29 Dec 03
Swiss Re today announced that it has received a branch license from Japan's Financial Services Agency (FSA), which will allow the company to provide its reinsurance services locally, both in Property & Casualty and in Life & Health.
19 Dec 03
Beijing: Swiss Re CEO John Coomber today officially opened the company's China branch here. The China branch will provide nationwide reinsurance services in both Life & Health and Property & Casualty to China's rapidly growing insurance market.
16 Dec 03
According to Swiss Re's preliminary estimates, 20,000 people worldwide were killed by natural and man-made catastrophes in 2003. Overall financial losses from catastrophes amounted to an estimated USD 65 billion. Property insurers across the globe had to contend with losses of some USD 17 billion.
10 Dec 03
Andreas Beerli, Head of Swiss Re's Property & Casualty business in the Americas, asserted today that continued strong pricing throughout the industry may last at least until 2005, and that the current challenging market conditions represent tremendous opportunities for those companies with both strong balance sheets and underwriting acumen.
Swiss Re's sixth survey of economists' opinions shows that there are increasing concerns about currency fluctuations. The 'Economic Risk Survey'1 , conducted in October/November, however also indicated that worries of a sharp decline of stock markets are abating, when compared to the previous survey conducted in April.
08 Dec 03
Swiss Re has successfully sponsored its first ever insurance-linked security relating to life insurance risk, and has obtained USD 400 million of coverage from institutional investors.
03 Dec 03
While financial market turbulence continued to plague the insurance markets in 2002, some signs of recovery were evident in the most important markets: the non-life insurance sector grew at a record-breaking rate, the life sector posted minor improvement. This is the conclusion drawn by a sigma analysis of 2002 insurance data for 91 countries.
29 Nov 03
Seoul: The Korean staff of global reinsurance leader, Swiss Re, took a day off their usual work today to help the Korea National Red Cross deliver 12,000 kgs of Kimchi to families affected by September's Typhoon Maemi.
13 Nov 03
Economic crises such as those that recently hit Argentina and Venezuela inflict damage on the insurance industry in the form of declining premiums and profits and even bankruptcies. As Swiss Re's new "sigma" study 'Emerging insurance markets: lessons learned from financial crises' shows, insurers who have a sound capital base and efficient asset-liability management in place can better withstand the consequences of a crisis.
12 Nov 03
In an effort to enhance economic and intellectual knowledge-sharing between two similar regions, San Francisco and Zurich are coming together to forge the San Francisco-Zurich Initiative (SFZH Initiative).
10 Nov 03
The international insurance industry has been screening its existing terms and conditions for potentially ruinous risks and has identified certain weak points. Swiss Re believes that one of the most perilous shortcomings in traditional property insurance and reinsurance concerns inadequate nuclear risk exclusions.
03 Nov 03
Legislative initiatives within the European Union, as well as at the United Nations, the European Parliament and various countries are currently aimed at introducing a liability regime for dealing with ecological damage. In its new technical publication “The insurability of ecological damage”, Swiss Re puts forward a concept as to how the insurance industry might, from an underwriting point of view, manage the complex ecological damage risk.
Swiss Re announces that it has completed the acquisition of the closed book of business of Zurich Life, one of Zurich Financial Services' United Kingdom based life operations. This is Swiss Re's first Admin ReSM transaction outside of the United States.
30 Oct 03
Swiss Re announced today at the Swiss Re Centre for Global Dialogue that it plans to become a greenhouse neutral company. Swiss Re will initiate a ten-year programme combining internal emissions reduction measures with an investment in the World Bank Community Development Carbon Fund. The voluntary initiative makes Swiss Re the largest global financial services company to set itself the goal to become greenhouse neutral. All Swiss Re locations will participate in the initiative. The programme will utilise the same methodology as Swiss Re offers to clients through its "Greenhouse Neutral" package in partnership with the Commonwealth Bank of Australia.
07 Oct 03
Swiss Re has won the Asian Reinsurer of the Year award for 2003. This is the company’s third win in the Award’s seven year history.
25 Sep 03
The worldwide power generation market has undergone rapid changes in the last ten years. Recent deregulation and privatisation of power utilities has introduced new market players. As profit-oriented operations, these new power producers are more focused on operating and equipment costs and concentrate more closely on bottom line results. Technical performance improvements of power generating equipment are demanded continually.
