Buyer-Friendly Cyber and E&O Market: How to Take Advantage

A buyer-friendly Cyber and E&O market is quickly emerging. Learn more about the changing global market and how to capitalize on it.
Key Takeaways
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Substantial new capacity and improved insurer loss performance have led to decreasing rates in Cyber and E&O in early 2023.
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Premium rates are expected to continue softening, with global economic, geopolitical or systemic cyber events potentially impacting the market.
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Underwriting remains rigorous. Buyers should start their renewal placement process early to build a strong risk narrative to share with underwriters.
After experiencing rate increases over 100 percent in late 2021 and early 2022, the global cyber and errors and omissions (E&O) market has undergone a distinct and dramatic pendulum swing, shifting toward a buyer-friendly market in early 2023.
There are a variety of market factors contributing to the new rate environment, including:
- New and returning markets have brought new capital and competition, leading to further rate deceleration
- A decline in loss frequency and severity as businesses continue to help strengthen their security risk controls and enhance their risk profiles
- A redirect to more sustainable pricing levels after a potential overcompensation for ransomware losses in 2021-2022
However, underwriters — who now operate at a more in-depth, technology-driven and sophisticated level — are maintaining rigor as they closely monitor global events that may impact cyber claims. Economic changes, a shift in the geopolitical environment and widespread systemic cyber events could all adversely impact continued rate reductions.
These three areas are expected to shape the market through the balance of 2023:
- Substantial new capacity will help soften the market. Aon expects that premium rates in 2023 will be more competitive than for the prior 24 months, driven by improved loss ratios and an influx of new capital that has created a higher global premium pool, especially in the excess markets.
- War exclusions, infrastructure exclusions, and “widespread events” remain in the terms and conditions spotlight. Updated war exclusions have been introduced and are inconsistent across the global cyber insurance marketplace. Infrastructure exclusion updates, specifically for the digital environment, merit thoughtful analysis and dialogue among brokers and insureds. Limiting coverage for widespread events or widespread outages is an effort to solidify the future of cyber insurance, but it risks deteriorating the value proposition of cyber insurance for businesses that see benefit to outsourcing technology and security to third party providers.
- The underwriting process is rigorous, but it’s also more comfortable for businesses, if they are well-positioned to share their security narrative. Assembling the right team and investing the right resources across the organization can help achieve improved coverage results at renewal.



Buyers can take advantage of market improvements by starting their renewal placement process early and continue to build relationships with insurers. Businesses have become more prepared, collaborating internally to provide strong strategies around contractual risk management, information security, privacy and operational continuity. An early start can give the risk manager more control and address potential bumps in the road.
“Where businesses were constrained by availability in 2021 and into 2022 it is now vastly different,” says David Molony, Head of Aon’s Cyber Solutions for EMEA. “Instead, buyers should now be looking at mitigating their exposure — taking advantage of the market at the expense of sacrificing coverage to help save short-term premium dollars.”
While the E&O and Cyber market has many similarities between regions, it’s important to acknowledge existing differences. We explore market conditions across the globe — including capacity, loss trends, pricing and coverage.
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North America
Capacity- Capacity developed throughout 2022, introducing additional options and a more competitive marketplace — which many insureds used to their benefit.
- Capacity continues to grow in Q1 2023, with growing availability to insureds through new insurers and increased carrier limits. Many insurers offering cyber insurance have substantial growth goals for the product. These two factors, along with improved risk controls within insured security environments, create a powerful competitive landscape.
- Severe pricing adjustments experienced in 2021 and 2022 are still top of mind. The hard market was the result of poor loss experience throughout 2018, 2019 and 2020.
- Loss frequency continues to decline from its peak in 2021 but remains higher than 2019. However, ransomware frequency increased sharply, up 49 percent in Q1 2023.
- Improved frequency, along with an unprecedented rate environment in 2022, fuel market growth in what will likely be a profitable product segment over the next few years.
- Rate increases decelerated throughout 2022, beginning in the fourth quarter of the fiscal year. Aon anticipates rate decreases throughout 2023.
