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OECD expects growth of life insurers’ payouts

The analysis conducted by the Organization for Economic Co-operation and Development (OECD) has shown that premiums of life insurance companies will decrease but payouts increase this year, Reinsurance News writes.
OECD expects growth of life insurers’ payouts

The OECD noted that after a recession in the last quarter of 2018, insurers recorded an increase in premiums in 2019. Besides, the global recovery of stock markets played into their hands.

By the end of March 2020, the situation has changed: the coronavirus epidemic has begun, governments of different countries imposed a quarantine regime, and stock markets collapsed. According to preliminary OECD data, the pandemic will negatively affect life insurers by the end of the year.

“Australian Regulator’s (APRA) quarterly data shows gross premiums declining. US NAIC statistics for the first quarter were positive, but it will change by the end of the year due to government restrictions, - the OECD informed in a release. - The outbreak of COVID-19 had a negative impact on the financial markets, which is likely to hit the insurers’ investments in 2020."

Sources: https://www.reinsurancene.ws/covid-19-a-threat-to-insurers-positive-momentum-oecd/

Photos are from open sources.

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