* Swiss Re net income rises to $802 mln in Q2
* Says July renewal premium volume up 8 pct
* CEO sees further softening in insurance market
(Adds earnings details, industry context)
ZURICH, Aug 6 Swiss Re, the world's
second-largest reinsurer, said on Wednesday its net profit rose
less than expected in the second quarter, as the firm's chief
executive warned he saw prices weakening further in the
"We see the insurance market generally softening," Chief
Executive Michel Lies said in a statement.
Ultra-low interest rates since the financial crisis have
attracted investors such as pension funds, known as "alternative
capital", to pour money into the reinsurance market in search of
higher returns, putting pressure on prices.
However, the Zurich-based firm said policy renewals in the
Americas, Australia and New Zealand had been successful in July,
with premium volume up by 8 percent.
Other than a storm in early June that caused around $900
million in damage in Germany, reinsurers have seen little in the
way of big disaster claims in recent months.
That helped Swiss Re's second-quarter net profit rise 2
percent to $802 million from $786 million a year earlier.
Still, that was below an expected quarterly net profit of
$897 million, according to the average of six estimates in a
Reuters poll of banks and brokerages.
(Reporting by Alice Baghdjian; Editing by Kenneth Maxwell)