QBE forecasts 40% growth this year

The Mexican unit of Australia-based insurance group QBE expects to grow premium income by 40% to US$18mn-20mn this year compared to last, general manager Guillermo Retteg told BNamericas. After registering sales of US$12.5mn and profits of US$250,000 last year, the reinsurer is basing its positive premium projection for 2003 on improved client service and new client acquisition. According to Retteg, Mexico's reinsurance industry should register 10-15% growth this year and next due to the recurrence of natural disasters such as storms and hurricanes. QBE, one of the world's 25 largest insurance groups, began operations in Mexico in 1997 and today has a local client base of 25 underwriters and 12 reinsurance brokerages. Its Latin America coverage also includes Brazil, Argentina, Panama, Mexico, Colombia and Peru.