OECD Area Unemployment Rate Down to 6.2% in July 2021
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
Global P/C Premiums Expected to Grow 5%/yr. Over The Next 20 Years – Swiss Re
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
OECD: GDP Growth Accelerates to 1.6% in Q2 2021
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).
Aon-WTW Merger Cancelled
Global brokers Aon and Willis Towers Watson (WTW) in July 2021 announced they had mutually agreed to terminate their combination agreement after the U.S. Department of Justice (DOJ) filed an antitrust lawsuit against the $30bn deal. Aon also announced the extension of employment agreements for CEO Greg Case and CFO Christa Davies to April 1st, 2026, in a move to reassure financial markets. The merger was announced in early
Harmonious Collaboration with E.B. Providers Advantageous for International Companies
Why a harmonious collaboration with Employee Benefits Providers can be advantageous for International Companies A long-term perspective is key In today‘s world of fast flows of information and increased striving for transparency, it became natural to source products and services from distant markets and change providers/vendors regularly. Often the main reason for repeated changes of providers is price. While in many moments in private and business life providers are
Marco Giacomelli New Head of IGP
Global benefits network IGP (International Group Program) in July 2021 announced the appointment of Marco Giacomelli as its new Head, replacing Peter de Vries who retires after a long and distinguished career in multinational pooling. Marco joins from iPMI carrier Generali Global Health where he served as CEO. He previously was with Generali Employee Benefits (GEB), serving as Chief Insurance Officer, Chief Operating Officer, and earlier as Technical Director;
GEB’s New Business Accelerator – Gaining Control Over Employee Benefits: Yes You Can – Deciphering the Symptoms of Long COVID – Returning to the Workplace?
GBV Issue 60 Table of Contents, July 2021
In the July-August 2021 issue: GEB’s New Business Accelerator – Ludovic Bayard Gaining Control Over Employee Benefits: Yes You Can – Guglielmo Callipari, Balasz Kaposvari R&D: Deciphering the Symptoms of Long COVID – Allison Navis R&D: Returning to the Workplace? – Helen Hodgetts, Nick Perham
Employee Benefits: How to Deal with Data Chaos in E.B.
In the previous articles of this series, we examined the importance of gaining control over employee benefits (EB) costs and management. As a foundation for action, the Head Office should consider its data acquisition and evaluation. In practice, this is much more complicated than it sounds. The biggest challenge is that EB data flows from different sources (Benefits Networks, insurers, brokers, TPAs, accountants etc.) to subsidiaries and then to
New IGP Partner in Cambodia Sovannaphum Life
Multinational pooling network IGP in May 2021 announced a new partner in Cambodia, Sovannaphum Life Assurance. Sovannaphum Life Assurance (SVL) is a joint venture between Canadia Investment Holding, the owner of Canadia Bank, and Muang Thai Life Assurance, IGP’s partner in Thailand. The company was granted full license as a life insurance Company by Ministry of Economy and Finance of Cambodia in December 2015 and started operations in 2016.
Nine Associations Launch European Retirement Week
A group of nine European associations in June 2021 announced the launch of European Retirement Week, which will take place during the week of 29 November 2021. The goal of this initiative is to provide a platform for a wide range of stakeholders to debate the future of pensions in Europe and to raise citizens’ awareness of the need to save for retirement. Achieving pension adequacy is indeed crucial
How To Approach EB Challenges at the International Level, Part II
In our previous article in this series (see Part I here) we examined a case in the Netherlands that demonstrates how the head office of an organization can help subsidiaries with an international approach. We will now analyse another example in which an international solution added value to local employee benefits (EB) provision. Maintaining the example of the German Group, we are assessing a subsidiary located in the United
Swiss Re SONAR Report Discusses Post-Covid Emerging Risks
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
How To Approach EB Challenges at the International Level, Part I
In the previous articles of this series (Article I & Article II), we discussed the importance of knowing the insurable employee benefits (EB) specific to your organisation, so as to understand the total costs associated with providing benefits to employees. With this knowledge gathered centrally in the head office of your organisation, your central Finance and Benefits managers will be able to seek possibilities of optimisation at a local
U.S. Life Insurance Startup Ethos Raises $200m
Life-insurance startup Ethos in May 2021 raised USD 200 million in a funding round valuing the business at more than 2 billion. The San Francisco, California-based company previously had raised a total of USD 100 million. Ethos is a producer and a third-party administrator (TPA) for life insurance carriers. Its platform allows customers to purchase life insurance policies online. Currently, the company works with a list of carriers that
David Fike New Head Life, Accident and Health for Zurich N.A.
