Swiss Re News

Swiss Re Swings to Q1 Loss as Coronavirus Outbreak Bites

FRANKFURT — Reinsurer Swiss Re swung into a net loss in the first quarter of 2020 as the impact of the coronavirus outbreak began to bite, it said on Thursday. The Zurich-based company booked a hit of $476 million for …

Swiss Re, Zurich Insurance in Talks With Watchdog on Virus Shock

Switzerland’s top insurance companies are in talks with the financial regulator about the impact of the coronavirus outbreak on their capital buffers and their business, according to people familiar with the matter. The watchdog contacted Swiss Re AG, Zurich Insurance …

Silver Lining For Some: Virus Shutdown Boosts China P/C Insurers

HONG KONG/BEIJING — Chinese non-life insurers are discovering a silver lining to the cloud spreading over China’s economic performance from the coronavirus outbreak — a sharp drop in car accident claims. Beijing’s efforts to contain the new coronavirus have included …

Business People: Sedgwick, Swiss Re and Crawford & Co.

Sedgwick Appoints Pool Administrator Sedgwick has hired Rob Kramer, a former York Risk Services manager, as director of pool administration. Kramer will be responsible for developing creative solutions to help risk pools continue to thrive as they face exposures and …

Litigation Funding Bills Crop Up in State Houses Across the Country

Lawmakers in three states and in Congress have introduced bills to impose more controls on litigation funding companies, which insurers contend are one of the factors leading to an increase in “nuclear verdicts” that have pushed up claims costs and …

Typhoon-Lashed Philippines Taps Catastrophe Bonds

The Philippines, among the world’s most disaster-prone nations, sold its maiden foreign-currency catastrophe-linked bonds to help cover costs of major calamities, in conjunction with the World Bank. The dual-tranche transaction consists of a $150 million issuance against losses from, , …

Fire and Hail Push Insurers to Rethink Climate Change Risks

LONDON — By the time David Kaisel got back from selling his flour at a farmers’ market, a wildfire in California’s Capay Valley had burnt both his tractor and the shipping container where he kept some tools. His insurer is …

Brokers Packaging Cybersecurity with Cyber Insurance

Insurance retailers are teaming up with tech wizards to sell cybersecurity along with cyber coverage as a means of trimming premiums and winning over customers in a vastly underserved market: small and mid-sized businesses. Coalition, a San Francisco managing general …

Ethiopian Airlines, MAX Claims Put Pressure on Swiss Re Profits

FRANKFURT — Swiss Re’s first-half net profit fell 5.3%, as claims relating to the Ethiopian Airlines crash and the subsequent grounding of the Boeing 737 MAX, plus natural catastrophes took their toll. The world’s second-largest reinsurance company highlighted claims from …

Boeing Crashes Leave $450 Million Bill for European Insurers

Europe’s biggest insurers are on the hook for as much as $450 million from a pair of airline crashes involving Boeing Co. 737 Max planes. Munich Re reckons it could pay 150 million euros ($168 million), an estimate that Chief …