- Aon’s pricing data examines the year-over-year price change on a monthly or quarterly basis. This analysis highlights important trends, adding context that some industry sectors and client segments are experiencing far greater pricing disruption.
- Discuss changing war exclusions with your broker to understand implications on market impact and strategy.
- Buyers should not overlook other critical coverage components:
- Privacy concerns, including data breaches and broader collection and use of information.
- Biometric information. Clients should review any proposed exclusions related to biometrics closely with their broker to understand the scope of coverage changes.
- Pixel tracking and Video Privacy Protection Act (VPPA) exposures are another sub-set being reviewed by insurers, specifically the underlying exposure and in some cases, introducing exclusions. If this exposure is relevant, be wary of accepting limitations on coverage.
- Understanding insurer, vendor and law firm requirements is critical to help align with a business’s preferred incident response and litigation approach. Push for higher rate caps with pre-approved non-vendor resources to help offset any cost increases.
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UK/EMEA
Capacity- Most insurers are looking to grow their cyber portfolios again.
- There is more appetite from markets to move down programs providing much needed competitive tension on both a primary and first excess basis.
- Loss ratios improved in the second half of 2022, however, ransomware activity has started to increase in Q1 2023.
- More markets are highlighting biometric information collection and disclosures as an area of concern due to an uptick in class actions resulting from improper collection, use or retention.
- Operational technology and supply chain risk continue to be heavily scrutinized by underwriters highlighting the need for quality data collection and presentation at renewal.
- The favorable rate environment that emerged in the second half of 2022 has continued into 2023.
- Heightened market competition is expected to result in more favorable outcomes for businesses throughout 2023.
- The effects of the conflict in Ukraine have not emerged, however, underwriters remain cautious about the potential for cyber disruption emanating from the region.
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APAC
Capacity- Capacity continues to grow with local and global markets seeing the APAC region as a growth target. Most local markets are increasing average line sizes back to the historical max line size of $10 million. In certain circumstances, some markets now offer limits exceeding $10 million.
- Capacity deployment is still managed carefully, with a focus on cautious growth. For example, some insurers are performing better with coverage and pricing when deploying $5 million or less, even if they can deploy more.
- Overall incident frequency declined in 2022, with cyber events falling by 14 percent compared to 2021.
- Ransomware exposures remain a primary underwriting topic with regional markets, even with event frequency declining by more than 40 percent in 2022 (year-over-year). The threat remains high, however, as frequency has risen in other global regions in Q1 2023. Strong cyber diligence should continue to be stressed.
- 2022 was characterized by several large and high-profile data breaches across the region. The frequency of data breaches declined by only 6 percent. The profile and frequency of these events will continue to shape underwriting behaviors and regulatory agendas across the region into 2023.
- The most frequently impacted industries in APAC include Public Sector, Technology, Media and Telecommunications, Financial Services, Retail and Manufacturing. Manufacturing centers are becoming more prominent across the region. Operational Technology remains a key risk concern for regional markets as well. Further, geopolitical tensions in the region have raised the importance of supply chain risk, particularly for strategically important industry verticals.
- Loss trends have likely improved due to the portfolio management by insurers over the last 24 months, leading to a positive outlook. However, it will take time for the major insured incidents over the last six months to be fully realized by the market, which may be detrimental to loss ratios.
- Rate increases steadily declined in the second half of 2022, with greater deceleration occurring near year-end. This rounds off average rate increases of more than 50 percent over the previous two years.
- On renewals, we are seeing incremental rate movement on primary layers (both increases and decreases) and more consistent rate reduction (5-15 percent) on excess layers. Exceptions include programs that are exceptionally underpriced and in need of further correction, or when carriers have insured a program opportunistically at inflated rates, and more significant reductions are achievable.
- Rate movement is contingent on, among other factors, a demonstration of a detailed focus on security and the extent of previous corrections to pricing.
- Coverage has mostly stabilized, with improvements anticipated for businesses with a detailed focus on security. Restrictions will be eased where key controls can be demonstrated.
