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Swiss Re: Covid-19 impact in H1 2020

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Magazine Issue: 
The pandemic risk, insurers’ future Eldorado [3]
Magazine date: 
Jul 2020

SWISS REAccording to preliminary results, after recording a net profit of 953 million USD in the first half of 2019, Swiss Re [4] is believed to sustain up to 1.1 billion USD of losses by late June 2020.

The economic crisis caused by the pandemic is greatly impacting the reinsurer. Swiss Re is required to make claim provisions of 2.5 billion USD, including:

  • 1.5 billion USD for Property and Casualty activity
  • 0.5 billion USD for companies
  • 0.5 billion USD for the life and health activities

Swiss Re has already allocated 476 million USD to deal with the claims of event cancellations. Despite the crisis, the world's second reinsurer reaffirms its solid capitalization with a solvency ratio (SST) above 220% as of 1 July 2020.

The detailed half-yearly results shall be published on 31 July 2020.

Read also | Top 10 global reinsurance companies [5]

Tue, 28/07/2020 - 10:36

Source URL: https://www.atlas-mag.net/en/article/swiss-re-covid-19-impact-in-h1-2020

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[3] https://www.atlas-mag.net/en/issue/pandemic-risk-future-eldorado-of-insurers
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[5] https://www.atlas-mag.net/en/article/top-10-global-reinsurance-companies-according-to-2019-gross-written-premiums