Aon

Investors, fund managers and service providers are adapting in the face of potential large losses from secondary perils.

The intermediary’s reinsurance solutions business has appointed Joanna Parsons as it looks to expand its capital advisory unit.

Global reinsurance capital grew by 3.8% last year, according to Aon’s analysis of 22 reinsurers.

The broker put ILS capital at $96bn by year end, $1bn lower than mid-2021 but ahead of its $94bn year-end 2020 estimate.

The figure made 2022 the sixth consecutive year in which Q1 losses topped $10bn.

Damage from windstorms that swept across the central and eastern United States from 21 to 23 March could cause hundreds of millions of dollars in economic and insured losses, according to the Aon Impact Forecasting weekly cat report.

He will lead strategy and development for the team, which provides consulting and software.

The earthquake on Wednesday night caused power cuts for more than 2.2 million homes.

The broker’s appointment of Jim Fiore follows his decision last year to leave QBE after nearly 30 years at the carrier.

Total issuance during 2021 beat the previous annual peak of £11bn in 2020, according to an Aon note marking the cat bond sector’s 25th anniversary.

The former Swiss Re Capital Markets executive will report to ILS unit CEO Paul Schultz.

Aon’s Impact Forecast has suggested that only a limited portion of the loss will pass to reinsurers.