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Definitions – Glossary – General Knowledge
The Organization for Economic Cooperation and Development (OECD) in October 2021 published its latest data about inflation. According to the OECD, the Consumer Price Index (CPI) continued upward, reaching 4.3% in August 2021 driven by energy and food prices. The new data point compares with 4.2% in July, continuing the upward trend beginning in December 2020. In the euro area, annual inflation picked up strongly to 3.0% in August
The Organization for Economic Cooperation and Development (OECD)’s Composite Leading Indicators (CLI) in September 2021 indicated that growth remains at above-trend levels but is moderating in the OECD area. Among the major OECD economies, the signs of a moderating growth at above-trend levels already were flagged in last month’s assessment. They now have been confirmed in Canada, the euro area as a whole, including Germany and Italy, and in
The Organization for Economic Cooperation and Development (OECD) in September 2021 published its July 2021 unemployment data. The OECD area unemployment rate fell to 6.2% in July 2021 (41.1 million workers) from 6.4% in June (minus 1.6 million), and still 0.9 percentage point above the rate observed in February 2020. The latest rate largely reflects the return of temporary laid-off workers in the United States and Canada, where they
According to SwissRe Institute’s sigma study published in September 2021, global premiums in P/C insurance are expected to grow by an average 5 to 6% per year over the 2020 to 2040 period, reaching USD 4.3 trillion by 2040, up from 450 billion in 2020. The expected growth is driven by effects of economic development and climate change, and includes a shift from lower-risk, high-volume motor insurance to catastrophe-exposed property
The Organization for Economic Cooperation and Development (OECD) in August 2021 announced that the Gross domestic product (GDP) of the OECD area remains below pre-pandemic levels, despite increasing growth in the second quarter of 2021, by 1.6% from 0.6% in the previous quarter, according to provisional estimates. The United Kingdom recorded the strongest growth (4.8% from minus 1.6% in the previous quarter), followed by Italy (2.7% from 0.2% in the previous quarter).
Swiss Re in June 2021 published a new edition of its SONAR research report under the title “New Emerging Risks Insights”. The report addresses the threats that will shape the future post-COVID-19 risk landscape. They range from the unintended consequences of government interventions through to the dangers of restarting under-maintained industrial facilities. The key issues addressed include: COVID-19 to worsen income inequality; growth in the global middle class slowed
The Organization for Economic Cooperation and Development (OECD) in April 2021 published its latest set of Composite Leading Indicators (CLIs). Designed to anticipate turning points in economic activity relative to long-term trends, CLIs continue to strengthen in most major economies. In the US, the CLI increases steadily, thanks to a greater consumer confidence. In Japan, Canada, and the euro-area (especially Germany and Italy), the CLIs point towards a steady
The World Economic Forum (WEF) in January 2021 published the 16th edition of its annual Global Risks Report. Prepared with input from global broker Marsh McLennan, South Korean conglomerate SK Group, and insurance carrier Zurich, the 2021 edition of the report focuses on risks arising from societal fractures, with implications for human health, unemployment, widening digital divides, youth disillusionment, and geopolitical fragmentation. According to the WEF, large cohorts of
Insurance and Propagation in Village Networks, NBER working paper: non-insured events have a lasting impact on the entire supply chain.
According to Swiss Re, global insurance markets are set to rebound in 2021 with China leading recovery.
