Swiss Re announced that it has registered a seven percent increase in P/C premium growth following the latest round of renewals, occasioned by a “combination of further rate increases and portfolio growth.”
“With average rate increases of 4% and portfolio growth of 3%, we are encouraged by the further development of the hard market,” noted CEO John Coomber.
The company said that based on these results there’s good evidence that the “hard market continues.” It indicated that the P/C Business Group “renewed 67 percent of its traditional treaty business in January with average rate increases of 4 percent.” Swiss Re also said it “expects 7 percent volume growth in traditional treaty business from a combination of rate increases, underlying growth in cedents’ portfolios and new business.”
The reinsurer’s Financial Services Business Group completed 44 percent of their property, casualty and aviation business renewals between October 2003 and the end of January 2004 and 94 percent of their credit and surety renewals. The renewed business achieved overall volume growth of 8 percent from both rate improvements and underlying growth.
“Swiss Re remains well positioned to benefit from the hard market conditions beyond 2004. The company will continue to leverage its leadership position through a strong focus on risk selection and profitability,” the announcement concluded.
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