Swiss Re
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The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation. -
Swiss Re Alternative Capital Partners assets under management hit $3.3bn as of 30 September.
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Swiss Re says economic growth slowdown and elevated geopolitical uncertainty dampen the outlook for the primary insurance industry.
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The carrier reported a Q3 combined ratio of 138.8% for casualty within the P&C re unit.
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The reinsurer said hardening of property reinsurance conditions must continue.
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The pricing settled at 925 basis points, which is towards the lower end of the initial guidance of 900-975 basis points.
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Competition at the upper layers of reinsurance towers could lead to the creation of ‘riskier’ cat bonds, said Swiss Re Capital Markets.
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AM Best said market hardening was likely to continue through 2024, given global market conditions.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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A total of 10 events caused more than $1bn in losses each.
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CFO John Dacey said the carrier remains underweight in Florida due to concerns around underlying economics.
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