Swiss Re
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Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72. -
The executive was previously head of casualty underwriting for EMEA.
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Cedants are grappling with rising rates while coverage narrows.
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The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
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Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
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Most ILS firms are marking the Ian loss as a $50bn+ event, although there are exceptions.
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The reinsurers will provide a parametric solution to ensure a fast payout.
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Early reporters emphasised an ongoing demand for structural change.
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The group booked a net loss of $285mn and negative return on equity due to cat losses, prior-year reserve charges and falling investment yields.
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The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.
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The carrier is likely to book a Q3 net loss of $500mn for the storm.
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The reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.
