Swiss Re Outpaces Expectations with Strategic Renewals and Diminished Catastrophe Claims

3

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
Source: Paige Estritori

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

Share this news item:

Insurance News

Clear

Envest Group Unveils TLI Underwriting for Heavy Motor Fleets

31 Dec 2025: Paige Estritori

Envest Group, a prominent player in Australia's insurance sector, has announced the launch of TLI Underwriting, a new agency dedicated to providing specialised insurance solutions for heavy motor fleet operators. This strategic move aims to address the unique challenges faced by larger transport businesses in Australia. - read more

IAG Boosts Profit Forecast Post-RACQ Insurance Acquisition

31 Dec 2025: Paige Estritori

Insurance Australia Group (IAG) has announced an upward revision of its annual profit forecast, attributing the increase to the recent acquisition of RACQ Insurance. The company now anticipates a reported insurance profit ranging between $1.55 billion and $1.75 billion for the financial year, marking a $100 million enhancement from the previous estimate. - read more

NTI Report Highlights Human Error as Leading Cause of Major Truck Crashes

31 Dec 2025: Paige Estritori

The National Truck Accident Research Centre (NTARC), supported by National Transport Insurance (NTI), has released its latest Major Incident Investigation Report, shedding light on the predominant causes of significant truck crashes across Australia. The findings underscore the critical need for targeted interventions to enhance road safety within the transport industry. - read more

Hutch Underwriting Launches Comprehensive Professional Indemnity Insurance for Tradies

31 Dec 2025: Paige Estritori

Hutch Underwriting has unveiled a revamped professional indemnity (PI) insurance policy tailored specifically for tradespeople, including electricians, carpenters, and painters. This innovative coverage consolidates protection against advice, design, and incidental cyber exposures into a single, streamlined solution. - read more

Australian Builders Reassess Insurance Strategies Amid Escalating Construction Costs

31 Dec 2025: Paige Estritori

The Australian construction industry is currently grappling with significant cost increases, driven by persistent supply chain disruptions and a shortage of skilled labour. These challenges are compelling builders to reevaluate their insurance strategies to effectively manage heightened financial risks. - read more

Click for more Insurance News