NU Online News Service, June 29, 2:44 p.m. EDT

Non-life insurance business was not heavily affected by the global recession as premiums remained relatively flat at $1.74 billion in 2009 compared to 2008, according to a Swiss Re sigma report on world insurance premiums.

An expected increase in interest rates is needed to “bring the primary non-life insurance industry back to adequate profitability levels,” said Daniel Staid, Swiss Re economist and one of the authors of the study, which is based on 159 insurance markets.

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