Economic insights : the old normal: interest rate rises signal relief for insurers' returns, but likely more volatility

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      <subfield code="a">Figure 1: US and euro area fixed income nominal yields -- Figure 2: MOVE (US yield curve) index distributions, pre- and post-QE  
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      <subfield code="a">Monetary policy normalisation is in principle good news for insurers, as investment income is a key driver of insurers' earnings. Higher interest rates and less bond market intervention by central banks also means a return to a more "normal" volatility regime. Consequently, we see balance sheet management becoming more important for the insurance industry</subfield>
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