Insurers must seek alternative growth areas and stress efficiency to meet targets this year as profit margins get squeezed and prices continue to slide, a consulting firm advised yesterday.

Ernst & Young's Global Insurance Center's comments came in a report addressing the 2008 outlook for the property- casualty sector.

Peter R. Porrino, Ernst & Young' global insurance director and a co-author of the report said, "With pricing becoming increasingly softer, leadership is going to become all the more important in 2008."

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