Aon Named Best Insurance Broker by Global Finance Magazine

Aon plc (NYSE:AON), the leading global provider of risk management and human resource consulting and outsourcing, was named the 2013 Best Global Insurance Broker, Best Central/Eastern Europe Insurance Broker and Best Africa Insurance Broker by Global Finance magazine. These awards are part of Global Finance’s Best Global Insurers 2013 award competition, which acknowledges companies that demonstrate innovative risk management strategy and leading client service.

Aon is being recognised for its innovative risk solutions, such as this year’s Sidecar Solution, multinational coverage of risk solutions through an unmatched global network and fact-based analytics and benchmarking, exemplified by Aon Global Risk Insight Platform, the world’s largest proprietary database of insurance placement and quote data.

In terms of Aon’s growth strategy in Africa, the Africa regional award is pivotal in underlining Aon’s capabilities in serving the diversity of regions and regulatory environments on the African continent. "In terms of our multinational coordination, we have the largest majority-owned network, unsurpassed in geographic breadth and depth of talent, with dedicated global teams in 80 countries of the 120 in which Aon operates, empowering global risk service no matter where our clients are located. Aon has grown its footprint substantially in Africa with a staff complement north of the Limpopo in excess of 750 people, and in virtually every country in which Aon operates, it is the largest broker,” explains Anton Roux, CEO of Aon South Africa and Chairman of Aon Sub-Sahara Africa.

"There is ample talk in the market about the opportunities in Africa, but the challenge now is to move beyond the rhetoric of talking about the opportunities, and actually making them reality by investing the time, money and resources to gain an intrinsic knowledge of what is happening in these countries. It takes more than a satellite office of four individuals to compete successfully. Global expertise is one thing, local relevance, understanding and quality service is entirely another,” adds Roux.

"Multinationals have moved heavily into Sub-Saharan Africa and more recently further North, building a powerful presence of economic growth and investment opportunities on the continent, and in turn growing consumer middle classes and improving social conditions. The growing interest from large insurers and reinsurers in Africa provides a further indication of the sea change in attitudes towards prospects for the continent. Attitudes and understanding of the need for insurance and risk management to underpin Africa’s growth as an economic power is changing rapidly,” he adds.

Joe Onsando, CEO Aon Sub Sahara Africa adds echoes this viewpoint: "Africa is home to seven of the top 10 fastest growing economies in the world, suggesting that the continent’s current growth rate points to an acceleration of economic growth over the next 20 years. Returns are very high at the moment and in the future could be higher than anywhere else in the world. Whilst most people are aware of the increased foreign direct investment from India and China, not many are aware of the massive Africa to Africa investments. South African, Nigerian and Kenyan companies are making forays into new African markets in large numbers,” says Onsando.

The greatest growth areas in Africa relate to infrastructure development, mining and construction, agriculture, telecommunications, retail, oil, gas and energy, leisure and tourism, and healthcare. In some areas such as telecommunications, many African countries – free of the legacy challenges of outdated technology and infrastructure - are now investing in newer technologies to leapfrog more advanced economies.

 

"In contrast to the declining birth rates and ageing populations in Europe and North America, Africa’s growing population will be the catalyst for a powerful marketplace. Africa will also have the largest population of people of working age so it is not entirely resource driven or driven by resource extraction. Africa also hosts the fastest growing, young population in the world, not only providing the world’s workforce into the future but also the world’s markets. With the growth of this class comes the development of the employee benefits market. Herein lies huge growth potential, especially with global companies investing in the continent – they are keen to provide healthcare cover, employee benefits, disability cover, among others. These developments have spurred the demand for quality insurance and human capital related products and services, as well as risk management solutions,” says Onsando.

"On-the-ground expertise backed with global infrastructure and capabilities are needed for you to have a viable presence and deliver quality risk solutions to clients. For most of Aon’s clients, investing on the continent is new to them. They realize that competing on technical abilities is fairly easy, but actual on the ground delivery and expertise is the deal breaker. For the multinational expanding into the continent, they need to guard against being misled by risk providers who claim to have capability in a particular country, when they really don’t. In the African continent, Aon is the market leader in virtually all countries where we have an Aon-owned presence, in revenues, market share and human resources.”

Bottom of Form The independent Global Finance magazine awards, adjudicated by a panel of prominent risk management and financial executives at major companies headquartered in each geographic region of the world, bears testimony to the fact that Aon leads the way in global capacities and expertise that translate into best practice, innovation and local relevance in a two way exchange of intellectual capital in the country where it matters.