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.
High portion of Turkey’s earthquake losses to be covered by insurance
9th February 2023
A relatively high portion of losses caused by the earthquake that shook Turkey on February 6 are expected to be covered by insurance, according to Aon. This is given penetration rates resulting from compulsory earthquake insurance - offered to the public via the Turkish Natural Catastrophe Insurance Pool (TCIP), which is ... Read the full article
Aon appoints Pedro Penalva as Head of Enterprise Clients in EMEA
7th February 2023
Leading global professional services firm, Aon plc has appointed Pedro Penalva as Head of Enterprise clients in Europe, Middle East & Africa (EMEA), effective immediately. Within this role, Penalva will be part of the Enterprise Client Group (ECG) Leadership Team. Penalva joined Aon in 2010. In his most recent role at the ... Read the full article
Growth opportunity for agriculture reinsurers in 2023: Aon
6th February 2023
Despite difficult January 1st renewals, the outlook for agriculture business looks very promising for 2023, with growth opportunities for reinsurers, according to Aon's January Reinsurance Market Dynamics report. Historically profitable markets saw only minor changes, but territories with recent losses experienced hardening terms, Aon analysts observed. These changes were driven by the ... Read the full article
Matthew Alcott named Aon’s new UK CCO
6th February 2023
Insurance and reinsurance broker, Aon has announced the appointment of Matthew Alcott to the role of UK Chief Commercial Officer (CCO). Alcott will join the UK Leadership Team (LT), reporting into Julie Page, as well as the global CCO team, led by Michael Moran. He will be taking over the role from ... Read the full article
Aviation market had “most challenging renewal” in over two decades: Aon
6th February 2023
Analysts at Aon have said that the aviation market experienced its most challenging renewal in over two decades at 1/1, with significant rate increases and coverage restrictions. In a new report on January reinsurance market dynamics, the broker noted that insurers with reinsurance renewals in 2023 face an “uncertain market”, with ... Read the full article
Aon’s Reinsurance Solutions delivers 9% organic revenue growth in Q4 2022
3rd February 2023
Global broker Aon's Reinsurance Solutions arm achieved organic revenue growth of 9% in the fourth quarter of 2022, as revenue across the group increased by 2%, year-on-year, to $3.1 billion, reflecting organic revenue growth of 5%. Higher total revenue of $3.1 billion includes the 5% organic revenue growth and a 1% ... Read the full article
Insurance exists to protect that which we cannot afford to lose: Aon’s Case
2nd February 2023
"Insurance exists to protect that which we cannot afford to lose, and when it comes to climate change, we all have a lot to protect," suggests Greg Case, CEO of Aon. In a report focusing on the role of the industry in fighting climate change, Case noted that collaboration between public, ... Read the full article
High inflation & spikes in interest rates cause challenging renewal season: Aon
31st January 2023
Aon’s January Reinsurance Market Dynamics report: Macro Conditions: Extreme Volatility, cites 2022 as being tricky for the industry, with inflation hitting multi-decade highs, as well as interest rates rising to an almost “unprecedented pace”. The report also noted that equities had their worst year since 2008, and for the first time ... Read the full article
Re/insurers can help accelerate net zero by facilitating capital: Aon’s Dudley
30th January 2023
As the re/insurance industry is feeling the emerging impacts of climate change, it also has the opportunity to help solve the climate crisis by matching capital to risk where it’s needed - such as via clean tech solutions, by de-risking projects and technology development -, Richard Dudley suggests. Aon’s Global Head ... Read the full article
Freddie Mac’s CRT programs acquire credit protection of over $800m
27th January 2023
Freddie Mac has announced that its Single-Family and Multifamily Credit Risk Transfer (CRT) programs acquired credit protection of approximately $833m on more than $50 billion unpaid principal balance (UPB) of mortgage loans. The deal was brokered by Aon plc, a leading global professional services firm, and sub-brokered by certified minority-business enterprise ... Read the full article
Natural disasters caused over $130bn global insured losses in 2022: Aon
25th January 2023
A new Aon report has estimated that global insured losses caused by natural disasters exceeded $130 billion in 2022, mainly driven by Hurricane Ian, which is the second-costliest event on record from an insurance perspective. The 2023 Weather, Climate and Catastrophe Insight report, revealed that natural disasters caused a $313 billion ... Read the full article
ILS demand to be elevated throughout 2023: Aon
25th January 2023
Analysts at Aon have said they expect demand for all forms of alternative capital to remain elevated throughout 2023 as insurers and reinsurers look to mitigate both macro-economic and reinsurance market challenges. In a new report on January reinsurance market dynamics, the broker noted that ILS capital has become an “essential ... Read the full article
Aon names McKnight Managing Director for Structured Reinsurance
24th January 2023
Insurance and reinsurance broker, Aon has appointed Michael McKnight to the role of Managing Director, Structured Reinsurance. As an insurance executive with over three decades of industry experience, McKnight specialises in the areas of actuarial, risk management, claims and underwriting. He has spent most of his career in the Bermuda marketplace, and ... Read the full article
Casualty market stable despite complications at renewals: Aon
24th January 2023
Relative to other reinsurance markets, the casualty market remains generally stable following the January renewals period, according to a recent report by re/insurance broker Aon. This is despite renewals being complicated by the demand-supply mismatch in property catastrophe. The quotation process was delayed and more involved than recent renewals, as reinsurers ... Read the full article
Aon’s Reinsurance Aggregate reports net combined ratio of 98.2% for 2022
23rd January 2023
Aon’s Reinsurance Aggregate (ARA), which analyses the financial results of 22 companies that underwrite more than 50% of the world’s life/non-life reinsurance premiums, has reported a net combined ratio across the companies of 98.2%. The ARA notes that most reinsurers continued to report strong property and casualty (P&C) premium growth in ... Read the full article
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