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.
Tag: Swiss Re
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.
Swiss Re Floats Public-Private Partnership as Cybercrime Insurance Costs Rise
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.
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