Main global megatrends, themes of the Aon 2024 Client Trends Webinar

Aon Romania, one of the global leaders in corporate insurance brokerage, organized the 2024 Client Trends Report webinar on June 20, focusing on current global megatrends that can influence the business environment. Eugen Anicescu – CEO of Aon Romania, Adrian Löw-Vesa – Head of Health Solutions, Aon CEE, and Cosmin Neagu – Client Director, Aon Romania, discussed exposures such as trade, workforce, technology, and climate changes and how they can be efficiently managed for business success.

Trade is affected by a steady increase in restrictions over recent years, supply chain difficulties causing costly disruptions both financially and to company reputations, and political risks, as 60% of GDP is influenced by upcoming election outcomes with significant long-term effects.

“Geopolitical instability is a major concern for businesses. Its impact has been observed in recent months in the Middle East and – over a longer period – in Ukraine. Trade between geopolitically distant economies accounts for nearly 20% of global goods trade but almost 40% of globally concentrated product trade. Currently, more companies are turning to nearshoring as an operational strategy to overcome the risks encountered in the stages of supplying goods and products,” stated Eugen Anicescu, CEO of Aon Romania.

To manage emerging difficulties affecting the supply chain, company decision-makers need to use available data, understand suppliers, and the ecosystem in which their businesses operate so that they are covered in case of potential difficulties they might face. Technological advances have helped organizations increase operational efficiency, connect the workforce, and boost business growth. However, these advancements have also exposed companies to new, evolving risks, such as artificial intelligence tools powering the workforce while creating new exposures through data security fraud. Technology is accelerating at an unprecedented rate, and AI-based innovations raise a series of questions, including intellectual property as an asset class, addressing the impact on jobs and workforce requirements, and leveraging new technologies to stimulate business growth.

“As the frequency and severity of cyberattacks are expected to increase, the most effective method of protection is to anticipate them and prepare employees to be able to recognize and avoid such attacks, as human errors materialize these risks. Also, companies can opt for consulting and risk transfer to effectively cover cyber events,” stated Cosmin Neagu – Client Director, Aon Romania.

Climate changes have led to an increase in the frequency of unwanted weather events. From a global level, where we currently talk about floods in the desert, the local market faces multiple challenges caused by climate changes: drought, hail, floods, and storms damage crops every year, causing major damage and endangering the stability of the entire agricultural industry. From acute risks: earthquakes, hurricanes, floods – rare events that can have a violent impact, to chronic risks, when the frequency of occurrence increases and the effects are major, it is necessary to consider insurance solutions, both traditional and parametric, which in some cases can accumulate and protect companies from risks generated by climate changes.

The human resources area is the challenge of the future, and the benefits offered to employees are what can make a notable difference in attracting and retaining the workforce. The Benefits Survey Results 2024 shows us that the benefits offered through wellbeing programs include, in order of importance, the following: psychological therapy (60%), stress management programs (40%), and gym memberships (34%).

“Managing the workforce in the current volatile context requires innovation and the use of available data. Employees expect to receive more than just a salary. In response, organizations balance costs with the ability to provide a compelling employee experience,” stated Adrian Löw-Vesa – Head of Health Solutions, Aon CEE.

These four megatrends are closely linked. Company decision-makers recognize that they cannot afford to consider these trends in isolation while trying to manage their businesses in an increasingly complex context and need relevant data to be able to make the best decisions for business success.