Increasing Regulation and Economic Volatility Key Catalysts for Risk Management in the Food System, Agribusiness and Beverage In
30 Luglio 2009 - 5:35PM
PR Newswire (US)
CHICAGO, July 30 /PRNewswire-FirstCall/ -- Aon Corporation
(NYSE:AOC), the leading global provider of risk management
services, today released its 2009 U.S. Food System, Agribusiness
and Beverage Industry Report. The first annual report was generated
by Aon Analytics to help Aon's clients in these industries remain
abreast of emerging issues and learn how peers and competitors are
managing risk, overcoming challenges and capturing opportunities.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) The
analysis is comprised of three main components: -- Risk insights,
where the top 10 risks faced by the food system, agribusiness and
beverage industry are identified and examined and expertise on risk
assessment and drivers is provided. -- Client insights, where
industry-specific insight into choosing an insurer, working with
markets, staffing a risk management department and using captives
are among the areas discussed. -- Market insights, where coverage
terms and conditions; carriers requested to quote; submit-to-quote,
quote-to-bind and submit-to-bind ratios; top carriers in a
competitive bid situation; changes in premium rates over the past
year and the most common reasons for carriers not quoting and
clients rejecting a carrier's quote are addressed. For example,
risk professionals in the food system, agribusiness and beverage
industries cited commodity price volatility, weather/natural
disasters and product recall as the leading industry risks. In
addition, the report finds that many firms are not prepared to deal
with increasing regulation, such as tougher food safety laws
proposed by the current U.S. administration, and that many
companies do not have comprehensive risk management processes in
place, opting instead to rely on senior management intuition and
experience as a primary method for identifying major risks.
"Companies in the U.S. food system are faced with more complex
risks today than ever before, and it is vital for them to fully
understand these exposures so they can make informed and insightful
decisions," said Rick Shanks, national managing director of Aon's
food system, agribusiness and beverage practice. "This report
demonstrates our commitment to empowering our clients with
fact-based insight and leveraging the size and scope of Aon's
unmatched global network to generate industry-leading comprehensive
analyses." With regard to insurance pricing, food system,
agribusiness and beverage organizations have generally been
experiencing rate decreases for casualty, property and directors'
and officers' liability coverage. That said, property rates have
shown some hardening in 2009 as a function of the market's
realization of cumulative loss events and the overall economic
slump. While this industry has largely enjoyed higher than average
rate decreases for directors' and officers' liability coverage, the
report forecasts a trend toward flat renewals or even slight
increases over the next year. Aon's 2009 U.S. Food System,
Agribusiness and Beverage Industry Report is based on data from
Aon's 2009 Global Risk Management Survey, the Aon Global Risk
Insight Platform(SM) and additional proprietary databases. Results
shown in this report based on the Global Risk Management Survey
represent 53 global responses from the agribusiness, food
processing and distribution and beverages industry and are not
limited to the United States. 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. Results shown in this report based on data from Aon
GRIP represent placement information from the United States from
November 2008 through mid-year 2009. Results shown in this report
based on data from additional proprietary databases represent
placement information from the United States between July 1, 2008,
and June 30, 2009. With the support of additional Aon insurance and
industry specialists, Aon Analytics collected and tabulated the
results, provided analysis and interpreted findings. To access
Aon's 2009 U.S. Food System, Agribusiness and Beverage Industry
Report, visit http://www.aon.com/foodindustryreport. Follow Aon on
Twitter: http://www.twitter.com/aoncorp About Aon 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/. Media Contacts Kelly Drinkwine
Cybil Rose 312.381.2684 312.755.3537
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
Kelly Drinkwine of Aon Corporation, +1-312-381-2684, , or Cybil
Rose, +1-312-755-3537, , for Aon Corporation Web Site:
http://www.aon.com/
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