16 Dec 09
Swiss Re’s new sigma study, “Commercial liability: a challenge for businesses and their insurers”, highlights the challenges of managing and insuring liability risk. The authors note that the best products and the best underwriting methodology for liability risk are no substitutes for adequate pricing. Prices should reflect escalating claims trends and the uncertainties of a rapidly changing technological and legal environment.
15 Dec 09
After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “The Fed reiterated that it will be on hold for an extended period, which we estimate to be until late 2010. The Fed should have no trouble in managing the ‘exit’ strategy, assuming there is no political interference with its work.”
London, 15 December 2009 – Swiss Re has entered into its first longevity transaction with a pension fund. With this transaction, Swiss Re will provide the UK’s Royal County of Berkshire Pension Fund (RBPF) with protection against the uncertainty associated with longevity risk on CHF 1.7 billion of pensioner liabilities.
14 Dec 09
Zurich/Copenhagen, 14 December 2009 – Swiss Re representatives are participating at the COP 15 negotiations in Copenhagen, representing the Swiss Insurance Association as part of the official Swiss delegation. The reinsurance company Swiss Re advocates fast transition from Copenhagen discussions to immediate implementation of climate adaptation measures, in order to reduce losses caused by climate risks.
10 Dec 09
UK consumers are confused about what insurance cover they think they have compared with what they are actually covered for, according to Swiss Re’s latest edition of its flagship Insurance Report. Swiss Re is prompting UK life insurers to keep product definitions simple and to improve the transparency of what they offer.
08 Dec 09
Zurich, 9 December 2009 – Swiss Re’s Investors’ Day conference today will provide insight into some of the key drivers and processes behind its core business, focusing on cycle management, portfolio steering and risk management.
03 Dec 09
Swiss Re is calling on UK life insurers to root out the complexity around terminology, products and services and says that now is the time for the industry to improve its engagement with consumers. This is among the key messages in the latest edition of Swiss Re’s Insurance Report entitled “The cost of doing nothing”. While consumers display a positive attitude to receiving independent advice on savings or protection cover, they show limited willingness to pay fees for it. They also struggle to identify the names of independent financial adviser companies.
Swiss Re has obtained USD 150 million protection for North Atlantic hurricane, European windstorm and California earthquake through the Successor X catastrophe bond programme.
01 Dec 09
London, 1 December 2009 – Swiss Re’s economists predict that insurance and reinsurance will continue their recoveries in 2010, based on the assumption of a “U-shaped” recovery. Balance sheets will further strengthen and profits will increase. Growth will be positive but quite sluggish both in life and non-life insurance. This outlook could be muted by looming regulatory challenges, along with the trend for higher claims for catastrophic events, increasingly driven by climate change.
30 Nov 09
According to initial estimates from Swiss Re’s forthcoming sigma study, the total cost to society of natural catastrophes and man-made disasters in 2009 was USD 52 billion versus USD 267 billion in 2008. The cost to insurers in 2009 was USD 24 billion. Insured losses were below average due to a calm US hurricane season.
24 Nov 09
Swiss Re today announced the transfer of USD 75 million of extreme mortality risk in the U.S. and UK to the capital markets through a new VITA securitisation programme.
04 Nov 09
After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “There was no surprise, as expected, with the target policy rate today.”
03 Nov 09
Swiss Re reported net income of CHF 334 million for the third quarter of 2009. The estimated excess capital position at the AA level increased to more than CHF 6 billion. Swiss Re’s core business continued to deliver very strong results, and the company achieved further significant progress in de-risking its Legacy portfolio.
23 Oct 09
Swiss Re is very well positioned to enter this year’s renewal discussions in Baden-Baden. Swiss Re will use the week ahead to emphasise its strong offering to European clients, and to reinforce the company’s focus on a sustainable underwriting relationship with cedants.
08 Oct 09
Swiss Re today announced that it has received a composite licence from Bank Negara Malaysia to write Retakaful business, and opened a dedicated Retakaful operation in Kuala Lumpur.
02 Oct 09
The winning project, submitted as part of the development proposals sponsored by Swiss Re, comes from architects Diener & Diener Architekten, Basel. Construction is expected to begin at the end of 2012 at the earliest.
