Introduction: Navigating the Complex Landscape of Workforce Health The MAXIS GBN 2024 report illuminates the multifaceted influences of industry, culture, and gender on workforce health. Drawing from an extensive analysis of medical claims data, it reveals critical insights into how these elements shape health outcomes and healthcare costs. Industry Influence on Health: A Closer Look Musculoskeletal (MSK) conditions emerge as a predominant concern, with spending on MSK care witnessing

In the latest quarter of 2023, the Organisation for Economic Co-operation and Development (OECD) reported a slight downturn in real household income per capita, marking a pivotal moment after a year of consistent growth. This shift, contrary to the 0.3% rise in real GDP per capita, unveils the intricate dynamics beneath the surface of economic indicators, spotlighting the diverse fiscal landscapes across member countries. The OECD’s analysis, aggregating data

As of October 2023, the OECD unemployment rate was 4.9%, remaining under 5.0% since July 2022​​. This stability is significant for the insurance and pensions sector as it indicates a relatively stable labor market. However, the number of unemployed persons reached 33.4 million, the highest in 2023. The disparity in unemployment rates among OECD countries is notable, with rates rising in 14 countries, unchanged in 9, and declining in

The OECD’s “Pensions at a Glance 2023” report presents a detailed analysis of pension systems, demographic trends, and policy reforms among its G20 member countries. Here’s GBV’s comprehensive analysis based on the key findings from the report: 1. Pension Reforms and Retirement Age Adjustments Increasing Retirement Ages: Many OECD countries continue to increase retirement ages. For example, Sweden raised its retirement age and linked it to two-thirds of life-expectancy

The comprehensive analysis of the “Vitality in America” study, commissioned by The Cigna Group, reveals crucial insights into the state of vitality among Generation Z and other American adults. This study, conducted in June 2023, surveyed 10,000 adults and used the Evernorth Vitality Index (EVI) to measure health and well-being across eight dimensions: emotional, environmental, financial, intellectual, occupational, physical, social, and spiritual. Generation Z’s Vitality Metrics Mental Health Challenges

The landscape of global medical expenses is undergoing significant changes. The WTW 2024 Global Medical Trends Survey, encompassing insights from 266 insurers across 66 countries, provides critical data on these shifts. This comprehensive study highlights key trends in medical costs, including a projected near double-digit increase in 2024, albeit a decline from the 2023 highs. Let’s delve into the factors influencing these trends and their implications. Decline in Medical

GBV’s Summary of OECD Consumer Price Index and Headline Inflation Rates Report – November 2023 Key Findings: General Trend of Inflation: The OECD headline inflation eased slightly to 6.2% in September 2023, down from 6.4% in August. This change follows previous increases in July and August. Inflation decreased in 27 OECD countries but rose in 8, including significant rises in Spain, Costa Rica, Slovenia, and Türkiye. Notably, Türkiye, Hungary,

The O.C. Tanner 2024 Global Culture Report provides insightful data and perspectives on workplace culture and the evolving employee-employer relationship. Here’s GBV’s comprehensive summary focusing on the changes in these areas: Workplace Flexibility Increasing Flexibility and Fairness: The report highlights a trend towards more flexible work environments, emphasizing the need to make this flexibility equitable across different roles​​. Employee Expectations and Benefits of Flexibility: Employees are not necessarily seeking

Zurich Integrated Benefits‘ new report “The Future of Employee Benefits: 2030”, provides an insightful analysis of the evolving nature of work and its implications for employee benefits. The report outlines five key pillars that are shaping the future of employee benefits. These include Personalization, Wellbeing, Empowerment, Impact, and Technology. Each pillar is accompanied by micro-trends and scenarios demonstrating their application in the future workplace. The analysis focuses on these

The report titled “Global Pension Risk Transfer Market Outlook” by Milliman, dated November 3, 2023, provides a comprehensive analysis of the Pension Risk Transfer (PRT) markets, focusing on key territories such as the United Kingdom, the United States, the Netherlands, and Ireland. The report outlines the global landscape of Defined Benefit (DB) pension schemes and their interaction with the PRT market. It emphasizes the importance of stakeholders understanding the

The Imperative of Systematic Health Tracking in the Workplace In today’s fast-paced corporate environment, the health and wellbeing of employees are often overlooked. Most companies focus on direct expenses or liability exposure, such as disability claims and on-the-job injuries, neglecting the broader spectrum of employee health. This narrow focus leaves a significant gap in understanding and improving the overall health of the workforce. To address this, a systematic approach

The research report “The Cost of Money Worries – 2023 Survey Results” presents compelling data on the impact of financial stress on employees in the UK. The survey, conducted by Opinion Matters, involved 1,019 full-time UK workers and reveals significant findings about the intersection of financial wellbeing and workplace productivity. Key Findings: 23% of UK full-time workers struggled to concentrate at work due to money worries. 16% incurred debts

In the first quarter of 2023, the Organisation for Economic Co-operation and Development (OECD) reported a notable rise in real household income per capita, marking a 0.9% increase and surpassing the growth in real GDP per capita, which stood at 0.3%. This recent uptick is not an isolated event but part of a continuing trend, representing the third consecutive quarter of growth and the most significant quarterly rise since

