Aon Corporation is a leading global provider of risk management, insurance and reinsurance services, with more than 61,000 staff working in 120 countries. The company is headquartered in London, UK, but has 500 offices around the world, including 15 in Africa. It established a presence in Uganda 50 years ago.
‘Aon’ means ‘one-ness’ in Gaelic, the ancient language of Scotland. This, according to the company, summarises the way that “we bring together leading expertise and experience from around the world to deliver a seamless service to our clients.”
The corporation was formed 1987, but claims a history dating as far back as 1680—the founding year of a trading operation which has continued ever since and now forms part of the group.
Insurance and ‘reinsurance’
The company’s Aon Risk Solutions brokerage unit provides businesses with risk management and insurance services—covering such things as property and other assets; injury; workers’ compensation claims and other forms of legal liability.
Through Aon Benfield, a division set up in 2008, the company also offers ‘reinsurance’ analysis and services. ‘Reinsurance’ involves transferring parts of risk portfolios to other parties to helps mitigate the likelihood of having to pay out a large obligation resulting from an insurance claim. In 2011, Aon was ranked as the largest reinsurance broker in the world in terms of revenue.
Oil, insurance and Uganda
Oil exploration and production involves huge expenditures and many risks against which companies need insurance cover. Uganda’s oil discovery thus presents opportunities for selling specialised insurance services. Whilst the local market in Uganda does not yet have the capacity to meet these specialised needs, Aon, as a global company, offers and obtain covers for this new sector from the international markets.
The company’s Oil and Gas Service team in Uganda works closely with Aon’s global offices to provide solutions to the energy, mining and oil companies involved in all phases of the production cycle. In addition to the specialised covers for the Oil and Gas sector, the office also has the capacity to offer standard asset, liability, and other employee benefit covers.
The Uganda Insurers Association is working to form an oil and energy pool, consisting of several insurers. This plan involves the pooling of funds to cover risk that no single insurer can take on alone.
For more, see the company website. Report by Chantal Sirisena