After a year of better-than-anticipated growth, the global economy is slowing down. The report forecasts global economic growth of around 2.0% for 2023 and 2.7% for 2024. This is a stagflation scenario, which would be followed by a period of low-intensity recovery. On the monetary policy side, terminal interest rates are expected to rise, following the increased tightening bias revealed by the main central banks during the second part of 2022, and on the fiscal policy side, a lower expansionary path gradually approaching neutral territory is expected. The global economic slowdown continues to pose a challenging outlook for the insurance industry’s business and profitability. The combined effects of monetary and fiscal policy will pose a short-term drag on insurance demand growth. However, the higher interest rate environment and declining inflation may help to offset the loss of profitability suffered by the insurance industry in the previous year and provide an important stimulus for the savings-linked life insurance segment.