Cyber Insurance Online :: News
SHARE

Share this news item!

Swiss Re Outpaces Expectations with Strategic Renewals and Diminished Catastrophe Claims

Swiss Re Outpaces Expectations with Strategic Renewals and Diminished Catastrophe Claims

Swiss Re Outpaces Expectations with Strategic Renewals and Diminished Catastrophe Claims?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Swiss Re has reported a significant surge in net income, reaching $US2.1 billion ($3.09 billion) for the first half of 2024.
This impressive performance has been largely attributed to favorable factors including reduced natural catastrophe claims, robust investment earnings, and strategic underwriting approaches.

Compared to the previous year's net income of $US1.8 billion ($2.65 billion), this year's results showcased substantial growth. Reduced losses from large natural catastrophes - an outcome greatly influenced by Tropical Cyclone Megan in northern Australia and the Noto earthquake in Japan - were a key factor. Catastrophe losses dropped dramatically to $US138 million ($203.03 million) from the previous $US634 million ($932.76 million).

In the property and casualty reinsurance space, July's renewal period brought positive news with an overall price hike of 8% applicable to $US4.5 billion ($6.63 billion) of renewed treaty premium volumes. This renewal represented a 7% volume increase relative to the preceding renewal period. Swiss Re attributes part of its success to a cautious stance on inflation along with updated loss models, which raised loss assumptions by 10%.

Group CEO Andreas Berger affirmed the company's trajectory towards achieving its full-year target of net income surpassing $US3.6 billion ($5.3 billion). "Our strong first-half performance sets a robust foundation for meeting our 2024 targets. Despite macroeconomic and geopolitical challenges, we remain committed to disciplined underwriting to ensure portfolio resilience and consistent results," Berger stated.

Swiss Re's property and casualty reinsurance division reported a net income of $989 million ($1.46 billion), significantly benefiting from the decrease in large natural catastrophe claims. The division's revenue reached $9.8 billion ($14.42 billion) with a combined operating ratio of 84.5%, setting the target for the full-year ratio below 87%.

Swiss Re Corporate Solutions, the commercial insurance sector of the company, achieved a net income of $435 million ($640.18 million), alongside insurance revenue of $3.8 billion ($5.59 billion), and a combined operating ratio of 88.7%.

In the life and health reinsurance domain, net income was $883 million ($1.3 billion), bolstered by a positive United States mortality experience and an uptick in investment income.

 

Published:Tuesday, 17th Sep 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Rate this article

Sign in with Google to rate

0 Comments

No comments yet. Be the first to share your thoughts.

Insurance News

Cyclone Pool Delivers Some Relief for High-Risk Strata Schemes
Cyclone Pool Delivers Some Relief for High-Risk Strata Schemes
05 Jul 2026: Paige Estritori
The ACCC’s fifth and final insurance monitoring report has given strata committees in cyclone-exposed regions a clearer view of what the Cyclone Reinsurance Pool is-and is not-achieving. Released on 25 June 2026, the report found that the pool has helped reduce or moderate premiums for policyholders in higher cyclone-risk areas, including residential strata schemes. - read more
Renewal Notice Gaps Put Insurance Costs Back in Focus for Tradies
Renewal Notice Gaps Put Insurance Costs Back in Focus for Tradies
05 Jul 2026: Paige Estritori
Australian tradies know the pressure of keeping cover in place while juggling wages, materials, fuel, tax, vehicle costs and unpredictable cash flow. A new review by the General Insurance Code Governance Committee is a timely reminder that the way an insurance renewal is presented can make a real difference to what a small business owner understands, compares and ultimately pays. - read more
Mercer Super Fine Shows Why Life Cover Needs Regular Checks
Mercer Super Fine Shows Why Life Cover Needs Regular Checks
05 Jul 2026: Paige Estritori
A new Federal Court penalty against Mercer Super has put another spotlight on the systems that sit behind insurance held through superannuation. Mercer Super has been ordered to pay $10.3 million after failures to report internal investigations into significant member service issues to ASIC, including one matter involving insurance premiums that continued to be charged after members had died. - read more
H5 Bird Flu Detections: What Farm Operators Should Review Now
H5 Bird Flu Detections: What Farm Operators Should Review Now
05 Jul 2026: Paige Estritori
Australia’s H5 bird flu situation has moved quickly, with authorities responding to new detections in migratory seabirds, including a confirmed case in New South Wales and further concerns in Western Australia. Importantly for producers, officials have continued to stress that there is currently no evidence of infection in poultry or the wider agricultural production system, and the public health risk remains low. - read more
BHSI Launch Highlights SME Management Risk Needs
BHSI Launch Highlights SME Management Risk Needs
05 Jul 2026: Paige Estritori
Australian small and medium-sized businesses have another management liability option to consider, after BizCover expanded its partnership with Berkshire Hathaway Specialty Insurance Company on 1 July 2026. The new product has been added to BizCover’s online platform and is aimed at organisations with annual turnover up to $25 million and up to 200 staff, with cover limits available up to $5 million. - read more
Click for more Insurance News


Cyber Insurance Articles

Cyber Security Checklists: Keeping Your Small Business Safe
Cyber Security Checklists: Keeping Your Small Business Safe
In today's digital age, cyber security has become a critical aspect for small businesses in Australia. As more operations move online, the potential for cyber threats increases. Small businesses are particularly vulnerable, making it essential to understand and address these risks proactively. - read more
Understanding the Importance of Cyber Insurance in the Digital Age
Understanding the Importance of Cyber Insurance in the Digital Age
As we dive deeper into the digital era, the topic of cyber security becomes increasingly critical. With businesses and individuals relying heavily on digital technologies, the threat of cyber attacks looms larger than ever. This introductory section aims to unpack the concept of cyber insurance as a tool to mitigate these risks. - read more
The Importance of Cyber Risk Management in Modern Business
The Importance of Cyber Risk Management in Modern Business
Cyber risk management involves identifying, assessing, and prioritizing potential risks to an organization's digital assets and implementing measures to mitigate these threats. - read more
Before You Apply for Cyber Insurance: What You’ll Be Asked (and What It Really Means)
Before You Apply for Cyber Insurance: What You’ll Be Asked (and What It Really Means)
Cyber insurance is one of the most valuable business covers available today, but it is also one of the most confusing to apply for. Many business owners expect it to work like other insurance types, where you provide basic details such as turnover, industry, and location, then receive a quote. Cyber insurance is different. It behaves less like a simple application and more like a risk interview. - read more
Protect Your Data: Cyber Security Measures Every Aussie Company Must Implement
Protect Your Data: Cyber Security Measures Every Aussie Company Must Implement
In today’s digital landscape, Australian companies face an increasing threat from cyber criminals. The paramount importance of cybersecurity has never been more evident, with the surge of incidents exposing the vulnerabilities in organizations' digital defenses. As we usher into an era where data breaches and cyber attacks are commonplace, protecting digital assets becomes a crucial part of doing business. - read more

Knowledgebase
Liability Insurance:
A type of insurance that provides protection against claims resulting from injuries and damage to people and/or property.

Quick Links: | Cyber Insurance | Business Cyber Insurance | Cyber Liability Insurance | Small Business Cyber Insurance | Cyber Risk Insurance | Commercial Cyber Insurance | Cyber Security Insurance | Data Breach Insurance | Cyber Attack Insurance | Cyber Insurance Coverage | Cyber Insurance Policy
This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.
IMPORTANT: We act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.