California property insurance featured news.

Milly Martinson’s home of 60 years in Bayswater, west London, was found in such a state it nearly killed her, Horseferry Road citizen property insurance corporation heard.

Antonio Pompili, 29, and Emmanuel Lamy, 24, were sentenced to five and four months for illegally being on closed premises and extracting insurance landlord property rented
.

But no-one has been charged for the damage to the property.

Police said doors had been taken off hinges, windows smashed and paintings damaged.

It is still boarded up, nearly four months after the men were removed.

Ms Martinson, 85, who is staying with her sister, fears repairing the property will cost thousands and says the insurance has lapsed.

‘Very sad and scared’

In a statement she told the court the house had been filled with happy memories for her, but when she first saw it after the squatters had been removed it nearly killed her.

“She felt very sad and scared, nothing like this had every happened to her before,” said prosecutor Christine Athanasius.

“She doesn’t have any fight left in her and she doesn’t look forward to anything any more.

“All she wanted for the rest of her life was to live in her own home and not be disturbed by anybody else.”

Ms Martinson had lived in her Bayswater home for 60 years

Both Pompili, an Italian who had hoped to find work as a computer programmer, and Lamy, who came from France to find work as an agent insurance personal property
, said they did not know the property was occupied.

They said they had been told by others at a hostel they could stay at the house if they cleaned up a room.

Both men admitted being among squatters at the property. They pleaded guilty to illegally extracting electricity from the property and unlawfully being in closed premises.

Representing Pompili, Yimi Yangye said her client, who had been in the house for about 10 days, was “very remorseful”.

I am afraid to go to the place Milly Martinson

Alex Rose, for Lamy, said his client had gone to the house when it was already a squat and had previously been a “law abiding citizen”.

Lamy, of Princes Square, Bayswater, had only been there two days when he was arrested, the court heard. He is appealing against his sentence.

Sentencing them, district judge Quentin Purdy said it was clear the use of the property was “beyond anything that would vaguely be described as acceptable.”

Last week Matteo Barbarini, 27, was jailed for four months after admitting similar offences.

Outside court Ms Martinson, a retired Royal British Legion secretary, said: “I am afraid to go to the place,gulfstream property and casualty insurance
at night now - I don’t know who will be running out of the rooms.”

Hundreds of Britons are missing, feared dead, so that death lyndon property insurance company
cannot be issued and their assets are frozen.

Several government departments are looking at whether “criteria necessary for proof of death” must be changed, the Foreign Office says.

But insurers say life policies could still pay out without certificates.

The relatives of some of the missing Britons are calling for a change in the law to allow interim death certificates to be issued.

Without them, they say they will not be able to inherit their loved ones’ assets or sell property belonging to them.

However, insurers say life assurance policies can be still be paid out without certificates.

Among those calling for a change is Kath Lloyd-Jones, 56, of Warwickshire.

Barry Lloyd-Jones has not been seen since Boxing Day

Her husband Barry, 68, has not been seen since the tsunami hit as the couple were having breakfast on a beach in Thailand on Boxing Day morning.

She told BBC News: “It’s hard coming to terms with the actuality of these events, particularly when you feel it’s unnecessary.

“The hardship of day-to-day living, the hardship of finances being tied up, the prospect of ‘My God, am I going to die before all this is resolved?’ - I call that pretty hard.”

The seven-year rule is intended to stop people who deliberately go missing being absolved of their financial and legal michigan basic property insurance association.

‘Exceptional circumstances’

It is possible for bereaved families to apply to have their relatives declared officially dead before the seven years have lapsed but each case would have to be considered individually by the probate court.

The Foreign Office has confirmed the government is urgently looking into whether special arrangements could be made for the families of missing Britons, because of “exceptional circumstances” surrounding the disaster.

Officials are examining the “criteria necessary for proof of death”, a spokesman said.

The Home Office later issued a statement saying it was working to establish “the quickest possible process” to enable the Foreign Office register deaths overseas without a formal overseas property insurance
process.

It added that a key issue was to insure police could “complete their investigations and establish whether, on the balance of probabilities, an individual is dead”.

Meanwhile, insurance companies have spoken out to dispel fears that bereaved families might have problems claiming on their loved-ones’ insurance policies without death certificates.

The Association of British Insurers, which has 400 members, said life assurance companies would not automatically require a death certificate.

Whatever other problems there may be, there should not be a problem with life insurance being paid Malcolm Tarling British tsunami victims

Spokesman Malcolm Tarling said it was standard practice to deal with claims, even without a body.

He said: “They are not going to say ‘No death certificate, no claim.’

“Where there is reasonable evidence to suggest that the person is missing, presumed dead, for example, someone was booked into a hotel which was badly affected, then insurers will deal with the claim.

