By Kim Richters

Swiss Re AG said Tuesday that it sees a "positive outlook" for renewals ahead of the coming season and that it expects further price increases across all segments.

The Swiss reinsurance company said low interest rates, large claims and growing risks would contribute to the continued price increases.

"Even before the Covid-19 crisis, most major markets were operating at below-average profitability," said the company's Chief Executive Officer Reinsurance Moses Ojeisekhoba.

"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," he said.

The company forecasted the non-life insurance market to continue its growth mainly due to exposure growth, with its research institute expecting world-wide growth rate of 3.3% in real terms for 2021.

"Other factors driving demand are the awareness, triggered by Covid-19, of the danger of being uninsured and the increasing frequency of weather-related events," Swiss Re said. 



  Write to Kim Richters at kim.richters@wsj.com