CHICAGO, Sept. 8 /PRNewswire-FirstCall/ -- Aon Corporation (NYSE: AOC), the leading global provider of risk management services, today released its U.S. Quarterly Market Overview for Property, Casualty, and Directors' and Officers' Lines. The inaugural report was generated by Aon Analytics to identify and address trends in risk and insurance and to provide clients with data to support informed decision-making in risk management.
"In this difficult economic climate, it has never been more critical to an organization's overall health and performance to have an effective risk management program in place," said Warren Mula, chairman of U.S. retail for Aon Risk Services. "With Aon's unmatched resources to deliver fact-based insights, such as those found in this report, we are best-positioned to help our clients better manage risks, overcome challenges and capture opportunities."
Lambros Lambrou, head of Aon Analytics, added: "Aon has taken a unique approach to maximize our market insights from the largest available source of proprietary broker data. The U.S. Quarterly Market Overview complements the firm's monthly reports in the ongoing effort to keep our clients abreast of ever-changing market and economic conditions as well as raise awareness of the practices of industry peers and competitors."
The U.S. Quarterly Market Overview is comprised of three main components - property, casualty and D&O. Highlights from each section follow:
A major dislocation of markets, radical reduction in capacity, terrorism event or natural catastrophe may affect the forecasts.
In addition to the above insight found in the U.S. Quarterly Market Overview, Aon's financial services group recently issued its Quarterly D&O Pricing Index, which delves deeply into the trends seen year over year for this essential line of coverage. The analysis finds that pricing increased 4.07 percent in the second quarter as compared with the second quarter of 2008. Current rates in the S&P Financials sector (banks, diversified financial, insurance and real estate) are up 14.77 percent while all other S&P sectors (service, manufacturing, technology, etc.) were flat, marking the first time in more than three years that rates did not decrease. D&O policies are typically written for a 12-month period; thus, this year-over-year comparison is a close approximation of renewal pricing and results.
"The delicate balance between the forces holding D&O prices down and the need for rate increases could soon shift in the favor of underwriters," said Michael D. Rice, II, national practice leader of Aon's financial services group. "Fortunately for Aon's clients, pricing in the D&O marketplace continues to remain at soft levels."
Methodology: Aon Analytics 2009 U.S. Q2 Quarterly Market Overview
This report on property, casualty, directors' and officers' lines is based on data from Aon proprietary databases such as the Aon Global Risk Insight Platform(SM). Results represent placement of commercial and large account information from thousands of U.S. companies. Aon GRIP(SM) is the world's leading global repository of global risk and insurance placement information and provides fact-based insights into Aon's global premium flow. Aon Analytics collected and tabulated the results, provided analysis and interpreted findings.
To access the Aon Analytics 2009 U.S. Q2 Quarterly Market Overview for Property, Casualty, Directors' and Officers' Lines, visit http://www.aon.com/quarterlymarketoverview
To access Aon's Q2 D&O Pricing Index, visit http://aon.mediaroom.com/index.php?s=63&item=359
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Aon Corporation (NYSE: AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 37,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon's industry-leading global resources and technical expertise are delivered locally through more than 500 offices in more than 120 countries. Named the world's best broker by Euromoney magazine's 2008 and 2009 Insurance Survey, Aon also ranked highest on Business Insurance's listing of the world's largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007 and 2008, and Aon was voted best insurance intermediary, best reinsurance intermediary and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com.
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