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Industry facing profitable stagnation: Thiele
09 June 2009
The financial crisis is pretty much over as far as the insurance industry is concerned, according to Patrick Thiele, president and CEO of Bermudian reinsurer PartnerRe.
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The financial crisis is pretty much over as far as the insurance industry is concerned, according to Patrick Thiele, president and CEO of Bermudian reinsurer PartnerRe.
Thiele told Reactions that while the financial crisis is “pretty much done”, the industry now faces an economic crisis. Thiele also warns that the industry now finds itself in an unprecedented situation.
“For the first time in my memory exposure growth has turned negative. Because of the economic crisis the number of things being insured is beginning to drop,” Thiele says. “Even if we are able to get modest price increases there is still that...
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