Hall of Fame Elects von Bomhard

The International Insurance Society (IIS) has announced Nikolaus von Bomhard, Chairman of the Board of Management of Munich Re, as the 2017 Insurance Hall of Fame Laureate. Dr. von Bomhard will be inducted at the July 3rd gala awards dinner held in conjunction with the IIS Global Insurance Forum which takes place at the Park Plaza Westminster Bridge Hotel in London, July 2nd-5th. The Insurance Hall of Fame honors insurance standouts who have made a broad, encompassing and lasting contribution to the insurance industry and who are recognized by their peers as successful leaders, innovators and visionaries. Recent Laureates include Stephen Catlin of XL Catlin, Brian Duperreault of Hamilton Insurance, Denis Kessler of SCOR, Ikuo Uno of Nippon Life and Don Kramer of ILS Capital Management. “Induction into the Insurance Hall of Fame award is the highest accolade in our industry and is a testament to Nikolaus’ outstanding achievements during his brilliant career at Munich Re,” said James Vickers, Chairman of the IIS Honors Committee. “As an effective leader with inspired vision, resolute ethical standards and a deep commitment to issues surrounding sustainable development, Nikolaus embodies the criteria of the Insurance Hall of Fame.” Michael J. Morrissey, IIS President and CEO, added “He steered Munich Re successfully through the financial crisis with a steady hand.” Dr. von Bomhard joined the Munich Re graduate trainee program in 1985 and followed as an underwriter in the Operational Division: Fire/Treaty. In the following years he held various leadership positions including: Deputy Head of the Operational Division, Germany beginning in 1992; building and managing the São Paulo office in 1997; was appointed to the Board of Management in 2000; and leading the Europe/Latin America Division beginning in 2001. In 2004 he was appointed Chairman of the Board of Management. Dr. von Bomhard is responsible for Group Development, Group Investments, Group Communications, Group Compliance, and Group Audit as well as Group Human Resources.  He completed his law studies at the universities of Munich and Regensburg with a doctorate. The nominees for the 2017 Insurance Hall of Fame were selected by the IIS Honors Committee, a body of senior insurance executives and academics, and voted on by IIS members by secret ballot, tabulated and conducted by the law firm of McCarthy Denning Limited…. … The Center for State and Local Government Excellence helps state and local governments become knowledgeable and competitive employers so they can attract and retain a talented and committed workforce. Here is what they see in New York just ahead—presenting opportunities for insurance advisors.

Younger Employees Will Dominate the Workforce. In just four years, people born in 1978 or later will make up 56 percent of the workforce. Baby boomers will decline from 27 percent in 2016 to 17 percent in 2020. These demographic shifts may accelerate the movement to offer flexible work practices as younger workers expect to be able to work anytime from anywhere. Read more here and in SLGE’s Workforce of Tomorrow report. Recruiting and Retaining Employees Will Be a Top Concern. For the second year in a row, recruiting and retaining qualified personnel (92 percent), succession planning (80 percent) and staff development (79 percent) were ranked as the most important issues for state and local government human resources managers. While state and local governments realize they need formalized succession plans, only 11 percent of those surveyed currently have one in place. It is time for government leadership to make these plans a priority and involve the range of stakeholders across the enterprise. The percentage of governments reporting increases in hiring increased to 77 percent in 2016, the highest level reported since the financial crisis. A majority of survey respondents reported more retirements in 2015 compared to previous years. Most Pension Plans Are Making Modest Progress to Improve Funding. On average, governments paid 91 percent of their actuarially determined employer contribution in 2015 compared with 86 percent in 2014. Overall, the funded ratio of public plans was 73.6 percent. The story varies from plan to plan and state to state. While 38 percent of the plans in Public Plans Data were over 80 percent funded in 2015, 20 percent of plans were under 60 percent funded. How Confident are State and Local Workers about Retirement? While 55 percent of workers surveyed are somewhat confident they are saving and investing appropriately for retirement, most don’t know how much they will need to save for a comfortable retirement. About 25 Percent of State and Local Employees are Not Covered by Social Security. Planning anyone?