Zurich Financial Services chief executive James Schiro, said he believed that price developments within general insurance would remain positive within the current accident year.
Schiro's statement followed the announcement of an increase of 18% in its gross written premiums for 2003 for the company.
"Based on the strength of first quarter renewals, we believe that price developments in general insurance will be positive in the current accident year and that we will be able to participate in and benefit from a continuing strong market," said Schiro.
"We will monitor developments and maintain a disciplined approach in our underwriting. Our goal is to continue to make underwriting profits. Decisions about product pricing will be based on our internal standards, and Zurich will not pursue market share at the expense of future profitability.
"On the basis of our lower cost structure and our global network, we are now well positioned to benefit from the economic recovery underway in the US and in Europe and to continue to deliver profitable, sustainable growth."
On the company's decision to increase its reserving, Schiro said: "Our decision to strengthen reserves was made prudently and from a position of strength. He added "I am satisfied that the underlying performance of our general insurance business remains strong."
