Swiss Re

The ratings agency also affirmed Swiss Re’s ‘AA-’ rating, with the carrier expected to maintain an ‘AA-’ rating through 2024.

Swiss, Munich, Hannover and Scor all delivered optimistic messages on pricing for next year.

A total of 10 events caused more than $1bn in losses each.

CFO John Dacey said the carrier remains underweight in Florida due to concerns around underlying economics.

The carrier achieved treaty price increases of 21% at 1.7, against increased loss assumptions of 16%.

The current vice chair will lead the (re)insurer’s board until he can be officially nominated for election at the next AGM in April 2024.

The executive will report to reinsurance solutions CEO Russell Higginbotham.

Reserves eased slightly from 2020 through 2022, driven by motor and general liability sectors in the US and UK.

The global natural catastrophe protection gap stood at $368bn, with protection gaps being largest in emerging markets.

The report outlined 17 recurring and emerging risks (re)insurers should be aware of.

The comment comes after major US carriers pulled back from new business in wildfire-prone California.

The collapse of the Net-Zero Insurance Alliance means insurers must find new neutral ground to continue ESG engagement, CEOs at the Geneva Association's General Assembly said.