Environment, Food and Rural Affairs 3 rd Floor, Zone C, Nobel House 17 Smith Square London SW1P 3JR Dear

More information

Scotland s Balance Sheet. April 2013

Scotland s Balance Sheet. April 2013 Scotland s Balance Sheet April 2013 Contents Executive Summary... 1 Introduction and Overview... 2 Public Spending... 5 Scottish Tax Revenue... 12 Overall Fiscal Position and Public Sector Debt... 18 Conclusion...

More information

International IPTV Consumer Readiness Study

International IPTV Consumer Readiness Study International IPTV Consumer Readiness Study Methodology The Accenture International IPTV Study is based on structured telephone interviews using a standard questionnaire and quantitative analysis methods

More information

I want the security of a guaranteed income for my retirement

I want the security of a guaranteed income for my retirement Retirement Secure Advantage+ Pension Plan I want the security of a guaranteed income for my retirement A guide to the Secure Advantage+ Pension Plan with optional Lifetime Income Benefit feature, for customers

More information

TAX CREDITS: POLICY ISSUES FOR UNISON Peter Kenway and Guy Palmer

TAX CREDITS: POLICY ISSUES FOR UNISON Peter Kenway and Guy Palmer TAX CREDITS: POLICY ISSUES FOR UNISON Peter Kenway and Guy Palmer 1. Introduction...1 2. Tax Credits For Working Age Households...2 15 years Of Tax Credits...2 Working Tax Credit (WTC) And Child Tax Credit

More information

London Borough of Waltham Forest LOCAL FLOOD RISK MANAGEMENT STRATEGY. Summary Document

London Borough of Waltham Forest LOCAL FLOOD RISK MANAGEMENT STRATEGY. Summary Document LOCAL FLOOD RISK MANAGEMENT STRATEGY Summary Document October 2013 Local Flood Risk Management Strategy Summary 1 Introduction 2 Partner responsibilities 3 What do we know about flooding in the borough?

More information

Seeing you through refinancing

Seeing you through refinancing REFINANCING GUIDE Seeing you through refinancing hether you re moving home, renovating, or simply looking for a different home loan, refinancing doesn t need to be complicated. At QuickSelect we are interested

More information

Digital Inclusion Programme Started. BL2a

Digital Inclusion Programme Started. BL2a PROJECT BRIEF Project Name Digital Inclusion Programme Status: Started Release 18.05.2011 Reference Number: BL2a Purpose This document provides a firm foundation for a project and defines all major aspects

More information

FREQUENTLY ASKED QUESTIONS BUSINESS CONTINUATION. When should a business and its owners consider buying insurance on its key employees?

FREQUENTLY ASKED QUESTIONS BUSINESS CONTINUATION. When should a business and its owners consider buying insurance on its key employees? THE PRUDENTIAL INSURANCE COMPANY OF AMERICA BUSINESS STRATEGIES Key Person Life Insurance FREQUENTLY ASKED QUESTIONS BUSINESS CONTINUATION When should a business and its owners consider buying insurance

More information

Qualitative Research and Advisory Panel Meetings Outputs Executive Summary

Qualitative Research and Advisory Panel Meetings Outputs Executive Summary Qualitative Research and Advisory Panel Meetings Outputs Executive Summary A comparethemarket.com, supported by The University of Sheffield, report on the issue of inertia across the UK #wheresyourheadat?

More information

There are several ways that companies can be owned and can raise fresh capital for investment.

There are several ways that companies can be owned and can raise fresh capital for investment. 2 3 There are several ways that companies can be owned and can raise fresh capital for investment. Companies can be state-owned. They can be owned by families or big businessmen and women. They can be

More information

How to Sell Your Home FAST And For FULL PRICE!!

