Swiss Re
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Swiss Re, Munich Re, Hannover Re and Scor have set out their strategies on inflation, pricing and Ukraine. -
Insured nat cat losses amounted to $35bn globally in H1, while manmade events triggered an additional $3bn, according to Swiss Re Insititute.
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The carrier’s 6% rate increases over 2022 YTD are “subsumed” by larger loss expectations, including rising inflation.
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The P&C re segment secured 12% rate increases at the 1 July renewals.
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The recruit joins from Verisk.
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The forecast for real-term premium growth was depressed by anticipated claims inflation.
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Insurance resilience is still lower than prior to the Covid-19 shock, according to Swiss Re’s sigma research.
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The carrier mapped out the future threat landscape for insurers as part of its annual Sonar report.
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Ukraine uncertainties remain despite some loss estimates emerging in Q1 earnings across the Big Four European carriers, while inflation looms on the horizon.
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Swiss Re goes against the tide in expanding in cat, while specialty rates appear to be holding up better than expected.
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The reinsurer also flagged that it is not banking on many reinsurance recoverables from its CorSo exposure to war claims.
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Market volatility also eroded investment income, with a $283mn Ukraine loss.
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