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Swiss Re Outlines Its View On Upcoming Renewals Season - Quick Facts

Swiss Re (SSREY.PK) said the Group anticipates prices to continue to increase driven by the combination of lower interest rates and the need for prices to cover increasing loss trends. Swiss Re Institute believes, to achieve a reasonable return on equity through 2021, non-life insurers in G7 markets need to improve underwriting margins by as much as 7-12 percentage points to compensate for lower interest rates.

Swiss Re's CEO Reinsurance Moses Ojeisekhoba said: "Even before the COVID-19 crisis, most major markets were operating at below-average profitability. To be able to address the growing need for insurance protection in a sustainable way, further price increases across all lines of business are clearly needed."

Overall, Swiss Re expects the non-life insurance market to continue to grow, driven primarily by exposure growth. Swiss Re Institute forecasts a global growth rate of 3.3% in real terms for 2021.

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