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NEW YORK - PROPERTY and casualty insurers in North America are likely to grow more acquisitive this year, as the slowing economy makes other forms of growth more difficult, according to a survey of analysts released on Monday.
More than 70 per cent of analysts covering property and casualty insurers said they expect mergers and acquisitions in the sector to increase significantly, according to the survey commissioned by consulting firm Accenture.
The survey found that analysts in North America were three times as likely to expect an increase in mergers than their counterparts in Europe.
'The logic of consolidation within the property and casualty industry, particularly in North America, may be gaining favour as the economy slows and as rates soften,' said John Del Santo, managing director of Accenture's Insurance practice in North America, in a statement.
Analysts covering life insurers, meanwhile, would like to see the companies they cover expand their emerging markets, the survey said.
The survey, conducted by Institutional Investor Market Research Group, covered more than 100 analysts in 14 markets. -- REUTERS
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