A high loss experience affects Swiss Re’s results

The high total loss ratio related to hurricanes along the American shores and the Gulf of Mexico has affected the Swiss reinsurer's performance whose net profit was cat down by 41% to settle at 1 billion EUR (1.21 million USD). The 2005 total bill for the natural catastrophes worldwide has amounted to 230 billion USD, 83 billion USD of which are insured damages. As far as Swiss Re is concerned, losses have amounted to 1.9 billion EUR (2.3 billion USD), hence the deterioration of its combined ratio for non-life operations which rose from 97% in 2004 to 108.7% in 2005. But despite this black series, Swiss Re has displayed great resistance to shocks thanks to the good diversity of its operations and confidently set the pace for higher profits in 2006.