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January 23, 2002
ZURICH -- Swiss Reinsurance Co. (Z.REI) Deputy Chief Executive Rudolf Kellenberger said Wednesday that Swiss Re was pleased with the recent round of premium renewals that have been made in the wake of the Sept. 11 attacks.
"Judging by what we hear internally, we can say that the 2001/2002 round of premium renewals was very successful," Kellenberger said Wednesday at the press conference of the Swiss Insurance Association. He declined to say whether prices were higher than initially expected.
"Many underwriters have said they have never before been so successful," Kellenberger added.
He noted expectations for this year's premium growth in non-life insurance, partly due to the Sept. 11 events, range between 20% and 25%.
He sees similar premium increases for reinsurers such as Swiss Re, but said insurers and reinsurers are still negotiating.
Kellenberger reaffirmed Swiss Re's view that the attacks should be considered one event rather than two.
Swiss Re and U.S. real estate developer Larry Silverstein are at at loggerheads over this matter which will now be decided by the courts.
Insurers will be liable for $3.6 billion in the case of one event, or $7.2 billion in the case of two.
Kellenberger said Swiss Re, which has the largest liability in a consortium of insurers, will probably face costs of around $2 billion.
Swiss Re is the world's second-biggest reinsurer after Germany's Muenchener Rueckversicherungs-Gesellschaft AG (G.MUV).
-By Martin Gelnar, Dow Jones Newswires; +41 1 212 2181; martin.gelnar@dowjones.com
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