Aon’s 2011 Global Risk Management Survey Top 10 Risks

Chicago, May 2, 2011– Business leaders across the globe identified economic risk as the greatest threat they face today, but also emphasized the need to innovate, mitigate technology failure and manage talent to compete in the future, according to the findings of Aon’s 2011 Global Risk Management Survey. The web-based biennial report was released today by Aon Risk Solutions, the global risk management business of Aon Corporation.   As the global economy continues to recover, the threat of sustained economic trouble weighs heavily on the nearly 1,000 business professionals from 58 countries who participated in the 2011 Global Risk Management Survey. This Read more…

The Independents – Increasingly Vocal

Vancouver, April 28, 2011 – ‘Choice for risk managers’ is the rallying cry for a global coalition of independent brokers who will be hosting their third annual event at RIMS 2011 in Vancouver.   This year’s opening address will be by Carol Fox, RIMS Director of Strategic and Enterprise Risk Practice. She will give an address themed ‘harnessing ERM to tap risk appetite’ to the international audience of risk managers, brokers and carriers.   The Independents are part of the fabric of RIMS with several members having been invited to speak in the RIMS educational sessions. The wide-rang Read more…

Aon Appoints Global CEO of Captive and Insurance Management Practice

Aon Risk Solutions, the global risk management business of Aon Corporation , announced today that Peter Mullen has been appointed chief executive officer of Aon Global Risk Consulting’s Captive and Insurance Management operations.   Mullen joins Aon from Bermuda-based Artex Risk Solutions and brings more than 25 years experience in insurance management and underwriting.   Stephen Cross, CEO of Aon Global Risk Consulting and Aon GRIP Solutions, said, “Peter is a leading figure in the insurance industry, and the expertise and experience he brings to this role will be invaluable for our clients and colleagues globally.”   Mullen joins the Captive and Insurance Management leadership team of:   In addition to his new role, Mullen will join the global board of Aon Global Risk Consulting, assume responsibility for Aon GRIP Solutions in Bermuda and, on an interim basis, lead Aon Insurance Managers in Bermuda.   M Read more…

Burglary up by 14% and expected to rise

Domestic burglaries have risen by 14%, according to new statistics from the Home Office.

Worryingly, it is also widely expected that burglaries will continue to become more frequent due to the warm weather leading people to spend more time in their gardens and leave windows open.

According to home insurer Ageas almost half (47%) of adults do not keep their front doors locked when they are at home and 13% only lock their front door during the night.

Managing Director Mark Cliff said that the notion few burglaries happen when the home is occupied is nonsense, and that some imprudent homeowners leave themselves open to opportunistic burglars who take advantage of open windows and unlocked doors.

Recently, AXA Insurance warned of a surge in burglary during the forthcoming Royal Wedding, which is expected to see 40% of people out of the house and 21% enjoying a party at home.

Unfortunately, burglars have an eye for such occasions, including New Year’s Eve and Guy Fawkes Night, which tend to see spikes in burglary.

 

Legal & General launches new landlord insurance

Legal & General has launched new household insurance cover, Landlords’ Insurance, to cater to the specific needs of landlords.

Landlords with one or more properties can choose from a range of cover options for a single premium.

Simplicity is a key part of the new policy, which has a single policy summary and renewal date, as well as offering multi-property landlords an automatic discount.

Those with two properties will gain a 5% discount, and those with 20 will see 10% discounted.

The new policy has been given a 4 star rating from independent financial research firm Defaqto, and building insurance cover of up to £800,000 is available as standard.

Contents coverage of up to £2 million is available, with optional extras including accidental damage and malicious damage, as well as legal expenses and rent guarantee cover.

Malcolm Cooper, Product, Pricing and Underwriting Director at Legal & General’s general insurance business, described the new product as flexible but comprehensive and forecast a continual increase in the landlords’ insurance market in the coming years.

Earlier this month Towergate Insurance advised home owners, landlords and commercial property owners to ensure that they protected the 738,000 vacant buildings in the UK.

 

CEO Panel: Future Life Insurance Industry Growth Tied to the Middle Market

Las Vegas, April 13, 2011 — Yesterday, three senior life insurance executives shared their views on distribution, regulation, risk management and product innovation, and their impact on the future of the life insurance industry to the 550 attendees of the 2011 Life Insurance Conference.   “Middle market will be the growth engine for the future,” said Thomas M. Marra, president and CEO, Symetra Financial Corp. “Companies will need to return to the basics of life insurance to reach this market. With estate taxes at $5 million and $10 million for one person or a couple, opportunity in the affluent market will be diminished. The days of hunting elephants are probably over.”   J. Eric Smith, Read more…

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Strong investor demand drives record issuance of CAT bonds in Q1

New York, NY, April 12, 2011 – Attractive market conditions as a result of strong investor demand resulted in a record issuance of USD 1 billion catastrophe bonds in the first quarter of 2011 in comparison with USD 650 million in the same quarter last year. This is according to the latest Insurance-Linked Securities Market Update from the boutique investment banking arm of Willis Group Holdings , the global insurance broker.   The quarterly report titled, “The Market Digests a Major Catastrophe Event”, is produced by Willis Capital Markets & Advisory , an adviser to insurance companies on capital markets products and mergers and acquisitions.   WCM Read more…