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(From Reinsurance)
Byline: Dr Clemens Muth, head of economic and insurance research, Munich Re.
A close look at the insurance industry towards the end of 2003 shows that primary (re)insurers are being structurally challenged by the following: an increase in 'old' risks and the advent of 'new' risks and newly identified correlations; a changed capital market environment; and a difficult macroeconomic environment.
While some of these factors are long-term trends that have not emerged overnight, the end result is a fundamentally changed business environment for the industry.
Globalisation and technological progress are continually ...