256 words…a minute read

One big thing: Andy Neal, senior managing director of the public sector partnership at Aon, spoke at a roundtable discussion in Washington, D.C. hosted by the U.S. Department of the Treasury on the financial sector’s response to Hurricanes Milton and Helene.

• Neal, explained: “Major storms, like what we’ve seen in Florida and North Carolina, underscore the importance of risk-sharing between the private and public sectors. With the frequency and severity of extreme weather, insurance companies will continue to see an increase in losses. Consumers will want to factor this into their budgeting for the future, but the insurance industry must also uphold its end of the bargain by helping to generate climate solutions.”
• He also spoke with Politico and CNN about flood insurance from these events.

Dig deeper:

• Aon’s Q3 Global Catastrophe Recap reveals that there were at least 280 notable global natural disaster events in the first nine months of the year, resulting in economic losses of at least $258B and insurance losses of $102B. Losses from Hurricane Milton and additional events expected in the rest of the year, however, will likely result in total annual insured losses above those seen in 2023 ($125B).
• The “On Aon” podcast looked at key topics discussed at Climate Week NYC and the steps needed to help organizations mitigate their climate risk. Listen on Spotify, Simplecast and Apple Podcasts (iTunes).
• In August, Aon launched the U.S. Hurricane v3.0 catastrophe model to estimate insured losses from Atlantic basin hurricanes for 31 U.S. states and the District of Columbia. Read more.