SCOR has appointed Ms Claire McDonald as CEO of SCOR Business Solutions (SBS), effective 1 September 2024. She will also serve as a member of the executive committee. In her new role, Ms McDonald will be responsible for affirming SBS's position as a technical specialty commercial insurer, focusing on building a balanced and resilient portfolio, in line with the targets set out in SCOR's three-year strategic plan.
AIG has appointed Ms Kelly Lafnitzegger as executive vice president and chief human resources and diversity officer (CHRO). She will also be a part of AIG's executive leadership team.
The Dubai World Insurance Congress began just two weeks after unprecedented levels of rain in the UAE. The risk landscape in the MENA region is volatile with significant developments in political violence, Nat CAT and economic uncertainties.
The global mutual and cooperative sector, including takaful players, collectively wrote $1.41tn in insurance premiums and increased the sector's share of the total insurance market to an eight-year high of 26.3% in 2022, according to the International Cooperative and Mutual Insurance Federation (ICMIF).
FM Global has appointed Mr Johnell Holly as senior vice president. In this newly created role, he will unify and drive strategic alignment across global client services, sales, broker relations, marketing and FM Global's business risk consulting group, and ensure these functions scale with the company's long-term business goals. At the same time, he will elevate the experience FM Global's clients and brokers receive.
Insurance rates in the first quarter of 2024 in Asia declined 2% after being flat for the three prior quarters, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
The takaful sector remains a small player within Islamic finance, accounting for less than 2% of the total market. Despite this, the global takaful market surpassed $30bn in 2023, according to the Arab Monetary Fund (AMF).
Cyber attacks have more than doubled since the pandemic and while companies have historically suffered relatively modest direct losses from cyber attacks, some have experienced a much heavier toll.
Global insured losses from Nat CAT events in Q1 2024 were minimally estimated at $20bn, heavily driven by severe convective storm (SCS) activity in the US according to a new report.
Almost two-third (62%) of insurance executives recognise AI and machine learning technology as elevating underwriting quality and reducing fraud in the insurance industry.