Aon: Over the last decade, natural catastrophes have resulted in global economic losses of USD2.98 trillion

The development of new insurance schemes, such as parametric insurance, insurance risk pools, or catastrophe bonds, will be important new ways to improve risk mitigation in the most vulnerable areas.

LONDONFeb. 5, 2020 /CNW/ — Aon plc (NYSE:AON), the leading global professional services firm providing a broad range of risk, retirement and health solutions, today brings together leaders across the private and public sector for its inaugural “Collaborating to close the protection gap” conference in London.

The event is designed to generate discussion on how the global finance and insurance industry can work more effectively with governments, humanitarian and non-governmental organisations. As losses from natural catastrophes continue to reach record levels, the goal is to close the gap between the insured and uninsured to protect global communities and build scalable solutions through shared experiences.

The conference is hosted by Aon in partnership with the City of London, The British Red Cross, ClimateWise, Insurance Development Forum, AXA XL, Pool Re, MSAmlin and Renaissance Re at London’s Guildhall. Speakers include Cyrus Ardalan, Chairman – International Finance Facility for Immunisation; Lord Bilimoria, Vice President – CBI; Greg Case, CEO, Aon plc; Marisa Drew, CEO – Credit Suisse Impact Investment and Advisory; Nick Dyer, Director General for Economic Development and International at the UK Department for International Development; Dr. Abbas Gullet, former Secretary General – Kenyan Red Cross; David Lomas, Managing Director – BlackRock; Julian Richardson, Insurance Specialist – Department for International Trade and William Russell, Lord Mayor of the City of London.

Today’s event opened with a video message from The Prince of Wales: https://aon.io/HRH-ProtectionGap

Greg Case, CEO, Aon plc, said: “The protection gap places an immense financial strain on governments, businesses, communities and individuals. Yet, financial impact is only one aspect of the toll these disasters inflict. We also must consider the profoundly troubling humanitarian and social impact – lives lost, communities compromised and businesses, as well as individual livelihoods, disrupted.

“Considering the magnitude of the challenge, a solution is beyond the ability of any individual, organization or even sector. We have absolute conviction, though, that, collectively, we can make a difference. Our hope is that we will forge a shared commitment to new ways of collaborating that will allow us to build resilience at scale.”

Aon’s Weather, Climate & Catastrophe Insight: 2019 Annual report found that 2019 was another year of devastating natural disasters around the globe with economic losses of USD232 billion. Only USD71 billion of this was covered by insurance, leaving the protection gap – the portion of economic losses not covered by insurance – of 69 percent. Over the last decade, natural catastrophes resulted in economic losses of USD2.98 trillion and insured losses of USD845 billion, creating a protection gap of 72%.

The decade also highlighted the significant protection gap that persists in developing and emerging countries. No part of the world was more vulnerable to this topic than in Asia, where just 12 percent of economic losses – USD151 billion out of USD1.23 trillion – were covered by insurance. In Latin America and Africa insurance take-up rates were in the low single-digits, meaning that virtually all losses were uninsured and local populations were entirely dependent on federal or international financial support for recovery.

The development of new insurance schemes, such as parametric insurance, insurance risk pools, or catastrophe bonds, will be important new ways to improve risk mitigation in the most vulnerable areas.

Simon Meldrum, Innovative Finance Specialist, British Red Cross, added: “Our vision is of a world where every community is resilient to the impact of the climate crisis, both today and in the future. With a presence in almost every country in the world, we see first-hand the humanitarian impact of increasingly volatile weather. We are also one of the biggest organisations in the world responding to natural disasters and people in crisis. In addition, we are working in disaster risk reduction through our Climate Centre and other specialists across the Red Cross. We are now starting to explore new ways of working with private sector partners and pilot some exciting initiatives such as insurance linked securities or catastrophe bonds because we believe that cross-sector collaboration with governments, the insurance sector and non-governmental organisations will be critical to shifting the dial in the humanitarian response.”

About Aon

Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

SOURCE Aon plc

Related Links

https://www.aon.com/

It’s World Cancer Day: Are we doing enough for young adults

The excerpted article was written by NICHOLAS SOKIC | Windsor Star

Today is World Cancer Day,  a day to raise awareness and encourage prevention of one of the world’s most feared disease. One aspect of cancer awareness – and support – that our country is decidedly less aware of  is cancer in young adults.

That’s where Young Adult Cancer Canada (YACC) comes in. The non-profit organization works to connect young adults dealing with cancer into like-minded communities for solidarity and understanding, raise awareness for this underserved demographic, and host survivorship workshops and retreats across the country.

“When you’re a young adult with cancer, you’re usually the first one of your buddies to have deal with it, as I was, and you end up dealing with it in isolation from other people who can understand,” said Geoff Eaton, the founder and executive director of YACC. “That proves to be a massive part of the challenge they’re facing.”

