ZURICH Swiss Re, the world's second-biggest reinsurance group, said on Monday it expected price levels to stabilise and price erosion in natural catastrophe business to slow.
"The second quarter of this year was a reminder that natural catastrophes can happen in clusters, and this experience, combined with several years of decreasing prices, shows that the industry cannot be too far away from the bottom of the cycle," Swiss Re said in a statement sent from an annual meeting of the reinsurance industry in Monte Carlo.
Swiss Re said it would focus on growing its corporate solutions business and underwriting discipline in the current environment.
The reinsurer further showed optimism over advancing technologies, saying developments like big data as well as cognitive and cloud computing could reduce costs in the reinsurance and insurance industries, and open up new revenue sources through novel services.
(Reporting by Brenna Hughes Neghaiwi)