Swiss Re News

Soft Prices May Bring Reinsurer Losses when Typical Cat Levels Return: Execs

It won’t take another Hurricane Katrina for reinsurers to face losses from covering the cost of storms and earthquakes. Competitors such as hedge funds have eroded prices so much that a typical year of claims could move the industry into …

Natural Catastrophes Drive Global Insured Losses to $31B in H1: Swiss Re’s Sigma

Global insured losses from natural catastrophes and man-made disasters during the first half of 2016 reached US$31 billion, or 44 percent of total economic losses of US$71 billion, according to a report issued by Swiss Re’s sigma. The economic loss total …

Swiss Re Names Madzinga to Lead Reinsurance in Middle East and Africa

Swiss Re announced the appointment of Tavaziva (“Tava”) Madzinga as its new reinsurance managing director & market executive for Middle East and Africa. His appointment is effective Nov. 1, 2016, subject to appropriate regulatory and board approvals. Madzinga will join …

Good Risk Management Is Just Good Business: Steel, Former CRO of AXIS Capital

Companies originally created the role of the chief risk officer because they “recognized that good risk management is really good business,” according to Michael Steel, former CRO at AXIS Capital. The role of CRO is a relatively new one for …

JLT Re Hires Woolstenhulme in Philadelphia

JLT Re, a U.K. based reinsurance broking and consultancy provider, hired Micah Woolstenhulme in August as its Philadelphia, Pa., based head of risk and economic advisory. In his new role, he will report to the firm’s global head of analytics, David …

Mutual Insurers Regain Some Global Market Share, but Threats Remain: Swiss Re

Mutual insurance companies have gained back some of the global market share they lost due to demutualizations in recent years. Those gains are threatened, however, by new financial regulations, changes in corporate governance and new technology, Swiss Re said in …

Swiss Re Q2 Profit Drops on Higher Natural Catastrophe Losses

Swiss Re AG, the world’s biggest reinsurer, said profit fell in the second-quarter as the company paid more for catastrophe claims including earthquakes in Japan and forest fires in Canada. Net income declined to $637 million from $820 million a …

Kenyan Insurers Face New Capital Rules Which Could Lead to Market Shakeout

A push by Kenyan regulators to clean up the East African country’s insurance industry is poised to trigger stake sales or exits by underwriters unable to meet the new capital requirements, according to an industry group. Most companies missed a …

Chinese Forced into Massive Debt to Pay for Vital Healthcare

As China’s medical bills rise steeply, outpacing government insurance provision, patients and their families are increasingly turning to loans to pay for healthcare, adding to the country’s growing burden of consumer debt. While public health insurance reaches nearly all of China’s 1.4 …

Swiss Re Corporate Solutions Names Brohm as CEO Latin America

Swiss Re Corporate Solutions appoints Axel Brohm, an experienced Swiss Re executive, as CEO Latin America. Brohm will assume this role immediately and relocate from Zurich to Miami in the coming months. In his new position, Brohm will be responsible …