Gallagher has announced the appointment of Barry Jones as its new head of construction and power for the Middle East and Africa (MEA), a position created to enhance its focus on these sectors.
Jones, who will officially join the company in December, will be tasked with expanding Gallagher’s client base in the region’s construction and power industries. He will oversee the construction team and report to Nadim Semaan, CEO of Gallagher’s MEA operations.
Jones brings over 25 years of experience in risk management and insurance, having previously served as senior vice president at Lockton, where he led the power and infrastructure practice across the Middle East and North Africa (MENA) region. His work has involved supporting various large-scale projects in industries such as energy, utilities, infrastructure, and more.
He also has expertise in project finance, risk identification, and analysis, particularly around contractual risk allocation in complex projects.
Commenting on the newly created role, Semaan highlighted that this appointment aligns with Gallagher’s 2024 strategy to strengthen its expertise in key regional markets.
“As part of our 2024 plans, we have been focusing on building our regional specialty expertise, and Barry is a fantastic addition to our 55-plus talented team, operating across the MEA region,” he said.
He noted that Jones’s experience with global and regional firms, alongside his familiarity with the business landscape in the region, would be crucial to supporting the company’s growth.
Gallagher has seen significant development since launching its MEA operations in 2021, and Jones is expected to further contribute to this momentum.
In parallel with Gallagher’s sector focus, the global construction insurance market is showing signs of increased capacity, according to a new report by WTW.
The report indicated that insurance capacity is nearing levels last seen before the COVID-19 pandemic, with further growth expected through 2024 and 2025.
This increase is being driven by insurers’ efforts to optimise local capacity, alongside the entrance of new competitors in the market. Major drivers include expansion in infrastructure projects and pricing stability in various sectors, including energy and utilities.
The report predicts a 7.8% rise in energy-related construction and a 5.1% increase in infrastructure development during 2024.
There are also significant investment opportunities emerging in manufacturing, particularly in sectors such as semiconductors, gigafactories, and data centres across regions like North America, Latin America, and Europe. However, challenges remain in regions prone to natural disasters, such as parts of Asia, Latin America, and the Gulf of Mexico, where pricing and capacity are still under pressure due to higher risks.
