Client Trends Australia

Cyber sentinel: evolving technology threats

au.marketing@aon.com (Michael Parrant, Aon Australia, Stephen Trickey) — Wed, 7 Aug 2024 05:12:59 +0000

Experts predict that Artificial Intelligence (AI) will transform the enterprise risk landscape for all industries, introducing new hurdles for many companies and changing the severity and pace of existing risks, including cyber.

Join Aon Australia’s Chief Commercial Officer, Stephen Trickey, and Cyber Practice Leader, Michael Parrant as they discuss the evolving cyber landscape, the recent CrowdStrike global outage, the opportunities and risks of AI, and the increased adoption of the ‘Secure by Design’ principle.

[0:37] The critical role of AI in technological advancement
[3:09] Key takeaways from the CrowdStrike global outage
[4:47] Insights on the deteriorating cyber environment
[5:54] The importance of preparing for the future
[6:27] Insurance markets’ response to cyber landscape

If you'd like to speak to one of the experts featured in this podcast series, click here and we'll direct you to the right specialist.

Additional Resources:

Client Trends Report 2024 - Technology

Cyber | Aon Insights AU

Cyber Resilience Solutions | Aon

Artificial Intelligence | Aon Insights AU

Responding to the CrowdStrike outage | Aon Insights Article

Tweetables:

"The cyber environment is likely to deteriorate in the shorter term before it improves, and we as a wider ecosystem need to be ready to address issues as they arise.” – Michael Parrant
“Are we applying the ‘Secure by Design’ principle to AI or are we in such a rush to implement these tools for competitive advantage and profit, that we’re running the risk of replaying the past.” – Michael Parrant
“In the future, we will see more actions against organisations for failure to maintain privacy, but also anticipate similar actions for a failure to maintain security.” – Michael Parrant

This information contained on this website is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. Before deciding whether a particular product is right for you, please consider your personal circumstances, as well as any applicable Product Disclosure Statement, Target Market Determination and full policy terms and conditions, available from Aon on request. All representations on this website in relation to the insurance products we arrange are subject to the full terms and conditions of the relevant policy.

Trade winds & geopolitical twists

au.marketing@aon.com (George Dunn, Aon Australia, Kylie Barrs) — Wed, 7 Aug 2024 05:12:29 +0000

Remarkably, the cost of shipping ingredients and finished goods to Australia has risen by 500-700% over the last few years.[1]

In this episode, Aon’s Kylie Barrs, Director for NSW, and George Dunn, Head of Crisis Management explore how complex geopolitical risk dynamics are impacting trade in Australia. Our specialists also share key insights on the ‘not-so-obvious’ connections between trade trends and business challenges, from climate change to virtual kidnapping.

[0:34] How inflation affects trade conditions
[1:53] A deep dive into the geopolitical risk landscape
[2:38] How geopolitical instability is impacting Australia
[4:11] Supply chain challenges - product safety and recalls
[5:12] The not-so-obvious connections between trends and challenges
[6:28] Preparing for the impacts of geopolitical disruption

If you'd like to speak to one of the experts featured in this podcast series, click here and we'll direct you to the right specialist.

Additional Resources:

Client Trends Report 2024 - Trade

Trade | Aon Insights

Geopolitical Risk | Aon Insights AU

Tweetables:

"One of the most recent and severe examples we have seen is the trade embargoes and tariffs on Australian products going into China. It has been estimated that this has impacted Australian industries to the tune of $20bn.” – George Dunn
“Limited access to ingredients and components has meant that some businesses have had serious food or product safety issues and have had to withdraw or recall products.”– George Dunn
“Sometimes bringing in expertise to help test resilience in crisis management tabletop activities can give a much-needed external perspective, which in turn, can give external validation to business decisions.” – George Dunn

[1] Australian Food and Grocery Council, Cost pressures affecting Australian food and grocery manufacturers - Australian Food and Grocery Council (afgc.org.au), 2022

Embodying your workforce EVP

au.marketing@aon.com (Stuart Whitbread, Aon Australia, Kylie Barrs) — Tue, 6 Aug 2024 04:28:07 +0000

Did you know 87% of people think it is important for the values of their employer to be aligned with their personal values.[1] In this episode, Aon's Kylie Barrs, NSW State Director, and Stuart Whitbread, Leader of Australia’s Health and Benefits team discuss how companies need to evolve their Employee Value Proposition (EVP) to meet the expectations of a demographically changing workforce. You’ll also hear how Aon is helping a client to develop their EVP based on achieving net zero emissions by 2050, a climate commitment at the hearts of their employees.