According to UNCTAD, global FDI flows fell 49% in the first half of 2020 compared to 2019, due to the economic fallout from COVID-19
We are currently seeing a lot of interest around managing burnout within teams. The difficulty employees face in trying to maintain a good balance in life, carry very heavy loads (work, mental and emotional) – especially in companies that have had to maintain normal productivity, and the lack of effective social support largely explain the phenomenon. Preparing these people for a return to work cannot be improvised. That’s why
Troubled times give birth to individuals with valuable personality profiles: the “positive deviants”. They are known to transgress the rules and push past established norms for the good of all. They contribute enormously to innovation by deviating from existing habits without knowing much about why they were so ineffective. The period we are going through gives us the opportunity to innovate around our approach to work. But we don’t
I’ve often been asked if I have any advice on how to structure the psychological approach to post-lockdown. I hereby invite you to utilise the “RARE” method: – Recognize: sensitize teams to be able to detect weak signs shown by people in psychological distress (a secondary prevention technique) – Act: teach teams how to start a conversation with someone showing signs of distress – using the right tone –
Many people will be experiencing painful emotions in the times to come. For some this will manifest as fear and guilt; for others, shame at not being able to meet performance expectations. Asking these people to “make an effort” or “smile a little” has a name in psychology: surface acting. Very damaging, this request to act “as if” everything was going well creates emotional dissonance and weakens commitment, well-being
At the end of a webinar a manager told me: “Some of my employees feel guilty for not being able to manage everything at once: teleworking, their children, household tasks… I would like to help them, but I don’t know how”. Guilt is an emotion that is as unpleasant as it is useful: it appears when we feel we have caused harm and urges us to remedy it. However,
We haven’t all experienced lockdown in the same way. Some have felt indispensable, others useless. And others have lacked recognition because teleworking has rendered their contribution invisible. These differences naturally give rise to tensions like mutual stereotyping, disintegration of teams and declining performance. How can these be avoided? Psychology’s solution is the “superordinate goal”, i.e. a goal that can only be achieved through the active participation of each member
Have you ever heard of the “bystander effect”? In psychology it is the phenomenon that the more people there are in a place, the less likely any one individual is to help someone in trouble. It is basically due to a dilution of responsibility (there are lots of people; someone else is bound to help on my behalf). When coming out of lockdown, many employees will experience bouts of
Are you familiar with the concept “locus of control”? In psychology, it’s the way we determine the cause of what happens to us. We can divide ourselves into two categories: – The “internals”: what happens to me depends on me… if I fail it’s my fault. These people progress more quickly in their careers but go through intense phases of guilt and self-questioning. – The “externals”: what happens to
The current situation is exceptional for everyone and that includes managers. Assuming one’s managerial responsibility means explaining the reasoning behind decisions that are misunderstood or poorly received by one’s colleagues whenever possible, and apologizing wherever mistakes have been made. While it is normally legitimate to expect exemplary behaviour from managers, calls for excellence in the current crisis are as futile as examples of leniency are essential.
We’re not all going to come back with the same emotional charge at the end of lockdown. Some will have spent their time enjoying the first rays of spring sunshine while others will have been cooped up with their children and stifling workload. Still others will have been exposed on the front-line on a daily basis. Taking time out at the end of lockdown to ensure a coordinated response
Imagining life after Covid-19 is not easy. One may feel rather stuck in this exceptional period and emotionally depleted. The situation calls for us to forgo a cognitive bias called “availability heuristics”; that is our tendency to have our thoughts consumed by which is directly in front of us. Indulging our availability heuristic inhibits both present-day creativity and positive future projections. The good news is that you just have
Do you know what it means to have a “sense of coherence”? In psychology, it is a characteristic of people who are healthy, live longer, are happier in the different spheres of their lives and perform better at work. People with this characteristic are defined as follows: – they perceive the world as understandable – they have confidence in their resources (physical, psychological, social…) to cope with difficulties –
Are you familiar with “toxic handlers”? These are people who have the ability to “absorb” the stress triggered by crises and limit the impact of it on their colleagues. These empathetic qualities will prove essential in the transition out of lock-down, enabling these people to: – quickly identify colleagues in difficulty – listen and soothe with compassion and respect – take action around finding effective solutions How do you
Do you know what anticipatory anxiety is? In psychology it is the pervasive fear of an event to come. At the moment, many employees are apprehensive about coming out of isolation and returning to work because of the risks of contamination. Avoidance behaviours will appear such as refusal to shake hands, refusal to take the elevator together, self-isolation in open spaces etc. These are all essential subjects to raise