Swiss Re
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Cedants are grappling with rising rates while coverage narrows. -
Vanessa Lau and Pia Tischhauser will stand for election in April as Renato Fassbind and Susan Wagner retire from the board.
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The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
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Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
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Real non-life premiums are forecast to grow by 1.8% in 2023 and 2.8% in 2024.
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Carriers reassured analysts that unrealised investment losses will not seriously affect solvency while sounding a bullish note on renewals.
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The reinsurers will provide a parametric solution to ensure a fast payout.
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Global cyber premiums are expected to reach $23bn by 2025 but, with predicted global annual losses of around $945bn, roughly 90% of the risk remains uninsured.
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The carrier said inflation and losses were to blame for its likely miss on the P&C re full-year target combined ratio of 94%.
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The group booked a net loss of $285mn and negative return on equity due to cat losses, prior-year reserve charges and falling investment yields.
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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.
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