Companies face further increases in the cost of employers' liability insurance, Axa has warned.
The Paris-based insurer's UK general insurance chief executive, Peter Hubbard said: "I don't believe this issue is going to go away."
Although Axa raised its employers' liability premiums by up to 40% last year, Hubbard warned: "From the point that we really started looking at this issue - in early 2002 - rates would have had to double, and they have not doubled."
The crisis in employers' liability cover forced the chancellor to announce a review of the issue by the Department for Work and Pensions (DWP).
However a survey of chief executives by the ABI, found 62% did not believe the review would lead to fundamental reform.
Hubbard said: "I share some of the scepticism, but I think there is more of an opportunity to move forward. Even if we move in some small steps, it will be a move in the right direction."
