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, Financial Institutions Moody's Ratings
Bruce Ballentine Vice President - Senior Credit Officer 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 ABN AMRO Bank and The Bank of New York. Bruce holds a BA in geology from Harvard College and an MBA from Columbia Business School.