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Insurance Premiums Set to Rise as Economies Grow, Swiss Re Says

Swiss Re Ltd. (SREN), the world’s second- biggest reinsurer, said global primary insurance premiums in non-life as well as in life and health are set to increase next year as global economies grow.

Life insurance premiums will rise 2 percent in 2013 after not growing this year, while property and casualty premiums will climb 3 percent in real terms, fueled by emerging markets, the Zurich-based reinsurer said in a statement today.

“Economic activity is expected to be moderately stronger next year, and insurance pricing is projected to improve,” Swiss Re said. The reinsurer presented its 2013 insurance outlook in London today.

Non-life reinsurance premiums grew 3.4 percent this year and will advance 4.9 percent in 2013, according to Swiss Re. Life and health reinsurance premiums will shrink by about 0.7 percent next year, following a 1.6 percent decline this year. Swiss Re didn’t provide total premium figures.

To contact the reporter on this story: Carolyn Bandel in Zurich at cbandel@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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