Swiss Re Outpaces Expectations with Strategic Renewals and Diminished Catastrophe Claims
Swiss Re Outpaces Expectations with Strategic Renewals and Diminished Catastrophe Claims
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
Share this news item:
| Insuregroup's Remarkable Growth in Truck Insurance Policies 27 Dec 2025: Paige Estritori Insuregroup, a specialist insurance brokerage serving Australia's transport and logistics sector, has recently announced a significant milestone: processing over 10,000 insurance policies since its inception, with a 25% increase in policy volume over the past year. This growth underscores the escalating demand for comprehensive truck insurance solutions tailored to the unique needs of Australian freight operators. - read more |
| Australian Life Insurers Report Significant Profit Increase in June 2025 Quarter 26 Dec 2025: Paige Estritori The Australian life insurance sector has reported a substantial after-tax profit of $360 million for the June 2025 quarter, marking a significant increase from the $116 million recorded in the same period the previous year. This impressive growth is primarily attributed to a sharp rise in investment income and improved underwriting performance across key product lines. - read more |
| Rising Mental Health Claims Impact Australian Life Insurance Industry 26 Dec 2025: Paige Estritori The Australian life insurance industry is witnessing a significant surge in mental health-related claims, reflecting broader societal challenges and increasing awareness of mental health issues. AIA Australia, a leading life insurer, has reported that mental health claims now account for 23% of its total claims, up from 15% in 2014. This trend underscores the growing prevalence of mental health conditions and their impact on individuals' ability to work and maintain financial stability. - read more |
| Decline in Australian Life and Income Protection Insurance Premiums 26 Dec 2025: Paige Estritori Recent data indicates a notable decline in life and income protection insurance premiums across Australia, providing consumers with more affordable coverage options. According to the latest Direct Life Insurance Report from Rainmaker Information, direct life premiums have decreased by 7% since 2024. Similarly, direct income protection premiums have seen significant reductions, with average premiums for waiting periods of 30 days and 90 days decreasing by 12% and 13%, respectively. - read more |
| Life After You: Planning Ahead With Quality Life Insurance for Your Family Life insurance is a fundamental component of a robust financial plan, yet its significance is often underestimated. It serves as a safety net, ensuring that your loved ones are financially secure in the event of your absence. Understanding life insurance is the first step towards safeguarding your family’s future. - read more
|
| Income Protection for Health Workers: What You Need to Know Income protection insurance is a crucial financial safety net designed to replace a portion of your income if you're unable to work due to illness or injury. For many, it's a vital component of a robust financial plan, offering peace of mind and stability. But why is it particularly important for healthcare professionals in Australia? - read more
|
| Smart Insurance Solutions to Protect Your Financial Future In today’s unpredictable world, insurance plays a critical role in safeguarding your financial future. From unexpected medical bills to protecting your home and business, the right insurance can be a safety net that helps you navigate life’s uncertainties. - read more
|
| Understanding Your Insurance Needs at Every Life Stage Navigating the complex world of insurance can often feel daunting, but understanding the importance of life stage consideration when choosing life insurance is essential. As we journey through the various chapters of our lives, our financial responsibilities, dependents, and personal circumstances evolve. These changes invariably have significant implications for our insurance needs. - read more
|
An insurance company, a financial institution that sells insurance.