Jean Jacques Henchoz, President and CEO of Swiss Re Canada
View the video here on your mobile device.
Jean Jacques Henchoz, President and CEO of Swiss Re Canada, predicts that 2010 will be a transition year in terms of the economy and insurers need to place their focus on underwriting profitability.
Jean Jacques Henchoz: I think to some extent the Canadian economy will fair better but I think we need to have some patience and probably 2010 will be more of the same. And hopefully we will see some recovery in 2011. So in that environment, insurers need to continue to be very diligent. The asset revenues will not be extremely impressive, and therefore focus should be on underwriting profitability. This is really the key driver for next year. There is a need to look at bottom line results and earnings quality. So I hope this will have an impact in at least disciplining the market and producing sustainable earning. But 2010 will not be an easy year. Probably a transition year to a different environment and hopefully more growth outlook for 2011.