24 Sep 03
The outbreak of SARS early in 2003 only temporarily dampened insurance market growth in Asia, according to Swiss Re's new "sigma" study. The study maintains that the outlook for Asia's non-life insurance business remains favourable. It also finds that the markets in China and India are quickly gaining importance in the region. In parallel, the corporate landscape and competitive behaviour in the insurance industry are changing fast.
22 Sep 03
The United Nations Development Programme (UNDP), Swiss Re and Harvard Medical School's Center for Health and the Global Environment have embarked on an innovative research study aimed at evaluating health and economic damages from climate change and associated extreme weather events - currently $40 billion annually and projected to reach $150 billion by 2010.
18 Sep 03
Swiss Re today announced that it has been granted a full national reinsurance branch licence from the China Insurance Regulatory Commission (CIRC).
16 Sep 03
Following today's announcement that the Federal Reserve Board would hold the target federal funds rate at 1.0 percent, Swiss Re chief US economist Kurt Karl said, "Since the economy is performing well at this time, the Federal Reserve Board is expected to be on hold for the time being. It takes about a year of solid performance for the Fed to feel reassured the economy is on track for sustained growth.
04 Sep 03
The Swiss Re Board of Directors has appointed W. Weldon Wilson to its Group Executive Board and named him as CEO of Swiss Re's North American life and health operations.
Reinsurers play a key role in absorbing major risks in the insurance sector. Are they themselves a risk to the insurance system, the financial system and the economy as a whole? No, says "sigma" based on empirical evidence and an analysis of possible transmission channels of adverse shocks.
03 Sep 03
Tokyo: Swiss Re today announced its sponsorship of a new scientific study, to be conducted by a joint team of US and Japanese scientists. The study aims for an improved understanding of the probability of earthquake occurrence in the Greater Tokyo area.
01 Sep 03
Dams provide many benefits: electrical power, irrigation, water supply, flood control. Yet increasingly, writes Swiss Re in "Large dams", its most recent publication, dams must harmonise with local sustainability requirements, and fulfil social and environmental criteria as well as economic ones.
29 Aug 03
Swiss Re's first half 2003 earnings increased to CHF 691 million from CHF 118 million in 2002, with positive results from all business groups. Total premiums earned increased to CHF 14 382 million, a 4% increase on 2002 or 19% in original currencies. The benefits of the hard market were realised both in Property & Casualty, with profits of CHF 822 million and 99.8% combined ratio, and in Financial Services which returned a profit of CHF 273 million. Shareholders' equity increased by CHF 1.2 billion in the first six months of 2003 to CHF 17.9 billion. Swiss Re produced a strong investment result in challenging market conditions, with an annualised return of 4.8%, despite absorbing CHF 682 million of impairment charges.
21 Aug 03
Insurance company ratings are assessments of the financial soundness and creditworthiness of insurers and provide valuable information to the marketplace. The latest "sigma" study, "Insurance company ratings", examines how rating firms evaluate insurers and the accuracy and implications of these ratings.
20 Aug 03
Liability insurance for hospitals is becoming ever more problematic for insurers. Extensive premium increases in recent years have failed to prevent the insurability of hospitals being called into question. Against this background, a new risk has emerged: the possibility of infection by the new variant of Creutzfeldt-Jakob disease (vCJD). In future, hospitals will inevitably have to change their safety practices and introduce comprehensive risk management methods.
13 Aug 03
Global reinsurer Swiss Re has joined forces with Czech technology company MultiMedia Computer (MMC) to develop a flood risk assessment tool for the Czech insurance market. The joint venture is a response to the severe flooding in the Czech Republic in recent years. It is designed to greatly enhance existing flood risk information and to complement the ongoing efforts of the Czech Insurance Association (CAP) and its member companies to promote improvements in this area.
12 Aug 03
Following today's announcement that the Federal Reserve Board would hold the target federal funds rate at 1.0 percent, Swiss Re chief economist Kurt Karl said, "As expected, the Federal Reserve Board left its key policy rate unchanged today. Since the economy appears to be gaining strength and deflation is not a serious threat, more Federal Open Market Committee meetings without any policy action are anticipated.
Swiss Re announces that the shareholder restructuring of Gerling NCM (GN) and its establishment as an independent company has been completed. In addition, Compañía Española de Seguros y Reaseguros de Crédito y Caución, S.A. (CyC) and Seguros Catalana Occidente, S.A. de Seguros y Reaseguros, Sociedad Unipersonal (SCO) will invest in GN and purchase from Swiss Re an option to increase SCO's stake in the company. As part of the agreements, SCO will also take over part of Swiss Re's commitment to purchase subordinated notes from GN.
