Property and casualty insurance projected to have a positive 2016

The property and casualty insurance sectors will grow in 2016.

According to a press release from Moody's Investors Service earlier this month, the property and casualty insurance sectors both have stable projections for the next year. Property and casualty insurance will, according to these estimations, experience modest growth across the globe, despite mixed economic conditions. This is particularly true of those insuring property.

"For P&C, we expect that premiums will grow in line with economic growth in advanced economies, and faster in emerging economies based on rising penetration rates, even where economic growth is slowing," Simon Harris, Moody's Managing Director, said in the report. The only insurance sector that will see faster growth throughout the next year is life insurance policies.

Moody's expects that the global economy will continue to recover slowly, despite a slowdown in China, which will help to support property and casualty insurance. Low interest rates remain a key credit risk for many insurance markets globally, although Moody's expects the governments of both the United States and the United Kingdom will gradually begin to raise those interest rates over the next few months.

The mandatory nature of home, auto and commercial property insurance is a key strength of the entire insurance sector, according to Moody's. Challenges remain for each of these industries, but the overall outlook for 2016 is a positive one.

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