Report: 60% of company vehicle accidents occur on personal time
Compiled by Insurance24
HARARE, A new report based on US Bureau of Labor statistics has found that most motor vehicle accidents involving company cars occur during the personal time of employee drivers.
Specifically, the report said that 60% of company car accidents happen during an employee’s personal time, while the remaining 40% of collisions were work-related.
CarData Consultants, a provider of vehicle reimbursement programs (VRPs), said the data is proof that more companies need VRPs to help manage the business risk of losing company cars to collisions.
VRPs reimburse employees for the business use of their personal vehicle; this leaves the employee’s insurance as the primary coverage in the event of a collision.
On top of VRPs, CarData also suggested companies should expand their driver risk management approach to include things like insurance verifications and driver’s license checks. Business use coverage is something employees should consider, CarData recommended.
Although “business use” insurance sounds like it has something to do with commercial insurance, it is not necessarily the case.
“When we review drivers’ insurance policies it’s quite clear, a driver either has business use coverage or the language in the insurance policy states pleasure/personal use coverage,” CarData said in a statement.
Research found there is an extra premium for business use coverage of about 10%, but CarData said it can offer the same coverage via its VRP.
“The premium for business use coverage is built into the Vehicle Expense database, and so is added into the monthly reimbursement paid to drivers via a VRP,” the company explained.
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Aon moves Lambrou to new chief commercial officer role
By Insurance24
HARARE, Aon has appointed Lambros Lambrou to the newly created role of global chief commercial officer and CEO of global specialities for the firm’s commercial risk business.
Most recently, Lambrou was CEO of Aon Risk Solutions Australia, a role he took on in December 2013.
Previously, he was CEO of the global broking centre in London and is a former chief broking officer for Aon Risk Solutions Emea.
Other roles in Lambrou’s varied Aon career include global chief operating officer for Aon Broking, head of Aon Analytics and head of carrier management.
In announcing the appointment, Aon Risk Solutions CEO Mike O’Connor said: “Global Specialties is a critical element of how we identify and address our clients’ most pressing needs.”
Aon executive Lambrou has been at the global broker and its predecessor businesses since 1986, according to his Linkedin profile.
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Reinsurance broking talent war intensifies
By Insurance24
HARARE, Peter Stubbings and Jon Wood have become the latest in a slew of Guy Carpenter staff to leave the reinsurance broker for Aon Benfield.
The departures continue a stream of defections that began when former Guy Carpenter Europe, Middle East and Africa CEO Nick Frankland announced his resignation in October 2016.
Since Frankland joined Aon Benfield in April 2017 as UK CEO, five other senior Guy Carpenter figures have also jumped ship to the broker’s key rival.
Stubbings’ and Wood’s resignations emerged last week. Stubbings, Guy Carpenter’s Bermuda CEO, will become deputy CEO of Aon Benfield’s Global ReSpecialty division.
Wood, who as a managing director at Guy Carpenter was part of the team that established UK flood insurance scheme Flood Re, will establish an entity for specialty public-private partnerships in his new role.
In March, Guy Carpenter executive Matthias Meyenhofer announced he would join Aon Benfield in September as Bermuda CEO.
In the same month, Guy Carpenter also confirmed the departures of head of strategic advisory Eric Paire and managing director Emma Karhan, as first revealed by this publication in September 2017.
Paire will be head of Aon Benfield’s capital advisory unit, while Karhan will head terrorism specialty and London reinsurer relationships in her new role.
Guy Carpenter, however, has in the past had hiring spates of its own.
In 2015, Guy Carpenter initiated an aggressive expansion of its facultative reinsurance team, hiring a number of senior executives from Aon Benfield. These included Aon Benfield Fac CEO Paul Summers, UK head Neil Mayes and global head of strategy Paul Cousins.
Later the same year, Guy Carpenter hired a further five fac brokers from Aon Benfield, three of whom were producing brokers.
Between 2015 and 2017, the Marsh & McLennan Companies subsidiary also plucked a number of high-profile staff from rival Willis Re, starting with CEO Peter Hearn, and three months later his brother David Hearn, a senior Willis employee. Two senior brokers in Philadelphia, James Overend and Bob Trucksess, followed that same year.
In 2017 the raid continued when Guy Carpenter hired four senior Texan and Floridian brokers from Willis Re, and later that year, lured its chief risk officer Pete Thomas.
The merry-go-round of broker hires reflects the difficulty brokerages have with retaining talent in an era when squeezed margins are the norm. Among major brokers, 2017 organic growth figures barely ventured into the high single digits.
Guy Carpenter posted organic growth of 4 percent for 2017, the same as Willis Towers Watson’s risk and reinsurance business. Aon’s reinsurance solutions arm posted 6 percent organic revenue growth for the year.
JLT Group, which includes its reinsurance and specialty broking operations, posted 5 percent growth for last year.
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