Every day in Canada, 22 young adults are diagnosed with cancer.

Eaton was diagnosed with cancer at 22 and 25, which is when he began building what would become YACC back in 2000 out  of St. John’s, Newfoundland.

A recent study published by YACC reveals the extent to which young adults, here meaning anywhere between 15 and 39, are left by the wayside when it comes to conversations on cancer. Out of 622 diagnosed young adults, 49 per cent missed between one to four years of work. Forty-three per cent over the age of 35 reported having less than $100,000 in assets, compared to just 17 per cent of their non-cancer peers.

“Many of us don’t have the benefit of stable jobs or insurance plans and what often happens is we end up in the social safety net of Canada which is not a way to build a foundation for the rest of your life,” said Eaton.

Further, those with cancer have four to six times the use of payday loans compared to those without, with similar disparities for credit card debt.

When it comes to research and support, Canada lags behind others like the UK and Australia, according to Eaton.

“They have nationally focused charitable organizations that have considerable investments from government and the results to show from that. we don’t have anything close to that in Canada,” said Eaton. “We’re investing .4 per cent of our cancer research spending on young adult cancer patients. You’ll see the same thing with treatment centres, community philanthropy, survivorship issues.”

As well 84 per cent experience significant levels of fear of cancer recurrence. Similarly high levels of young adult patients deal with body issues and depression as a result of the disease.

The perception for young adults is that they are simply ‘too young to get cancer.’ Meanwhile, many of them have to deal with “facing the end of their life just as they’re was starting it,” as Eaton says.

The reality is “insurers are not going to write business that is unprofitable. It’s not their function,” Muir-Wood said.

Read more

IMS Brings Carrot UBI Platform to North American Insurers

Waterloo, Ontario, Canada and Boston, MA, Jan. 21, 2020 (GLOBE NEWSWIRE) — IMS, a subsidiary of Trak Global Group (TGG), one of the world’s top three providers of connected car data solutions to insurers, mobility operators and governments, is pleased to announce the availability in North America of the (usage-based insurance) UBI platform on which the award-winning Carrot Insurance (Carrot) program is built.

Using this platform, IMS will enable U.S. and Canadian insurers to rapidly scale next-generation UBI programs that go beyond the common approach of offering motorists discounts in exchange for sharing limited driving data. Partners will also have full access to eight years of in-market experience, insights, and validated learnings in driver scoring (informed by real-world claims data), engagement, and reward, as well as the effective use of telematics data within claims.

The highly configurable, modular platform is compatible with telematics data across all device types, from plug-in hardware to mobile apps and embedded telemetry within vehicles. In addition to underpinning Carrot, the platform has been adopted by numerous insurers, such as RSA, Zurich, and Aviva, and auto manufacturers, including Volkswagen and Fiat.

IMS is led in North America by insurance telematics pioneer, Nino Tarantino, who joined the company from Octo Telematics North America shortly after it was acquired by UK-based TGG in December 2018.

“The auto insurance market in North America is very competitive, and UBI has provided an opportunity for insurers to differentiate, while enabling improved risk selection,” said Nino Tarantino, CEO of IMS (Americas). “Insurers must now begin to focus on using telematics data to effect positive behavior change, drive down accident frequency, improve loss ratios and generate ROI from their programs. By giving our partners access to the full breadth of our insights harvested from Carrot and providing them the same tools that helped deliver an accident frequency reduction of over 40% in other geographical markets, we believe it is possible for our insurer partners to see double-digit improvements to their combined operating ratios. No other solution provider in the market has access to the leverage that IMS’s Carrot experience provides.”

In addition to the engagement and reward system at the heart of the platform, which has traditionally delivered increased customer interaction and driver safety – with more than half of policyholders checking driving feedback daily – North American insurers can also benefit from IMS’s expertise using telematics data to improve the claims process. The tools and expertise embodied within IMS’s Claims as a Service (CaaS) offering have already seen global composite insurers, like Zurich, achieve as much as a 10-point improvement in combined operating ratio (COR) through more efficient claims resolution.

“UBI provides insurers with more detailed information about their customers than ever before and will allow for rating systems to accurately reflect customers’ driving ability over time while providing a positive customer experience through increased engagement and reward programs,” said Greg Donaldson, senior analyst at Aite Group. “The race for effective UBI offerings in North America has started and insurers ignoring this trend stand to fall behind as the competition forges ahead. Insurers will need to find experienced partners to help them develop and integrate the right plan to ensure success.”

