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Top 5 risks in Asia in 2013 and how they may change in 2016 highlighted in Global Risk Management Survey
SHANGHAI, CHINA, October 30, 2013 – Aon-COFCO, the China arm of Aon plc (NYSE:AON), the leading global provider of risk management and human resource consulting and outsourcing, is celebrating its’ 10th Anniversary with two full-day events involving over 300 clients, together with 500 colleagues, across Shanghai and Suzhou. The activities on 30th October will include over 250 multinational and local companies, State Owned Enterprises (SOEs), and insurers attending the 10th anniversary ceremony in Shanghai. The following day, colleagues from all six Aon-COFCO branches in China will attend a team building retreat in Suzhou.
“Ten years ago, we were the first foreign insurance broker that entered China. We formed a joint venture with a leading state-owned conglomerate, COFCO, and were permitted to provide insurance brokerage and reinsurance brokerage in China. Today, we remain the top global insurance broker in China, with over 500 employees, and branches in Beijing, Shanghai, Nanjing, Chengdu, Guangzhou and Shenzhen.” said Greg Case, Aon plc President and CEO. “We look forward to continuing to provide distinctive value to our clients in China by helping them to empower results in their desire for long-term growth, profitability and continuity.”
“Insurance brokerage plays a very important role for companies operating in China, and we are pleased to help protect our clients’ interests by fully leveraging the leading local and global insurance markets to help manage and mitigate risk. As the preeminent global firm in people and risk solutions, we employ China’s most comprehensive network of risk management and human resource professionals to deliver the most innovative and effective risk and effective people and risk solutions.” said Clare Wu, Aon-COFCO CEO.
As a part of the events on 30th October, Aon-COFCO is hosting a half-day seminar on Aon plc’s Global Risk Management Survey, an innovative tool designed to capture, benchmark and assess an organisation’s risk management practices. “Today, we are pleased to share our insights from our Global Risk Management Survey as a part of our 10th anniversary ceremony. The Survey has great relevance to our clients as many respondents have expressed that they feel under prepared for the risks that they are facing today, and are struggling to identify and manage the major risks facing their organisations.” added Wu.
The 2013 survey ranked the top 50 risks companies face, listed below are the top five risks in Asia in 2013 and how they may change in 2016.
|Top Asia Risks - 2013||Top Projected Asia Risks - 2016|
|1||Economic slowdown/slow recovery||1||Economic slowdown/slow recovery|
|2||Increasing competition||2||Increasing competition|
|3||Weather/natural disasters||3||Regulatory/legislative changes|
|4||Exchange rate fluctuation||4||Political risk/uncertainties|
|5||Regulatory/legislative changes||5||Cash flow / liquidity risk|
According to Aon’s survey, economic slowdown/slow recovery, regulatory/legislative changes and increasing competition are the top risks in Asia in 2013. These same three risks also take top spots on Aon’s global findings and are among the top risks for 24 of the 28 industries surveyed. This ranking reflects the systemic nature of these risks and the high interdependence of global economic activity.
“Over the past few years, we have seen unusual weather patterns around the world and an unprecedented increase in natural disasters, especially in Asia,” said Ernest Leung, Chief Broking Officer, Aon-COFCO “These events had a devastating impact on many organizations, disrupting their supply chains and eroding profits.”
Political risk/uncertainties entered the top 10 risks in Aon’s global findings in 2013. With increasing incidences of civil war and social and political conflicts around the world, this risk is projected to jump up to number three in Asia in the 2016 survey.
About the Global Risk Management Survey (GRMS)
As companies face increasing pressure from stakeholders to save costs and optimize insurance programs in this post-recession world, the 2013 Aon Global Risk Management Survey’s industry- and geography-specific insights empower organizations to benchmark their risk management and risk finance practices. Benchmarking will help identify approaches that may improve the effectiveness of risk management strategies. The survey is still open to participants. The report was created to help risk decision makers stay abreast of emerging issues and learn how their industry and regional peers are managing risks and capturing opportunities. Visit http://www.aon.com/2013GlobalRisk/ for more information on the GRMS.