“We are keen to reassure people that whatever other problems there may be, there should not be a problem with life insurance being paid.”

So far 51 Britons have been confirmed dead in the disaster, which struck south-east Asia on Boxing Day.

Of those still missing, 349 are people who are known to have been in the areas struck by the tsunami, and who, it is considered, would have made contact by now had they survived.

Another 568, many of them backpackers, are thought to have been in the vicinity and have not been heard from since the disaster.

It is feared the bodies of many of those killed may never be found.

Others may eventually be identified by DNA testing among the thousands of bodies of various nationalities left in the wake of the tsunami but this is likely to take at least a year, officials have warned.

The Pensions Commission report revealed the extent of the UK’s retirement shortfall. A pensions expert outlines ten simple steps to securing a comfortable retirement.

Don’t count on the state

As a nation, we are all living longer.

This means that in the years to come, there will be many more pensioners than now and the value of the basic state pension may struggle to keep pace.

Don’t put off starting a pension

UK’S PENSION CRISIS Why many are heading for poverty in old age California fair plan property insurance

Because of the way compound interest works, the earlier you start a pension plan, the less it will cost you.

So start early and pay in as much as you can.

As a rule of thumb, a good starting point would be about half your age as a percentage of your income.

So at 22, that would mean 11% of your income but if you cannot afford that much any lower amount would be useful as a start.

Explore other ways to save

Property, individual savings accounts (ISAs), even paintings and other works of art are all possible alternatives.

Try to make yourself familiar with the rules of your scheme and how it works

Indeed the more you diversify your investments, the better it usually is.

However, with an approved pension plan you receive tax relief on all your contributions at your highest personal rate. And for the most part, the fund that you build up is also allowed to grow tax free.

Show an interest in your pension

Try to make yourself familiar with the rules of your scheme and how it works.

Make sure you know with a personal pension or money purchase type company scheme what investment vehicle is being used for your monies and make sure you are comfortable with the level of risk chosen.

Join your employer scheme

Always consider joining your workplace pension scheme, the employer will be contributing and for you not to join is therefore tantamount to giving up pay.

One exception might be in a salary-related scheme if the company were to be financially insecure and in risk of becoming insolvent.

With the advent of the pension protection fund next year, however, some of the risks for members will be property casualty insurance job reduced.

Unless you feel very confident, always take property and casualty insurance advice before making important decisions

Review your pension regularly

You should check the regular pension statements you receive to make sure your plan is on course to deliver the level of income you expect to receive when you retire.

Get a forecast of your state pension

This will enable you to establish whether there are any gaps in your National Insurance contributions record and gives you the opportunity of making this good by paying voluntary contributions.

Give yourself time to act and get a forecast at least ten years before you are due to retire.

To obtain a forecast, ring the Pensions Forecasting Service on 0845 3000168

Keep paperwork safe

These papers may be essential later on.

It is no use trying to challenge something or for example make out a case for mis-selling without the necessary evidence some 20, 30 or 40 years after the event.

Take professional advice

Unless you feel very confident, always take professional advice before making important decisions, such as changing your pension provider or seeking a transfer.

If you do not have a regular financial adviser you can obtain details of three advisers in your area by contacting IFA Promotions on 0800 0853250.

For free advice on issues other than investment and guidance generally, you can also ring the OPAS Helpline on 0845 6012923.

Always ask questions

Remember, there is no such thing as a stupid question about pensions

Pensions can be immensely complicated and people sometimes feel inadequate.

You should not worry about this.

You have a right to have things properly explained to you in language you can understand and should not feel inhibited about asking the most basic questions.

Opas are running a free helpline for women with pension problems the number is 0845 600 0806.

The views expressed are solely those of Malcolm McLean’s and not the BBC’s. Any guidance is for general information only and does not constitute financial or legal advice.

A decade ago, about 40% of personal wealth was tied up in this way.

Rising house prices are the key reason for the growth in importance of housing to many Britons, according to UK insurer Prudential.

While the importance of property to peoples’ finances has been growing the role that pensions, life insurance and shares have diminished, it added.

A decade ago, 58% of UK household wealth was made up of financial assets such as pensions, life assurances, shares and savings.

But since 2001, the value of non-financial assets, such as housing, has risen dramatically, while pensions and shares have suffered from stock market volatility.

And the dominant role of property in people’s finances is set to continue. The insurer predicted that by 2009, 60% of people’s wealth would be tied up in bricks and mortar.

“It is interesting to see how important property has become in massachusetts property insurance
our main source of financial wealth,” said Ali Crossley, director of Lifetime Mortgage at Prudential.

