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.
Insured nat cat losses exceed 20-year average in H1 at $30bn+, says Aon
22nd July 2020
Globally, insured losses from natural catastrophes exceeded $30 billion in the first six months of 2020, which is roughly 8% above the 20-year average of $28 billion, according to the latest Global Catastrophe Recap report from Impact Forecasting, re/insurance broker Aon's catastrophe model development team. The report notes that a total ... Read the full article
Reinsurance premiums to decline through 2020: Aon
21st July 2020
According to the new Reinsurance Market Outlook by Aon, reinsurance market premiums are set to decline to varying degrees through 2020 due to the challenges of the COVID-19 pandemic. In auto lines in particular, premium refunds have been widespread due to the reductions in miles driven under lockdown conditions. Aon believes the ... Read the full article
US records $2.3bn+ economic loss from severe weather in June: Aon
16th July 2020
Global re/insurance broker Aon has released its latest Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during June 2020. Several severe weather outbreaks in the United States in June resulted in an economic loss exceeding $2.3 billion. The costliest event was a prolonged weather ... Read the full article
BMS adds Aon trio to new Australia energy division
16th July 2020
Independent specialist re/insurance broker BMS Group has added Richard Nunny, Ben Humphries and Serai Armstrong to form the energy division of BMS Australia. The three new additions, all previously employed by river broker Aon, join on 3 August and will report to Andrew Godden, Chief Executive Officer of BMS Australia. Nunny was ... Read the full article
Casualty reinsurance demand strong amid market volatility: Aon
15th July 2020
Aon has reported that demand for reinsurance remains strong in the casualty space as insurers continue to deal with the volatile conditions created by rising social inflation and the COVID-19 pandemic. The broker expects reinsurance outcomes to vary widely depending on cedent experience and exposures, but noted that rate improvement now ... Read the full article
Aon adds Tunnicliffe as UK Chairman for Global & Specialty business
14th July 2020
Global re/insurance broker Aon has appointed Andrew Tunnicliffe as UK Chairman, Global & Specialty, part of its Commercial Risk Solutions, Health Solutions and Affinity business. Tunnicliffe joins on July 27 and brings over 30 years' experience in the insurance space. In his last role with Aon, he was UK CEO of Commercial ... Read the full article
Total reinsurance capital declined by 6% to $590bn in Q1: Aon
14th July 2020
Global reinsurance capital declined by 6% from year-end 2019 to end the first-quarter of 2020 at $590 billion, led by a 6% dip in traditional reinsurance and a 4% drop in alternative capital, reports insurance and reinsurance broker Aon. The broker's latest Reinsurance Market Outlook Report highlights a $35 billion decline ... Read the full article
Aon salary reductions were justified, says CEO Greg Case
13th July 2020
Aon CEO Greg Case has defended his company’s decision to temporarily reduce salaries by up to 20% amid the COVID-19 pandemic. Case told the Financial Times that the move had been based on a “sober analysis” of the crisis, but was soon reversed after certain worst case scenarios became less ... Read the full article
Japan flood damage to reach hundreds of millions USD: Aon
10th July 2020
Economic damage from the recent monsoonal flooding in Japan is expected to reach well into the hundreds of millions USD or higher, according to re/insurance broker Aon. The latest catastrophe report by Aon’s Impact Forecasting team also anticipates thousands of insurance claims will result from the flooding, although the General Insurance ... Read the full article
MMC pulls ahead in broker rankings but Aon + WTW could take top spot
3rd July 2020
Marsh & McLennan Companies (MMC) has extended its lead in the rankings of The Top 20 Global Insurance and Reinsurance Broking Groups, although a combined Aon and Willis Towers Watson (WTW) could claim the number one spot. As shown by our directory of the Top 20 Global Insurance & ... Read the full article
Aon decides to end temporary COVID-19 salary reductions of up to 20%
30th June 2020
Aon, the global insurance and reinsurance broker, has made a decision to end the previously announced temporary salary reductions of up to 20%, effective July 1st, 2020 and to repay colleagues in full, plus 5% of the withheld amount. Towards the end of April, re/insurance broker Aon introduced a 20% ... Read the full article
Sandra Lee to join BMS from Aon to lead operations in Asia
30th June 2020
Independent specialist insurance and reinsurance broker, BMS Group, has named Sandra Lee as the Head of its operations in Asia, subject to regulatory approvals. Currently, Lee is based in Hong Kong and she is set to join BMS upon completion of her current contractual obligations with rival re/insurance brokerage Aon. Lee has ... Read the full article
Insurtech growth to remain unaltered by COVID-19: Aon COO
19th June 2020
While investment in insurtech has seemingly been slowed by the ongoing COVID-19 pandemic, the macro growth trend in this space will likely remain unaltered by the crisis. This is according to John G. Bruno, Chief Operating Officer (COO) at Aon plc and Chief Executive Officer (CEO) for Data & Analytic Services, ... Read the full article
US cyber insurance market’s loss ratio up 10% on claims frequency: Aon
17th June 2020
The loss ratio for the U.S. cyber insurance market increased by 10 percentage points year-on-year in 2019 to approximately 45%, as insurers both small and large felt the effects of an increase in ransomware attacks, reports insurance and reinsurance broker Aon. The fifth edition of Aon's annual U.S. Cyber Insurance Profits ... Read the full article
Aon forms coalition to aid COVID-19 economic recovery
15th June 2020
Re/insurance broker Aon has formed a coalition of companies and organisations that will focus on aiding social and economic recovery in the wake of the COVID-19 pandemic. Starting in Chicago, the coalition will create a model and framework to inform criteria and guidelines that will help restart the economy worldwide, with ... Read the full article
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