-Swiss Re expecting increase in business for insurers in Italy.
Global Banking News - 27 August 2012
Swiss Re Ltd, considered to be the world's second-biggest re-insurer, has predicted that insurers will have a bigger role to play in Italy.
According to the company, the insurance industry in Italy is poised to grow as the government cuts spending on social benefits. The firm said that growth opportunities for insurers could be high, particularly in the non-motor lines of business.
Kurt Karl, Swiss Re's chief economist, said, 'The financial crisis has resulted in fiscal tightening and spending cuts which are accelerating the reduction and rebalancing of the welfare system in Italy, leaving a significant protection gap not only in health care and old-age provision, but also in natural catastrophe coverage. The insurance industry must prepare itself to take charge of its new, expanded role in Italy to support the state, private entities, and individuals in addressing some of their greatest economic challenges ever.'
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