Supporting slides are available here: www.swissre.co....
Despite economic activity proving stronger this year, the global economy is showing signs of cracking with the looming threat of recession in key markets. What does this mean for the insurance industry?
According to the Global Economic & Insurance Market Outlook 2023/24 just released by Swiss Re Institute the volatile macroeconomic environment will continue to present hurdles for the insurance business but there are also bright spots. The global insurance industry faces pressure from high inflation, natural catastrophe losses and volatile financial markets this year, and we expect rate hardening to regain momentum in response. Also, while this year's central bank interest rate hikes are driving risk repricing in financial markets, higher interest rates could offer a silver lining for insurers in the medium-term.
Together with Andreas Berger, Swiss Re Corporate Solutions Chief Executive Officer and Jérôme Haegeli, Swiss Re Group Chief Economist, we explored the latest forecast from our sigma research and discussed the implications for our industry.
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Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk - from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.