Commercial insurance prices almost flat in Q3
Towers Watson’s latest analysis of commercial insurance prices reveals that they were almost flat in aggregate during the third quarter of 2015 compared to a year earlier. Prices decreased for workers’ compensation, commercial property, and D&O insurance; as they did in the previous quarter. Employment practices liability and commercial auto showed the largest increases. Large accounts decreased for the second straight quarter while small and medium accounts showed moderate increases.
World bank calls on insurers to make roads safer
The insurance industry can take a lead on road safety the World Bank says. On its blog, the organization highlights the economic and human cost of road crashes which kill 1.25 million a year worldwide and injure another 50 million. It says that in low and middle-income countries the economic impact is as high as 5 per cent of GDP. It references the goal of the United Nations to cut road deaths in half by 2020 with the co-operation of all major stakeholders.
For insurers, the World Bank says that there are 5 key areas to make a contribution: embed road safety in insurance products; promote new technologies to influence better driver behavior; provide shared data to enable better understanding of the causes of road crashes; invest in public awareness campaigns; and partner with authorities to share expertise and develop road safety solutions.
Munich Health North America appoints president, CEO
Juan Serrano has been appointed president and CEO of Munich Health North America. Parent company
Munich Re announced that Serrano takes up the role immediately, following the retirement of Donna Peterson after four decades of service to the insurance industry. Serrano has spent 25 years in the health insurance sector including time as CEO at Prominence Health and roles at Catholic Health Initiatives, WellCare Health Plans, UnitedHealth Group and Prudential.
