Aon

The broker said clients can move fast in a harder market but need time to review quotes.

Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.

Richard Dudley, global head of climate strategy at Aon, says existing products such as IP coverage can help insurers take a leading role in opening up investment for new climate transition technology.

The transaction will add Latin American hurricane and earthquake modelling capabilities to Aon’s product suite.

Some expressed disappointment at the rate change, but it came off the back of a major correction last year.

In Q3, 46% of primary policies renewing with the same limit and deductible received a price decrease, while 16% received a price increase, according to Aon. 

CEO Greg Case said dislocation in the reinsurance market created “tremendous opportunities” for the firm.

The organic growth figure came in below that of major rivals Marsh McLennan, WTW and Gallagher.

Preliminary total economic losses this year through Q3, including an initial view of Hurricane Ian based on publicly available estimates, were $227bn.

The conflict has prompted a potential mismatch between insurer and client transition speeds.

A ballot date of 9 December has been set to replace Dominic Christian on the Council of Lloyd’s, as his term of office is set to expire on 31 January 2023.

Lloyd’s CEO John Neal said the challenges thrown up by the conflict could lead to difficult decisions in the short term.