11 Aug 03
Swiss Re has received USD 205 million protection against a series of natural catastrophe risks, through the 'Arbor programme'. As part of the transaction, six new special purpose Cayman Islands exempted companies (SPC) were created, which issued the catastrophe bonds. Swiss Re Capital Markets Corporation, acting as sole bookrunner, privately placed the securities with institutional investors. The proceeds from the offering fully collateralise financial contracts between Swiss Re and the SPCs. These financial contracts will indemnify Swiss Re should any of the specified natural catastrophes occur.
06 Aug 03
Swiss Re is to acquire the closed book of business of Zurich Life Assurance Company (Zurich Life), one of Zurich Financial Services's United Kingdom based life assurance businesses, for a cash payment of approximately USD 240 million. This will be Swiss Re's first Admin ReSM transaction outside of the United States.
04 Aug 03
Swiss Re and Mitsui Sumitomo Insurance Company have arranged a USD 100 million catastrophe risk swap. The catastrophe risk swap is structured in two risk exchanges of USD 50 million each: Japan typhoon for North Atlantic hurricane and Japan typhoon for European windstorm.
09 Jul 03
Swiss Re's Life & Health Business Group reports embedded value of CHF 16.3 billion in 2002. Positive growth in embedded value of CHF 1.2 billion, from both earnings and capital movements, was more than offset by the impact of currency movements, and resulted in the 2002 embedded value reducing from 2001's CHF 17.6 billion. Value added by new business was CHF 627 million, up 9.8% in original currency. Embedded value operating profit was CHF 1.2 billion, down from CHF 1.5 billion in 2001.
07 Jul 03
Swiss Re today announced that it had submitted business plans for its China branch, as the final stage in its China branch licence application.
25 Jun 03
Swiss Re's Chief Economist, North America, Kurt Karl today said that the US economy is growing slowly - weakness consistent with a Fed cut later today - but will grow more rapidly in the second half of the year. Additionally, at the company's Mid-year Economic and Insurance Industry teleconference, Swiss Re's Senior Economist, Thomas Holzheu asserted that underwriting profitability was further improving and, due to capacity constraints, the industry is in the midst of a prolonged hard market.
The risk of deflation in the US is small, but the chance for a further stock market crash has increased substantially, according to Swiss Re's fifth survey of economists' opinions.
Following today's announcement that the Federal Reserve Board would cut interest rates in the target federal funds rate by 25 basis points to 1.0 percent, Swiss Re's Chief Economist, North America, Kurt Karl said, "As we have been indicating for the past few months, the weakness in the economy warrants an interest rate cut and the Fed has finally obliged. For the time being, the Fed will be on hold."
09 Jun 03
Swiss Re today made the Chinese and Japanese editions of its "sigma" insurance research, recognized worldwide as the leading voice on insurance industry trends, available for free download on its website, www.swissre.com. Swiss Re began producing "sigma" in Japanese in 1998 and in simplified Chinese from 1999. While the Japanese version has been available in soft copy, until now, primarily printed copies have been available to clients and industry partners in China.
05 Jun 03
Swiss Re Americas Division Head of Sustainability, Adrienne Atwell, said Wednesday that both the lack of time and resources are major factors hampering corporations' and financial institutions' development of sustainability management programs. Speaking at a conference in New York, she also warned, "those who avoid these issues risk falling behind on economic, and potentially, reputational grounds."
29 May 03
Natural catastrophes are by far the biggest risk in non-life property insurance. Based on its own risk assessment models, Swiss Re estimates, for example, that a major UK storm could lead to economic losses amounting to GBP 12 billion and insured damage of some GBP 9 billion. The consequences of a major flood event could be about half that size. At a London market seminar being held today, Swiss Re will present an update on the current state of catastrophe risk globally and in the UK, and explain recent hazard trends and model developments. The speakers will emphasise how data quality and transparency are vital prerequisites for accurate catastrophe risk modelling.
22 May 03
Swiss Re today announced four senior appointments in its Life & Health Business Group in the China region. The changes reflect Swiss Re's confidence and continued commitment to the (re)insurance industry in the region.
