Global Insurance Outlook
Life and P&C insurers adjust product mix and pricing as global economy recovers
Global life insurers continue their shift toward fee-based capital-light products amid low investment yields; ample capital buffers will help them withstand market volatility. Global P&C insurers will benefit from higher rates in commercial lines, but face more auto accidents and volatile results in personal lines.
Global life insurance:
• Economic recovery boosts life insurance sales, but pace varies by region/country
• Low investment yields drive fee-based capital-light model shift, aided by sales digitalization
• Ample capital to withstand changes in monetary policy and related market volatility; ESG demands on the rise
Global P&C insurance:
• Rate increases exceed loss cost trends in commercial lines
• Recovering economy means more miles driven and more auto claims in personal lines
• Natural catastrophes cause widespread losses in commercial property and homeowners lines
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SpeakersFrank Yuen Vice President - Senior Credit Officer Moody's Ratings
Bruce Ballentine Vice President - Senior Credit Officer, Financial Institutions Group Moody's Ratings
Marc R. Pinto, CFA Managing Director, Financial Institutions and Global Co-Head of Insurance Moody's Ratings
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Frank Yuen is a Vice President–Senior Credit Officer with Moody’s Ratings’ Financial Institutions Group. Based in Hong Kong, he covers a portfolio of insurers in Hong Kong, China and other parts of Asia Pacific.
Before joining Moody’s, Frank was an Equity Research Analyst, covering regional banks and insurers at BNP Paribas and Standard Chartered. In addition, Frank has worked as a management trainee and actuarial intern at a global bank and also an insurance company.
Frank graduated from The Chinese University of Hong Kong, majoring in Actuarial Science, and is a CFA and FRM charterholder.
Bruce Ballentine is a Vice President – Senior Credit Officer in the insurance rating group at Moody’s Ratings. He is the lead analyst for several major property & casualty insurers as well as insurance brokers and service companies. He also writes and speaks on various insurance industry themes. Bruce has worked at Moody’s since 2005 and in 1991-1995, and has done insurance related work at the global bank ABN AMRO and The Bank of New York.
Mr. Pinto is the Global Co-Head of Insurance Ratings and Research. Previous positions at Moody’s included Global Head of Funds & Asset Management and Chief Credit Policy Officer for banks.
Mr. Pinto is also an Executive Sponsor for Moody’s CFA and Administrative Professionals Networks; and he is a Mentor Advisor in the Women’s Business Resource Group and a member of CORE (Creating Opportunities for Racial Equity). Additionally, Mr. Pinto sits on the Asset Management Committee which oversees the firm’s retirement savings and pension plans.
Prior to Moody’s, Mr. Pinto worked as a sell-side, buy-side and credit rating agency analyst in New York and London. He led Fixed Income Research departments in EMEA and the Americas at Merrill Lynch, where he was also a top-ranked financial institutions analyst. Previously, he was the Head of Corporate Bond Strategy at broker/dealer Susquehanna International, a portfolio manager at KBW Asset Management, now part of Stifel, and a Director at Fitch Ratings. Mr. Pinto began his career at the United Nations International Fund for Agricultural Development (IFAD) in Rome.
Mr. Pinto is a graduate of Columbia Business School and Trinity College (CT).