Mixed outlook for insurance says Swiss Re
There are mixed fortunes ahead for insurers according to the latest sigma report from Swiss Re.
It shows that, in 2015, global premium growth increased to 3.8 per cent, from 3.5 per cent in 2014. Non-life grew 3.6 per cent while life insurance premiums slowed to 4 per cent from 4.3 per cent a year earlier.
Profitability is continuing to be impacted by low interest rates and with only moderate global economic growth, the outlook is mixed.
The global wholesaler expects life insurance to increase “slightly” in advanced markets in 2016 but to slow in emerging markets, although China’s growth is expected to remain strong.
For non-life, Swiss expects weaker conditions with moderate economic activity and soft pricing. This will be particularly evident in advanced markets. The non-life sector will see stronger growth in Asia, especially in China; other markets could see some contraction.
NFP acquires First West Brokerage
Insurance broker and consultant NFP has acquired Utah-based brokers First West Brokerage Services Inc.
The deal closed on June 1 and NFP regional managing director John Hohman says that the acquisition is part of a plan to expand the firm’s offering nationwide with the west seen as having great potential for growth.
First West principal David Jackson will stay with the firm as managing director reporting to Hohman.
Why clients need to be aware of this workplace risk
There are an estimated 9.9 million adult falls annually in the US alone and while seniors may be considered most at-risk, two-thirds of the falls involve working age people.
A new report from
Liberty Mutual Insurance reveals that a third of falls involve seniors, a third younger (18-44 year-old) adults and a third middle-age (45-65 year-old) adults.
“While there is considerable research on falls among older adults – those age 65 and up – less is known about fall-related injuries in middle-age and younger adults,” notes Santosh K. Verma, MD ScD, senior research scientist with Liberty Mutual Research Institute for Safety. “Our research provides the most comprehensive picture to date of the frequency of falls for US adults.”
The insurer warns that businesses must ensure that their employees and the public are adequately protected from the risk.
“Protecting these groups provides a host of benefits for employers, from keeping skilled employees on the job, to protecting tight margins from the costs associated with workers compensation and general liability claims,” said Wayne Maynard, technical director, Liberty Mutual Risk Control Services.
