In this note, we assess the risks and resilience of general insurers relative to the major banks in times of increasing regulatory/other constraints as well as political distraction. The objective in uncertain times is to ensure decent growth and stable and predictable earnings. At the macro level, an easing bank credit growth multiplier effect suggests this is possibly headed towards 2x GDP growth or below (vs. the 12-year average of 3x GDP growth) due to ever increasing prudential and home lending constraints. On the other hand, general insurer growth rates have averaged ~1x GDP growth as is the norm and these are set to improve as rates begin to harden in offsetting claims inflation. Fewer operating constraints relative to the major banks and a more stable growth multiplier effect should add to the insurers’ earnings stability and predictability.