Household Income Growth Outpaces GDP in OECD Nations
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’s “Health at a Glance 2023” reports on the State of Global Health Systems
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
Strategic Consolidation in Global Insurance Brokerage Market: M&A Trends in 2023
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
End of Remote Work? Top CEOs Weigh In
The global health crisis dramatically transformed how we operate, pushing numerous companies into a remote working model, while others adopted a blend, known as the hybrid model. Recent statistics from Pew Research Center indicate that 35% of employees capable of remote tasks are sticking to a fully remote routine, and 41% are following a hybrid schedule. Yet, as the dust settles post-COVID-19, many corporates like Zoom and Meta are
Humana Leadership Transition: Broussard to Pass Baton to Rechtin in 2024
In an anticipated leadership shake-up, Bruce Broussard, Humana‘s CEO with over a decade at the helm, will relinquish his role as the head of the insurance giant known for its brands like CenterWell in home health, pharmacy, and primary care domains. Taking his place, starting January 8, 2024, will be Jim Rechtin, who currently leads Envision Healthcare. This transition will see Rechtin collaborating closely with Broussard until the second
Ashley Wolff named as AVP Gallagher Multinational Benefits and HR Consulting
With over 16 years of dedicated service at Gallagher, Ashley Wolff has showcased a trajectory of consistent growth and leadership. Her recent appointment as the Area Vice President for Multinational Benefits and HR Consulting in the South Central Region, showcases Ashley’s expertise lies in optimizing sales operations. Her tenure at Gallagher has seen her wear multiple hats – from being a Sales Enablement Leader for various regions, including the
Profit-Sharing, Business Dynamics, and Employee Compensation
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
Allianz Partners Teams Up with bolttech for Enhanced Device Protection
Leading B2B2C insurance provider, Allianz Partners, joins forces with global insurtech giant, bolttech, to introduce advanced device and appliance insurance in the Asia Pacific and the US. This strategic alliance leverages the unique strengths of both companies, aiming to seamlessly integrate insurance offerings during customer interactions. This collaboration will offer integrated solutions for businesses like e-commerce platforms, telecom providers, banks, insurers, and OEMs. The goal? Simplifying the process for
Labour Market Flourishes: Record Highs in OECD Employment and Participation Rates
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
Digital Advances Prompt Insurance Sector Evolution
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,
Marsh McLennan Appoints Pat Tomlinson as Mercer’s New President
Leading global professional services company, Marsh McLennan (NYSE: MMC), specializing in risk, strategy, and human capital, has announced the appointment of Pat Tomlinson as the new President of Mercer. Mercer, a pivotal arm of Marsh McLennan, focuses on revolutionizing the work landscape, optimizing retirement and investment results, and promoting genuine health and well-being. Martine Ferland will continue her role as Mercer’s CEO and Marsh McLennan’s Vice Chair, supervising Mercer’s
Bharti Set to Acquire AXA’s Share in Partnership
Bharti Life Ventures is on track to secure full ownership of Bharti AXA Life Insurance Company. On Wednesday, Bharti Group announced a definitive agreement to purchase AXA’s 49% share in the life insurance entity. This move follows the 2020 decision by Bharti and AXA to integrate Bharti AXA General Insurance with ICICI Lombard and AXA’s subsequent departure from ICICI Lombard’s shareholder list. The deal is anticipated to finalize by
APRIL International Celebrates a Year of Triumph with Esteemed Health and Protection Honour
APRIL International, a leading French and global health insurance provider, is proud to share its recognition as the Top International Individual Health Insurance Provider at the Health & Protection Awards 2023. This distinguished honor complements the firm’s growing list of accolades, including a consecutive 5-star service rating in the 2023 International Private Medical Insurance Report by Health and Protection. Recently, APRIL International held its debut broker conference in London.
Aon 2024 Report shows 10.1% increase Medical Plan Unit Costs – highest since 2015
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
AI’s Transformative Role in Insurance: Opportunities, Challenges, and the Road Ahead
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
The Importance of Innovation: EIOPA’s Digital Strategy 2023 Report
2023 Digital Strategy Overview The European Insurance and Occupational Pensions Authority’s (EIOPA) digital strategy 2023, aims to support consumers, markets, and the supervisory community through digital transformation. Realising that digital transformation is reshaping the world, influencing how businesses operate, how people connect, and how information is exchanged, EIOPA recognises that the insurance and pension sectors are no exception, with digitization altering product development, underwriting processes, and consumer behavior. The Digital
Moritz Löschner: Spearheading Zurich Eurolife’s European Expansion & Customer Engagement
Moritz Löschner has taken on a new role as the Regional Director of Customer and Distribution Management at Zurich Eurolife S.A. Having been with Zurich for over a decade, Moritz has worn multiple hats, from roles in Customer & Distribution Management to Underwriting positions in both Corporate Life & Pensions and Commercial Insurance sectors. His journey with Zurich began in 2009 when he became a part of the Global
Deloitte’s 2024 Global Insurance Outlook: Navigating the Future of Insurance
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,
Prioritizing Mental Health Resilience: A Critical Imperative for Global Workforces on World Mental Health Day 2023
As the world observes World Mental Health Day today, October 10th, International SOS,World Mental Health Day today, October 10th, International SOS, a provider of health and security risk services globally, underscores the increasing significance of mental health resilience within the international workforce. In a world grappling with persistent and far-reaching crises, the impact of these challenges on employees’ mental well-being has never been more pronounced. The convergence of a
NBER: Intricacies and Implications of Adverse Selection in Health Insurance Choices
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.
Giulio Terzariol appointed as Generali’s New Insurance Division CEO
In a straightforward and strategic organizational move, Generali has appointed Giulio Terzariol to lead its newly established “Insurance” Division, effective January 2024. This appointment marks a significant development in Generali’s organizational structure, consolidating all of its Insurance Business Units into one unified Division. Giulio Terzariol, with a rich history in the insurance sector, will step into the role of CEO Insurance, a position that entails comprehensive oversight of all
Analyzing the Surge in OECD Inflation Rates: Review of August 2023 Report
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
Unveiling Aegon’s Redomiciliation to Bermuda: A Deep Dive into Regulatory, Supervisory, and Operational Implications
Aegon N.V., a notable entity in the financial and insurance sector, has embarked on a pivotal journey, aiming to shift its legal domicile from the Netherlands to Bermuda, as elucidated in their Shareholder Circular dated September 29, 2023. This strategic move, which is set to be voted upon at the Extraordinary General Meeting of Shareholders, is not merely a geographical shift but is embedded with intricate financial, regulatory, and
U.S. Insurers Navigate Slowdown in Private Equity Investments Amid Economic Challenges: AM Best
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
APRIL Group Sets Sights on Robust Expansion in the IPMI Sector: A Three-Year Strategic Vision Unveiled
In a pivotal announcement at the recent broker conference in London, Eric Maumy, CEO of the insurance distribution titan, APRIL Group, and its subsidiary APRIL International UK, unfolded a bold three-year growth blueprint, particularly spotlighting the International Private Medical Insurance (IPMI) division. The strategy, meticulously crafted, is not merely a response to the current market dynamics but a forward-thinking approach to harness both the UK and global markets with
Understanding the Evolving Landscape of Global Workers: A Comprehensive Analysis
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
Medical Costs Skyrocket: Staff Contributions Remain Steady Amidst Rising Healthcare Expenditures
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