29 Sep 09
Swiss Re today announced the launch of a Focus report titled “Betting the farm? Agricultural risks in Brazil”, which demonstrates that while Brazilian farmers are aware of the risks posed by weather and commodity prices, few have the insurance coverage that could protect them. The report discusses the reasons for low insurance penetration and proposes measures at both the farm level and the national level that will help to develop a more robust agricultural insurance framework.
25 Sep 09
Swiss Re, Oxfam America, The Rockefeller Foundation and The International Research Institute for Climate and Society at Columbia University (IRI) announced a joint Commitment to Action at the Clinton Global Initiative (CGI) 2009 meeting in New York on 22 – 25 September. Aimed at helping communities most vulnerable to climate variability and change, the collaboration will expand on their joint 2008 commitment focused on using risk reduction and risk transfer skills to improve financial and food security for farmers within the drought-prone village of Adi Ha, Tigray Regional State, Ethiopia.
14 Sep 09
A report from the Economics of Climate Adaptation Working Group released today indicates that climate risks could cost nations up to 19% of their GDP by 2030, with developing countries most vulnerable. The report concludes, however, that cost effective adaptation measures already exist that can prevent between 40 and 68 percent of the expected economic loss with even higher levels of prevention possible in highly target geographies.
07 Sep 09
According to Swiss Re’s new sigma study, “The role of indices in transferring insurance risks to the capital markets”, both (re)insurers and investors benefit when clearly defined and regularly updated indices are used in insurance-linked securities (ILS) and other risk-transfer instruments. These instruments provide (re)insurers with an additional capital management tool, while investors gain access to an attractive, diversifying asset class.
Swiss Re is strongly positioned to provide capacity at the right price to support clients in seizing business opportunities.
25 Aug 09
Swiss Re is intensifying its efforts to urge governments to take a more joined-up approach to managing risk. In Helsinki today, the global reinsurer will use its flagship Nordic Risk & Insurance Summit (NORIS™) conference to suggest how governments can improve the way they tackle large-scale disasters and work more closely with insurers to deal with crises quickly and cost-effectively. With winter storm risk expected to double in some parts of Scandinavia by the end of the century, Swiss Re is also aiming to raise awareness of the need to close the gap between economic and insured losses.
12 Aug 09
After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “As expected, the Fed maintained its target policy rate today and they will persist with this policy well into next year. Quantitative easing will also continue. With high unemployment and low capacity utilization, inflation will not be a problem. Also, the Fed knows how to exit from the quantitative easing programs – this should not be a concern.”
05 Aug 09
In the second quarter of 2009, Swiss Re further increased its capital strength and estimates that its excess capital at the AA level has improved to CHF 4.5 billion. The Group also made significant progress in de-risking its Legacy portfolio. Solid underlying earnings in the core business were offset by mark-to-market losses on hedges and impairments. This resulted in a net loss of CHF 381 million for the quarter.
31 Jul 09
Swiss Re today announced that it has entered into an agreement with the Beijing Municipal Government to provide reinsurance coverage for catastrophe risks under Beijing’s government-funded agricultural insurance scheme.
29 Jul 09
Swiss Re announces the successful closing of a USD 200 million insurance-linked securities offering of hurricane risk in North Carolina through Parkton Re Ltd. (Parkton Re), a Cayman Islands exempted company.
30 Jun 09
World insurance premium volume rose slightly to USD 4270 billion in 2008. However, adjusted for inflation, premiums declined by 2%. Global life premiums fell by 3.5% in 2008, mainly driven by a sharp fall in the sale of unit-linked and single premium life insurance products in the industrialised countries. Non-life premiums decreased by 0.8%.
24 Jun 09
After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “As expected, the Fed is maintaining its target policy rate and this will continue until the middle of next year. Quantitative easing will also continue. Though oil prices have risen recently, they remain low compared to a year ago. Hence, year-over-year all items CPI inflation will be negative for most of this year, turning positive only late in 2009. High unemployment and low capacity utilization will keep inflation in check through 2010, so the Fed will not need to act aggressively to control inflation next year.”
