To help fill the cyber coverage gap as insurance companies struggle to stay afloat in the face of rising claims, Swiss Re has recommended a public-private partnership insurance scheme, with one option being a government-backed fund.
Tag: Swiss Re
Swiss Re Forecasts 3Q Loss Following Hurricane Ian Claims
Swiss Re forecast a third-quarter net loss of around $500 million on Tuesday, after the reinsurance company absorbed $1.3 billion in preliminary claims from Hurricane Ian. “While the 2022 Group ROE target of 10% is unlikely to be met given the impact of natural disasters, the Ukraine war, and financial market volatility,” the reinsurer said… Continue reading Swiss Re Forecasts 3Q Loss Following Hurricane Ian Claims
Global Reinsurers See Inflation, Russia-Ukraine War Driving Higher Rates
Top reinsurers said at the industry’s annual meeting in Monte Carlo that global geopolitical tensions, high inflation, and climate change have increased demand for risk protection and will result in higher premiums. Reinsurers insure insurers and have raised premiums in recent years in response to higher losses. “On top of the effects of COVID-19 and… Continue reading Global Reinsurers See Inflation, Russia-Ukraine War Driving Higher Rates
Geopolitical Tensions, Climate Change, Inflationary Pressures Increasing Exposures, Reshaping Insurance
Global geopolitical tensions, macroeconomic developments, and climate change increase demand for risk management. The re/insurance industry must prioritize modeling and contract certainty to ensure pricing is appropriate for the risks assumed, thereby increasing capacity. Swiss Re supports clients with its risk knowledge, capital strength and innovative solutions. Ahead of the Rendez-Vous de Septembre 2022, Swiss… Continue reading Geopolitical Tensions, Climate Change, Inflationary Pressures Increasing Exposures, Reshaping Insurance
Swiss Re Loses Sex Discrimination Employment Tribunal
In the latest sexism case to hit the male-dominated insurance industry, Swiss Re has lost an employment tribunal brought by a female underwriter. At a central London hearing, a three-person panel ruled that a senior manager’s comments about Julia Sommer were “sexist, demeaning, and derogatory.” At a work drinks, the manager made a joke about… Continue reading Swiss Re Loses Sex Discrimination Employment Tribunal
Swiss Re Launches New Insurance-Linked Investment Advisory Business
Swiss Re announces the formation of its new investment advisory firm, Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC), an SEC-registered investment adviser. The firm provides qualified institutional investors with investment management services, with a focus on catastrophe bonds. SRILIAC’s investment strategy focuses on insurance-linked securities, primarily catastrophe bonds, giving investors access to Swiss Re’s expertise… Continue reading Swiss Re Launches New Insurance-Linked Investment Advisory Business
Pandemic Takes Toll on Mental and Physical Wellbeing, Leading to More Online Insurance Purchases
A Swiss Re Institute survey of 11,000 consumers worldwide conducted two years into the COVID-19 pandemic found that the pandemic has resulted in a greater focus on health and financial security. This has led to an increase in online insurance purchases as well as a greater willingness to share personal health data, particularly among the… Continue reading Pandemic Takes Toll on Mental and Physical Wellbeing, Leading to More Online Insurance Purchases
Swiss Re Targets a Return on Equity of 14% in 2024
Swiss Re’s strategy of building risk insights and successful risk partnerships complements its risk transfer business Group return on equity (ROE) target of 14% in 2024 to be achieved by higher L&H Re profit contributions, attractive margins in the property and casualty businesses and continued cost discipline Attractive opportunities to deploy capital across all businesses;… Continue reading Swiss Re Targets a Return on Equity of 14% in 2024
Extreme Flood Events Drive High Losses in 2021
Last year, global economic losses from floods amounted to $82 billion, yet insured losses stood at slightly more than $20 billion, indicating a large protection gap. In 2021, floods accounted for 31% of global economic losses from natural catastrophes, only 2% less than tropical cyclones, according to Swiss Re Institute’s latest sigma report, “Natural catastrophes… Continue reading Extreme Flood Events Drive High Losses in 2021
Swiss Re One of Two Pioneers to Receive the Digital Trust Label
Swiss Re is one of two pioneers to have a digital product tested and successfully certified by the Digital Trust Label, the first-ever label for digital responsibility launched by the Swiss Digital Initiative. With the Swiss Digital Trust Label users can easily identify trustworthy digital services, and providers of digital services can now declare their… Continue reading Swiss Re One of Two Pioneers to Receive the Digital Trust Label