The current crisis in equity markets will not hold back the growth of unit-linked life insurance for long. This is the conclusion of the latest sigma study "Unit-linked life insurance in western Europe: regaining momentum?".
21 May 03
As millions of Americans head for the water this Memorial Day weekend, Swiss Re, a leading reinsurer, and River Network, a leading US conservation organization, today announced they are launching for the second consecutive year, RiverSmart, the nation's largest public education campaign for clean rivers and drinking water.
14 May 03
London, 14 May 2003 – Global reinsurer Swiss Re is today calling for London-based companies to follow its lead in helping to remove 1,000 tonnes of litter from the UK's capital’s river. Led by Ruurd de Fluiter, Swiss Re UK’s Chief Executive Officer, a group of employees has temporarily traded-in the office for the riverbank to help environment group, Thames21, clear debris from the River Thames foreshore.
Swiss Re's fifth survey of economists' opinions shows that the risk of global deflation is low. The 'Economic Risk Survey' , conducted in April, did find, however, that the risk to stock markets both in Europe and the US has increased substantially compared to its last survey in October.
13 May 03
London, 13 May 2003 – Swiss Re Life & Health has today published Term & Health Watch, its annual benchmark analysis of new life and health insurance sales to UK consumers. For 2002, the results show massive increases and set new records in sales of term assurance, critical illness and income protection:
Underscoring its commitment to sustainability, Swiss Re today announced that it is a major sponsor of the Ocean Video Wall in the newly-renovated Irma and Paul Milstein Family Hall of Ocean Life at the American Museum of Natural History here, scheduled to re-open to the public Saturday, May 17. The Ocean Video Wall sponsorship is part of a larger initiative, Sharing Solutions, which aims to share knowledge and expertise through various philanthropic and topic-related programs.
12 May 03
At Swiss Re's 139th Annual General Meeting today, shareholders officially approved last year's CHF 91 million net loss. They also accepted the Board of Directors' proposal to reduce this year's dividend to CHF 1.00 per share. Raymund Breu, chief financial officer at Novartis and a member of its executive committee, and John F. Smith Jr., former Chairman and Chief Executive Officer of General Motors Corporation, were elected to the Board of Directors. Jorge Paulo Lemann stood for re-election and was duly re-elected for a further four-year term.
08 May 03
Although nobody can say for certain exactly when natural catastrophes will occur, reinsurers are now in a position to assess the risk posed by natural catastrophes with a considerable degree of accuracy. Swiss Re presents the methods and concepts that it uses to quantify the risk in its new publication "Natural catastrophes and reinsurance".
07 May 03
Swiss Re, Deutsche Bank and Sal. Oppenheim will together acquire 90% of the credit insurer Gerling NCM Credit and Finance AG (Gerling NCM). On completion of the transaction Swiss Re will have a 47.50% equity stake in Gerling NCM.
Swiss Re has agreed to sell its remaining shareholding in PartnerRe, comprising about 16% of PartnerRe's shares. As a result of the sale, Swiss Re's capital gain is expected to be CHF 230 million.
06 May 03
Following today's announcement that the Federal Reserve Board would hold the target federal funds rate at 1.25 percent, Swiss Re chief economist Kurt Karl said, "Though the Fed is on hold for now, given the deteriorating economic environment in recent months it has shifted its bias to easing. We expect the Fed to cut rates by October, because the economy is unlikely to grow rapidly in the near future.
30 Apr 03
Swiss Re's head of Financial Services Business Group, Jacques Aigrain will immediately assume the additional responsibility of Chief Investment Officer. This appointment follows the mutually agreed decision that Giuseppe Benelli, Swiss Re's current Chief Investment Officer, will step down from this role and leave Swiss Re. Swiss Re's Board of Directors have confirmed this decision.
17 Apr 03
The local subsidiaries of global reinsurer Swiss Re today announced a change of name of its local reinsurance units. The change reflects Swiss Re's growing Africa-wide involvement and its strategic aim of becoming the leading reinsurer in Africa.
09 Apr 03
Swiss Re's Chief Executive Officer today said that with combined ratios steadily improving and growth opportunities continuing to emerge, prospects look positive for both the property & casualty and life & heath reinsurance markets.
31 Mar 03
Swiss Re has established a licenced securities branch, Swiss Re Capital Markets (Japan), which will start operations on 1 April 2003. The Tokyo office allows Swiss Re to extend its Financial Services Business Group’s global offerings of tailored capital markets products and services to its clients in Japan.
