Insurer earnings have been resilient through tough times in the past, including the global pandemic and some of the more active catastrophic years, thanks in part to the sector’s defensive qualities and focus on underwriting profits over premium growth. Nick Martin and Dominic Evans, managers of the Polar Capital Global Insurance Fund, explain why insurers’ inherent conservatism will continue to stand them in good stead and why rising inflation and interest rates are positive for their portfolio companies, as well as giving their outlook for both underwriting market conditions and future book value growth.
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Zurich, 3rd February 2014