WTW
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Broker report models optimistic, moderate, severe and extreme outcomes from pandemic. -
Aon made a shock move on Monday to cut staff salaries for most of its staff.
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The CEO said protecting staff compensation was a priority but would not rule out pay cuts.
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Quarterly earnings beat the consensus estimate as profit from the reinsurance unit rises 10 percent.
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Available reinsurance capital could shrink in the line, which does not exclude pandemics, the broker notes.
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Coronavirus’ unwanted record; John Neal speaks out; structured credit freezes up.
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The downstream market is expected to be less impacted although there is some BI exposure.
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The broker says claims are manageable, but the dual hit to balance sheets sets the scene for a capital squeeze.
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Cyrille de Montgolfier joins the firm after a career which has included posts at La Parisienne Assurances and Axa.
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Atish Suri and two others defect to the competitor.
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Hiscox, Willis and Lloyd's were among the companies that faced up to the Covid-19 crisis, while US lawmakers also had their say.
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Rates have risen by more than 20 percent, and will be impacted by Covid-19 and the oil price war.
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