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Insurance premiums set to increase as economy improves

Posted On Mon, December 17, 2012

Life insurance rates may rise as the economy continues to grow, according to global reinsurance provider Swiss Re.

The state of the economy in the U.S. and around the world is making slow but steady steps toward improvement, which is generally followed by raised prices, notes Swiss Re.

Life and health insurance premiums are set to rise by 2 percent in 2013, with property insurance jumping approximately 3 percent. Emerging and growing markets are expected to be the driving force behind the premium increases.

Premiums are expected to improve alongside the growth of the economy as a whole, meaning that even though consumers may see more expensive premiums, they will be accompanied by a lowered unemployment rate. Insurance providers will only increase premiums if they know that consumers will be able to afford them, allowing prices to remain competitive.

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