How to Sell Your Home FAST And For FULL PRICE!! FREE Special Report: Compliments of www.bobbuysfast.com How to Sell Your Home FAST And For FULL PRICE!! DISCOVER how you can sell your home fast and for Full Price even if your house has been on the market

More information

River Flooding and the Grid-to-Grid Hydrological Model

River Flooding and the Grid-to-Grid Hydrological Model River Flooding and the Grid-to-Grid Hydrological Model Summary of Impacts Impact Mitigating the annual costs of damage from ordinary river flooding Mitigating the costs of damage from extreme river flooding

More information

Bank accounts for bankrupts

Bank accounts for bankrupts Citizens Advice Scotland Scottish Association of Citizens Advice Bureaux www.cas.org.uk Bank accounts for bankrupts Sarah Beattie-Smith, Policy and Parliamentary Officer January 2012 Citizens Advice Scotland

More information

Point of View. Planning for success after a merger or acquisition. Danny A Davis, Programme Director, Mergers & Acquisitions

Point of View. Planning for success after a merger or acquisition. Danny A Davis, Programme Director, Mergers & Acquisitions Point of View Planning for success after a merger or acquisition Danny A Davis, Programme Director, Mergers & Acquisitions Without understanding the motive behind the deal, a clear link to postdeal activity

More information

THE LONG-TERM CARE PARTNERSHIP PROGRAM

THE LONG-TERM CARE PARTNERSHIP PROGRAM A Guide to Long-Term Care for State Policy Makers THE LONG-TERM CARE PARTNERSHIP PROGRAM Financing the increasing demand for long-term care services will be a significant 21 st century challenge. A key

More information

SIX STEPS TO PROPERTY LEVEL FLOOD RESILIENCE. Guidance for property owners

SIX STEPS TO PROPERTY LEVEL FLOOD RESILIENCE. Guidance for property owners SIX STEPS TO PROPERTY LEVEL FLOOD RESILIENCE Guidance for property owners Acknowledgements The work leading to this guidance was undertaken as part of the SMARTeST project, which looked at technologies,

More information

Chris Bell. Customer Experience Coach. www.customerexperiences.co.nz

Chris Bell. Customer Experience Coach. www.customerexperiences.co.nz Chris Bell Customer Experience Coach Developing Your Unique Customer Experience Introduction As more and more business leaders start to understand what a customer experience strategy is all about and more

More information

Quantitative easing explained. Putting more money into our economy to boost spending

Quantitative easing explained. Putting more money into our economy to boost spending Quantitative easing explained Putting more money into our economy to boost spending 2% INFLATION TARGET 1 2 Stable inflation promotes a healthy economy 14 UK money spending 12 Low and stable inflation

More information

Number of participants engaged Year 1 (2013-14) 560 96,400 Year 2 (2014-15) 1250 131,866 Year 3 (2015-16) 1250 75,033 Year 4 (2016-17) N/A N/A Total

Number of participants engaged Year 1 (2013-14) 560 96,400 Year 2 (2014-15) 1250 131,866 Year 3 (2015-16) 1250 75,033 Year 4 (2016-17) N/A N/A Total Satellite clubs NGB Delivery information template NGB NGB Satellite clubs lead contact Cricket - Chance to Shine Steve Peyman, 07920 477040, steve.peyman@chancetoshine.org 2013-17 Whole Sport Plan satellite

More information

Building a compelling business case to secure partnership funding. Today s presenters. Aaron Burton, Principal Consultant - Water Ricardo-AEA

Building a compelling business case to secure partnership funding. Today s presenters. Aaron Burton, Principal Consultant - Water Ricardo-AEA 1 Building a compelling business case to secure partnership funding Today s presenters Nicole Shamier Senior Environmental Economist Ricardo-AEA +44 (0) 1235 753 094 Nicole.Shamier@ricardo-aea.com www.ricardo-aea.com

More information

Claiming redundancy and insolvency payments

Claiming redundancy and insolvency payments Claiming redundancy and insolvency payments We provide help to former employees of insolvent companies who are owed wages and other money. Former employees may also claim a redundancy payment if the employer

More information

OUR ASSURANCE PLAN 2016/17 MARCH 2016. 1 Our Assurance Plan 2016/17

OUR ASSURANCE PLAN 2016/17 MARCH 2016. 1 Our Assurance Plan 2016/17 OUR ASSURANCE PLAN 2016/17 MARCH 2016 1 Our Assurance Plan 2016/17 ABOUT THIS DOCUMENT We publish a range of information about our services and performance. This helps to provide our customers and stakeholders

