Swiss Re Outpaces Expectations with Strategic Renewals and Diminished Catastrophe Claims

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.

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:

Insurance News

Clear

Income Protection Complaints Remain a Key Life Insurance Pressure Point

28 Oct 2026: Paige Estritori

The Australian Financial Complaints Authority’s latest annual review has put income protection insurance back in focus, with the product again attracting the highest number of life insurance complaints in 2025-26. The figures are a useful reminder that the real value of cover is tested not at purchase, but when illness or injury interrupts a person’s capacity to earn. - read more

Farm Flood Dispute Shows the Cost of Delayed Claims Handling

28 Oct 2026: Paige Estritori

A recent Australian Financial Complaints Authority determination involving a flooded farmhouse has put claims handling back under the microscope for rural policyholders, after the insurer was ordered to pay almost $432,000 across building repairs, additional temporary accommodation, professional costs and compensation for non-financial loss. The decision, dated 27 August 2026 and reported by Insurance News on 15 October 2026, is a useful reminder that the practical aftermath of a farm flood can extend well beyond the first clean-up. - read more

Truck Claim Dispute Shows Disclosure Evidence Matters

24 Oct 2026: Paige Estritori

A recent Australian Financial Complaints Authority decision involving a vandalised Hino truck is a useful reminder that disclosure disputes in commercial motor insurance turn on evidence, not assumptions. Reported by insuranceNEWS.com.au on 15 October 2026, the matter ended with Suncorp being ordered to reinstate the policy and reassess the claim after AFCA found the insurer had not proved that undisclosed driving history would have justified refusing the risk. - read more

Why rising builder failures matter for contract works cover

17 Sep 2026: Paige Estritori

Australia's construction sector remains under pressure, with recent insolvency figures continuing to show building and construction as one of the most exposed parts of the economy. Higher material costs, tight margins, labour shortages, delayed payments and fixed-price contract stress have all contributed to a tougher operating environment for builders, subcontractors and project owners. - read more

How Softer Truck Sales Can Affect Insurance Decisions

17 Sep 2026: Paige Estritori

Recent transport industry sales updates point to a more selective new-truck market, with operators weighing replacement timing against finance costs, emissions planning, availability and contract confidence. For truck businesses, that matters well beyond the showroom. A change in buying momentum can flow through to vehicle values, repair economics, insurer appetite and the way fleets should set insurance sums before renewal. - read more

Click for more Insurance News