The extra costs, which would range between $350 million and $400 million, could be incurred in the third quarter, Aon Chief Financial Officer Christa Davies said on a post-earnings call with analysts.

Connell joins Howden from EC3 Brokers where he was Head of Contingency and Entertainment, a role he has held for the past four years. In his new role, he will be responsible for developing and delivering creative solutions for clients in the entertainment sector, enabling them to navigate the continued insurance and risk management related challenges posed by Covid-19

The Aon executive committee is now responsible for executing on the firm’s four-pronged Aon United Blueprint, which creates new sources of value for clients, delivers more effective client service, drives innovation at scale and ensures a unique and sustaining colleague experience.

Commenting, Xavier Veyry, CEO APAC & Europe at AXA XL, said: “Today’s businesses are faced with challenging economic conditions and evolving risks. The latest World Economic Forum Global Risks Report highlights extreme weather, climate action failure and human environmental damage as three of the top risks by likelihood. Clients need to look beyond current risks to ensure they are prepared for the risks of tomorrow, and there have never been more opportunities for AXA XL to partner with and make a difference to our clients and brokers.”

Japan and China, which are among the top five global markets, collectively accounted for 60% of Asia-Pacific’s premiums in 2020. China’s intricate presence in global supply chain and its growing airline and marine fleet are strong growth drivers for insurers.
Asia-Pacific has also seen several insurers withdrawing from MAT industry due to years of unsustainable losses resulting from both man-made and natural hazards and bottomed out premium prices which resulted in reduced market capacity.