15 Jun 09
A new study on the risk appetite of Asia-Pacific’s Generation X and Y of 20 to 40 year olds, has found that despite the global economic downturn, most Asia-Pacific SMEs are still willing to take risks to achieve growth while being more cautious about operational risks. The survey also showed that as consumers, these young adults are more concerned about their financial future than expected but few have any plans in place to manage that future.
12 Jun 09
Swiss Reinsurance America Corporation has obtained USD 100 million protection against US hurricane and earthquake risks in the US from Calabash Re III Ltd., a Cayman Islands exempted company (the “issuer”), which was financed through the successful offering by the issuer of insurance-linked securities. In this transaction, Swiss Reinsurance America Corporation will use the reinsurance purchased from the issuer as a source of capacity for a reinsurance agreement that provides ACE American Insurance Company and its affiliates with USD 100 million of coverage over three years.
09 Jun 09
Swiss Re now offers Lead Umbrella coverage to retail brokers and risk managers in the United States. Customers working with Swiss Re receive customized solutions backed by net capacity that is rated among the highest in the industry. Lead Umbrella coverage from Swiss Re’s Industrial Risk Insurer (IRI) is available on an admitted basis in 46 states and underwritten by North American Elite Insurance Company, a member of the Swiss Re Group.
28 May 09
London, 28 May 2009: Swiss Re today reports an increase in the sale of new whole life policies and a modest increase, for the first time since 2002, in the number of new individual income protection sales in the UK life market. Swiss Re is again calling on the industry to make consumers better aware of the need to buy adequate protection cover.
19 May 09
Swiss Re today published a series of recommendations to improve the recognition of risk mitigation techniques in the EU Solvency II framework, as a means to better managing capital efficiency. For non-life insurance companies, ensuring that non-proportional reinsurance is properly recognised should be a key priority under the incoming risk and capital regime. Swiss Re’s new Focus report, “Solvency II Standard Formula: Consideration of Non-Life Reinsurance”, provides a leading contribution to help reinsurers and their clients adapt to the new regulatory environment.
07 May 09
Swiss Re reports a net profit of CHF 150 million for the first quarter of 2009. Property & Casualty delivered premium growth and excellent underwriting performance, while Life & Health income grew as a result of favourable mortality developments.
29 Apr 09
After today’s decision by the Federal Reserve (the Fed) to maintain the target Fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl commented: “As expected, the Fed will remain at this target until economic conditions allow for an increase in rates which we currently forecast for the middle of next year. Quantitative easing — increasing the supply of money, purchasing Treasury notes — will also continue. The US will have deflation this year compared to last year, since energy prices are so much lower. Inflation is likely to be very low for the next few years, despite the monetary growth, due to large excess of labor and productive capacity.”
23 Apr 09
Today, Swiss Re launches a new report covering the latest trends in group risk business in the UK. Based on data contributed to Swiss Re by the UK’s leading group risk providers, Group Watch 2009 provides an authoritative snapshot of the level of group risk business in the market. The survey points to a modest rise in the UK group death benefits and income protection market and a more substantial growth in critical illness business in 2008. Uncertainty over regulation continues to be a challenge for the market and, given the economic climate, promoting the value of group risk benefits has never been more important.
02 Apr 09
Swiss Re announced today that it has named Agostino Galvagni as Chief Operating Officer and Member of the Executive Committee, effective 1 May 2009. To enhance the company’s leading position in the reinsurance sector, Swiss Re is taking steps to increase its focus on profitable core business and strengthen its capital position. Swiss Re will also accelerate efforts to simplify the organisation and improve operational effectiveness. As previously announced, this will lead to running cost reductions of CHF 400 million by the end of 2010.
20 Mar 09
An Afghanistan-based project with the dual goal of preventing downstream flood damage, and increasing land productivity through holistic watershed management, has won the seventh Swiss Re 2009 International ReSource Award for sustainable watershed management. The project will receive prize money of USD 150 000. The award ceremony was held today in Istanbul on the occasion of this year’s World Water Forum.
17 Mar 09
2008 was one of the worst years for catastrophe losses. More than 240 500 people lost their lives. Insurers across the sector paid out USD 52.5bn to compensate for property claims, and the total impact on the economy caused by natural and man-made catastrophes around the world added up to USD 269bn.
