AJ Gallagher

Climate change is causing an upward trend in losses, but it should not be conflated with the impact of seasonal variability, according to Gallagher Re.

The broker said that $100bn+ loss years have become the “new normal”.

A report from the firm warns that the market needs to upskill on cyber.

Mark Jenkins becomes chairman of the global credit and political risk team.

Looking to the key Q4 renewal period, Gallagher said there is “little to suggest a drastic shift in conditions”.

The report also highlighted general liability policies as an area of potential exposure to insurers.

At an event that brought together construction insurers, brokers, engineers and developers, delegates discussed an impasse over insuring sustainable development projects.

He will be responsible for oversight of all aspects of the practice and leading the firm's growth in the market.

Most of the broker’s clients have incurred losses below or about equal to ceded premiums and only one with losses exceeding ceded premiums.

The executive will move to the (re)insurer after almost two years at Gallagher Re, a company he joined after the acquisition of Willis Re in late 2021.

Carriers benefited from improved rate adequacy and the impact of interest rate rises on investment returns.

The repercussions of the war between Russia and Ukraine continue to affect several countries, including Egypt and Somalia, as a result of grain-supply interruptions.