Global privatisation has had a profound impact on the risk situations of various parties involved in large infrastructure projects. Both principals and contractors are being confronted with increasing financial risk exposure following the shift from governmental funding programmes to private financing schemes. "Delay in start-up insurance", a new Swiss Re technical publication, should assist both underwriters and other parties involved in this challenging insurance field.
27 Mar 03
Swiss Re's 2002 result was a loss of CHF 91 million due to the decline in world stock markets. Premiums grew 15% to CHF 29.1 billion, benefiting from the acquisition of Lincoln Re and the positive conditions in the non-life reinsurance business. During 2002, Swiss Re registered strong improvements in operating performance and is well placed to take advantage of the favourable conditions in the reinsurance business. In light of the 2002 loss, the Board of Directors will propose to the Annual General Meeting a reduced dividend of CHF 1.00 per share.
18 Mar 03
Following today's announcement that the Federal Reserve Board would hold the target federal funds rate at 1.25 percent, Swiss Re economist David Laster said, "Despite a deteriorating economic outlook in recent weeks, the Fed remains on hold for now. We anticipate that the Fed will cut rates once again at its next meeting on May 6. Should the economy shows signs of dramatic weakening before then, however, the Fed would not hesitate to cut rates between meetings. "
17 Mar 03
At the first RE-Source Award ceremony held in Rüschlikon, near Zurich, Swiss Re conferred prizes on three projects designed to promote sustainable watershed management. The winning project from Guatemala received prize money of USD 70,000 for its proposed method of preserving water resources in Sierra de las Minas. Water projects in Nepal and Brazil were each awarded prize money of USD 15,000. A total of 105 projects were entered for the competition
12 Mar 03
Natural catastrophes and man-made disasters cost non-life insurers USD 13.5 billion in 2002. Property losses were below the long-term average, according to Swiss Re sigma statistics which started in 1970. Flood losses, however, cost insurers a record USD 4.1 billion. Floods are posing a growing challenge to the insurance industry and the state.
11 Mar 03
London, 11 March 2003 - New figures calculated by Swiss Re Life & Health Limited show that UK consumers are considerably under-insured against the consequences of long-term ill health. The total annual shortfall in Income Protection cover amounts to some £130 billion, according to Alan Tyler, Health & Welfare Strategy Manager. Mr Tyler will announce details of the ‘Income Protection Gap’ at a health insurance industry conference in London today.
06 Mar 03
Swiss Re today launches Pricing of motor quota share treaties, a new brochure setting out how premiums can be profitably priced in the increasingly deregulated motor quota share market. In this latest publication in Swiss Re's Technical Publishing series, author Hans Schmitter considers the agreements between primary insurers and reinsurers on motor third party liability (TPL), motor own damage (MOD) and passenger accident insurance covers.
26 Feb 03
Swiss Re's January 2003 non-life renewals were highly successful, continuing the trend of last year for substantial improvements in both pricing and conditions. Premium rate increases of 10% were achieved across all business renewed by Swiss Re's Property & Casualty Business Group. Financial Services Business Group also had a successful renewal in both its credit and corporate risk underwriting business.
14 Feb 03
The first Swiss Re RE-Source Award will be conferred on 17 March 2003 in Rüschlikon, near Zurich. A total of 105 projects were entered for the award for innovative watershed management, which carries prize money of USD 100 000. In addition to the announcement of the winner, the Award Ceremony will include a panel discussion on "To whom does water belong?" involving experts and leading figures in the current water debate.
05 Feb 03
Demand for ART products is growing, according to Swiss Re's latest "sigma" study, The "picture" of ART, particularly in areas where traditional risk transfer is either expensive or unavailable. The report creates transparency in a market segment that has rapidly grown in complexity over recent years. It outlines the scope and current trends in the major non-life ART markets and shows how customised solutions are being used to diversify, finance and transfer corporate risk.
29 Jan 03
Following today's announcement that the Federal Reserve Board would hold the target federal funds rate at 1.25 percent, Swiss Re's chief US economist, Kurt Karl said, "The latest economic indicators have been mixed, but the Fed is on hold until the economy deteriorates or strengthens significantly. The Fed also maintained its neutral policy stance, which indicates they believe the risks are balanced between price stability and sustainable economic growth. With this inaction, the Fed is showing confidence in the economic recovery, despite market volatility and weak consumer and business confidence.
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