- Insureds with excellent security can expect to see improvement in coverage, however, there is minimal coverage innovation. Instead, we are seeing a trend back to broader coverages available prior to 2020.
- War exclusions have been updated, primarily in line with Lloyd’s guidance, but there is a need for more consistent language across insurers, particularly on layered programs.
- Other coverage restrictions related to systemic risk events, unpatched vulnerabilities or unsupported systems can generally be avoided, particularly where insureds can engage productively with underwriters and risk engineers to identify controls in place and plans for improvement.
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LATAM
Capacity- Capacity has remained stable with current carriers managing exposures. However, we expect a broader appetite in the next few months, with carriers confirming that they want to expand their current footprint in LATAM.
- We also expect a few carriers to move from reinsurance to direct business. Given the smaller limits purchased by clients in LATAM versus other geographies, this is good news and should translate into greater capacity for direct clients.
- Major cyber attacks have occurred recently across LATAM, primarily ransomware. Impacted industries include retailers, financial institutions, utilities and healthcare. Given the adjustments made by underwriters, most of the losses have been absorbed by deductibles or directly by clients that did not purchase cyber insurance coverages.
- Rates per million (RPMs) have remained stable. Premium increases have been linked to inflation, in contrast to the previous three years when we saw a very aggressive re-underwriting of all the carriers.
- Underwriters are requesting more detailed information and concentrating on attachment points, cyber extortion sublimits and coinsurance.
- Despite being introduced in 2022, systemic risk exposure and sublimits are still topics of conversation with carriers. However, it seems like this approach is limited to a few underwriters.
- There has not been significant coverage enhancement in the last few months beyond several carriers that have revamped their wording — looking for more clarity, rather than expanding coverage.
Businesses must build the appropriate team across key internal stakeholder groups, preparing an informative security narrative that gives underwriters knowledge of the efforts taken to build a strong cyber security posture.
How to Help Optimize Market Outcomes in 3 Steps
Don’t lose discipline. Underwriting requirements are still robust, with more sophisticated and technology-driven carriers. It is critical, therefore, that risk buyers revisit their cyber strategy amid the moderating market to help manage their exposure.
Risk managers should consider following these three focus areas to help enhance their cyber risk strategy:
Find Value Through Collaboration
Work with your information security colleagues, in-house counsel, brokers and other advisors to help
shape the prioritization of risks the company views as material and transferrable. Overlaying that
dialogue with financial impact analytics helps develop a framework that can prioritize the
objectives of your cyber insurance program. The softening market provides an opportunity to tailor
important policy wording, push sub-limits to full coverage limits and help eliminate coinsurance
penalties.
Create Long-Term Program Goals
Cyber insurance is sustainable and will continue to bring value to insureds. While insurers’
proposed language changes can bring frustration to risk buyers, it’s important to think
holistically about your E&O and Cyber insurance program. Increasing competition provides an
opportunity for businesses to consider alternative coverage options. Before making a hasty decision,
evaluate the policy language changes and consider the potential downside of switching insurers.
Keep Your Eye on Emerging Trends
Key security controls that limit the probability of a ransomware event are an important part of the
dialogue and underwriting process. Always remain forward-looking. Privacy litigation is on the rise,
and severity exposure is often underestimated. The geopolitical landscape remains a concern for
businesses globally. Understanding emerging threats, what your company is doing to mitigate them,
and then articulating that information to underwriters can help improve the underwriting process.
General Disclaimer
The information contained herein and the statements expressed are of a general nature and are not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information and use sources we consider reliable, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
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On July 19, 2024, the CrowdStrike outage became one of the largest IT events in history, impacting businesses and customers around the world. Leaders now have an opportunity to reexamine technology dependencies and business continuity plans to mitigate similar risks in future.
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Article 7 mins
How Insurers are Integrating Climate Change into their Investment Decisions
Insurers are some of the world’s largest institutional investors. Recognising their crucial role in driving the global climate transition, they should identify and analyse climate-related risks and opportunities to improve long-term risk-adjusted returns.
