Swiss Re News

Global Insured Natural Disaster Claims Again Dominated by Severe US Storms: Gallagher

Global insured losses from natural catastrophes in the first quarter were estimated at $20 billion, with US claims accounting for more than $15 billion, or 75%, of the Q1 total, according to a Gallagher Re in a report. Despite a …

Howden’s DUAL Acquires Swiss Re’s Marine Team to Support Growth Ambitions

DUAL, the specialist underwriting arm of Howden Group Holdings, announced it has significantly strengthened its marine capability in Europe with the acquisition of Swiss Re’s Genoa, Italy-based Marine team with the authority to write marine business for Swiss Re going …

Swiss Re Names Berger as Group CEO, Succeeding Mumenthaler

Swiss Re announced that Andreas Berger will become group chief executive officer, effective July 1, 2024, taking over from Christian Mumenthaler, who will step down. “The board unanimously determined that Andreas Berger is the right person to build on the …

How Do Insurers Define Systemic Cyber Risk?

Systemic cyber risk is being discussed as a growing concern for insurers as technology advances and interconnectivity increases, but how is this risk defined? That may be one of its gray areas. “As you go through different owners of risk …

The New Norm? Global Insured Losses for Nat Cats Keep Breaking Records: Swiss Re

Global insured losses from natural catastrophes in 2023 exceeded US$100 billion for the fourth consecutive year – an indication of the new norm for nat cat losses, according to Swiss Re. Other record-breaking numbers for 2023 included the total of …

Hedge Fund That Rode Catastrophe Bond Rally Mounts Tactical Retreat

A hedge fund that last year delivered its best result ever thanks to catastrophe bonds is now scaling back its position, based on a bet that the market is headed for a rough patch. Tenax Capital, which has a €100 …

US, Philippines Pay Highest Economic Price for Climate-Fueled Weather

The United States and the Philippines are the countries hit hardest by climate-driven extreme weather, measured as a percentage of their economies, according to a report released Wednesday by global reinsurance giant Swiss Re. The US currently experiences the worst …

Swiss Re, Others, Drop Call for Moscow Aviation Dispute Hearing

Swiss Re is among a growing list of reinsurers to drop its demand that a near $10 billion battle with aircraft leasing companies, seeking payouts for more than 200 jets stuck in Russia, should be heard in Moscow, court filings …

After $70 Billion Hit, Insurers Wake Up to Growing Risks of Severe Convective Storms

The insurance industry is grappling with a new kind of weather risk that’s increasingly driving its biggest loss category. While no single weather event caused more than $10 billion in losses for insurers last year, there were 37 thunderstorms that …

Hedge Funds Rake in Huge Profits Betting on Catastrophe Risk

For hedge funds, the science of catastrophes helped generate the best returns of any alternative investment strategy last year. The calculus around natural disasters such as hurricanes and cyclones fed record gains at funds managed by firms including Tenax Capital, …