Zurich North America in April 2021 announced the appointment of David Fike as the new head of its Life, Accident & Health business unit. Fike accumulates over 30 years of experience in insurance and pensions, with a special focus on Asia. He has been with Zurich for close to 7 years, lastly as the CEO of General Insurance and Takaful in Malaysia. He previously had worked for CIGNA in Turkey;
ASN Appoints Kieran Brown as UK General Manager
Zürich, Switzerland-based broker ASN, Advisory Services Network, in April 2021 appointed Kieran Brown as their General Manager in the UK. Brown’s appointment occurs as ASN enters the post-Brexit UK international insurance market. Brown, who was General Manager of Now Health International Europe (NHI) from 2018 to 2021, comes to ASN with over 25 years of experience in international insurance, having worked for Bupa, AXA PPP Healthcare, Cigna and NHI.
Costs & Benefits: Do You Know the Connection?
t is well known that companies with operations in multiple countries are in the best position when their employee benefits (EB) plans are controlled centrally. The largest companies have implemented a central function within their HQ that is responsible for EB management. However, in medium-size companies with international operations (i.e., 1’000 – 5’000 employees), this level of control and management is still often non-existent. The key to gaining control
Cancer: How One Type of RNA Could Be the Future of Treatment
Cells are the basic building blocks of all living things. So, in order to treat or cure almost any disease or condition – including cancer – you first need to have a fundamental understanding of cell biology.. While researchers have a pretty good understanding of what each component of a cell does, there are still things we don’t know about them – including the role that some RNAs molecules play in a cell. Finding the answer to this may be key in developing further cancer treatments, which is what our research has sought to uncover.
Do You Really Need to Drink 8 Glasses of Water a Day? An Exercise Scientist Explains Why Your Kidneys Say ‘no’
Not to burst anyone’s water bottle, but healthy people can actually die from drinking too much water. I am an exercise physiologist, and my research focuses on overhydration and how drinking too much water affects the body. Since water – and sodium – balance is essential to life, it is extremely rare for people to die from drinking too much – or too little – fluid. In most cases, your body’s finely tuned molecular processes are unconsciously taking care of you.
Mental Wellbeing Can Lead To Lower Healthcare Costs
There are many reasons why mental wellbeing is important. Not only is it protective against physical illnesses and linked to greater productivity, but the mental wellbeing of a population is essential for a country’s sustainability, long-term growth and development. But despite the clear benefits, governments tend to focus public spending on treating and preventing disease, and providing care for those who are ill. While this is important and should continue to be prioritised, such strategies alone won’t increase levels of mental wellbeing overall.
Interview with Frank Ahedo, Further Group CEO
Nowadays, any discussion around healthcare for your employees will inevitably center around Covid. At a time when the pandemic and its challenges are still making headlines as outbreaks, infection rates and vaccines flood every news bulletin, it’s easy to overlook the impact on other areas of healthcare. Many of these involve complex or life-threatening illnesses, such as cancer. Global Benefits Vision recently spoke to Further Group CEO Frank Ahedo about the impact that Covid is having on the treatment of serious medical conditions, and how this changing landscape will affect the way employees have access to treatment.
Employee Health Matters: The Impact of Coronavirus on Cancer Treatment – Mental Wellbeing Can Lead to Lower Healthcare Costs – Eight Glasses of Water A Day? Your Kidneys Say ‘No’ – Cancer, how one type of RNA could be the future of treatment
GBV Issue 58 Table of Contents, May 2021
In the May 2021 issue: Employee Health Matters: The Impact Of Coronavirus On Cancer Treatment – Frank Ahedo R&D: Mental Wellbeing Can Lead To Lower Healthcare Costs – Ziggi Ivan Santini, David McDaid, Sarah Stewart-Brown, Vibeke Jenny Koushede R&D: Eight Glasses Of Water A Day? Your Kidneys Say ‘No’ – Tamara Hew-Butler R&D: Cancer, How One Type of RNA Could Be The Future of Treatment – Francesco Crea, Azuma Kalu
Dreams vs Reality in Employee Benefits Management
. ithin the head offices of many organisations, employee benefits (EB) come as a concern to a variety of C-level decision makers. The responsibility of ensuring suitable employee benefits for an organisation’s workforce is linked closely to a manager’s capacity to meet specific targets. However, to meet those targets, companies require the ideal employee benefits scenario – the ‘dream.’ As a result of operational limitations, the ‘dream’ EB scenario
World Pension Alliance & Transatlantic Partnership Annual Conference 2021 – Online Event
The European Association of Paritarian Institutions (AEIP) in April 2021 announced the 2021 edition of the World Pension Alliance & Transatlantic Conference. The event will be held online on 2 and 3 June 2021. It brings together leading experts in pension and healthcare benefits, as well as trustees and employee benefits plan professionals from around the world to share their knowledge and experience on the most prevalent issues. The
Three Ways Behavioural Psychology Might Help You Lose Weight
There’s no shortage of weight loss programmes out there to choose from, each of which claim to have the key to shedding pounds. One of the latest popular weight loss programmes out there is Noom, which claims that behavioural psychology is the key to helping people lose weight for good – including those who haven’t had success in the past.