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Article 7 mins
Lessons Learned from the CrowdStrike Outage: 5 Strategies to Build Cyber Resilience
The global CrowdStrike IT outage demonstrated that even non-malicious cyber incidents may have serious repercussions. Events like these serve as a wake-up call for businesses to review their cyber resilience and be prepared for more significant incidents in the future.
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Article 4 mins
Companies Need a Global Benefits Identity in an Era of Cost Containment
More global benefits professionals are aligning benefit strategy to an employer’s identity and values.
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Alert 10 mins
Responding to the CrowdStrike Outage: Implications for Cyber (Re)Insurance
CrowdStrike, a global cybersecurity firm, released an update for its Falcon sensor, which caused system crashes on Microsoft Windows systems globally.
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Article 8 mins
Responding to Cyber Attacks: How Directors and Officers and Cyber Policies Differ
Cyber incidents continue to grow in frequency and severity, especially as new technology emerges. While D&O and cyber liability policies offer distinct coverage differences, terms need to be carefully structured to avoid potential gaps.
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Article 6 mins
Insurance and the Metaverse: Safeguarding Virtual Assets
Insurers are venturing into the thriving digital landscape of the Metaverse, covering virtual assets, safeguarding intellectual property, and protecting the wellbeing of users and avatars. With this evolution, comes new challenges and the unique opportunity to shape the future of insurance.
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Article 10 mins
Build Resilience for an Extremely Active Atlantic Hurricane Season
Record-warm Atlantic Ocean temperatures and a shift to La Niña conditions have led forecasters to predict an extremely active Atlantic hurricane season in 2024. Learn how to build business resilience to mitigate risk for hurricane-prone properties.
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Alert 7 mins
Workforce Implications of U.S. Supreme Court Ruling on ‘Chevron Deference’
The U.S. Supreme Court has changed the way laws are interpreted in the development of regulations. This change has the potential for far-reaching consequences for both regulatory agencies and employers.
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Article 18 mins
The Optimal Outsourced Chief Investment Officer
For institutional investors, engaging an outsourced chief investment officer, or OCIO, is one of the most critical decisions an organization can make. Choosing the right partner can lead to achieving the desired results or unexpected consequences.
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Article 4 mins
Credit Solutions Market Overview
Overview of the current trade credit insurance market and outlook on trend developments.
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Article 11 mins
Building a Future-Ready Workforce for the Professional Services Industry
The need to attract and retain high-quality talent in an environment of intense competition is at the forefront of professional services leaders’ minds.
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Article 11 mins
Enhancing Cyber Resilience in the Renewables Sector
Renewable energy is critical to meet net-zero targets, but as the industry grows, so do cyber attack surfaces. Learn how to prepare for emerging threats and support long-term ambitions.
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Article 7 mins
Connected Perspectives: Better Decisions on Interconnected Risks for FAB Organizations
As the scale and speed of interconnected risks escalate, innovative risk management strategies help FAB businesses build the resilience and agility needed to thrive.
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Article 10 mins
Driving a Future-Proof, Skills Based Approach for the Renewable Energy Sector
The renewable energy sector is undergoing a sweeping transformation, as it plays a pivotal role in the challenge to achieve global net-zero goals. Attracting, upskilling and retaining talent is critical for sustainability.
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Article 7 mins
How to Navigate Evolving Construction Contractor Risks in EMEA
Contractors in EMEA face an array of risks they must mitigate or transfer while managing the complexities inherent in major construction projects.
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Article 12 mins
8 Focus Areas for the Renewable Energy Sector
As more companies seek to reduce their carbon footprint, the renewable energy sector continues to grow, presenting both opportunities and red flags for organizations with renewable energy growth plans.
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Article 6 mins
Reshoring: Managing Risks and Building Resilience Closer to Home
Proactive risk management and data-driven reshoring strategies can empower risk managers in logistics companies to navigate supply chain complexities with confidence.
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Article 5 mins
Captive Insurance: Uptick in Use Reflects Market Realities
As more companies become comfortable using captives and understanding the value they add, captives are likely to become further embedded into corporate risk strategies, regardless of market conditions.
