Strong economic tailwinds, rising risk awareness and record-high savings buoyed by booming markets made 2021 a good year for the insurance industry. Insurers worldwide collected almost EUR4.2trn in premiums, 5.1% more than the year before (life: +4.4%; p&c: +6.3%).
Food prices and food security concerns were high on the agenda of the G7 group of countries meeting on 13-14 May in Stuttgart (Germany). Agricultural food prices rose by +31% in 2021 and will increase by a further +23% in 2022 amid a general increase in input costs (fuel, electricity, fertilizers), years of lower agricultural yields translating into low stocks and, more recently, Russia’s invasion of Ukraine impacting not only the supply of food staples such as wheat or oil, but also having ripple effects on the prices of substitutes.
The war in Ukraine and new lockdowns in China have significantly deteriorated the balance of risks for companies. The shockwaves are visible in the extended supply-chain disruptions and transportation bottlenecks, as well as high input costs and shortages, notably for energy and commodities but also labor.
What drives people to wake up every morning and go to work? With labor markets turning from loose to (extremely) tight, we decided to check the pulse of workers in France, Germany, Italy, the UK and the US. In April, we interviewed 1,000 people in each country to find out about their attitudes to work and how they value their jobs.
The EU can easily manage an immediate embargo on crude oil imports from Russia. Within two months or so, OPEC members could step up crude oil production to the levels of H2 2018 (which implies +3.3 Mbb/d vs. Q1 2022) and Norway, the US and the UK could add another +0.5 Mbb/d to global output.
The global electric vehicle (EV) market is booming: Sales more than doubled in 2021 and market share reached around 8%. This positive momentum is likely to continue, with estimated growth of +50% in 2022.