More information

UK application rates by country, region, constituency, sex, age and background. (2015 cycle, January deadline)

UK application rates by country, region, constituency, sex, age and background. (2015 cycle, January deadline) UK application rates by country, region, constituency, sex, age and background () UCAS Analysis and Research 30 January 2015 Key findings JANUARY DEADLINE APPLICATION RATES PROVIDE THE FIRST RELIABLE INDICATION

More information

2. THE ECONOMIC BENEFITS OF EDUCATION

2. THE ECONOMIC BENEFITS OF EDUCATION 2. THE ECONOMIC BENEFITS OF EDUCATION How much more do tertiary graduates earn? How does education affect employment rates? What are the incentives for people to invest in education? What are the incentives

More information

APPENDIX A : 1998 Survey of Proprietary Risk Assessment Systems

APPENDIX A : 1998 Survey of Proprietary Risk Assessment Systems APPENDIX A : 1998 Survey of Proprietary Risk Assessment Systems In its 1997 paper, the working party reported upon a survey of proprietary risk assessment systems designed for use by UK household insurers

More information

BBA submission on the HM Treasury (HMT) Consultation Competition in banking: improving access to SME credit data

BBA submission on the HM Treasury (HMT) Consultation Competition in banking: improving access to SME credit data BBA submission on the HM Treasury (HMT) Consultation Competition in banking: improving access to SME credit data The British Bankers Association (BBA) is the leading association for the United Kingdom

More information

Motor Fleet Proposal Form

Motor Fleet Proposal Form It is an offence under the Road Traffic Act to make a false statement or withhold any material information for the purpose of obtaining a Certificate of Insurance. Furthermore, such action could invalidate

More information

RETIREMENT ACCOUNT SCOTTISH WIDOWS PENSION FUND CHARGES

RETIREMENT ACCOUNT SCOTTISH WIDOWS PENSION FUND CHARGES RETIREMENT ACCOUNT SCOTTISH WIDOWS PENSION FUND CHARGES SCOTTISH WIDOWS RETIREMENT ACCOUNT THE SCOTTISH WIDOWS RETIREMENT ACCOUNT COMBINES RETIREMENT PLANNING WITH RETIREMENT INCOME, ALLOWING YOU TO CONSOLIDATE

More information

Open Market Option Application Form

Open Market Option Application Form Guaranteed Pension Annuity Open Market Option Application Form 1. QUOTE DETAILS Quote reference Official use only Application Number 2. YOUR PERSONAL DETAILS (THE ANNUITANT) Full name including title (Please

More information

BRIEFING NOTE. With-Profits Policies

BRIEFING NOTE. With-Profits Policies BRIEFING NOTE With-Profits Policies This paper has been prepared by The Actuarial Profession to explain how withprofits policies work. It considers traditional non-pensions endowment policies in some detail

More information

HOW TO SUCCEED WITH NEWSPAPER ADVERTISING

HOW TO SUCCEED WITH NEWSPAPER ADVERTISING HOW TO SUCCEED WITH NEWSPAPER ADVERTISING With newspaper advertising, Consistent Advertising = Familiarity = Trust = Customers. People won t buy from you until they trust you! That trust and confidence

More information

Why do we need new arrangements for flood insurance?... 1. What is the Government s proposed approach?... 1. Flood Re... 1

Why do we need new arrangements for flood insurance?... 1. What is the Government s proposed approach?... 1. Flood Re... 1 Department for Environment, Food and Rural Affairs Water Bill Flood Insurance November 2013 This is one of a series of briefing notes on the Water Bill. This note explains in detail what the Government

More information

Toolbox to inspire individual best agers with entrepreneurial ambitions

Toolbox to inspire individual best agers with entrepreneurial ambitions Toolbox to inspire individual best agers with entrepreneurial ambitions Ewa Hedkvist Petersen Toolbox to inspire individual best agers with entrepreneurial ambitions Ewa Hedkvist Petersen Publication

