Improved economic growth in the US will expand the property and casualty (P&C) market this year, according to industry leaders surveyed by the Insurance Information Institute (III).

High-profile attacks on large organisations’ computer systems will increase demand for cyber cover, 80% of the 100 executives say.

III Chief Economist Steven Weisbart says the US economy appears to be “picking up steam, which translates into more economic activity and the addition of capacity”.

Business bankruptcies fell to a 20-year low last year.

“The low interest rate climate, which has lasted longer than virtually everyone thought likely, is expected to begin a return to normality sometime in the second half of [this year],” he said.

A recent III P&C joint industry forum heard attracting the “millennial” generation – people born after 1980 – to insurance careers is one of the industry’s greatest challenges.

A CEO panel agreed the industry must work hard to attract young people who put a high value on work-life balance and who want to work for companies committed to social responsibility.