Swiss Re News

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, …

Another View: Yes, P/C Industry Underwriting Profit Will Be Back in ’24

Not all analysts think an underwriting profit is out of reach for 2024. While a recent forecast from Fitch Ratings puts the 2024 combined ratio above 100, an improvement from 2023, a report by Swiss Re Institute projects both 2024 …

Swiss Re Buys Cyber Market’s 1st Retrocession ILW, Brokered by Gallagher Re

Swiss Re has purchased the cyber market’s first retrocession industry loss warranty (ILW), brokered by Gallagher Re and supported by a number of specialist reinsurers. Swiss Re secured $50 million of catastrophic US cyber insurance event protection, including cover against …

Global Insured Losses From Severe Convective Storms Hit New High of $60B: Swiss Re

Global insured losses from severe thunderstorms have hit a new all-time high of US$60 billion in 2023, with overall natural catastrophe claims surpassing $100 billion, according to Swiss Re Institute in a new report. As the US is particularly prone …

P/C Insurers Face Challenging Claims Dynamics as Frequency, Severity Rise: Swiss Re

The property/casualty insurance industry is confronting challenging claims dynamics, with rising frequency and severity of claims despite decreases in economic inflation, according to Swiss Re. The pace of claims growth in the liability line of business challenges the insurability of …

Reinsurers’ Earnings Rise on Lower Disaster Losses, Improved Investment Results: Fitch

Lower natural catastrophe losses, a better investment result and strong revenue growth in property/casualty reinsurance led to strong earnings’ increases for the four main European reinsurers in the nine month-period of 2023, according to Fitch Ratings in a new report. …

New Swiss Capital Rules Set to Spur $20 Billion Bond Overhaul for Re/Insurers

Insurance companies in Switzerland are set to repay billions in mostly discounted old-style bonds over the next decade as changes to the country’s capital rules take effect next year. There are nearly $20 billion of subordinated notes that Swiss insurers …