Aon South Africa Launches Private Insurance Broking

Aon South Africa has launched “Private Insurance Broking” for blue chip clients with significant and often complicated asset bases. By engaging the services of specialist underwriters, Aon is able to provide insurance solutions that meet the needs of Sou

The rapid growth in the number of millionaires on the African continent is resulting in a rising demand for tailored financial services solutions, often requiring brokers to engage with underwriting specialists in the areas of fine art, antiques, artefacts, pleasure craft, classic cars and motor cycles such as Rolls Royce, Bentley and Harley Davidson and so on.

Africa's total of people with investable assets of $1-million or more grew by 11.1% in 2011, faster than the global growth of 8.3% and the Middle East's growth rate of 10.4%. This rapid growth accompanied by asset accumulation has translated into increased demand for insurance cover, with Aon seeing an increase of 175% in high net worth individual products used over the past two years.

“This market requires a specific approach by brokers and insurers involving detailed needs analysis in order to understand the individual’s needs and service preference. We provide specialist advice in terms of risk absorption, mitigation and risk transfer, matched to product solutions specifically designed to meet the needs of high net worth individuals. The private client insurance market is exceptionally demanding when it comes to the product and service offering. Time is a valuable commodity and private clients expect their insurance provider to deal with claims in a manner that is painless and convenient for them.

“With Aon’s Private Broking, high net worth individuals demand and receive personal, fast, efficient and seamless experiences when it comes to their personal insurance. At the same time clients in the high net worth space appreciate the need to maintain and protect their assets and lifestyles hence their approach to managing potential risks tends to attract greater insurance benefits and servicing propositions.”

For more information contact Mandy Barrett on (011) 944 7000 or go to http://www.aon.co.za/