For U.S. and Canadian-based insurers seeking additional detail, please contact IMS at:  https://www.intellimec.com/contact-us

 

BrokerTech Ventures Hires John Jackovin as Accelerator Executive Director

DES MOINES, Iowa, Jan. 20, 2020 (GLOBE NEWSWIRE) — BrokerTech Ventures (BTV), the industry’s first broker-led investor group and accelerator program, is pleased to announce the hiring of John Jackovin as its new accelerator executive director.

“John brings with him a unique skillset, which we believe will add tremendous value to our BTV Accelerator Program as we embark on our inaugural year,” said Susan Hatten, BTV interim executive director. “His lens into the startup world, including his own first-hand experience going through the Techstars Accelerator, will prove invaluable in creating the kind of experience we hope to deliver through the BTV Accelerator.”

Over the years, Jackovin’s companies have produced millions in revenue and have serviced thousands of customers. In 2014, he took a company through Techstars, one of the most prominent and successful technology accelerators in the world. Since then, Jackovin has consulted for many organizations in the world of Fintech and InsurTech, most recently Des Moines-based Dwolla, where he managed the Growth and Internal Services Product teams.

“The need for an agent-broker-specific accelerator at this time is clear,” said Jackovin. “To be able to help shape the first program specifically for investors and innovators building the next generation of tech solutions for insurance agencies and brokerages is truly a dream.”

Jackovin’s hiring comes as BTV’s top 20 selected broker-centric, early-stage startups prepare to descend on Des Moines on February 4. These top 20 startups will be pitching to BTV’s nine super-regional owners and partners during “Selection Series Days” at Holmes Murphy’sheadquarters.

The startups, who are based all over the U.S., Canada, and Mexico, cover an expansive amount of technology needs that serve the property and casualty (P&C), employee benefits, and clinical solutions spaces, and include:

  • Agentero, Oakland, CA
  • Briza, Inc., Toronto, Ontario, Canada
  • Broker Buddha, New York, NY
  • Careignition, LLC, Chicago, IL
  • ChalkBites, Inc., Davenport, IA
  • CogniSure, Warrenville, IL
  • ConsumerOptix, Dayton, OH
  • Equal Health, Detroit, MI
  • Goldfinch Health, Austin, TX
  • HazardHub, San Diego, CA
  • InsuranceMenu, Canton, MA
  • Kwema, St. Louis, MO, and Mexico City, Mexico
  • Loss Run Pro, LLC, Missoula, MT
  • MakuSafe Corp., West Des Moines, IA
  • OnRisk, Princeton, NJ
  • ProNavigator, Kitchener, Ontario, Canada
  • Serious Social Media, Inc., Des Moines, IA
  • Talage, Inc., Reno, NV
  • TRUSTLAYER, INC., San Francisco, CA
  • Wunderite, Inc, Boston, MA

When the Selection Series is complete, BTV will select the top firms to take part in the first BTV Accelerator cohort. In addition to access to BTV Partners and distribution platforms, each of the selected startups will receive $50,000 in the form of a convertible note.

“This is an exciting time for the InsurTech movement, and especially for Central Iowa, as we now call home to the BTV Accelerator, the Global Insurance Accelerator, the AgriTech Accelerator, and Techstars,” said Dan Keough, Holmes Murphy chairman and CEO and BTV co-founder.

About BrokerTech Ventures (BTV)
Based in the insurance nucleus of Des Moines, Iowa, BrokerTech Ventures is the first broker-led investor group and accelerator program focused on delivering innovation to the insurance agent-broker industry. Founded in 2019, BrokerTech Ventures provides a venue for the best minds in insurance and technology to collaborate and bring to market leading-edge ideas and solutions. BrokerTech Ventures invests in the research and testing for each of the chosen startups, provides access to veteran industry mentors, and helps scale the technology to market through broker distribution channels. Learn more at www.brokertechventures.com

Completion of Brown & Brown, Inc. Completes Acquisition of Special Risk Insurance Managers, Ltd.

News Release:

Update on previously ran an article by ILSTV Dec 9th, 2019

DAYTONA BEACH, Fla., Jan. 07, 2020 (GLOBE NEWSWIRE) — Brown & Brown, Inc. (NYSE:BRO) today announced the completion of the previously-announced acquisition of Special Risk Insurance Managers, Ltd. by Brown & Brown, Inc.

Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses. With more than 80 years of proven success and thousands of teammates, we offer the knowledge you can trust and strive to deliver superior customer service. For more information, please visit bbinsurance.com.

This press release may contain certain statements relating to future results which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts, but instead, represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. Such factors include those factors relevant to Brown & Brown’s consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process, and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.

R. Andrew Watts
Chief Financial Officer
(386) 239-7550

See the original article here:

Brown & Brown, Inc. Enters into Agreement to Acquire Special Risk Insurance Managers, Ltd.

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