Participants at the International Insurance Society’s (IIS) annual seminar in Rio de Janeiro last week said pricing and profitability are the top concerns for life and general insurers.

In a survey of more than 150 delegates, 33% cited their main concern as competitive pricing and adequate profitability.

Managing risk (19%) and new market opportunities (16%) suggest a positive outlook for growing business.

General insurance participants said risk management is the top issue (24%), with inadequate premium rates in second place (22%), reflecting growing concerns about emerging catastrophe and other risks and competitive pressures that limit the ability to charge adequate premium rates.

For the life industry, investment opportunities to meet benefit requirements emerged as the top issue (28%), as low interest rates limit insurers’ ability to support current benefit levels and certain product guarantees.

Mortality and morbidity trends (21%) and regulatory/rating agency requirements (20%) also featured as high responses for this industry.

Survey participants were from Latin America (30%), Asia Pacific (21%), Europe (20%), North America (13%), Africa (10%) and the Middle East (5%).