Swiss Re
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It estimated insured losses from nat cats on track to exceed $135bn in 2024. -
This year’s top-line growth will be a decade-high.
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The market grew at a rate of 32% annually from 2017 to 2022.
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The additions included significant reserve bolstering for recent year portfolios 2021-2023.
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The stock price rose as analysts declared the L&H reserving review better than feared.
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The market reacted to the $2.4bn charge in a positive light.
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The company said it is still on target to achieve $3bn net income for the full year.
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The carrier’s Q3 net income will be around $100mn, far below consensus.
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More public-private partnerships are needed to keep cat risk affordable.
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The executive also highlighted SRCC in property treaties as a concern.
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The carrier highlighted Italian and French hail events in recent years.
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Pockets in the business are still experiencing significant stress, she added.
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