The term turning point has perhaps been used in an inflationary manner in recent weeks.

And maybe with a view to the financial market it is also possible to go one size smaller.

But it is at least a paradigm shift when the dominant headline of the past few years suddenly turns from zero interest rates to inflation.

For insurance companies, the period following the 2008 financial crisis was a historic challenge.

With interest rates falling steadily, they still had to generate sufficient investment income to keep their nominal interest rate promises.

Some life insurers have lost patience and sold their holdings to international investors looking to turn policy settlement into a lucrative business.

The rise in prices is not inconvenient for them at first, because it is accompanied by a return in interest rates.

But there is a great deal of uncertainty: How long will consumers keep their life insurance policies if the surpluses remain permanently below the inflation rate?

A survey by investment bank Goldman Sachs shows that inflation has become a real concern for insurers.

They seek their salvation in shareholdings and green bonds.

But the market is tighter than the demand for attractive parking spaces for money from the pension scheme.

The paradigm shift doesn't mean it's getting any easier for investors in the industry.