Swiss Re Outpaces Expectations with Strategic Renewals and Diminished Catastrophe Claims

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Compared to the previous year's net income of $US1.8 billion ($2.65 billion), this year's results showcased substantial growth. Reduced losses from large natural catastrophes — an outcome greatly influenced by Tropical Cyclone Megan in northern Australia and the Noto earthquake in Japan — were a key factor. Catastrophe losses dropped dramatically to $US138 million ($203.03 million) from the previous $US634 million ($932.76 million).

In the property and casualty reinsurance space, July's renewal period brought positive news with an overall price hike of 8% applicable to $US4.5 billion ($6.63 billion) of renewed treaty premium volumes. This renewal represented a 7% volume increase relative to the preceding renewal period. Swiss Re attributes part of its success to a cautious stance on inflation along with updated loss models, which raised loss assumptions by 10%.

Group CEO Andreas Berger affirmed the company's trajectory towards achieving its full-year target of net income surpassing $US3.6 billion ($5.3 billion). "Our strong first-half performance sets a robust foundation for meeting our 2024 targets. Despite macroeconomic and geopolitical challenges, we remain committed to disciplined underwriting to ensure portfolio resilience and consistent results," Berger stated.

Swiss Re's property and casualty reinsurance division reported a net income of $989 million ($1.46 billion), significantly benefiting from the decrease in large natural catastrophe claims. The division's revenue reached $9.8 billion ($14.42 billion) with a combined operating ratio of 84.5%, setting the target for the full-year ratio below 87%.

Swiss Re Corporate Solutions, the commercial insurance sector of the company, achieved a net income of $435 million ($640.18 million), alongside insurance revenue of $3.8 billion ($5.59 billion), and a combined operating ratio of 88.7%.

In the life and health reinsurance domain, net income was $883 million ($1.3 billion), bolstered by a positive United States mortality experience and an uptick in investment income.

Published:Tuesday, 17th Sep 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Insurance News

Clear

Why Cyber Risk Belongs in Every Restaurant Insurance Review

26 Aug 2026: Paige Estritori

Fresh attention on cyber incidents across Australian businesses is a timely warning for restaurants, cafés and takeaway operators. Hospitality venues may not always see themselves as data-heavy businesses, but modern food service increasingly depends on connected systems: point-of-sale terminals, booking platforms, delivery apps, QR ordering, loyalty databases, rostering tools and cloud accounting. - read more

Why Fatigue Management Is Again a Truck Insurance Issue

26 Aug 2026: Paige Estritori

Recent heavy vehicle compliance activity has again put fatigue management near the top of the risk agenda for Australian transport operators. While enforcement is usually framed as a road safety issue, it also has a direct insurance dimension. Insurers assessing truck insurance risk increasingly look beyond the vehicle itself and ask how well the business controls driver behaviour, scheduling pressure, maintenance downtime and record-keeping. - read more

Why Fresh Insurance Market Data Matters at Renewal Time

26 Aug 2026: Paige Estritori

APRA’s latest general insurance data has again highlighted a point many Australian tradies are already feeling at renewal time: a healthier insurance sector does not necessarily translate into simple or immediate premium relief for small businesses. While insurers continue to operate with stronger capital buffers and improved underwriting discipline, the costs sitting behind many policies remain under pressure. - read more

What Claims Complaint Trends Mean for Salon Insurance

26 Aug 2026: Paige Estritori

Fresh complaints reporting from the Australian Financial Complaints Authority has put insurance service standards back under the microscope, with claim delays, communication issues and disputed outcomes continuing to feature in the wider financial services complaints landscape. For beauty salon owners, skin clinics, nail technicians and mobile beauticians, the lesson is practical: the moment a loss occurs is not the best time to discover that records are incomplete, policy wording is unclear or a treatment has not been properly disclosed. - read more

What NSW Insurance Levy Reform Could Mean for Trade Businesses

26 Aug 2026: Paige Estritori

New South Wales insurance buyers may be heading for an important change as reform of the Emergency Services Levy continues to attract attention across the insurance sector. The levy has long been added to many insurance premiums in NSW to help fund emergency services, and insurers have argued that this approach makes cover more expensive for households and businesses that choose to insure. - read more

Click for more Insurance News