Swiss Re
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The broker said there was still a “big unknown” around the potential global economic impact of the conflict. -
The Russian invasion of Ukraine is likely to result in a “mid-sized” cat loss, according to Swiss Re CEO Christian Mumenthaler.
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The carriers have placed a legally binding cat excess-of-loss reinsurance contract using B3i’s platform.
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Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.
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The second of Insurance Insider’s deep-dive analysis pieces on innovation examines the internal structures and opportunities that can accelerate innovation.
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Katie McGrath replaces Ivan Gonzalez who has been appointed CEO reinsurance China and China country president.
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The carrier has already withdrawn cover for the top 5% of carbon-intensive oil and gas firms in the past year.
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In his new role, Jeffrey Pan will also be a member of the Corporate Solutions APAC executive team.
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The trio join WTW, Aon, Marsh McLennan, Hannover Re and Generali in shunning Russia over the Ukraine invasion.
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Earnings reports from Swiss Re, Munich Re and Scor have revealed increased cat budgets and highlighted continued shifts away from frequency coverage.
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The carrier’s CFO said there will be continued opportunities to grow top line in P&C, CorSo and L&H over 2022.
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CEO Mumenthaler emphasised cat as a “core competence” for the carrier.
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