SWISS RE LTD


Associated tags: Climate change, Swiss Re, Insurance, Crime, Law

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New record of 142 natural catastrophes accumulates to USD 108 billion insured losses in 2023, finds Swiss Re Institute

Retrieved on: 
Wednesday, April 10, 2024

Global insured losses from natural catastrophes outpaced global economic growth over the past 30 years: From 1994 to 2023, inflation-adjusted insured losses from natural catastrophes averaged 5.9% per year, while global GDP grew by 2.7%.

Key Points: 
  • Global insured losses from natural catastrophes outpaced global economic growth over the past 30 years: From 1994 to 2023, inflation-adjusted insured losses from natural catastrophes averaged 5.9% per year, while global GDP grew by 2.7%.
  • 2023 was also marked by a high frequency of events as 142 insured natural catastrophes set a new record.
  • Hailstorms are by far the main contributor to insured losses from SCS, responsible for 50–80% of all SCS-driven insured losses.
  • Global insured losses from SCS accumulated to a new record of USD 64 billion globally in 2023, 85% originating in the US.

Economic losses set to increase due to climate change, with US and Philippines the hardest hit, Swiss Re Institute finds

Retrieved on: 
Wednesday, March 13, 2024

Jérôme Jean Haegeli, Swiss Re's Group Chief Economist, says: "Climate change is leading to more severe weather events, resulting in increasing impact on economies.

Key Points: 
  • Jérôme Jean Haegeli, Swiss Re's Group Chief Economist, says: "Climate change is leading to more severe weather events, resulting in increasing impact on economies.
  • The more accurately climate change risks are priced, the greater the chances that necessary investments will actually be made."
  • This provides a view of the possible direct economic implications if weather-related natural catastrophes intensify due to climate change.
  • Ultimately, losses as a share of GDP of each country will depend on future adaptation, loss reduction and prevention.

Multi-cancer early detection tests: a simple blood test has the potential to revolutionise cancer screening

Retrieved on: 
Monday, February 5, 2024

Swiss Re Institute's new report "Multi-Cancer Early Detection: cancer screening beyond today's boundaries", explores the future risks and opportunities for patients and insurers.

Key Points: 
  • Swiss Re Institute's new report "Multi-Cancer Early Detection: cancer screening beyond today's boundaries", explores the future risks and opportunities for patients and insurers.
  • However, given this early stage of their development, we need to carefully examine their potential, their risks, and the implications for insurers."
  • MCED blood tests are a type of liquid biopsy which can detect cancer biomarkers in a single sample of blood.
  • How to order this study:
    You can download "Multi-Cancer Early Detection: cancer screening beyond today's boundaries" here .

Swiss Re studies reveal that Electronic Health Records can speed up underwriting process by more than seven times

Retrieved on: 
Tuesday, December 26, 2023

Swiss Re's extensive learnings emphasize the significance of digital Electronic Health Records (EHRs) for quicker and more accurate underwriting decisions.

Key Points: 
  • Swiss Re's extensive learnings emphasize the significance of digital Electronic Health Records (EHRs) for quicker and more accurate underwriting decisions.
  • Armonk, New York, 15 November 2023 – Studies from Swiss Re and leading life carriers reveal that Electronic Health Records (EHRs) can have a transformative impact on the traditional life & health underwriting process, resulting in quicker, non-invasive decisions for customers, more personalized risk assessment by underwriters, and maintained mortality expectations.
  • "We believe that the use of Electronic Health Records creates opportunities to offer a wider range of customers a less invasive process and faster underwriting decisions.
  • Further information on forward looking statements can be found in the Legal Notice section of Swiss Re's website.

Global outlook: Insurance industry strengthens resilience in challenging environment, says Swiss Re Institute

Retrieved on: 
Thursday, December 21, 2023

Major economies are diverging with the US continuing to grow, Europe stagnating and China grappling with structural domestic growth challenges.

Key Points: 
  • Major economies are diverging with the US continuing to grow, Europe stagnating and China grappling with structural domestic growth challenges.
  • According to the sigma "Risk on the rise as headwinds blow stronger" the global insurance industry's strengthening financial position offers welcome reinforcement against elevated macroeconomic and geopolitical risks.
  • Jérôme Jean Haegeli, Swiss Re's Group Chief Economist, says: "Fading economic tailwinds and geopolitical uncertainties reinforce the primary insurance industry's essential role in risk transfer.
  • The adjustment to the new normal of higher interest rates is supportive for the global life insurance industry.