Munich Re says 2009 could be a good year for insurers
German giant reinsurer Munich Re has predicted a good year head for insurers with lower operating ratios and higher premiums, its chairman Nikolaus von Bomhard told Reuters.
"We should on average see a 2% to 3% combined ratio improvement," von Bomhard said in an interview with the news agency at the weekend in Beijing. "It looks small, but it's a lot."
And he predicted insurers would do well despite the worldwide recession. "For insurers and reinsurers, it doesn't have to be end of the world. Next year could be a good year for us." The company is seeing double-digit growth in global rates as contracts are renewed for 2009.
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