Global reinsurer Swiss Re says it will forgo building its premium book if it can't be expanded profitably into next year.

The group is also predicting catastrophe losses will be nearly three times the 2006 figure, reaching about $US35 billion ($41.5 billion) in claims.

The giant reinsurer says it is hesitant about adding new business in the current soft market, and says it remains focused on economic profit growth at the expense of premium volume, if necessary.

"While the overall market conditions remain good and clients continue to place a premium on their relationships with Swiss Re, we will not hesitate to re-allocate our resources to those areas where we can earn the most attractive returns," CEO Jacques Aigrain said.