Aon Survey: Potential for Energy Insurance Rates to Soften for Non-U.S. Programs Later in 2006
28 Marzo 2006 - 3:24AM
PR Newswire (US)
Aon Surveys Participants at 9th Latin American Energy Insurance
Conference, Gains Insight on Key Industry Topics CANCUN, Mexico,
March 27 /PRNewswire-FirstCall/ -- According to an Aon survey, 61
percent of voters believe that energy companies from Latin America
should expect their programs to benefit from increased appetite for
international business later in 2006. The finding is derived from a
survey taken by nearly 240 audience members at Aon's 9th Latin
American Energy Insurance Conference hosted in Cancun, Mexico.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO )
The audience, consisting of brokers, energy insurance buyers, and
insurers from Latin America and other regions, has congregated in
Cancun to exchange ideas and discuss market implications of the
2005 hurricane season. Said Magne Seljeflot, chairman, Aon Natural
Resources Global Practice Group: "We've been doing this for nine
years, and every year it gets better. Risk management is more than
policy buying. It's our job as risk consultants to educate clients.
This year, after the 2005 hurricanes, the intricacies of energy
risk are greater than ever. We're working with clients to help them
better understand the risks they face, and to mitigate that risk
through multiple methods." Other survey findings include: --
Despite controversy over contingent business interruption that has
come to light since the 2005 hurricane season, only 42 percent of
insurers believe that contingent business interruption insurance
for energy risks can never be underwritten successfully in the long
term, and should be excluded from the cover provided; --
Sixty-seven percent of voters indicated they believe that the
energy insurance market will respond to today's underwriting
challenges and price its cover for U.S. windstorm effectively in
the future; and -- Only 40 percent of voters believe that all
insurers and reinsurers will be able to rely on accurate
catastrophe models -- whatever of the weather. The audience was
asked to choose between six options: strongly agree; agree;
somewhat agree; somewhat disagree; disagree; and strongly disagree.
The percentages above reflect all affirmative votes -- any degree
of agree -- to each question. About Aon Aon Corporation (NYSE:AOC)
( http://www.aon.com/ ) is a leading provider of risk management
services, insurance and reinsurance brokerage, human capital and
management consulting, and specialty insurance underwriting. There
are 47,000 employees working in Aon's 500 offices in more than 120
countries. Backed by broad resources, industry knowledge and
technical expertise, Aon professionals help a wide range of clients
develop effective risk management and workforce productivity
solutions. For more information, contact: Thaddeus Woosley, Aon
Corporation, +1.312.925.5587, Kelly Drinkwine, KemperLesnik
Communications, +1.312.755.3537, This press release contains
certain statements related to future results, or states our
intentions, beliefs and expectations or predictions for the future
which are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from either historical or anticipated results depending on a
variety of factors. Potential factors that could impact results
include: general economic conditions in different countries in
which we do business around the world, changes in global equity and
fixed income markets that could affect the return on invested
assets, fluctuations in exchange and interest rates that could
influence revenue and expense, rating agency actions that could
affect our ability to borrow funds, funding of our various pension
plans, changes in the competitive environment, our ability to
implement restructuring initiatives and other initiatives intended
to yield cost savings, our ability to execute the stock repurchase
program, changes in commercial property and casualty markets and
commercial premium rates that could impact revenues, changes in
revenues and earnings due to the elimination of contingent
commissions, other uncertainties surrounding a new compensation
model, the impact of investigations brought by state attorneys
general, state insurance regulators, federal prosecutors, and
federal regulators, the impact of class actions and individual
lawsuits including client class actions, securities class actions,
derivative actions, and ERISA class actions, the cost of resolution
of other contingent liabilities and loss contingencies, and the
difference in ultimate paid claims in our underwriting companies
from actuarial estimates. Further information concerning the
Company and its business, including factors that potentially could
materially affect the Company's financial results, is contained in
the Company's filings with the Securities and Exchange Commission.
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
Thaddeus Woosley, Aon Corporation, +1.312.925.5587, ; or Kelly
Drinkwine, KemperLesnik Communications, +1-312-755-3537, or Web
site: http://www.aon.com/
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