“House prices have risen significantly over the last 20 years and this is one of the reasons why we have seen such a shift in wealth components,” he added.

Rate danger

The fact that so much of UK personal wealth is tied up in property has long been a cause for concern for some insurance insurance liberty property
.

In recent years, many people have borrowed against the increased value of their home to fund consumer spending, pay off other debts or fund home ids property casualty insurance.

The concern is that rises in UK interest rates could tip many people’s finances over the edge.

The Bank of England’s Monetary Policy Committee (MPC) meets on Wednesday to discuss the next move in UK interest rates.

Most experts are expecting the MPC to keep rates steady, but a rise from their current level of 5.25% is a possibility.

Katrina has left a trail of destruction in its wake, with hundreds feared dead and a million homes left without power.

It has caused millions of dollars worth of damage in Louisiana and Mississippi.

Predictions of the final cost to insurers range from $9bn to $25bn, making it potentially more costly than the 2001 World Trader Center attacks.

Insurers say it could take weeks before they get a firm idea exactly how much Katrina could cost them given that large areas ravaged by the hurricane are still under water.

Export concern

Much will depend on the underwater damage to ports and seaways, according to Peter Zeihan of Stratfor, an economic and political consultancy based in Austin, Texas.

The US is the biggest grain exporter in the world, and most of those exports travel down the Mississippi.

“The big question is how much the rivers and ports have been silted up. It could be fixed in two days; it could be two months. If it’s the longer end, we’re going right into the grain harvest,” said Mr Zeihan.

Some analysts say it is possible that Katrina could be as expensive as 1992’s Hurricane Andrew - which at $21bn was the most expensive in US history.

Differing estimates

Although the storm was downgraded from category five to three, winds reached up to 155mph (250k/ph), causing substantial damage across Louisiana, Mississippi and Alabama.

Katrina is in a range comparable to Andrew, cost-wise David Bresch, Swiss Re

US insurers have put the likely cost of claims at up to $25bn while Munich Re, the world’s top reinsurer, estimated a slightly lower figure of $15bn-$20bn. It has said the costs would not impact its profits.

Analysts at JP Morgan estimate that Hannover Re will have to pay out about $198m, while they believe Swiss Re may face a $490m bill.

“Katrina is in a range comparable to Andrew, cost-wise,” David Bresch, head of the Property and casualty insurance license
Perils Group at Swiss Re, said.

Lloyd’s of London has said it is braced for big claims, mostly from offshore energy installations, damage to property and costs of lost business.

Meanwhile, Allianz, Zurich Financial and Axa have yet to speculate on their likely exposure to Katrina.

Premiums ’safe’

However, experts also said Katrina’s path - which took it around the most densely populated areas - may have lessened its financial impact.

“Projections that this is going to be the worst ever are probably off… we’re probably looking at something that’s in the top five,” said Robert Hartwig, chief economist at the Insurance Information Institute.

MOST COSTLY US HURRICANES* Andrew - 1992 - cost $21bn Charley - 2004 - $15bn Ivan - 2004 - $14.2bn Frances -2004 - $8.9bn Hugo - 1989 - $7bn *Source: National Oceanic and Atmospheric Texas property insurance (adjusted for inflation)

Analysts have also played down the possible impact on insurance premiums.

Only if the cost of Katrina grew so large that it could threaten to drive some insurers out of business would it force the industry to increase rates across the board, said analysts at US group Fox-Pitt Kelton.

It would take a “devastatingly large loss” of $50bn or more to push all non-life insurance premium rates upwards, said Fox-Pitt.

Only storm-affected liabilities - such as property in the agriculture casualty insurance property
US - would see insurance premium rates increase, it added.

Oil impact

Insurance consultancy Eqecat has already reduced its estimate of casualty insurance property system
claims from an initial $15bn-$30bn to a maximum of $16bn after the eye of the storm veered away from the centre of New Orleans.

Eqecat said its estimate did not include damage to oil rigs in the Gulf of Mexico - many of which are more than 25 years old - and warned that predicting damages could be tricky.

“We do know the storm path went through an area where there are a number of production platforms,” said Rick Clinton, Eqecat’s president.

“When you start looking at the older platforms, built prior to 1980 and 1970, that will have a dramatic impact.”

Oil price fears

However, aside from the insurance market, the huge storm could have other knock-on effects.

If it leads to higher oil prices for a considerable time, that could have a serious effect on some big US airlines who are either struggling to avoid bankruptcy - as in the case of Delta and Northwest - or trying to come out of Chapter 11, like United Airways and US Air.

And Standard & Poor’s says that the storm could lower US GDP in the third quarter of the year, as energy and tourism output drops.

But the company says that economic growth will recover as spending on rebuilding would boost growth.