Major natural disasters in 2017 and current low prices will likely push pricing in nonlife insurance and reinsurance higher, Swiss Re AG said in its global insurance review for 2017 and outlook for 2018 and 2019.

The reinsurer said it expects global nonlife premiums and life premiums to rise annually by at least 3% and about 4% in real terms in 2018 and 2019, respectively, supported by its forecast of moderate growth for the global economy over the next two years.

The natural catastrophes, which include hurricanes Harvey, Irma, Maria, earthquakes in Mexico and wildfires in California, resulted in significant losses in the property and casualty insurance and reinsurance sector, Swiss Re noted, adding that the losses are expected to lead to rate hardening in nonlife insurance and reinsurance.

The wave of disasters could lead to 2017 becoming "one of the most expensive on record" in terms of losses for global insurers, according to a report from ClimateWise, a network of 28 insurance industry organizations.