Aon Financial News

employees surveyed in a joint study on workplace mental health in Asia by Aon and TELUS Health have moderate (47%) to high (35%) risk of developing mental health issues, findings released on Thursday have revealed. 54% believe their career options would be limited if their employer knew they had a mental illness. The inaugural Aon TELUS Health Asia Mental Health Index report, which explores workplace mental health and the impact on productivity across 12 countries in Asia aims to improve understanding of the mental health risk of employees and help businesses make better decisions to manage employee mental health and increase workforce resilience. Key findings on workplace productivity showed that 45% of respondents across the region report that their mental health is negatively impacting their work while stress, anxiety and burnout are on the rise. 51% employees reported feeling more sensitive to stress this year compared to last year; while 45% of them believe their colleagues are showing more signs of stress this year.

By Matt Tracy

Health-insurance costs are climbing at the steepest rate in years, walloping businesses and their workers. Costs for employer coverage are expected to surge around 6.5% for 2024, according to major benefits consulting firms Mercer and Willis Towers Watson, which provided their survey results exclusively to The Wall Street Journal.

insurance industry, resulting in the rise of new kinds of reinsurers—firms that backstop other insurers—relying on computer models to price extreme risks. But were the same storm to repeat this year, it might cause a far bigger disruption. That is because a combination of climate change, economic and population growth, and inflation of all kinds has challenged insurers’ grasp of what exactly “the worst" entails.

₹7,800 crore to enhance the operational capabilities of the Indian Armed Forces, the ministry said in a statement on Thursday. The ministry said that all procurements will be made from indigenous sources only.

volunteering trends, revealing substantial untapped potential for employee involvement in volunteering initiatives. The report emphasizes the benefits that such initiatives can bring to both employees and companies. According to the report, corporate India is sitting on a socio-economic opportunity worth Rs 7,500 crore through volunteering initiatives. The potential goes beyond mere Corporate Social Responsibility (CSR) funding, as both employees and companies can actively engage in developmental causes, imparting a substantial positive influence on society. With about 15 million white collar employees in India, a potential of 150 million+ hours can be volunteered annually by corporate India towards social & economic development. This would represent a significant socio-economic contribution of over Rs 7,500 crore, which can be unlocked by promoting volunteering in Indian corporates (30% of the overall CSR spending in India), potentially generating a 5x social return on investment for companies.

The fund expands on the UBS Global Equity Climate Transition fund launched in 2022.

TA Associates has quietly taken bids for its 80 per cent stake in Australia and New Zealand insurance broking roll-up Honan Insurance.

A recent report from work-as-a-service platform Awign decodes this trend with some data from the ground. These numbers are based on observed data and so may not be representative of the broader population. But these can still provide some trends to employers on the type of such freelance roles that organisations are looking for. For jobseekers, it can give some insights into where qualified people can find opportunities. Using data from ASSOCHAM, the report says: “India had 15 million independent workers or freelancers in 2020, with industries like IT, finance, HR and design hiring people on a project basis. Notably, the number of tech companies onboarding independent workers has seen an uptick. A November 2022 survey by NASSCOM, Indeed and AON found that the share of Indian tech companies hiring gig workers rose to 65 per cent in 2022 compared to 57 per cent in 2020.” Indeed, the overall demand for gig work has gone up after the pandemic. But one of the more intriguing results the data shows is an increased demand for people with graduate degrees.

India Inc have increased their spending on well-being in 2023 compared to 2019 while two in three firms believe unhealthy employees have a direct impact on business financials, according to Aon India Primary Care Benefits Report 2023 that mapped 250 companies. The study suggests that 82% companies agree mental health has a potential impact on business outcomes. “We have witnessed a big shift in the way companies want to offer benefits. As a result, there is an increase in benefits plans curated by insurance companies and technology players,” Shantanoo Saxena, executive vice president of Health Solutions for India at Aon, said. The Aon study revealed a 51% increase in companies offering outpatient department (OPD) benefits compared to 2019. Among the hi-tech and consulting industries and small and medium-sized companies, the provision of primary care benefits more than doubled and tripled in this period, respectively. “The benefits landscape in the wake of the COVID-19 pandemic has shown increased fluctuations,” Ashley Dsilva, head of Health Solutions for India at Aon, said.

Rafale fighters to equip the Indian Navy with the advanced combat jets. According to French aerospace company, Dassault Aviation, 26 Rafale fighters for the Indian Navy will add to the 36 advanced fighters that are already in service. «This decision comes after a successful trial campaign held in India, during which the Navy Rafale demonstrated that it fully met the Indian Navy's operational requirements and was perfectly suited to the specificities of its aircraft carrier,» Dassault Aviation said. «This selection confirms the excellence of the Rafale, the exceptional quality of the link between Dassault Aviation and the Indian Forces, and the importance of the strategic relationship between India and France,» it added. India's Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, granted Acceptance of Necessity (AoN) for the procurement of 26 Rafale Marine aircraft for the Indian Navy on Thursday.

Hindustan Times report cited.  While details of the defense deals remain undisclosed, it is understood that India and France will sign a defense-industrial roadmap aimed at enhancing India's manufacturing of hardware platforms through indigenous engines and technologies. Furthermore, PM Modi and French President Emmanuel Macron are set to unveil a bilateral roadmap for the Indo-Pacific, outlining specific measures to ensure maritime security and freedom of navigation in the region, which has been a subject of contention with a rising China.

MUMBAI : Piramal Group has rolled out a retention plan in which 280 of their middle and senior management will get long term incentive compared to 70 of the top brass earlier. The new incentives come at a time when there is an increasing demand for experienced senior executives in financial and pharma sectors.