With signs on the rise for recession late this year or next, the property-casualty industry can take comfort from the fact that it is fairly immune to traditional business cycles, said a Swiss Re economist.
The reinsurance giant's U.S. economic outlook published yesterday said the February plunge in the stock market coupled with the drop in orders for durable goods pushed the probability of recession in the United States up to 35 percent from 30 percent in January.
Swiss Re economist Arun Raha said the property-casualty sector is particularly immune to the ups and downs of the traditional business cycle.
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