Income Insurance Online :: News
SHARE

Share this news item!

Swiss Re Outpaces Expectations with Strategic Renewals and Diminished Catastrophe Claims

Swiss Re Outpaces Expectations with Strategic Renewals and Diminished Catastrophe Claims

Swiss Re Outpaces Expectations with Strategic Renewals and Diminished Catastrophe Claims?w=400

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.

Swiss Re has reported a significant surge in net income, reaching $US2.1 billion ($3.09 billion) for the first half of 2024.
This impressive performance has been largely attributed to favorable factors including reduced natural catastrophe claims, robust investment earnings, and strategic underwriting approaches.

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
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Allianz Partners Introduces Tailored Cruise Travel Insurance for Australians
Allianz Partners Introduces Tailored Cruise Travel Insurance for Australians
22 Dec 2025: Paige Estritori
In a strategic move to cater to the growing number of Australian cruise enthusiasts, Allianz Partners has unveiled a cruise-specific travel insurance product in collaboration with Norwegian Cruise Line (NCL). This initiative aims to provide comprehensive coverage tailored to the unique needs of cruise travellers. - read more
Australian Insurers Face Challenges in Cybersecurity Readiness
Australian Insurers Face Challenges in Cybersecurity Readiness
22 Dec 2025: Paige Estritori
Recent findings from the PwC Insurance Banana Skins Survey reveal that Australian insurers are trailing behind their global counterparts in cybersecurity preparedness. This lag is particularly concerning given the rapid evolution of cyber threats, especially those enhanced by artificial intelligence (AI). - read more
Australian General Insurers Report Record Profits Amid Premium Hikes
Australian General Insurers Report Record Profits Amid Premium Hikes
22 Dec 2025: Paige Estritori
Australia's general insurance industry has reported a remarkable financial performance, achieving a 19% return on equity (ROE) for the 2025 financial year-the highest in a decade. This significant milestone reflects a combination of strategic premium increases and favourable market conditions. - read more
Australian Life Insurance Sector Anticipates Steady Growth Amid Economic Recovery
Australian Life Insurance Sector Anticipates Steady Growth Amid Economic Recovery
22 Dec 2025: Paige Estritori
The Australian life insurance market is on a trajectory of steady growth, with projections indicating an increase in gross written premiums (GWP) from $26.2 billion in 2025 to $30.5 billion by 2029. This represents a compound annual growth rate (CAGR) of 3.9%, reflecting a positive outlook for the sector. - read more
ICA Advocates for Overhaul of Civil Liability Laws Amid Rising Insurance Premiums
ICA Advocates for Overhaul of Civil Liability Laws Amid Rising Insurance Premiums
22 Dec 2025: Paige Estritori
The Insurance Council of Australia (ICA) has recently released a white paper highlighting the urgent need for reforms to state and territory civil liability laws, which have remained largely unchanged for nearly 25 years. These outdated laws are contributing to significant increases in public liability insurance premiums, affecting a wide range of businesses across the nation. - read more
Click for more Insurance News


Life Insurance Articles

Finding Accidental Coverage When Comprehensive Income Protection Isn't an Option
Finding Accidental Coverage When Comprehensive Income Protection Isn't an Option
Income protection is an integral part of maintaining your financial security, especially in the event that unforeseen illnesses or injuries prevent you from working. Enabling you to receive a percentage of your regular income, this type of insurance provides a safety net, ensuring that you can continue to cover your living expenses and financial obligations whilst recovering. - read more
How to Compare Income Protection Policies When You Have a Medical History
How to Compare Income Protection Policies When You Have a Medical History
In today's ever-changing world, financial security is a cornerstone of peace of mind, particularly for Australians grappling with medical histories. Income protection insurance emerges as a pivotal solution, safeguarding not only the individual’s fiscal health but the well-being of their dependents. This introduction explores the nuances of income protection insurance and its particular significance for those with pre-existing medical conditions. - read more
Combining Financial Security and Affordability: Income Protection for Australians Explained
Combining Financial Security and Affordability: Income Protection for Australians Explained
Financial security is a cornerstone of peace of mind, particularly when life is known for its unpredictability. This introductory section sheds light on the vital nature of income protection insurance and its role in safeguarding Australians' financial well-being. Ensuring continual financial inflow during times of illness or injury not only offers stability but also protects one's standard of living. - read more
Navigating Pre-existing Conditions in Income Protection Insurance
Navigating Pre-existing Conditions in Income Protection Insurance
Income protection insurance is a safeguard that provides individuals with financial stability in the event they are unable to work due to illness or injury. This type of insurance typically replaces a significant percentage of the insured's income, ensuring that their financial commitments can still be met during periods when they cannot earn an income through employment. - read more
Separating Fact from Fiction: The Myths of Income Insurance Revealed
Separating Fact from Fiction: The Myths of Income Insurance Revealed
Have you ever thought about how you would manage financially if you couldn't work due to an illness or injury? Income protection insurance is designed to replace a significant portion of your income if you find yourself unable to earn for an extended period. It's an essential safety net, providing peace of mind and financial stability during times of uncertainty. - read more


Start Here

Monthly Income Benefit:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Grace Period:
A set amount of time after the premium is due during which a policyholder can make a payment without the insurance coverage lapsing.

Quick Links: | Income Insurance | Income Protection Insurance | Income Insurance For Self-employed | Income Insurance Quotes | Best Income Insurance Australia | Income Insurance For Employees | Income Insurance Comparison | Income Protection For Contractors | Temporary Income Protection | Income Replacement Insurance | Income Protection Policy
This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.
IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.