Alastair Campbell

That spike broke from the generally declining trend of the past five years and came in well above the 25-year annual average of 35 insurer failures.

Passacici CEO Alastair Campbell expressed concern over the findings, warning against complacency in the financial services sector.

Since 2000, there have been 1,273 insurance company failures across 98 countries.

illustrating how periods of relative stability can be followed by clusters of insolvencies.