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

Rising Mental Health Claims Impact Australia's Income Protection Insurance
Rising Mental Health Claims Impact Australia's Income Protection Insurance
19 Feb 2026: Paige Estritori
Recent data from the Council of Australian Life Insurers (CALI) reveals a significant increase in mental health-related claims within Australia's income protection insurance sector. In 2024, mental health conditions accounted for 20% of income protection claims, resulting in payouts totaling $887 million. This marks a substantial rise compared to previous years, indicating a growing trend that insurers and policyholders must address. - read more
Australian Super Under Fire for Prolonged Insurance Claim Delays
Australian Super Under Fire for Prolonged Insurance Claim Delays
19 Feb 2026: Paige Estritori
Australian Super, the nation's largest superannuation fund, is facing criticism over significant delays in processing insurance claims. Reports indicate that some members have experienced prolonged waiting periods, with delays extending up to four years in certain cases. These delays have raised concerns about the efficiency and fairness of the fund's claims handling processes. - read more
Australia's Income Protection Insurance Sales Experience Notable Decline
Australia's Income Protection Insurance Sales Experience Notable Decline
19 Feb 2026: Paige Estritori
Recent data from Plan For Life indicates an 8.3% decline in new income protection insurance sales in Australia for the year ending September 2024. This downturn contrasts with previous periods of growth, where sales had increased by nearly 7% in the year ending December 2023 and 6.5% in the year to March 2024. The shift suggests changing consumer behavior and market dynamics within the insurance sector. - read more
IAG Highlights Climate Change's Impact on Home Insurance Costs
IAG Highlights Climate Change's Impact on Home Insurance Costs
19 Feb 2026: Paige Estritori
Insurance Australia Group (IAG), a leading insurer in Australia, has recently raised concerns about the escalating costs of home insurance premiums, attributing this trend to the increasing frequency and severity of climate-related weather events. The company emphasizes that without immediate and concerted efforts to address climate change, homeowners should anticipate continued rises in insurance costs. - read more
Insurance News to Host Third Annual Conference in Sydney
Insurance News to Host Third Annual Conference in Sydney
19 Feb 2026: Paige Estritori
Insurance News has announced its third annual conference, scheduled to take place in Sydney on March 19, 2026. This full-day event aims to provide attendees with comprehensive insights into current market trends, industry pressures, and emerging opportunities within the insurance sector. - read more
Click for more Insurance News


Life Insurance Articles

Income Protection Insurance Explained: Ensure Your Livelihood in Times of Uncertainty
Income Protection Insurance Explained: Ensure Your Livelihood in Times of Uncertainty
When life takes an unexpected turn, whether due to illness, injury, or other unforeseen events, the financial repercussions can be devastating. This is where income protection insurance becomes an essential component of maintaining financial stability. Income protection insurance acts as a safety net, ensuring that even in times of hardship, your financial obligations can be met, and your standard of living maintained. - read more
Why Income Protection Insurance Is Essential for Australians
Why Income Protection Insurance Is Essential for Australians
Income protection insurance is a type of personal insurance that provides financial support if you are unable to work due to illness or injury. It ensures that you continue to receive a portion of your income, helping you manage daily expenses and financial commitments during recovery. - read more
Income Safety Net: How to Choose the Right Income Protection for Your Lifestyle
Income Safety Net: How to Choose the Right Income Protection for Your Lifestyle
In the face of life's unpredictable twists and turns, few things are as disconcerting as the possibility of suddenly losing your ability to earn an income due to illness. Such events are often unexpected and can have significant financial repercussions that interrupt not only your flow of daily life but also compromise your future plans. - read more
Income Protection Insurance: A Lifeline for Freelancers and Contractors
Income Protection Insurance: A Lifeline for Freelancers and Contractors
In today's dynamic gig economy, freelancers and contractors are an essential part of Australia's workforce. Choosing flexibility and autonomy over traditional roles, these professionals enjoy the freedom to manage their schedules and select projects that align closely with their interests. However, this lifestyle brings unique challenges, especially regarding financial security. - 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


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
Insurance Policy:
Broadly, the entire written contract of insurance. More narrowly, the basic written or printed document, as distinguished from the forms and endorsements added thereto.

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.