Follow @dorgang

Follow @snbchf

Home › 3) Swiss Markets and News › 3.) Swissinfo Business and Economy › Swiss Re sees demand for reinsurance rise amid natural disasters

Previous post Next post

Swiss Re sees demand for reinsurance rise amid natural disasters

Published on September 9, 2024

See on Internet Archive

by
Swissinfo
My articles My site About me My videos My books
Follow on:Twitter Facebook Google +

Swiss Re sees demand for reinsurance rise amid natural disasters — Demand for reinsurance is rising amid more natural disasters, wars and economic instability Keystone-SDA

Generated with artificial intelligence.

Swiss insurance group Swiss Re anticipates an increase in demand for reinsurance coverage, in the face of growing risks posed by natural disasters, macroeconomic instability and political tensions.

This content was published on September 9, 2024 - 12:09

+ Get the most important news from Switzerland in your inbox

“Risks have increased, and so has demand,” stressed Urs Baertschi, CEO of the Zurich-based group’s property-casualty reinsurance business, quoted in a press release on Monday. Reinsurance therefore remains “a natural choice” for insurers to “protect themselves from excessive losses”, he added.

Among the drivers of demand are rising property values, urbanisation and inflation-induced cost increases, as well as more frequent natural disasters. The year 2023 was the fourth consecutive year in which insured damage costs exceeded $100 billion (CHF85 billion) worldwide.

And 2024 is unlikely to escape this trend, with insurance losses costing some $60 billion in the first half of the year alone, an amount 62% higher than the ten-year average, warned the world’s number two reinsurer.

+ Swiss storm damage to exceed CHF200 million

Particular fields, notably engineering and cyberspace, are also experiencing growing demand, driven respectively by renewable energies and cyber attacks.

In the US, the trend towards compensation lawsuits is weighing on the industry. In 2023, US courts awarded damages in excess of $100 million in 27 cases, Swiss Re reported on the sidelines of the industry’s annual meeting in Monte Carlo.

Translated from French by DeepL/jdp

This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.

If you want to know more about how we work, have a look here, if you want to learn more about how we use technology, click here, and if you have feedback on this news story please write to [email protected].

Swiss politician resigns after firing shots at Jesus picture

This content was published on Sep 9, 2024 Zurich politician Sanija Ameti has been heavily criticised and reported to the police after firing shots at a picture with a Christian motif.

Thousands of signatures for Bern initiative disappear

This content was published on Sep 9, 2024 A package containing signatures to be certified for the city's minimum wage initiative has gone missing from the Bern City Chancellery.

Switzerland calls for UN probe of Sri Lanka army

This content was published on Sep 9, 2024 Switzerland has called for an investigation into evidence of arbitrary arrests and abuse by the army in Sri Lanka.

Swiss Federal Railways reports lower profit, higher punctuality

This content was published on Sep 9, 2024 Swiss Federal Railways made only half as much profit in the first half of 2024 as in the same period of the previous year.

US film wins at Fantoche animation festival in Switzerland

This content was published on Sep 9, 2024 The international festival for animated film Fantoche in Baden attracted 21,500 visitors to its 22nd edition.

Switzerland breaks medal record at 2024 Paralympics

This content was published on Sep 9, 2024 With 21 medals, Switzerland experienced the most successful Games of this millennium.

New labour agreement for Edelweiss pilots to come into force this year

This content was published on Sep 9, 2024 The newly negotiated collective labor agreement (CLA) for cockpit staff at the airline Edelweiss is to be signed this year. According to the pilots' association, the original aim was for the new CLA to come into force in fall 2024.

Swiss finance expert defends austerity measures

This content was published on Sep 9, 2024 The head of the group of experts for the Swiss government's savings proposals sees his work vindicated by the criticism coming from the right and the left.

Hotel rates already spiking ahead of 2025 Eurovision in Basel

This content was published on Sep 8, 2024 A week after Basel was chosen to host the Eurovision Song Contest next year, hotel prices are soaring in neighboring cities.

Swiss Post restructure going ahead as planned, says CEO

This content was published on Sep 8, 2024 The postal service is going ahead with planned cuts to its nationwide network of branches, regardless of political initiatives, says Robert Cirillo.

Full story here Are you the author?

About Swissinfo

SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.

My articles My site About me My books
Follow on:Twitter Facebook Google +