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.
Multi-billion dollar US floods drive up global nat cat bill for October: Aon
15th November 2021
A series of flooding events during October resulted in billions of dollars worth of economic costs, according to Aon's monthly natural catastrophe report. Meanwhile, a late-season severe weather outbreak in the US’ Southern Plains and Midwest generated large hail, damaging winds and tornadoes between Oct. 10 and 11. Aon says total economic ... Read the full article
Aon to bolster cyber capabilities with Guidewire Software partnership
5th November 2021
Aon is set to implement cyber data listening and modelling collection technology offered by Guidewire Software, as the broker looks to enable improved risk quantification and improve underwriting confidence more broadly. Aon cites a desire to more effectively model client portfolios and develop new underwriting solutions as a driving factor of ... Read the full article
TWIA may drop broker GC in favour of Willis Re, with Aon preferred for modelling services
3rd November 2021
The Texas Windstorm Insurance Association (TWIA) looks set to pivot towards Willis Re for its reinsurance broking needs following a meeting of its actuarial & underwriting committee. This switch would see TWIA terminate its current broking relationship with broking rival Guy Carpenter. The committee, which is reported to have considered Guy Carpenter ... Read the full article
Aon falls to $900mn Q3 loss after WTW merger collapse
29th October 2021
Re/insurance broker Aon has posted a net loss of $900 million and an operating loss of $801 million for the third quarter of 2021, after incurring $1.3 billion of charges related to the termination of its planned combination with Willis Towers Watson. But costs associated with the merger collapse disguised what ... Read the full article
COVID fixation compromising insurers’ long-term goals: Aon
27th October 2021
A new study by Aon has warned that a focus on resolving the immediate challenges posed by the COVID-19 pandemic may be compromising re/insurers’ longer-term plans and goals. The 2021 edition of Aon’s Global Risk Management Survey found that cyber risk topped the list as the number one current and predicted ... Read the full article
US employer medical costs set to increase 5% next year: Aon
22nd October 2021
Re/insurance broker Aon has predicted that costs for large US employers that pay for their employees' medical care will increase on average 5% to more than $13,000 per employee in 2022. Aon notes that employer health plan costs and medical claims were suppressed for most employers in 2020 due to the ... Read the full article
Aon appoints Aspen’s Tim Aman to lead Re Solutions’ US actuarial team
21st October 2021
Re/insurance broker Aon has added Tim Aman to lead the US actuarial team within its Reinsurance Solutions business as an executive managing director. He reports to Brian Alvers, Global Chief Actuary and head of Casualty Analytics. Aman will be based in New York and focus primarily on building the team’s commercial client ... Read the full article
Reinsurance results to come under pressure through H2: Aon’s Van Slooten
15th October 2021
Mike van Slooten, Head of Business Intelligence for Aon's Reinsurance Solutions division, has warned that reinsurer results will come under pressure through the second half of 2021. Commenting on Aon’s Reinsurance Aggregate (ARA) report for the H1 period, Van Slooten noted that reinsurers generally performed well during this time, with ... Read the full article
COVID-19, cyber and climate change remain as key risks for re/insurers: Aon’s Fireside Chat
15th October 2021
Aon precently hosted a panel debate on systemic risk as part of its Virtual Reinsurance Renewal Season fireside chat, to address key areas of its clients needs. The debate, which was hosted by Eric Andersen, President of Aon included Christa Schwimmer, Senior Executive Manager, Global Clients, Munich Re, Charles Fry, CEO, ... Read the full article
WTW’s Forsgård to take command of Nordics at Aon
15th October 2021
Re/insurance broker Aon has announced the appointment of Johan Forsgård as Chief Executive Officer (CEO) for its Nordic region. He will join the firm in the fourth quarter of 2022, leaving Allan Karlsen, CEO for Aon Denmark and Nordic Chief Operating Officer, to continue leading the region along with the Nordic ... Read the full article
Canary Islands eruption leads Aon’s monthly nat cat report
14th October 2021
Reinsurance broker Aon’s monthly natural catastrophe report reveals that the Cumbre Vieja volcano, located on the La Palma Island in the Canary Islands archipelago of Spain began a fissure eruption from several vents, and as of October 5, resulting lava flows destroyed nearly 1,000 homes and large areas of infrastructure. This ... Read the full article
Cyber exposures totalling $12.5bn flagged in US Property market
12th October 2021
Cyber exposures accumulating in the US property insurance market could result in $12.5bn in non-physical damage losses and cause certain carriers’ capital adequacy ratios to deteriorate, according to a new study conducted by CyberCube, AM Best and Aon. A loss of that size represents a one-in-100-year event; enough to cause a ... Read the full article
Aon partners with Athenium Analytics on updated claims processing platform
8th October 2021
Global re/insurance broker Aon has announced an update to its Claims Signal Platform (CSP), adding two new predictive analytics models that provide daily alerts to claims handlers as new information is collected. CSP was developed in collaboration with Athenium Analytics and now includes two new predictive analytics models that provide daily alerts to ... Read the full article
Aon launches Ransomware Defence to improve cyber preparations
7th October 2021
Re/insurance broker Aon has announced the launch of Ransomware Defence, a solution that brings the firm’s Aon’s cyber security expertise and capabilities together into one solution to help mid-market organisations improve their cyber preparedness. Aon notes that insurers are experiencing mounting losses, largely driven by the proliferation of ransomware, with the ... Read the full article
Aon announces historic Hong Kong cat bond
6th October 2021
Global re/insurance broker Aon has structured and placed the first catastrophe bond issued from a Hong Kong domicile. Executed by Aon Securities (Hong Kong), the cat bond was sponsored by non-life reinsurance firm China Property & Casualty Reinsurance Company and provides $30 million-per-occurrence typhoon catastrophe protection. Aon states that a meaningful percentage ... Read the full article