Aon Key Partner Panama Canal Expansion Project
Chicago, United States of America – One of the world’s great engineering marvels is getting an extreme makeover — with Aon as a key strategic partner.
This past Sunday Panamanians overwhelmingly endorsed a plan for a $5 billion modernization of the 90-year-old Panama Canal. Chicago-based Aon is the insurance broker and risk management consultant for the Panama Canal Authority.
The overhaul of the 50-mile long canal is scheduled to begin next year and projected to double the canal’s capacity by adding a third set of locks that are 40 percent longer and 60 percent wider than the ones currently in use. The makeover is scheduled to be completed in 2014.
Over the past century, cargo ships have nearly tripled in size, making many of these vessels too large to navigate the canal’s locks. These ships must then sail completely around South America to reach the Pacific Ocean. Expanding the canal will save the shipping industry considerable time and transportation costs, while generating significant revenues for Panama.
"The Panama Canal Authority has involved Aon in the planning process for this expansion,” says Paul Bitner, Managing Director of Aon’s Global Large Corporation segment in Latin America. “We were asked to help assess the risks that could put the completion of the project in jeopardy. Our relationship with the Panama Canal Authority has evolved from placement of insurance to a trusted partner and strategic risk adviser."
Aon Corporation (NYSE: AOC) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. There are 47,000 employees working in Aon’s 500 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions. www.aon.com