Insurance premiums are set to remain high for the foreseeable future due to four key factors, according to Kiln's Andrew Carrier.
Speaking at the Association of Lloyd's Names National Conference Carrier said the "cyclical nature" of the insurance market meant that prices were likely to stay high into 2004.
He said the four factors affecting market pricing are low interest rates, economic and global instability, the effects of the World Trade Centre catastrophe and the effects of a regulated environment.
He added: "The reinsurance market tends to see the cycle earlier than other classes of business, but these trends apply across all areas. The cycles tend to last for nine years so we are still at a relatively early stage."
