The Middle East and Africa (MEA) were among the emerging insurance markets (excluding China) that exhibited above-trend growth in 2024, according to Swiss Re Institute (SRI) in a report on global insurance developments.
Key priorities identified in the development of Islamic finance include the development of deep and liquid local currency sukuk markets, broadening the investor base, and addressing legal, regulatory, and market infrastructure gaps to support the growth of Islamic insurance and fund sectors, was the consensus reached at the 23rd Islamic Financial Services Board (IFSB) Stability Forum.
Arch Capital Group has promoted Ms Ondine Bourrut Lacouture to the role of active underwriter of Arch Syndicate 1955 at Lloyd's.
At least 20 (re)insurers have failed somewhere in the world in every single year between 2000 and 2024, according to the third edition of the "Global Failed Insurer Catalogue" published by Property and Casualty Insurance Compensation Corporation (PACICC).
MS Amlin has appointed Ms Nicola Harris as head of natural resources. She will join the company in August 2025.
Gallagher Re has appointed Mr Pablo Muñoz as CEO of global facultative reinsurance. In this newly created role, he becomes a member of the Reinsurance Global Executive Committee and will collaborate closely with Gallagher Re's leadership team to enhance the firm's facultative capabilities and broaden its client reach.
Arch Insurance International has appointed Mr Stephen Convery as senior construction underwriter. In his new role, he will be responsible for supporting the growth of Arch's construction portfolio, which provides coverage on a global basis for large and complex risks.
During 2024 the world lost 576 containers at sea according to a new report update by The World Shipping Council (WSC). This represents an increase from the record-low 221 containers lost in 2023.