A series of widespread thunderstorms (severe convective storms) hit the US and account for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils.
Tag: Swiss Re
Reserving: Higher Uncertainty Puts Adequacy in the Spotlight
Larger reserves for the most recent years and a cushion for as-yet unreported claims suggest a solid buffer is in place, but recent shocks are pushing up claims, raising questions about adequacy. With uncertainty high, insurers may reduce risk appetite and new business capacity, which may in turn sustain the hard market conditions.
Swiss Re Identifies New Emerging Risks
From the opening-up of previously frozen waterways in the Arctic to hackers tampering with artificial intelligence, the emerging risk landscape is multi-faceted.
Swiss Re Leaves Net-Zero Insurance Alliance
Reinsurer Swiss Re on Monday became the latest major company to leave a global climate alliance focused on reducing emissions that has faced growing political pressure in the United States.
Reinsurance Market Grappling with Cat Losses, Capital Unwinding: Swiss Re
In a challenging market environment, the reinsurance industry is grappling with significant hurdles as catastrophe losses surge and the reliance on external capital becomes increasingly vulnerable.
Swiss Re to Split Reinsurance Business Operations
Swiss Re today announced plans to streamline its organizational structure, splitting the current Reinsurance Business Unit into P&C Re and L&H Re.
Gallagher Re Pegs 2022’s Insured Nat Cat Losses at $140B
Reinsurance broker Gallagher Re has published its view of 2022’s global natural catastrophe activity and it estimates insured losses from these events aggregate to a cost of $140 billion for the industry.
Swiss Re: Cost to Provide Reinsurance Capacity Could Rise in 2023
Rising claims inflation, compounded by reinsurance capacity demand-supply mismatch in a rising interest rate environment, could contribute to an increase in the cost of providing insurance capacity in 2023 and beyond.
Swiss Re: Disasters Caused a Total of $122B in Insured Losses in 2022
Natural and man-made disasters caused $268 billion in economic damage, of which $122 billion was covered by insurance.
Hard Market, Higher Interest Rates to Spur Insurer Growth
Swiss Re Institute expects the insurance industry to return to premium growth of 2.1% annually on average in real terms in 2023 and 2024.