[0:31] The evolving Employee Value Proposition
[1:49] Incorporating a sustainability commitment: Insights on a client’s EVP development journey
[3:21] EVPs and their ESG benefits
[4:21] Key findings from Aon’s 2024 Employee Benefits Survey
[6.21] Top tip for preparing your benefits program

If you'd like to speak to one of the experts featured in this podcast series, click here and we'll direct you to the right specialist.

Additional Resources:

Client Trends Report 2024 - Workforce

Employee Benefits | Aon Insights AU

Diversity & Inclusion | Aon Insights AU

Companies Need a Global Benefits Identity in an Era of Cost Containment | Aon Insights Global

Tweetables:

"Although we see emissions reduce in commercial buildings and transport when employees work from home, the emissions from employees’ homes can increase up to 12%." - Stuart Whitbread
"Incentivising employees through a green benefits program can help them reduce their personal carbon emissions. This can actively shift the needle on scope 3 emissions, and may increase attraction and retention by offering a benefit that employees value." - Stuart Whitbread
"Align your benefit program with both your organisational values and the values of your employees and ensure you’re giving your staff the opportunity to develop their skills to achieve both their personal and professional goals." - Stuart Whitbread

[1] SEEK, How to assess your values to find the work that suits you best, April 2024

Impact of today's technology on tomorrow's work

au.marketing@aon.com (Kylie Barrs, Jairus Ashworth, Aon Australia) — Tue, 6 Aug 2024 02:06:27 +0000

Generative AI presents business leaders with a significant opportunity. In fact, it is estimated it could add between $2.6 and $4.4 trillion annually to the global economy. [1] When it comes to the workforce, experts forecast GenAI will transform the way we work and help to significantly boost productivity.

Join Aon's Kylie Barrs, NSW State Director, and Jairus Ashworth, Partner for Talent Solutions as they discuss how GenAI is revolutionising the workforce and share their top tips for Australian businesses on how to attract the talent needed to keep up with exponential technological developments.

[0:30] The impact of generative AI on job roles
[2:56] Risks to consider from a workforce perspective
[6:27] Attracting the right technology talent

If you'd like to speak to one of the experts featured in this podcast series, click here and we'll direct you to the right specialist.

Additional Resources:

Client Trends Report 2024 - Technology

Artificial Intelligence | Aon Insights AU

Tweetables:

"McKinsey estimated GenAI could add between $2.6 and $4.4 trillion annually to the global economy and 86% of business leaders think AI will be transformative for their company." - Jairus Ashworth
“If we are to be nimble and resilient through change, we have to support our people and create a healthy working environment where we consider wellness across multiple dimensions.” - Jairus Ashworth
“Australians must rely on a voluntary framework passed in 2019 and consider AI initiatives through a very strong risk lens – whilst a particular act may not be illegal, it could have a very significant impact on a company’s reputation and flow through to things like their ability to attract capital and talent." - Jairus Ashworth

[1] McKinsey, Beyond the hype: Capturing the potential of AI and gen AI in tech, media, and telecom | McKinsey, February 2024

Trade, transact & transform

au.marketing@aon.com (Anita Vivekananda, Aon Australia, Stephen Trickey) — Tue, 6 Aug 2024 01:17:25 +0000

Australian organisations are primed for an uptick in deal activity, with one-third planning to make three or more acquisitions in the coming three years.[1] In this episode Stephen Trickey, Aon Australia’s Chief Commercial Officer, and Anita Vivekananda, Client Director for Transaction Solutions, discuss the nation’s mergers and acquisitions outlook and explore some of the key topics on the minds of Australia’s dealmakers.

Listen in as our specialists share their insights on evolving international sustainability standards, the increasing focus on the ESG agenda, creative ways to manage capital across deal and balance sheet risks, and more.

[0:34] M&A activity in Australia and beyond
[2:45] Aligning with international sustainability standards
[3:27] ESG considerations and their role in M&A transactions
[7:02] Creative ways of managing capital across deal and balance sheet risks
[8:10] Key focus areas throughout the deal lifecycle

If you'd like to speak to one of the experts featured in this podcast series, click here and we'll direct you to the right specialist.

