Global Insurance Outlook
Life and P&C insurers adjust product mix and pricing as global economy recovers
Global life insurers continue their shift toward fee-based capital-light products amid low investment yields; ample capital buffers will help them withstand market volatility. Global P&C insurers will benefit from higher rates in commercial lines, but face more auto accidents and volatile results in personal lines.
Global life insurance:
• Economic recovery boosts life insurance sales, but pace varies by region/country
• Low investment yields drive fee-based capital-light model shift, aided by sales digitalization
• Ample capital to withstand changes in monetary policy and related market volatility; ESG demands on the rise
Global P&C insurance:
• Rate increases exceed loss cost trends in commercial lines
• Recovering economy means more miles driven and more auto claims in personal lines
• Natural catastrophes cause widespread losses in commercial property and homeowners lines
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SpeakersFrank Yuen Vice President - Senior Analyst Moody's Investors Service
Bruce Ballentine Vice President - Senior Credit Officer Moody's Investors Service
Marc R. Pinto, CFA Managing Director, Financial Institutions and Global Co-Head of Insurance Moody's Ratings
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Frank Yuen is a Vice President–Senior Analyst with Moody’s Investors Service’s Financial Institutions Group. Based in Hong Kong, he covers a portfolio of insurers in Hong Kong, China and other parts of Asia Pacific.
Before joining Moody’s, Frank was an Equity Research Analyst, covering regional banks and insurers at BNP Paribas and Standard Chartered. In addition, Frank has worked as a management trainee and actuarial intern at a global bank and also an insurance company.
Frank graduated from The Chinese University of Hong Kong, majoring in Actuarial Science, and is a CFA and FRM charterholder.
Bruce Ballentine is a Vice President – Senior Credit Officer in the insurance rating group at Moody’s Investors Service. He is the lead analyst for several major property & casualty insurers as well as insurance brokers and service companies. He also writes and speaks on various insurance industry themes. Bruce has worked at Moody’s since 2005 and in 1991-1995, and has done insurance related work at the global bank ABN AMRO and The Bank of New York.
Marc R. Pinto, CFA is a Managing Director in the Financial Institutions Group, responsible for insurance credit ratings and research as the Co-Head of Global Insurance. Previously, Mr. Pinto was the Global Head of the Funds & Asset Management Group and the Chief Credit Policy Officer for North American Banks.
Mr. Pinto is also an Executive Sponsor for Moody’s Network of CFA Charterholders and the Global Administrative Professionals (GAP) Network, as well as a Mentor Advisor in the Mentoring Program within the Women’s Business Resource Group. He is also a contributing member to Moody’s CORE (Creating Opportunities for Racial Equity) initiative. Additionally, Mr. Pinto is a member of the Asset Management Committee which oversees Moody’s US retirement savings plans and global pension plan.
Prior to Moody’s, Mr. Pinto worked as a sell-side, buy-side and credit rating agency analyst in both New York and London. He led Credit and Economics Research in EMEA and the Americas at Merrill Lynch, where he was also a top-ranked financial institutions analyst. Previously, he was the Head of Corporate Bond Strategy at broker/dealer Susquehanna International, a portfolio manager at KBW Asset Management, now part of Stifel Financial, and a Director at Fitch Ratings. Mr. Pinto began his career at the United Nations International Fund for Agricultural Development (IFAD) in Rome.
Mr. Pinto is a graduate of Columbia Business School and Trinity College (CT).