Managing uncertainty across many vectors, how insurers will close out year-end 2023
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As we approach year-end 2023, a complex market outlook and volatile external environment make this year-end’s financial close planning and results expectation management more difficult than usual for insurers write EY’s Andy Smyth and Vaibhav Tyagi.
Whereas insurers have seen rates continue to strengthen over the last number of years, this trend is now very mature, and in areas rate increases are decelerating and even turning downwards for some lines. The combination of a changing market context for insurance rating and a complex economic and operating environment with continued inflation and political and social upheaval, means that results from current and prior years have many moving parts requiring additional attention and explanation.<....

 

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December 2024 Issue of Finance Dublin

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Andy Smyth is a Consulting Director with EY Financial Services in Ireland and Vaibhav Tyagi is a Senior Manager in the European Risk & Actuarial Practice at EY Ireland.
This article appeared in the December 2023 edition.