Swiss Re: Market recovery, price rise & growth continues

Christian Mumenthaler, CEO of reinsurance giant Swiss Re, has recognised that the insurance and reinsurance market was seeing positive improvement an improving market which goes some way to explain the price improvements and continued premium growth the re/insurer is experiencing.

Swiss Re reported its first-half results showing continued premium growth as the company takes advantages of better rates and gave further details on the price increases achieved.

Overall, the company sees a better marketplace right now, leading it to grow across its property & casualty reinsurance, life & health reinsurance and commercial insurance through Corporate Solutions.

Life & health premium growth led the way, but Swiss Re is also taking on more catastrophe and weather risk through P&C reinsurance premium growth as well, albeit at a slower rate in the second-quarter, as well as more significant premium growth in Corporate Solutions, as it looks to gain access to premiums from as close to the source as possible.

Commenting on the state of the market, Mumenthaler said, “It is positive to see that the market environment is gradually recovering.

“We improved our profitability and underwriting performance, especially in P&C, and our solid results show the value of our diversified book of business. I’m also pleased that we were able to grow as a Group overall.”

So far this year Swiss Re has grown its reinsurance treaty volumes by nine percent to USD14.4 billion, with the resulting portfolio having a risk-adjusted price quality of 103 percent, while the renewed portfolio from the July renewals resulted in a risk-adjusted price quality of 104 percent.