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.
Reinsurer relationships gain heightened importance as June & July renewals approach: Aon’s Andy Marcell
30th May 2023
Professional services firm Aon's Andy Marcell emphasises that as the industry approaches the June and July renewals, the significance of reinsurer relationships are "more important than ever". Reinsurers have become increasingly discerning in their risk selection due to notable losses from catastrophes, modest investment returns, and the impact of inflationary pressures. This ... Read the full article
Drought in Spain spurs largest-ever claim for agricultural insurance: Aon
26th May 2023
The drought in Spain would be the largest claim ever paid by the Spanish agricultural insurance, according to professional services firm Aon. Agroseguro, the leading agricultural insurance provider in Spain, is bracing for an unprecedented payout of over €300 million ($325 million) in compensations due to the widespread damage inflicted by ... Read the full article
Global cyber and E&O insurance market shifts to buyer-friendly environment in 2023: Aon
24th May 2023
The global cyber and errors & omissions (E&O) insurance market has transitioned into a buyer-friendly environment in early 2023, following a period of substantial rate increases, suggests professional services firm Aon. This shift is attributed to several market factors that have contributed to a more favourable rate landscape for businesses worldwide. The ... Read the full article
Canadian market remarkably resilient despite economic & geopolitical woes: Aon
22nd May 2023
Despite economic volatility, catastrophic climate events, supply chain/labour challenges, and geopolitical uncertainty, the Canadian insurance market has displayed "remarkable resiliency", suggests professional services firm Aon. According to the firm, portfolio remediations made in recent years have resulted in a more stabilised market with increased competition and a more diversified appetite. However, economic ... Read the full article
Massive flooding in Italy to cost billions, highlighting large insurance protection gap: Aon
19th May 2023
Local authorities are foreseeing economic losses in the billions of Euros related to floods in Italy due to the massive disaster, while the insurance industry is expected to bear a smaller portion of the overall cost due to an existing protection gap for flood coverage, as stated by Aon. "Given the ... Read the full article
Aon to launch a climate innovation hub in Singapore supported by its EDB
16th May 2023
Aon plc, a global professional services firm, has announced the launch of a new climate innovation hub in Singapore. The hub is supported by the Singapore Economic Development Board (EDB), to help Aon’s clients around the world navigate environmental risks and opportunities. Aon has a longstanding commitment to Singapore. The firm ... Read the full article
GIBA names Aon’s Paul Sykes as Chair
12th May 2023
The Guernsey International Business Association (GIBA) has appointed Paul Sykes, Managing Director at Aon, as its new Chair. Earlier in February, GIBA named Sykes as Deputy Chair. Sykes has worked with Aon for 30 years and is the former Chairman of the Insurance Industry Associations in both Gibraltar and Guernsey and ... Read the full article
Aon flags continued upward pricing pressure through Q1
11th May 2023
Analysts at global professional services firm Aon have noted continued upward pricing pressures through the first quarter of 2023, including ongoing inflation and rising loss costs, as well as surging reinsurance pricing and a contraction of reinsurance capacity. At the same time, however, a strengthening of insurer profitability and pressure to ... Read the full article
Aon goes live on PPL Next Gen platform
10th May 2023
Placing Platform Limited has announced that global re/insurance broker Aon has gone live on PPL Next Gen, the new version of the London insurance market’s electronic trading platform. The go-live has started with over 450 colleagues within Aon UK’s Commercial Risk teams covering all lines within its Marine, Financial and Professional ... Read the full article
Aon launches Climate Risk Advisory team
5th May 2023
Global professional services firm Aon has announced the launch of a dedicated unit to drive climate analytics and advisory into multiple sectors. As climate change drives new extreme weather records, Aon’s Climate Risk Advisory team - lead by Liz Henderson - has been created to help their clients better quantify the ... Read the full article
Aon names Andy Marcell CEO of Risk Capital under new structure
4th May 2023
Global professional services firm Aon has announced the appointment of Andy Marcell to the expanded role of CEO of Risk Capital, covering Commercial Risk and Reinsurance, as part of a push for more integration under its Aon United strategy. The strategy aims to align Aon’s content and creation capabilities around two ... Read the full article
Limited retro capacity causes turbulent renewals in accident reinsurance market: Aon
3rd May 2023
The recent renewals in the Accident, Health, and Life (A&H) reinsurance market have been marked by turbulence due to limited retro capacity in some lines of business, according to Aon's Accident (Re)Insurance April 2023 report. The report highlights that some reinsurers were forced to pay over 100% more in retrocession costs, ... Read the full article
Aon’s Reinsurance Solutions delivers 9% organic revenue growth in Q1’23
28th April 2023
Global broker Aon's Reinsurance Solutions arm achieved organic revenue growth of 9% in the first quarter of 2023, as revenue across the group increased by 5%, year-on-year, to $3.87 billion, reflecting organic revenue growth of 7%. This growth in organic revenue in the reinsurance arm was driven by strong retention and ... Read the full article
Aon hires its new Chief Commercial Officer of Strategy & Technology
26th April 2023
Insurance and reinsurance broker Aon has announced the hire of Katey Walker as its new Chief Commercial Officer of Strategy & Technology. Walker is a market veteran with over twenty years of experience in the property and casualty industry as a consultant and in Executive and Senior Management roles for numerous ... Read the full article
Aon warns BESS operators to boost resilience against emerging cyber threats
25th April 2023
Aon, a global professional services firm, has urged asset owners and operators in the battery energy storage system (BESS) market to enhance their cyber resilience against emerging cyber threats, identifying operational technologies used in BESS control systems as an 'invisible' point of vulnerability. As the energy grid digitalises, cyber attacks are ... Read the full article
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