Property-casualty insurance and reinsurance premiums will continue to rise until at least 2005, according to Swiss Re.
The forecast, which stated the industry will undergo recapitalization after several draining years, came at a recent conference at its New York offices.
Outgoing chief financial officer, John Fitzpatrick, said the company should enjoy property and casualty premium growth of 16 to 18% in 2002.
Fitzpatrick said: "We said we expected premium growth of 16-18 percent in property and casualty. I expect for the full year that we will meet those expectations."
In addition, Swiss re executive board member Martin Albers, said after that after several years of losses, the industry "needs to recapitalize", and rates will remain high to allow this.
