Swiss Re

Hurricane Ida was the main loss-making event, but once again secondary perils generated more than half of global losses, according to the latest Sigma report.

The COP26 climate talks in Glasgow represent progress towards a necessary reduction in carbon emissions “but not victory”, with concerns remaining that pledges do not go far enough, according to Swiss Re.

Maya Bundt referred to cyber security threats as the “dark side” of proliferating digitalisation.

The CFO said today’s favourable nine-month numbers were due to a sustained effort to improve P&C underwriting discipline.

The carrier’s primary unit CorSo also bettered its combined ratio by 24.9 points on last year’s figures.

In a virtual Baden Baden conference, the reinsurer emphasised a push on addressing secondary perils after a high flood loss year.

The carrier also estimated its European flooding burden will be $520mn.

An increase in the frequency and severity of nat cats and cyber incidents is pushing up protection demand.

The reinsurer warns that climate risks could increase average weather-related property cat losses in advanced markets by more than 60%.

The offering uses highest wind speeds at set locations as triggers for payouts.

It is part of the firm’s commitment to reach net-zero emissions in its own operations by 2030.

Overall figure was driven by a deep winter freeze, hailstorms and wildfires and marked the second highest first-half figure behind 2011.