For the first time in its 10-year history, Aon’s annual Terrorism Threat Map takes into account political violence, strikes and war. The 2011 edition, renamed the Aon Terrorism and Political Violence Map, shows increased risk of political violence in the Middle East and North Africa, reflecting the Arab Spring uprisings, and takes into account civil [...]
The aerospace sector weathered the global financial crisis relatively well, but confidence is still in short supply, according to an update from Aon Risk Solutions. With passenger and revenue forecasts still relatively conservative, the firm’s 2011 Aerospace Insurance Market Outlook describes a soft market, driven by changing insurance strategies, falling exposure and the industry’s evolving [...]
Aon has appointed Valentin Tuca as chief executive officer of its insurance broking operations in Romania, replacing Karina Rosu, who departed Aon Romania last month. Mr Tuca joins with more than 15 years of experience in Romania’s broking industry, having worked for an insurance broker for more than 10 years and later formed his own [...]
Aon has chosen the Leadenhall Building as its future London headquarters. Dubbed the Cheese Grater and situated opposite Lloyd’s of London on Leadenhall Street EC2, the building will stand 224 metres tall when completed in mid-2014. The deal has been agreed with British Land and Oxford Properties and Aon expects to occupy the lower ten [...]
Aon Underwriting Managers has launched a solution for US financial institutions that own or service mortgage loan portfolios. The group’s Insurmark/Floodwatch and Bankers Insurance Service divisions will underwrite the product together, on behalf of Certain Underwriters at Lloyd’s. Under one policy, the Global Portfolio Protection Program (GP3) offers around 8,000 US financial institutions mortgage impairment [...]
Aon Benfield will be making the case for more in-depth evaluation of catastrophe models at its International Analytics conference next week, with an emphasis on Solvency II. The firm wants insurers to “drill deeper than the loss estimates” to understand how models actually perform. The company reminds insurers that the industry has recent experience of [...]
Technology failure and lack of innovation have joined talent recruitment among the top 10 risks ranked by business leaders, as scored by Aon’s global risk management survey. However, business leaders across the globe identified economic risk as the greatest threat they face today, with the threat of sustained economic trouble weighing heavily on the nearly [...]
Aon Corporation has reported its financial results for the first quarter of 2011, including net income attributable to Aon stockholders of $246m or $0.71 per share. This is a rise of 38% compared to the corresponding period last year when the firm made $178m or $0.63 per share. It is also an improvement on the [...]
Aon Risk Solutions has been named the global insurance broker for the McLaren Group, providing insurance for the Formula 1 team, Vodafone McLaren Mercedes, and its new production car company, McLaren Automotive. The account will be handled by the Redhill-based Corporate team, with support provided by Aon’s London Broking Centre. The deal requires a broad [...]
Global risk management business Aon Risk Solutions has announced the appointment of Peter Mullen as chief executive officer of Aon Global Risk Consulting’s Captive and Insurance Management operations. He brings more than a quarter of a century of experience to the firm, which he joins from Bermuda-based Artex Risk Solutions. Aon Global Risk Consulting and [...]
Aon is expecting the number of captive insurance companies domiciled in Guernsey to increase significantly as the implications of compliance with Solvency II become better understood by captive managers and owners. The firm suggests that while the capital requirements of Solvency II may be appropriate for commercial insurers dealing with the general public, many captive [...]
Aon Benfield has agreed a strategic partnership with the Shanghai Typhoon Institute (STI) of China Meteorological Administration, in a move aimed at boosting typhoon research in China and delivering relevant research to the insurance industry. Two initial projects are planned with the state-funded institution: Seasonal typhoon forecasting and real-time typhoon tracking and mapping through ImpactOnDemand, [...]
Aon Benfield has launched the first storm-surge model for Germany in a move that should help re/insurers quantify risk in an underdeveloped line of cover. According to the intermediary, storm surge has generally not been included in German buildings policies, due to difficulties in accurately assessing the peril. However, the new model analyses such variables [...]
Aon Benfield has launched an earthquake model for Cyprus developed by Impact Forecasting, the reinsurance broker’s catastrophe modelling unit. Earthquakes in Cyprus are common as the island is close to the boundary between the Anatolian and African plates; notable events include the February 1995 earthquake afflicting Paphos and Nicosia and the October 1996 event causing [...]
The global airline industry is recovering, Aon Risk Solutions reports, with rising passenger numbers and fleet investments resulting in airline insurance premiums rising by an average 4% on 2010/11 placements. According to Aon’s market outlook report for 2011, after an overall decline in passenger numbers forecast for 2009/10 renewals, 2010/11 placements show a recovery in [...]
Aon Benfield has released its latest Reinsurance Market Outlook report, which provides an overview of the trends witnessed at the 1st April reinsurance renewals. The intermediary reveals that despite “a string of meaningful insurance events” and associated adjustments in pricing, the decline in US and European property catastrophe rates continues. Few European programmes renew at [...]
Aon Benfield has formed a Market Analysis team within Aon Benfield Analytics. The new unit will provide in-depth reports on reinsurers and insight into reinsurance market trends, allowing Aon Benfield Research to focus entirely on academic and industry research collaboration. Over the past year, the size of Aon’s team specialising in the analysis of reinsurance [...]
Aon Risk Solutions has expanded its London-based Professions practice with a number of strategic appointments. The team provides insurance brokerage and risk advisory services to professional service firms, and a recent restructure has seen: David Powell appointed head of Professions, having already worked for Aon for 11 years. Giles Bentley assigned the role of leader [...]
Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation, has announced that Jean-François Walhin is to become chief executive officer of the Brussels office. Walhin, whose appointment is effective from 1 March, is presently head of Analytics in Benelux and will succeed outgoing CEO Bernard Suys. The role of Benelux Analytics chief [...]
Aon Benfield is calling for a simplified Internal Model Approval Process for natural catastrophe risk, arguing that it would encourage insurers to better quantify these exposures under Solvency II. The current Solvency II framework gives the insurer the option of using either a standardised scenario approach or developing a partial internal model for natural hazard [...]
