. as schedule supply - side factors have featured prominently in the inflation run - up. there are nascent signs of an easing in supply frictions which, if sustained, can take some of the burden of restoring price stability away from demand, and incur a smaller trade - off between inflation and growth. a pick - up in productivity growth, and some rise in the labour force participation rate ( lfpr ) would also relieve cost pressures. however, productivity gains of the mid - nineties that allowed the federal reserve to hike by 300bps with minimal output loss were exceptional and are unlikely to be replicated. is schedule interest rate sensitive sectors need to respond sufficiently to the tightening of policy in order to moderate demand, without tipping the economy into a sharp or broader downturn. tighter financial conditions can restrain demand via transmission channels working through higher mortgage rates, more selective credit underwriting and wealth effects from lower equity prices. if these channels begin to restrain growth in 2022 at a time when corporate and household balance sheets are still strong, they contribute to achieving a soft landing. phillips curve combined with labour supply improvements, employment needs to moderate sufficiently to cool wage growth without eliciting a sharp rise in the unemployment rate. some relief could come from a rise in the lfpr. post - covid normalisations could see the return of some of the “ missing ” 1 - 1. 5 million workers that have exited the labour force because of the pandemic. the present strength in labour demand is reflected in an unusually high ratio of two vacancies for each unemployed person. some reduction in vacancies will not generate negative income effects in the same way that outright layoffs would. for a “ soft landing ”, the non - accelerating inflation rate of unemployment ( nairu ) would have to converge to its lower pre - covid level at a faster pace than actual unemployment rises. a return of the nairu to its value before 2020 would verify the absence of labour market scarring. soft landings a recent bank for international settlements ( bis ) study [ 1 ] usefully identified some stylised facts on hard versus soft landings in the global economy. this was based on a comparison of 70 policy tightening episodes in 19 advanced economies ( aes ) and six emerging market economies ( emes ). strong growth and high job vacancies, as well as front - loaded rate hikes can help prevent a hard landing. conversely, rapidly rising inflation, low term spreads and elevated

allowed insurers to use real - time data to differentiate between drivers ’ behaviours and better price risks. however, even as we shift from using historical data to using real - time data today, china : regulator says online insurance mart lacks variety, asia insurance review edaily ( 2015 ). insurance @ digital - 20x by 2020, the boston consulting group ( 2014 ). telematics is the technology integrated with computers and mobile communications technology in automotive navigation systems, which allows efficient real - time transmission of information over networks. bis central bankers ’ speeches driverless vehicles are already under trial in singapore4 and elsewhere, with the help of environmental sensors and navigation systems. this implies that in the future, behaviour may no longer be sufficient indicators of risk, and motor insurance may well shift to become liability insurance bought by car manufacturers. third, dynamic products. the global insurance industry today, has shrunk in terms of its percentage of global economic activity insured ; some estimates put the figure at as little as 10 % of global corporate risks covered by insurance. clearly, risks landscapes are rapidly changing and insurers must look beyond traditional products, and innovate to address new and emerging risks. yet, innovation eschews the traditional, and thus one of the most significant challenges of established insurers in this area comes from small challengers with big ideas : start - ups. start - ups are nimble, hungry, and more often than not, represent the very consumers they seek to solve problems for. in the insurance space, these players are moving to directly address the consumer ’ s problem, which at its core, is one of managing risk, and not simply monetary coverage. we already see this happening in health insurance, where start - up insurers are creating new tools such as doctor and drug research, fitness tracking, and telemedicine5 tools6 that can interface with each other. in return, policyholders are rewarded with an effective, convenient and holistic healthcare package alongside their health insurance policy. seizing opportunities using technology and innovation with the digital revolution rapidly underway, insurers must adapt quickly to transform their mind - sets and business models. more often than not, established players run the risks of being too focused inwards, on issues such as process efficiency, scalability ; and miss such opportunities that start - ups can quickly exploit. the challenge now is for the incumbents to show that they are fully capable of developing solutions to meet the needs of tomorrow