Aon Risk Services announced that it has “developed a range of new products to respond to the recent economic volatility. The series of product suites is designed to help companies mitigate and deal with the risks they face from rapidly changing markets.”
Aon said the “launch follows client and stakeholder feedback received through the Aon Situation Room, which was established to provide clients with real-time information on the impact of volatile markets on various insurance markets.”
Further details concerning the new product suites are available at:
They include the following:
— Aon Flex (Carrier insolvency protection) — Developed to mitigate the risk of a carrier on a company’s existing insurance program becoming financially impaired or insolvent, this ensures the company is not left without cover.
— Property & Casualty — As volatility in financial markets puts strain on the asset side of some insurers’ balance sheets, many businesses are seeking assurance over the efficacy of their insurance program. This service provides an option to deliver certainty of cost, capacity and conditions.
— Crisis Management (terrorism & extortion) — Given that the Terrorism insurance market is restricted to a small number of carriers, there is a real risk that a major downgrade or insolvency crisis with a major terrorism market would drive terrorism insurance rates up. This product gives businesses access to Terrorism Insurance capacity at pre-arranged agreed terms and conditions.
Commenting on the launch of the new product suites, John Turner, head of broking excellence, UK, stated: “The business world finds itself negotiating an alarming stretch of financial rapids, as we head towards a new economic reality at breakneck speed. Aon has recognized and responded to the anxieties of businesses in a time of such turmoil. It is absolutely vital that businesses constantly monitor and assess whether they are comfortable with the risk mitigation program they currently have in place is still suitable and comprehensive. It may very well be that businesses need to take no action at all, but the worst course of action would be to operate in the dark.”
He also noted that in addition to the listed products “Aon’s existing solutions, such as Trade Finance and Protected Cell Companies, might now be more relevant and suitable for businesses in light of the economic volatility we find ourselves in.”
Source: Aon Corp. – www.aon.com