More information

Water Resources Development and Management in India - An Overview

Water Resources Development and Management in India - An Overview Water Resources Development and Management in India - An Overview A presentation by U. N. Panjiar Secretary to the Government of India This presentation Water resources scenario in India Water governance

More information

Customer Satisfaction with Oftel s Complaint Handling. Wave 4, October 2003

Customer Satisfaction with Oftel s Complaint Handling. Wave 4, October 2003 Customer Satisfaction with Oftel s Complaint Handling Wave 4, October 2003 Chapter 1 - Introduction 1.1 Oftel s Consumer Representation Section (CRS) is responsible for answering and where possible dealing

More information

October 2015. The human touch: The role of financial advisors in a changing advice landscape

October 2015. The human touch: The role of financial advisors in a changing advice landscape October 2015 The human touch: The role of financial advisors in a changing advice landscape Table of contents Executive summary 1 Introduction 3 Survey methodology 4 Key findings 5 Interest in working

More information

EKOLA Junior High School Bilingual Programme Entrance Test (1h15) Sample Paper. Result:

EKOLA Junior High School Bilingual Programme Entrance Test (1h15) Sample Paper. Result: EKOLA Junior High School Bilingual Programme Entrance Test (1h15) Sample Paper Name: Result: Task 1 Which notice says what? For questions 1 5, match the correct letter A H. 1. You do not have to pay extra

More information

Understanding Short Breaks Topline Findings

Understanding Short Breaks Topline Findings Understanding Short Breaks Topline Findings Insert Doc 1. Consumers experience of the downturn and recovery Some optimism beginning to emerge for some, with a sense that they can make plans for the year

More information

Survey of DC pension scheme members

Survey of DC pension scheme members Survey of DC pension scheme members A research report on understanding, engagement and perception among members of defined contribution (DC) occupational and work-based personal pension schemes Contents

More information

Accounting Principals Workonomix Survey 2013. March 13, 2013

Accounting Principals Workonomix Survey 2013. March 13, 2013 Accounting Principals Workonomix Survey 2013 March 13, 2013 Survey Background & Methodology Background Accounting Principals polled 1,020 working Americans about the impact of the changes to the payroll

More information

Chapter 5: Financial Wealth, Wealth in Great Britain 2010-12

Chapter 5: Financial Wealth, Wealth in Great Britain 2010-12 Chapter 5: Financial Wealth, Wealth in Great Britain 201012 Coverage: GB Date: 15 May 2014 Geographical Area: Region Theme: Economy Key points Aggregate net financial wealth for all private households

More information

Getting started as a self investor. Your guide to self investing

Getting started as a self investor. Your guide to self investing Getting started as a self investor Your guide to self investing Been saving for a while? Thinking about investing but unsure where to start? Investing is something many think is worthwhile but never get

More information

the future of digital trust

the future of digital trust the future of digital trust A European study on the nature of consumer trust and personal data September 2014 2 the future of digital trust my data value As outlined in the first instalment of The Future

More information

Online Fixed Rate Cash ISA Range

Online Fixed Rate Cash ISA Range Online Fixed Rate Range This document provides you with key information about s so that you can make an informed and confident choice about saving with a Skipton. s protect your savings interest from Personal

More information

U.S. Senate Finance Committee Hearing on Health Insurance Market Reform

U.S. Senate Finance Committee Hearing on Health Insurance Market Reform U.S. Senate Finance Committee Hearing on Health Insurance Market Reform Testimony of Pam MacEwan Executive Vice President, Public Affairs and Governance Group Health Cooperative September 23, 2008 Washington,

More information

KEY GUIDE. Investing for income when you retire

KEY GUIDE. Investing for income when you retire KEY GUIDE Investing for income when you retire Planning the longest holiday of your life There comes a time when you stop working for your money and put your money to work for you. For most people, that

More information

1. What types of organisation do you fund? 2. Do you give grants for individual children and young people?

1. What types of organisation do you fund? 2. Do you give grants for individual children and young people? Frequently Asked Questions (FAQs) Who can apply for a grant? 1. What types of organisation do you fund? 2. Do you give grants for individual children and young people? 3. Some of the young people our organisation

