In this illuminating panel discussion, Tom Aliff, Risk Advisors Leader at Equifax, delves into key economic concerns and forecasts with economists Amy Crews Cutts, President at AC Cutts and Associates LLC; Robert Wescott, Founder and President of Keybridge; and Mark Zandi, Chief Economist of Moody's Analytics. They explore the implications of budget deficits on interest rates, with varying views on how these factors might influence economic growth and policy decisions. The conversation covers potential Fed rate actions, the impact of global events like the conflict in Ukraine and China's economic slowdown, and the differing economic visions of the U.S. presidential candidates.

Bob Homer, General Manager and VP of Insurance and Alliances at Equifax, and Stephen Crewdson, Senior Director of Global Business Intelligence at JD Power, discuss the sharp rise in home and auto insurance premiums, driven by both economic and social inflation, and the impact on consumer affordability and behavior. Bob and Stephen explore how insurers are responding to these challenges, including staffing reductions, ad spend cuts, and proactive communication with customers.

In this episode:

· Rising Insurance Premiums: Post-pandemic premium surge and reasons behind it

· Economic and Social Inflation: Impact on insurance costs from inflation and litigation

· Consumer Impact and Behavior: Response to higher premiums, increased shopping, uninsured drivers

· Insurer Responses: Managing affordability with staffing, ad spend cuts, communication

· Customer Trust and Satisfaction: Effect of rising premiums on trust and relationships

· Popularity and benefits of usage-based insurance policies

· Predictions and strategies for managing insurance affordability

Resources:

• CreditForecast.com is a joint venture between Equifax and Moody’s Analytics. Get actionable consumer credit, economic and demographic data, forecasts, and analysis.
• Register for Market Pulse webinars to get relevant economic and credit insights to help your business make more confident decisions.
• Learn more about our Market Pulse podcast, and contact us at marketpulsepodcast@equifax.com

The Equifax Risk Advisors team explores the complexities of the current economic landscape, discussing key topics such as the K-shaped recovery, inflation's impact on consumer sentiment, and rising delinquency rates. They also respond to recent comments by economists on trends in consumer spending, credit risk, and the nuanced effects of economic policies.