The U.S. and Global Economies: Outlook and Implications for P/C Insurance

This PowerPoint report, presented by Steven Weisbart, senior vice president and chief economist at the Insurance Information Institute, before the Brokers & Reinsurance Market Association, notes that economic recovery is advancing at two speeds, with recovery in emerging economies lagging behind recovery in advanced economies. A section discusses the need to increase the use of insurance, defined by penetration, the ratio of premium to GDP, and density, the ratio of premium to total population. Another section focuses on the new level of risk for business, explaining, for example, that the best growth opportunities are no longer in low-risk markets such as Western Europe, the U.S. and Canada, and Japan. The presentation concludes with an in-depth look at economic threats to the global insurance and reinsurance industries in the near term and longer term.