UBS Prices and Earnings

A comparison of purchasing power around the globe
Dublin joins the world’s most expensive cities

Oslo, London and Copenhagen remain the most expensive cities for visitors. However, one city is boldly challenging the top of the list. In 2005, Dublin was the thirteenth most expensive city we
surveyed; now it ranks number four, just in front of Zurich. Other cities notorious for their high prices have ceded their places. In the US, prices have fallen relative to the other cities. The US dollar’s sharp depreciation – at the time of our editorial deadline, down almost 18% against the euro since our last survey – has made New York a much more affordable place for European
shoppers. London is now 26% more expensive. On the other hand, Eurozone cities are even more expensive. In 2006, Barcelona and Hong Kong were similarly costly. Now
the Catalonian port city is 22% more expensive than the Chinese one. The cheapest cities are in South Asia and South America.
Buenos Aires is nearly as expensive as Mumbai. The depreciation of the Indonesian rupiah make both countries attractive tourist destinations.
If we include rents, the ranking is reshuffled. New York is the fifth most expensive city to live in, after London, Oslo, Dublin and Copenhagen. Life for London renters is 23% costlier than for
Zurich’s tenants, and living in Mumbai’s is about as expensive as in Mexico City. One reason for this discrepancy is surely the differences in developing cities’ price levels. The basket of goods
we used in this study is biased toward Western European consumer standards. We only consider the cost of Western-style accommodations in Mumbai which may be very high compared
with average local prices. The local market for such housing is smaller, too.

Environmental Liability : Policy from the Italian Market

First significant aspect of the new product lies in its formulation: it is in fact a multirisk product divided into a basic guarantee and three optional guarantees.

The security base is made of two sections:

Section 1: guarantee for damages to third parties for death, personalinjury, damage to property and damage to third parties' activities in the area concerned by the pollution.

Section 2: remediation costs, pooling and restore security, both
inside and outside the secured site. The guarantee for remediation costs within the site is covered with a sublimit for land's remediation. Any damage to the aquifer is covered up to the limit.

The insurance guarantees a single limit for the first and second section.

The guarantee of liability works in "claims made" ;
the guarantee for remediation, pooling and restore security, works in "loss occurrence".

Covered are pollution damages resulting both from sudden and accidental events as well as leakage (gradual pollution).

Also available are the following optional guarantees:

1) Protected Species and natural habitats: The Italian legislation,
(Leg. 152/2006) which has implemented EU directives on the subject,
imposes the burden of restoration, or to bring the ' habitats and the
status of protected species to original condition.

2) Property inside the insured plant : covers the cleaning and
decontamination of movable and immovable property within the site.

3) Operations of loading and unloading carried out by mechanical means
from third parties

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