Additional Resources:

Client Trends Report 2024 - Trade

Mergers and Acquisitions (M&A) | Aon

M&A Articles | Aon Insights

ESG Articles | Aon Insights

Tweetables:

“Australian businesses are increasingly acquiring or merging with renewable energy companies to diversify their energy portfolios, reduce carbon footprints, and meet regulatory requirements." - Anita Vivekananda
“ESG considerations, from climate change risk to social issues, will become integral to M&A transactions. During due diligence, buyers will increasingly scrutinize targets’ ESG credentials, focusing on reputational risks and regulatory compliance.” - Anita Vivekananda
“96% of dealmakers expect ESG scrutiny to increase over the next three years, with 24% citing environmental litigation as a primary concern. Investors who stay ahead of these trends will find pathways to success.” - Anita Vivekananda

[1] PWC, Global CEO Survey - Australian insights, January 2024

Weathering the postcode premium

au.marketing@aon.com (Kirstin McMullan, Stephen Trickey, Aon Australia) — Thu, 25 Jul 2024 02:16:30 +0000

Did you know? The multiple floods that happened across 2022, incurred insured losses of over $6bn! [1] This is now the largest insured event losses since the Sydney hailstorm in 1999. Join Aon Australia’s Chief Commercial Officer, Stephen Trickey, and Climate Risk Advisory APAC Engagement Lead, Kirstin McMullan as they discuss how to prepare your business for the extreme weather conditions Australia continues to face. You'll also find out why Parametric Solutions and our Combined Hazard Information Platform (CHIP) are critical tools for your nat cat risk management toolbox.

[0:34] Natural catastrophe trends impacting the Australian market
[2:07] Catastrophe modelling and our CHIP
[3:55] Alternative forms of risk transfer - Parametric Solutions
[5:03] Things you can't ignore if your business is in a high nat cat area

If you'd like to speak to one of the experts featured in this podcast series, click here and we'll direct you to the right specialist.

Additional Resources:

Client Trend Report 2024 - Weather

Webinar on Parametric (Re)Insurance

Parametric Insurance | Aon Australia

Parametric Insurance Articles | Aon Insights

The growing use of Parametric Insurance for high-risk industries | Aon Insight Article

Tweetables:

"Insurers are moving from an address-based pricing model to looking at postcode. So, if you're in a postcode that previously could have been flood impacted, but your property wasn't, you’ll probably be imposed with the postcode's high premiums.” - Kirstin McMullan
"We're able to use our CHIP database to challenge insurers on coverage they've imposed.” - Kirstin McMullan

[1] Committee for Sydney, Committee-for-Sydney-Defending-Sydney-October-2023-2.pdf, 2023

A game of hot potato - risk of ever-growing weather extremes

au.marketing@aon.com (Stephen Trickey, Tom Mortlock, Aon Australia) — Fri, 19 Jul 2024 00:41:32 +0000

Fun (or not so fun) fact: In 2023, around 69% of all global economic losses resulting from natural disasters were UNINSURED! [1] In this episode, Aon Australia’s Chief Commercial Officer, Stephen Trickey, and Climate Risk Advisory APAC Analytics Lead, Tom Mortlock speak about two top weather trends that business leaders need to know about now. From the legislative shift in disclosure of climate-related financial risks to the growing concern around insurance affordability, this episode isn’t to be missed!

[0:33] Filing a climate related financial disclosure risk as part of end of year financial reports
[1:57] Transitioning to the mandatory disclosure regime
[3:27] Insurance affordability and the protection gap
[6:00] How businesses can respond to affordability pressures in a proactive way

If you'd like to speak to one of the experts featured in this podcast series, click here and we'll direct you to the right specialist.

Additional Resources:

Client Trend Report 2024 - Weather

The Transition to Mandatory Climate Disclosures in Australia - The Essential Facts

Climate Risk Articles | Aon Insights

Climate Risk Advisory | Aon

Tweetables:

“Climate needs to be treated as a financial, rather than a non-financial risk, and responsibility shifts away from just the sustainability teams to more core risk teams.” - Tom Mortlock
“There is a proposed 3-year moratorium on civil greenwashing litigation to give company directors confidence around making forward looking statements and help them transition to the mandatory disclosure regime.” - Tom Mortlock
“The demand and cost of natural catastrophe cover is increasing, both with the same cause, being an increasing frequency of weather-related disasters.” - Tom Mortlock

[1] Aon, Climate and Catastrophe Insight (aon.com), 2024.