S&P Global Ratings has said that the global reinsurance industry looks stable despite the uncertainties on the global scene.

This was disclosed at the 41st Annual North American Insurance Conference, according to Reinsurance News on Friday.

S&P believed that the industry is well-positioned to withstand it, viewing global reinsurance and North American life and property/casualty insurance as stable. The main areas of concern and volatility for stakeholders at the conference were economics and geopolitics, technology and AI, private credit, extreme weather, and regulation.

S&P’s first external speaker, Alan Schnitzer, chairman and CEO of The Travellers Cos. Inc., said, “There’s certainly a lot of uncertainty.” He added that uncertainty is “just a way of life” for insurers—a sentiment echoed by CEOs from life, P/C, brokers, and reinsurance throughout the conference.

Arthur J. Gallagher & Co. Chairman/CEO J. Patrick Gallagher, Jr. noted that insurance remains “an incredibly important focus of the leadership teams of most of our clients.”

He emphasised that a broker’s advisory role becomes even more critical during periods of uncertainty, helping clients navigate insurance-related decisions in an evolving landscape.

 Co-CEO of American Financial Group Inc., Carl Lindner III, added, “Day to day, we’re pretty much in the business of managing risk and uncertainty.”

President/CEO of Reinsurance Group of America Inc., Tony Cheng, said, “We actually like complex environments,” as the uncertainty spurs demand for the long-term benefits that life insurers provide and, thereby, life insurers’ demand for reinsurance.

Despite this optimism, Managing Director and life insurance sector lead at S&P Global Ratings, Carmi Margalit, said uncertainty is the main reason S&P’s sector view for life insurance is stable, not positive.

A possible recession or economic slowdown could put insurers’ investment portfolios at risk, he asserted.