OECD Indicators Reveal Trends in Health Spending, Digital Health, and Systemic Transformation The Organisation for Economic Co-operation and Development (OECD) has released its “Health at a Glance 2023” report, offering a critical analysis of health system performance and health indicators across member and partner countries. Health Spending: A Global Perspective The report notes that in 2019, before the pandemic, OECD countries spent an average of 8.8% of their GDP

The 2023 report entitled “Consolidation in the Global Insurance Brokerage Market: How to Create Value Executing a Consolidation Strategy” provides a comprehensive analysis of the consolidation trends within the global insurance brokerage sector. The report delves into the dynamics of the market, the drivers behind consolidation, and the opportunities and challenges that come with it. Market Overview and Growth Projections The author Alvarez & Marsal, provides a detailed analysis

In the ever-evolving landscape of global economics, the concept of wealth distribution has taken center stage. One policy that has garnered attention is profit-sharing, especially in its mandatory form. The research paper titled “The Effects of Mandatory Profit-Sharing on Workers and Firms: Evidence from France” by Elio Nimier-David, David Sraer, and David Thesmar offers a deep dive into this subject. Let’s unpack their findings. Historical Background of Profit-Sharing in

In recent years, the global employment landscape has seen a myriad of ups and downs. However, the Organisation for Economic Co-operation and Development (OECD) countries have emerged as beacons of hope and resilience in the global labour arena. The most recent data for the second quarter of 2023 confirms this trend, showcasing record-breaking numbers in both employment and labour force participation rates. Soaring OECD Rates As of the second

The insurance realm is undergoing a transformative phase, spurred by digital advancements. These digital shifts not only pave the way for innovative growth and efficiencies but also introduce new risk dimensions. A notable outcome of this digital evolution is the surge in companies’ intangible assets, particularly digital data. However, this digital reliance also exposes these assets to threats like cyberattacks and business disruptions. Swiss Re Institute‘s recent sigma study,

Aon’s 2024 Global Medical Trend Rates Report, conducted across 113 Aon offices, provides insights into the anticipated percentage increases in medical plan unit costs. These projections account for factors such as medical price inflation, technological advancements in the medical field, and shifts in plan utilization patterns. In the aftermath of the pandemic, the world has witnessed significant inflationary conditions and economic volatility. Despite signs of recovery, unstable economic conditions

The AI Revolution in Insurance The insurance landscape is undergoing a seismic shift, thanks to the power of Artificial Intelligence (AI). From predictive analytics to the rapid development of new products, AI is reshaping the industry’s very foundation. With tools like ChatGPT and other generative AI models, tasks that once seemed laborious are now streamlined, enabling insurers to process vast amounts of data with unparalleled efficiency. The Double-Edged Sword

In an era where global risks are escalating and the insurance industry is pivoting towards a more customer-centric and digitally adept future, the “2024 Global Insurance Outlook” by Deloitte Center for Financial Services provides a comprehensive exploration into the multifaceted dynamics of the industry. The research, accessible here, underscores the pivotal role of insurers in not only acting as society’s “financial safety nets” but also evolving into sustainability ambassadors,

Introduction In the complex domain of health insurance, adverse selection persistently surfaces as a critical issue, influencing pricing and product allocation among consumers. The research paper, “The Incidence of Adverse Selection: Theory and Evidence from Health Insurance Choices,” authored by Michael Geruso, Timothy Layton, and Adam Leive, meticulously explores the multifaceted implications of adverse selection, particularly its impact on pricing and product allocation among consumers, and its distributional consequences.

Overview of OECD Inflation Trends in August 2023 The OECD (Organisation for Economic Co-operation and Development) has released a detailed report, providing an in-depth analysis of the inflation trends observed across its member countries in August 2023. The report reveals a notable increase in the year-on-year inflation within the OECD, which ascended to 6.4% in August 2023, up from 5.9% in July 2023. This inflationary trend was witnessed in

In 2022, U.S. insurance companies witnessed a deceleration in private equity investments, marking a mere 3.3% increase to reach $132.0 billion, following a stellar growth trajectory in the preceding year, as per a recent report by AM Best. The detailed insights of this financial shift are encapsulated in AM Best’s Special Report, titled “Growth in Insurers’ Private Equity Investments Slowed Significantly in 2022,” which can be accessed here. Life/annuity

The Dynamics of the Global Workforce: Insights from SHRM’s 2023 Study In the ever-evolving world of work, the traditional definition of a worker is undergoing significant transformation. The Society for Human Resource Management (SHRM) embarked on a comprehensive study in July 2023 to delve deeper into the unique desires, requirements, and experiences of workers worldwide. This report provides an insightful analysis of the findings from SHRM’s research, shedding light

The healthcare sector has been a focal point of economic discussions for years, with medical costs consistently on the rise. Recent data from Mercer’s National Survey of Employer-Sponsored Health Plans 2023 has shed light on this escalating issue, revealing that US employers anticipate a 5.4% surge in health benefit costs per employee in 2024. This projection comes even after employers have made adjustments to their plans to curtail this

In a recent report published by the Organisation for Economic Co-operation and Development (OECD) on September 20, 2023, the global economic landscape is analyzed, shedding light on the current economic dynamics and projecting the trends for the years 2023 and 2024. The report, which can be accessed here, presents a detailed analysis of the global economic scenario, emphasizing the challenges of confronting inflation and sustaining growth. Global Economic Outlook