|Copyright:||(c) 2011 A.M. Best Company, Inc.|
|Source:||A.M. Best Company, Inc.|
For life insurance and retirement services, 2011 could see a transition from night to day in terms of global business prospects, thanks in large part to strong expected growth in emerging markets.
For nonlife insurers, a series of severe natural catastrophes has helped harden prices, he said. Life insurers are also seeing improving pricing related to the shock and recovery of global financial markets from the past two years. The improving market conditions should continue over the next 18 to 24 months, according to Sorensen.
Sorensen expects a lot of discussion about emerging markets among delegates to the IIS annual seminar the week of
Pointing to recent moves by large U.S. life insurers into emerging Asian markets and
Sorensen, who is also chairman of
“This is a very important fact for life insurers and asset managers,” he said.
Even in developed markets like
Among the current concerns for life insurers, Sorensen identifies persistently low interest rates, which he says are “not particularly helpful” for annuity and retirement products. Some life products may become a burden for life insurers should the current economic situation persist, he added.
Listen to the entire interview with