At the same time, non-life insurance business lines were challenged by the deterioration in the economic environment which adversely affected the demand of households and firms for their products. In addition, insurers endured a significant erosion of their investment income because of stresses in many of the financial markets in which they mainly invest, especially corporate bonds and equities.
Philip N Jefferson: Technology's impact on the post-pandemic economy Speech by Mr Philip N Jefferson, Member of the Board of Governors of the Federal Reserve System, at the conference "Technology-Enabled Disruption: Lessons from the Pandemic and the Path Ahead", organised by the Federal Reserve Banks of Atlanta, Dallas and Richmond, in Atlanta, Georgia, 4 October 2022. *** Good morning, and thank you.