Speaking earlier today during Swiss Re’s earnings call for the third quarter of 2024, Group Chief Executive Officer (CEO), Andreas Berger stated that given the current trends being seen across the reinsurance market, he expects 1.1 to be a constructive renewal season.
During the call, Berger addressed the firm’s starting position for fast-approaching January renewals, as well as how Swiss Re assesses the pricing situation in general and whether severe natural disasters, particularly in the second half of the year, have improved the position for price increases heading into the renewals.
“We have seen that these natural catastrophe events, they didn’t stop. We have seen increased activity on the more mid sized losses, and that definitely requires, or has led to further demand on the reinsurance side,” Berger explained.
“So, primary insurance companies are looking for more capacity. So, hence, I think it’s a very active market, and it’s a very constructive market.”
He continued by explaining that the further strengthening of terms and conditions that have previously taken place are being confirmed.
“That is the trend that we see at the moment. And, it’s obviously early to say as we’re in the midst of all negotiations, but that’s sort of the trend I can confirm. It’s a constructive renewal season,” he added.
Earlier today, Swiss Re released its financial results for 9M 2024 and Q3 2024, which included a net income of $2.2 billion and $102 million, respectively.
The reinsurer also achieved a return on investments of 3.9% in the nine month period, which the carrier attributes to a continued strong contribution from recurring income.
In related news, the reinsurance giant recently agreed to sell iptiQ’s European property and casualty (P&C) business to Allianz Direct, the pan-European online insurer of Allianz Group.
