Swiss Re's economists at a London press conference today predicted that insurers will be among the sectors impacted by severe recession, which will last until mid-2009 in industrialized economies.

The Zurich-based reinsurer, in giving that sobering forecast for the United States and Europe, said for emerging markets, slower growth is expected but not a full-blown recession.

Economists with the firm said that in 2008, the insurance sector successfully weathered the financial turmoil, but as market uncertainty could continue well into 2010, the industry needs to preserve capital to remain resilient.

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