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Article 6 mins
Building Strategies for Sustainable Growth as a Mid-Sized Organization
Helping midsize organizations leverage key partnerships to address challenges around talent, market, regulatory compliance, and leveraging capital.
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Article 12 mins
Helping Employers Navigate the Rise in High-Cost Medical Claims
A rapid rise in medical plan costs is being driven in part by high-cost claimants — a high-risk group that disproportionately accounts for a large amount of healthcare costs. Here are strategies for addressing this issue.
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Article 9 mins
Four Steps to Implementing an Effective Online Benefits Platform
Online benefits platforms are a key component of the overall employee value proposition. As employers maximize the ROI of their people spend, here are four tips which may assist with implementing a successful online benefits platform.
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Article 8 mins
Pay Transparency Can Lead to Better Equity Across Benefits
Efforts to bring more transparency to pay practices shine a light on benefits equity — and it’s not only about wages and salary.
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Article 3 mins
Building Resilience Against the Constant Cyber Threat
The rapid pace of digitalisation means that organisations in the UK are constantly struggling with the ever-present threat of cyber attacks.
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Article 2 mins
Creating a Fair and Equitable Workforce for Everyone
Equity has an important part to play in a balanced strategy to improve the attraction and retention of key employees.
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Article 2 mins
How to Balance the Conflicting Forces of Efficiency, Performance and Wellbeing
How are business leaders adapting to a generational change in how work gets done?
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Article 2 mins
Introduction: Clarity and Confidence to Make Better Decisions
Lori Goltermann, CEO of Regions and Enterprise Clients, Aon examines the main issues discussed at the event.
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Article 2 mins
Making Better Decisions – A Treasurer’s Perspective
Our panel discussion looked at the issues facing corporate treasurers and how they have become more complex and interconnected.
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Article 3 mins
Seizing the Opportunity: Building a Comprehensive Approach to Risk Transfer
Businesses are still in search of competition, alternatives and innovation in their insurance programmes.
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Article 2 mins
Tapping New Markets to Unlock Deal Value
Companies and financial sponsors are constantly seeking innovative and capital-efficient ways to facilitate M&A deals.
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Article 2 mins
The Age of Rising Resilience – An Economic Outlook
Professor Trevor Williams analyses the latest indicators and what they mean for the UK — and global — economy.
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Article 2 mins
The Aon Difference
How Aon is moving further, faster to bring new, innovative solutions that address companies’ risk and people challenges.
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Article 5 mins
The Rise of the Skills-Based Organisation
Today's employers need to continually learn and adapt to emerging technologies and skills if they are to thrive in the talent landscape.
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Article 3 mins
The Year of the Vote: How Geopolitical Volatility Will Impact Businesses
Companies that operate around the world need to have a global appreciation of the heightening geopolitical risk.
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Article 6 mins
Three Ways Collective Retirement Plans Support HR Priorities
Collective retirement plans are growing in popularity and improving employees’ financial wellbeing in the process. Other advantages that haven’t been as widely explored include how these retirement structures allow HR to shift its focus to strategy.
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Article 8 mins
How North American Construction Contractors Can Mitigate Emerging Risks
Getting ahead of risk is vital for North American construction contractors, as they aim to manage evolving issues, while delivering job safety, solving workforce shortages and containing project costs.
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Alert 6 mins
U.S. Department of Labor Restores and Extends Overtime Protections
The Department of Labor released a final rule increasing overtime protections for the standard salary level threshold for the “white collar" exemptions and the threshold for employees classified as Highly Compensated Employees. Employers need to prepare for these significant changes.
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Article 10 mins
How Insurers Can Capture Climate Opportunities
Climate change adaptation and the transition to net zero present huge premium growth opportunities for insurers. The key question is how to get started.
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Article 7 mins
How to Navigate the EMEA Cyber Risk Insurance Market
As the cyber insurance landscape continues to evolve in EMEA, companies need actionable insights and solutions to strengthen their cyber risk strategies.