More information

Terms of Business and Important Information We Must Disclose to You

Terms of Business and Important Information We Must Disclose to You 1. Terms of Business ( Terms ) In these Terms references to we or us are to the firm whose details are set out in the covering letter that accompanies these Terms. We recommend that for your own benefit

More information

How a Hotel Valuation is Undertaken and What a Bank Really Needs from a Valuation

How a Hotel Valuation is Undertaken and What a Bank Really Needs from a Valuation Hotel Valuation How a Hotel Valuation is Undertaken and What a Bank Really Needs from a Valuation This summary paper outlines what is involved in a hotel valuation, and how it can be useful, as well as

More information

THE NEW INTERNATIONALS. Updating perceptions of SMEs in an increasingly globalised world

THE NEW INTERNATIONALS. Updating perceptions of SMEs in an increasingly globalised world THE NEW INTERNATIONALS Updating perceptions of SMEs in an increasingly globalised world Contents Introduction 5 Born Global 6 International Futures 7 Supporting UK SMEs 8 UK Regions 9 Conclusion 10 About

More information

King s Fund response to Health Select Committee inquiry on NHS Next Stage Review

King s Fund response to Health Select Committee inquiry on NHS Next Stage Review King s Fund response to Health Select Committee inquiry on NHS Next Stage Review 1. Introduction 1.1 This paper is a response by The King's Fund to the Health Select Committee inquiry into the NHS Next

More information

Overview - State Tax Review Discussion Paper

Overview - State Tax Review Discussion Paper Overview - State Tax Review Discussion Paper FEBRUARY 2015 WWW.YOURSAY.SA.GOV.AU Why Are We Reviewing Our State Tax System? South Australia is already a great place to live and we value that as a community.

More information

Compensation Reports: Eight Standards Every Nonprofit Should Know Before Selecting A Survey

Compensation Reports: Eight Standards Every Nonprofit Should Know Before Selecting A Survey The Tools You Need. The Experience You Can Trust. WHITE PAPER Compensation Reports: Eight Standards Every Nonprofit Should Know Before Selecting A Survey In today s tough economic climate, nonprofit organizations

More information

Environment Agency 2014 All rights reserved. This document may be reproduced with prior permission of the Environment Agency.

Environment Agency 2014 All rights reserved. This document may be reproduced with prior permission of the Environment Agency. Flood and coastal erosion risk management Long-term investment scenarios (LTIS) 2014 We are the Environment Agency. We protect and improve the environment and make it a better place for people and wildlife.

More information

HEALTHCARE SALARY SURVEY MARCH 2010

HEALTHCARE SALARY SURVEY MARCH 2010 HEALTHCARE SALARY SURVEY MARCH 21 Contents Introduction 2 An Overview of the Respondents to the Salary Survey 3 Nursing Home Managers 6 Residential Home Managers 7 Staff Nurses (including RGN, RMN and

More information

PROPERTY AND CASUALTY COMPREHENSIVE COMBINED INSURANCE FOR HOTELS

PROPERTY AND CASUALTY COMPREHENSIVE COMBINED INSURANCE FOR HOTELS PROPERTY AND CASUALTY COMPREHENSIVE COMBINED INSURANCE FOR HOTELS With currency fluctuations, economic recession, pressure on room rates and occupancy levels, hoteliers face one of the most challenging

More information

Stigmatisation of people with mental illness

Stigmatisation of people with mental illness Stigmatisation of people with mental illness Report of the research carried out in July 1998 and July 2003 by the Office for National Statistics (ONS) on behalf of the Royal College of Psychiatrists Changing

More information

e-bug: A Resource for Schools and General Practitioners

e-bug: A Resource for Schools and General Practitioners e-bug: A Resource for Schools and General Practitioners e-bug is a Europe-wide education resource that aims to improve young people s understanding of the importance of hand and respiratory hygiene and

More information

The Psychology of Travel Consumer Behavior

The Psychology of Travel Consumer Behavior The Psychology of Travel Consumer Behavior January 2003 The Strategic Travel Action Resource or STAR is a timely, topical, brief report replacing what was currently referred to as an Industry Report. The

More information