Reinsurance News
Aon news
Aon news, related to the insurance and reinsurance broking operations of the global consultancy and intermediary business.
Aon is one of the world’s largest brokers of both insurance and reinsurance business.
Severe convective storms in Europe anticipated to generate millions in losses: Aon
17th July 2023
The recent outbreaks of severe convective storms in Europe are likely to result in hundreds of millions of Euros in aggregated economic and insured losses, according to Aon’s Weekly Cat Report. Multiday storms affected a number of countries in Western and Central Europe on July 6-13. They generated very large hail, ... Read the full article
Facultative reinsurance demand is growing, says Aon
12th July 2023
Demand for facultative reinsurance is growing, however, supply remains static, and market dynamics differ greatly between accounts, lines of business and markets, according to Aon’s mid-year Reinsurance Market Dynamics report. With the resetting of the property catastrophe market at January 1, insurers are turning to facultative reinsurance to build additional catastrophe ... Read the full article
Aon announces simplified Reinsurance Solutions UK leadership structure
12th July 2023
Global insurance and reinsurance broker Aon has outlined the new structure of its Reinsurance Solutions UK leadership team. This reflects the firm’s ongoing aim to place clients at the centre of its growth strategy and drive internal collaboration. The company has named Richard Wheeler and Tom Murray as co-leaders of Global ... Read the full article
US mortgage reinsurance demand sets new record in 2022: Aon
11th July 2023
US mortgage reinsurance demand set a new record in 2022 with the government-sponsored enterprises (GSEs) Fannie Mae & Freddie Mac, as well as the six US mortgage insurers (US MIs) purchasing more than $18 billion of total reinsurance limit. In Aon’s mid-year Reinsurance Market Dynamics report, analysts highlighted that in 2023, ... Read the full article
Florida’s insurance market overcomes challenges and shows signs of growth: Aon
10th July 2023
Florida's insurance market has made a significant turnaround during the 2023 mid-year renewal, providing a much-needed boost to the state's insurers, according to Aon's Reinsurance Market Dynamics report. Despite worries following Hurricane Ian about a possible shortage of capacity for Florida-based insurers, catastrophe reinsurance capacity was accessible during the mid-year renewal, ... Read the full article
Aon completes “historic” parametric insurance program for Puerto Rico
6th July 2023
Aon, a prominent global professional services firm, has successfully completed a "historic" parametric insurance program for the Government of Puerto Rico. This initiative aims to assist the island in reducing its insurance obligation to the U.S. Federal Emergency Management Agency (FEMA), providing diversified insurance protection against hurricane and earthquake perils. Representing the ... Read the full article
Aon collaborates with AbsoluteClimo to advance climate modelling
5th July 2023
Aon has announced a multi-year collaboration with Asia Pacific climate data and analytics provider AbsoluteClimo to help advance climate modelling for climate-based perils. It adds to Aon’s growing suite of analytical and academic initiatives to bring the latest climate science to our arsenal, helping to evolve our risk understanding and drive ... Read the full article
Turning science & data into actionable insights is key, says Aon’s Shedden
5th July 2023
"As climate change and socio-economic factors lead to ever more damaging catastrophe events, we need to get better at turning science and data into actionable insights," suggests Paul Shedden, Global Head of Analytics at Aon's Reinsurance Solutions. Shedden states that extreme weather stats were broken again in 2022, as the year ... Read the full article
Cat bond market sees strong growth, setting pace for record year: Aon
4th July 2023
The catastrophe bond market has experienced a remarkable surge, with an 8%, or $2.8 billion increase in outstanding notional value since the beginning of the year, according to Aon's Reinsurance Market Dynamics report. With robust new issuance volumes, industry experts anticipate that 2023 is poised to become a record-breaking year, with ... Read the full article
Global reinsurer capital increased to $605bn in Q1, reports Aon
30th June 2023
Aon's recent mid-year Reinsurance Market Dynamics report shows that global reinsurer capital rose by 5%, or $30 billion, to $605 billion over the three months to March 31, 2023. The insurance and reinsurance broker's analysis states the key factors for this increase were retained earnings, recovering asset values, and new inflows to ... Read the full article
Capacity stable at Australia & NZ mid-year renewals as insurers adjust to higher retentions: Aon
30th June 2023
Insurers in Australia and New Zealand are adjusting to higher net retentions as reinsurers continue to move away from frequency risk amid consecutive years of heavy major catastrophe losses in the region. But despite the headwinds and increased demand for protection, capacity was stable and sufficient thanks to the support ... Read the full article
Ample property cat reinsurance capacity available as order returned at mid-year renewals: Aon
29th June 2023
A sense of order returned to reinsurance renewals at the mid-year, helped by the catastrophe reinsurance market finding a new equilibrium with ample capacity available for property cat risks, according to insurance and reinsurance broker Aon. The broker's June and July 2023 Reinsurance Market Dynamics report dissects the mid-year renewals season, ... Read the full article
86% of catastrophe and natural disaster losses in APAC uninsured in 2022: Aon
29th June 2023
Insurance and reinsurance broker Aon's recently published Weather, Climate and Catastrophe Report: Asia Pacific Insights, identifies global natural disaster and climate trends in the region, highlighting a large protection gap in the region. The report reveals that natural disasters in the Asia Pacific (APAC) region in 2022 caused $80 billion in ... Read the full article
Aon strengthens Global Reinsurance Clients segment with several promotions
27th June 2023
Global professional services firm Aon has announced a series of internal promotions to augment the capabilities for the Global Reinsurance Clients (GRC) segment within its Reinsurance Solutions. The GRC team works with the firm’s largest insurer clients to navigate volatility, optimise capital and drive performance by harnessing the insights and expertise ... Read the full article
Moody’s changes Aon’s rating outlook to positive, cites improving profitability
27th June 2023
Moody’s Investors Service has changed Aon’s rating outlook to positive from stable based on the company’s record of improving profitability, its healthy free cash flow, and Moody’s expectation that Aon will maintain financial leverage toward the low end of its historical range. The rating agency has also affirmed the Baa2 senior ... Read the full article