The hard reinsurance market is set to continue, according to Swiss reinsurer Converium chief executive Dirk Lohman.
Lohmann said: "I don't think all the pain industry-wide has been fully realised."
He added that although increases in catastrophe line prices in the US had levelled off; further increases were likely in other markets, such as directors' and officers', and medical malpractice cover.
His comments came as the company unveiled its 2002 results, which included a US$106.8m (£67m) profit. Converium's gross written premium (GWP) in 2002 was 22.7% higher than in 2001, at US$3.5bn (£2.2bn).
