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2009 challenging year for insurers, says Watson Wyatt

Next year will be a challenging year for the insurance industry, warns Watson Wyatt global head of insurance consulting Philip Brook.

Brook says next year many companies will face falling demand from retail customers due to the recession and economic fears, while product designs will look expensive due to the increased costs of guarantees.

He says: “For most companies we can expect less expansionist activity while management looks inward and takes action to repair some of the damage. However, 2009 might turn out to be a very good year for those insurers with relatively strong balance sheets and access to capital who are able to take advantage of current market conditions and acquire distressed companies at low prices.”

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