Economic and Industry Outlook 2026

The report highlights that the global macroeconomic outlook shows moderate expansion, constrained by uneven disinflation and structural geopolitical uncertainty. Cyclical resilience is underpinned by risk management and investment in AI, whose establishment as a catalyst for potential productivity remains pending. Monetary authorities are maintaining restrictive stances in the face of inflationary pressures and logistical disruptions, tightening financial conditions. Regionally, asymmetries marked by gaps in productivity, domestic demand, and fiscal vulnerabilities persist. The insurance industry continues to demonstrate strength. Inflationary pressures are driving up premiums, although they are also putting pressure on claims and replacement costs in non-life insurance. At the same time, the maintenance of high interest rates strengthens financial margins and enhances the appeal of savings and retirement products, though this requires rigorous comprehensive risk management.