Drivers of change â macro forces and the new normal for insurance In a recent webinar, we asked insurance industry experts how their investment teams can best plan to meet their return targets when facing a mixture of market volatility, low returns, a tenuous economic recovery and geopolitical uncertainty. Coming into 2021, as we face historically low interest rates, looming government debt and the risk of corporate defaults, investors may be tempted to cut their losses. The disappointing performance of investment-grade bonds have led insurers to seek out alternative sources of yield, which may bring additional risk factors. The discussion focused on navigating through volatility, the macro-economic forces shaping risks for balance sheets, the challenges of an ultra-low interest rate environment, regulatory changes such as IFRS 17 and IFRS 9, managing products with investment guarantees and ESG considerations, among other topics.