Swiss Re
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The Zurich carrier opens its international programme administration platform up to industry peers.
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The reinsurance CEO says Swiss Re will cut back its US casualty share. -
New York-based Laura Coppola becomes global head of the line of business.
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The restructuring primary business will continue to operate independently from the group.
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The two biggest reinsurers are said to be taking up a leadership role as the market starts to address the T&Cs challenge.
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The insurer could have total gross losses of more than EUR500mn, according to a French publication.
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Cyber crime and other potential system hazards should be proactively addressed.
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The “conservative” figure includes $1.2bn of new engineering cover as facilities are built as well as $9bn of commercial insurance for when they are up and running.
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The industry is not yet in a hard market, said group CUO Thierry Léger.
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Underwriting margins need to improve by as much as 7-12 percentage points to compensate for lower interest rates, the carrier states.
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The market value for grounded planes in the US is around $70bn, presenting increased natural catastrophe risk.
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The top 10 carriers continue to write the lion’s share of global premiums.
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