Economic prospects for 2023 create opportunities for insurers
Written by David Worsfold on 31st January 2023
The latest Master’s Series breakfast briefing was a comprehensive review of the UK’s economic prospects by Rain Newton-Smith, chief economist at the Confederation of British-Industry.
She expertly guided over 50 members at the online event through the key trends for inflation, energy prices and growth, highlighting both the risks and opportunities. She struck an optimistic note: “There are reasons for optimism, and we all hope that the recession will be short and not as deep as feared”.
Amid the challenges the world economy faces – from which the UK is not immune – there are potential opportunities for insurers, she said. Key among these is the transition to a low carbon economy, now couched in terms of energy security in the wake of the Ukraine war. The need to manage the risks around renewable energy and decarbonisation projects in aviation, shipping, trains and heavy goods vehicles should create opportunities for insurers, possibly in partnership with other private sector players and government.
She said the UK needed an ambitious strategy for growth that built on its acknowledged strengths in life sciences, technology and financial services.
• The 90 minute session was recorded and can be viewed on our YouTube channel
• The Master's Series of Topical Briefings are online events with high calibre speakers addressing some of the big issues facing the insurance sector.
