Fixed Income Mgmt.: Fee Comparison
As a resource for insurers, we've compared fixed income investment management fees, across various portfolio sizes, among managers in the insurance space.
Tariff Trepidation:
Quarterly Investment Review for Insurers: Q1-2025
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US markets faced headwinds from tariff concerns and AI disruption, while European markets outperformed due to German fiscal expansion. Gold surged amid volatility, emerging markets saw varied results, and digital assets broadly declined despite legislative advances.
(Based on where the administration was 4/8/2025)
Trade wars are expected to be expensive for everyone. In a "full-blown trade war" scenario based on a meta-analysis by Allianz, global GDP could drop by approximately 5.5%, with China and the EU experiencing the largest GDP hits at around 5.5%. Even a "limited trade conflict" is expected to cause a 1-3% GDP reduction across major economies.
Inflation is expected to be the inevitable byproduct. Tariffs may very well drive consumer prices up across all regions, with Canada and Mexico facing the steepest inflation increases (5%+). Even in a limited conflict, most economies would see 1-2% additional inflation, creating a painful stagflationary environment of lower growth with higher prices.