Political turmoil in the Middle East keeps growing, with the ouster of Egyptian president Hosni Mubarak, rebellion in Libya and riots in Bahrain. It's no wonder that businesses with investments in those countries are feeling nervous. And that's benefiting purveyors of political-risk insurance, who are seeing premiums rise.
The Qantas Airbus A380 engine explosion earlier this month caused at least $70 million worth of damage to the plane, according to a new report from insurance-consulting company Aon. And the bill from the incident, which caused no injuries, could fly much higher.
Aon Corp., the world's biggest insurance broker, revealed in a regulatory filing Thursday a restructuring plan which includes cutting 1,500 to 1,800 positions globally, as it combines the operations of the recently acquired Hewitt Associates with its own.
Aon Corp. and Hewitt Associates announced Monday that the boards of directors of both companies have approved a definitive agreement under which Hewitt will merge with a subsidiary of Aon.
The spike in banking litigation didn't come, protecting insurers and reinsurers from hefty claims. Look for pricing to stabilize, only a year after the crisis.