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Article 9 mins
Insurers Seek Risk Transfer Solutions to Offset Higher Retentions and Resume Growth
The challenges of 2023 eroded the buffers that many insurers had previously enjoyed, bringing an increased focus on capital management and a variety of capital sources according to Aon’s capital poll.
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Report 18 mins
Evolving Technologies Are Driving Firms to Harness Opportunities and Defend Against Threats
While advancements in AI, cyber and data technology are helping companies operating in an increasingly digital world gain a significant competitive edge, they also introduce new and evolving risks.
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Article 6 mins
How to Make the Most of Voluntary Benefit Plans in the U.S.
As healthcare costs rise, voluntary benefits are a critical component of engaging employees, while also helping to manage direct and indirect medical expenses. Here are three strategies for employers to make the most of their voluntary benefits.
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Article 8 mins
NIS2 Compliance Readiness for Organizations across the European Union
The expansive scope, stringent sanctions and pivotal role of management related to the new NIS2 Directive provide a strong foundation to protect against evolving cyber risks.
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Article 8 mins
London Insurance Market: Unveiling Demands for New Skills in 2024
The London insurance market seeks a generation of game-changers who can navigate uncertainties and drive innovation to ensure the industry’s future success in a digitalised world.
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Article 3 mins
Better Decisions in Trade, Technology, Weather and Workforce
From global supply chain risks to climate insecurity, organizations face challenges and complexities on a scale rarely seen before.
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Article 15 mins
How Artificial Intelligence is Transforming Human Resources and the Workforce
Artificial intelligence is having a measurable impact across all aspects of HR — from talent management to compensation, health and benefits, and retirement planning. To effectively harness the technology, HR leaders must ensure both their own teams and the wider workforce are prepared.
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Article 3 mins
Risk Capital and Human Capital Perspectives
Risk Capital CEO Andy Marcell and Human Capital CEO Lambros Lambrou discuss how innovations in Risk Capital and Human Capital can help organizations boost resilience and navigate volatility.
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Report 15 mins
Wide-Ranging Trade Issues Confront Global Businesses on Multiple Fronts
Global business leaders highlight risks linked to trade as some of their top concerns — both physical and financial. While the topic is complex and broad, there are opportunities that business leaders can pursue to stay ahead of emerging trade dynamics.
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Report 16 mins
Climate Analytics Unlock Capital to Protect People and Property
Extreme weather and a changing climate are impacting many of the risks businesses face today. To address future exposures, organizations will need advanced climate and natural catastrophe models and expertise that can assess chronic and acute risks.
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Report 14 mins
A Workforce in Transition Prepares to Meet a Host of Challenges
Engaging a changing workforce requires data and innovation. Workers increasingly expect more than just a paycheck. In response, organizations are balancing costs with the ability to provide a compelling employee experience.
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Case Study 3 mins
How Aon Helped M&G Wealth Develop New Advisor Skills
Aon partnered with UK financial advice firm M&G Wealth to help the firm better understand the make-up of a highly successful advisor of the future, including the skills needed given shifts in societal needs, technology and regulation.
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Article 8 mins
Energy Transition Investments: How Advanced Analytics Can Empower Organizations
Advanced analytics can empower organizations with deeper insights into the risks and opportunities surrounding renewables, while also supporting energy transition investment.
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Article 17 mins
Q1 2024: Global Insurance Market Overview
Positive performance in 2023 fueled insurer growth ambitions but underwriting remained disciplined in the first quarter of 2024.
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Article 12 mins
How Life Sciences Build Robust Talent Pipelines in the Age of Digitalization
While digitalization is delivering transformational change to R&D across the sector, it is also rapidly reshaping recruitment and retention strategies.
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Alert 6 mins
U.S. Federal Trade Commission Bans Employee Noncompete Agreements; Here’s What Employers Should Know
The FTC has announced a rule that bans noncompetes and clauses that have a similar effect. While the rule will face legal challenges, employers should take steps now to prepare for an environment where they cannot use noncompete agreements.
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