November 21, 2017 / 11:31 AM / a year ago

Swiss ‍Re says catastrophes, low prices to push prices higher

FILE PHOTO: A car dealership is covered by Hurricane Harvey floodwaters near Houston, Texas, U.S. on August 29, 2017. REUTERS/Rick Wilking/File Photo

ZURICH (Reuters) - Major natural disasters in 2017 like Hurricane Harvey and wildfires in California together with low prices will likely push pricing in non-life insurance and reinsurance higher, Swiss Re (SRENH.S) said in its outlook for the global insurance industry on Tuesday.

The Zurich-based company said it expected insurance premium volumes to increase as the global economy continued to grow over the next two years.

“This should further support growth in the insurance markets, with global non-life premiums forecast to rise by at least 3 percent and life premiums by about 4 percent in real terms annually in 2018 and 2019,” the report by Swiss Re Institute said.

Reporting by John Revill

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