13 Mar 09
At Swiss Re’s Annual General Meeting today in Zurich, shareholders approved all proposals put forward by the Board of Directors. In particular, shareholders approved the creation of conditional capital to secure the necessary underlying shares for the convertible perpetual capital instrument to be issued to Berkshire Hathaway Inc. Jakob Baer and John R. Coomber were re-elected to the Board for a three-year term.
Swiss Re announced today that the main terms of the convertible perpetual capital instrument to be issued to Berkshire Hathaway have been finalised. As we previously announced, Berkshire Hathaway had agreed in principle to make a CHF 3.0 billion investment in Swiss Re.
09 Mar 09
Peter Forstmoser, Chairman of the Board of Directors of Swiss Re, has decided to resign from the Board. He is to be succeeded by Walter B. Kielholz, who was up to now Vice Chairman. Peter Forstmoser will step down as of 1 May 2009. Mathis Cabiallavetta, member of the Board of Directors, has been appointed Vice Chairman as of the date of the Annual General Meeting.
04 Mar 09
Following Kaspar Villiger’s nomination for election as Chairman of the UBS Board of Directors today, Mr Villiger will resign as a member of Swiss Re’s Board of Directors with effect from 13 March 2009, the day of Swiss Re’s Annual General Meeting 2009.
25 Feb 09
Governments should improve how they prioritise efforts to prepare for large-scale disasters and work more closely with the private sector to ensure they can deal with crises quickly and cost-effectively, according to a new OECD report.
24 Feb 09
Insurers are increasingly using scenario analysis to evaluate multiple risks, but the industry could do more to fully exploit state-of-the-art approaches, according to Swiss Re’s new sigma study.
19 Feb 09
Swiss Re announced today that it has sent out the invitation to shareholders for its 145th Ordinary General Meeting on Friday, 13 March 2009, in Zurich, Switzerland.
Swiss Re reported a net loss for 2008 of CHF 864 million and a return on equity of -3.4%, driven by investment losses. In spite of extreme financial market turbulence and a significant natural catastrophe burden faced by the insurance industry, the core business delivered strong underwriting results. The Group has taken extensive measures to further de-risk its investment portfolio and reinforce its capital position.
12 Feb 09
Swiss Re’s Board of Directors announced today that it has accepted the resignation of Jacques Aigrain as Chief Executive Officer, and has appointed Stefan Lippe, currently Deputy Chief Executive Officer and Chief Operating Officer, as his successor. Mr Aigrain will support the transition through 18 February 2009.
05 Feb 09
Swiss Re Group announced today that it expects to report a net loss for the full year 2008 of approximately CHF 1 billion. Shareholders’ equity at 31 December 2008 is estimated to be between CHF 19 billion and CHF 20 billion. The Group is taking significant measures to reinforce its capital strength. In addition to ongoing de-risking in its investment portfolio, the Group is raising CHF 3 billion of capital from Berkshire Hathaway Inc., subject to shareholder approval, and will consider further equity raising of up to CHF 2 billion, subject to market conditions.
28 Jan 09
Swiss Re’s Employer Stop Loss insurance coverage is providing benefits to the growing number of companies interested in self-funding their employee health plans in the United States. The coverage enables employers to cap their liability and benefit from self-funding their employee health plans.
13 Jan 09
A report released today by the World Economic Forum warns of challenging risks to the global economy in 2009. Global Risks 2009 identifies deteriorating fiscal positions, a hard landing in China, a collapse in asset prices, gaps in global governance and issues relating to natural resources and climate as the pivotal risks facing the world this year. Swiss Re is among the organisations involved in contributing to the report.
08 Jan 09
Agricultural insurance plays an important role in stimulating investment in agriculture and in stabilising farmers’ income. In a Focus Report titled: Setting up sustainable agricultural insurance: the example of China, released today, Swiss Re suggests that China’s experience with agricultural insurance subsidies could point the way for other emerging markets to drive growth and secure food supply. The report also recommends that all stakeholders in the agricultural insurance sector collaborate to ensure risk-adequate pricing and to develop viable risk assessment procedures and solutions for local markets.
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