Profitability in non-life insurance : mind the gap

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      <subfield code="a">In the non-life insurance, the pricing dynamics may have reached an inflection point with some moderate rate increase since late 2017, but it is too soon to declare a return to hard market conditions. We expect positive economic momentum to support earnings but this alone will not generate sustained improvement in profitability: more rate increases are needed. All told, insurance remains an attractive long-term investment opportunity, having delivered returns comparable with others sectors over the long run, and also offering diversification benefits</subfield>
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