Swiss Re News

Swiss Re Revamps Structure by Splitting Reinsurance Biz, Creating Client Business Unit

Swiss Re announced plans to streamline its organizational structure by splitting its current Reinsurance Business Unit into P&C Re and L&H Re, while creating a new business unit called Global Clients and Solutions. Swiss Re Corporate Solutions will continue as …

Swiss Re’s CUO Léger Appointed CEO of SCOR, as Rousseau Steps Down

The SCOR Board of Directors has appointed Swiss Re’s Chief Underwriting Officer Thierry Léger as chief executive officer of SCOR. Léger will take up his post as CEO of SCOR with effect from May 1, 2023. Léger has 25 years …

Cat Bond Investors Demand Higher Premiums as Weather Becomes More Extreme

Investors in the $35 billion catastrophe bond market are demanding the highest premiums in years to cover issuers against disasters, as weather events become more extreme while interest rates rise. Margins on new issuances of catastrophe bonds covering US wind …

Ship Insurers to Cancel War Risk Cover for Russia, Ukraine Following Reinsurer Exit

Ship insurers said they are canceling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses. Reinsurers, who insure the insurers, typically renew their 12-month contracts with insurance …

Insurers May Refuse to Cover Planes, Ships Exposed to Ukraine Conflict: Sources

Insurers may refuse to cover planes flying to Ukraine or ships sailing through the Black Sea as reinsurers – who insure the insurers – propose excluding the region from policies from next month, four industry sources said. Reinsurers typically renew …

World Bank Seeks to Restart Cat Bond Issuance to Boost Emerging Nations’ Resilience

The World Bank is looking to restart the issuance of catastrophe bonds to help developing countries improve their preparedness for losses from natural disasters. The supranational lender has issued close to $2.6 billion of catastrophe bonds since 2014, including a …

Hurricane Ian Drives Global Insured Losses of $115B From Natural Disasters: Swiss Re

Hurricane Ian and other natural catastrophes, such as European winter storms, floods in Australia and hailstorms in France and the U.S., have cost global insurers an estimated $115 billion so far this year, according to a report published by Swiss …

Swiss Re Posts Q3 Loss on Hit From Hurricane Ian, Signals Price Hikes

Swiss Re reported a third-quarter loss of $442 million driven by claims tied to the damage from hurricane Ian, and signaled that renewal prices would jump next year. The Zurich-based reinsurer’s key unit saw $2.5 billion in claims related to …

Swiss Re Expects Claims From Hurricane Ian to Bring Q3 Loss

Swiss Re forecast on Tuesday a third-quarter net loss of around $500 million after the reinsurance company absorbed preliminary claims from Hurricane Ian of approximately $1.3 billion. “While the 2022 target of 10% Group ROE is unlikely to be reached …

Taming Global Supply Chain Risks, Holistically

While supply chain risks are insurable, many products do not cover non-damage business interruption, and companies could find they aren’t covered for shipping delays that don’t involve physical damage. As a result, many risk experts believe that if insurance isn’t …