The first six months of 2024 have been busy for re/insurers between flooding, storms, and much more. Natural disasters caused an estimated $117bn in economic losses - 15% lower than the long-term 1H mean since 2000. Though severe convective storm activity drove the above-average economic loss in the US, all other regions experienced lower losses so far in 2024. Want to learn more about catastrophe loss trends for 2024? Read the full 1H 2024 Global Catastrophe Recap: https://lnkd.in/e9Mbud79 #catastrophe #insurance
Aon's Reinsurance Solutions
Financial Services
Chicago, Illinois 46,027 followers
We provide risk transfer, claims advocacy and capital management solutions
About us
We exist to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues in over 120 countries and sovereignties provide our clients with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.
- Website
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https://www.aon.com/en/capabilities/reinsurance
External link for Aon's Reinsurance Solutions
- Industry
- Financial Services
- Company size
- 1,001-5,000 employees
- Headquarters
- Chicago, Illinois
- Specialties
- Professional Services, Aviation, Energy, Environmental, Power, Risk Management, Insurance, Actuarial & Analytics, Brokerage, Crisis Management, Marine, Consulting, Reinsurance, Human Resources, Property, Casualty, Financial Services, Construction, Claims Consulting, and Space
Updates
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With insured losses from natural disasters reaching $118bn, 2023 was the fifth costliest year on record since 2011, highlighting the need for re/insurers to make data-driven decisions in order to weather current and future challenges. Our Catastrophe Risk Tolerance Study: Year-End 2023 delves into risk metrics, event-related trends and progress with climate change disclosures of 81 publicly traded global re/insurers, providing up-to-date benchmarks and the crucial insights needed to navigate volatility and make better decisions for their businesses. Learn more about changes in post-tax risk tolerances, catastrophe risk tolerance disclosures, and much more. Read the full report here: https://lnkd.in/dZgAExWC
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As the cyber market matures and the concern around systemic exposure grows, Aon’s Tom Murray shares his thoughts on how the sector continues to evolve and provide potential profitable growth opportunities for re/insurers. Watch a preview of the upcoming The Insurer TV interview with Tom Murray and Richard Wheeler, Co-Leaders of Global Re Specialty and watch the full interview by following the link below. https://lnkd.in/dsDXMJhj #cyber #risk #insurance
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Aon's Reinsurance Solutions reposted this
It was a packed house at our Wildfire Liability Modeling presentation earlier today during our pre-AEGIS events. If you missed it, this model is designed specifically for utility and renewable energy clients and can provide predictive 3rd party liability losses. Our model drills down to a 1/4 kilometer which provides our clients with a much more precise exposure profile. If you were not able to attend or if you would like to learn more about our wildfire, severe convective storm, NatCat and other modeling capabilities, please let me know. Lastly, I would like to thank Arnold Garcia, who explained how Duke Energy Corporation utilized our modeling to drive better risk and insurance decisions. I would also like to thank Megan McCullough Hart, PhD, CCRMP and Rachel Bonacorsi for the in-depth presentation of our modeling capabilities. #utilities #powergeneration #renewables
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In 2023, U.S. regional insurers were severely impacted by changes in the property catastrophe market. Smaller and less geographically diversified, they faced high net retentions amid catastrophe volatility, particularly from myriad secondary perils, however, the outlook is improving. Adjustments to underwriting portfolios and rate increases are beginning to positively impact results. Additionally, localized weather through the first half of the year continues to have impact on portions of the Midwest. Insurers are now exploring strategic growth opportunities, affiliations, and mergers, with the most compelling proposition being best positioned to benefit from market tailwinds. To make sure you’re at the front of the pack when it comes to competing for new reinsurer support at the next renewal, read our RMD report and turn to page 18 for key insights into U.S. regionals. https://aon.io/4bmmm6F #RMD24 #catastrophe #capital
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Aon's Reinsurance Solutions reposted this
What does the Crowdstrike event mean to cyber insurers? Here are six key implications: 1. This is reported to be a non-malicious event, meaning that “system failure” coverage, where offered, within cyber re/insurance policies is the relevant loss trigger 2. Business interruption (loss of income and extra expenses incurred), where offered due to system failure, is expected to be the most directly affected head of damage, subject to applicable waiting periods 3. Dependent business interruption, data restoration, incident response and voluntary shutdown costs may also be applicable and contribute to re/insured losses 4. At the individual risk level, we expect this event to increase insurers' attention to system failure coverage grants and business interruption waiting periods 5. At the portfolio level, Aon sees this event as an opportunity for the market to react by improving granularity on codifying policy information important for understanding portfolio accumulation risks stemming from certain coverage grants, to allow more nuanced event loss estimation and accumulation scenario analysis. 6. The industry has developed specific insurance coverages, reinsurance and bond products which this event will test, both from an event definition and loss quantum perspective. Click below to read our briefing. #crowdstrike #cybercatastropherisk
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Aon's Reinsurance Solutions reposted this
Sarah Hunter - such a great talk today, thank you. Your authenticity and advice around leadership throughout the good, and particularly the more challenging times, was the perfect way to frame a talk around being Proactive in work and in life. You had the room filled with Aon's Reinsurance Solutions colleagues today and thank you Chris Evans for your support and Simon Methven for hosting us. Very much look forward to the World Cup next year!
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“We are looking to deliver holistic, relevant and executable solutions.” Listen to Aon’s Strategy and Technology Group CEO, Sherif Zakhary talk about how STG can help clients understand the #risk and the volatility impacting their businesses and optimize their #capital - be it too much or little, depending on their needs. Learn more about STG: https://lnkd.in/ebEthwiV #StrategyTechnology #insurance
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The Metaverse may be a virtual space… but the risks associated with it are all too real. From protecting digital assets to addressing the physical and mental wellbeing of Metaverse users, there are so many ways for insurers to cater to the evolving needs of users, safeguard their digital investments, and transform the future of the insurance landscape. Our article covers how to prepare to enter this new insurance landscape. Read it here: https://aon.io/4bIGWy2 #StrategyTechnology #Metaverse #insurance
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