Rising interest rates and a weakening economic picture affecting pricing and demand is setting insurers for low premium income growth in 2023, according to a recent EY report.
In the the latest EY ITEM Club Outlook for Financial Services analysts expect both non-life and life sectors to experience reduced premium growth next year, with non-life forecast only modest growth of 1.5%, down from a 4.1% growth predicted in 2022; and life premiums forecast to contract 1% in 2023, down from an expected rise of 5% in 2022.
