S&P Global Ratings published a presentation today outlining the top risks for the global insurance industry. • The impact of COVID-19 on global insurance markets is largely felt through asset risks, notably capital markets • volatility, and weaker premium growth prospects. • We expect most COVID-19-related losses (business interruption, event cancellation, etc.) to be picked up by reinsurers, so primary insurers' technical performance is unlikely to deteriorate materially. • Strict lockdown measures helped maintain satisfactory performance, as motor and medical claims had a positive impact on loss ratios. • Developed markets, particularly life ones, are likely to shrink in real terms as a result of the economic slowdown. • Developing markets, through their riskier asset allocation, will likely experience more declines in return on equity than developed markets.