Overview of the Economy and P/C Insurance: Globally and in Canada

This PowerPoint report, presented by Steven Weisbart, senior vice president and chief economist for the Insurance Information Institute, reviews the global economic outlook, with a focus on the property/casualty (P/C) insurance industry in general and the industry in Canada in particular. The report notes that a two-speed recovery is underway, with emerging economies in second or third gear and advanced economies in first. In a section entitled “Insurance Penetration and Density Beyond Exposure Growth,” insurers’ need for an increased use of insurance is discussed. Focusing on Canada, the report provides a statistical analysis showing that the Canadian economy is holding steady and its property/casualty insurance industry is generally healthier than the U.S. P/C industry. The presentation concludes with a look at economic threats facing the global insurance and reinsurance industries.