Swiss Re
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The market reacted to the $2.4bn charge in a positive light. -
The company said it is still on target to achieve $3bn net income for the full year.
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The carrier’s Q3 net income will be around $100mn, far below consensus.
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More public-private partnerships are needed to keep cat risk affordable.
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The executive also highlighted SRCC in property treaties as a concern.
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The carrier highlighted Italian and French hail events in recent years.
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Pockets in the business are still experiencing significant stress, she added.
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The new CEO has owned past challenges and charted a better course, but will need to be relentless in driving change.
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The company is currently “underweight” in that line of business, he added.
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The reinsurer constructed a “social inflation index” for a new study.
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In his first interview as Swiss Re CEO, Andreas Berger acknowledged the mistiming of casualty growth, a purist approach on reserving and organisational complexity.
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