Swiss Re

The broker said there was still a “big unknown” around the potential global economic impact of the conflict.

Swiss Re’s recent underwriting actions, model updates and risk repricing have prepared it to take on more secondary perils, according to its top team.

The reinsurer said the third-party platform, which reached $2.2bn at the start of this year, provided capital relief and supported nat-cat capacity.

Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.

The new cat bond will add to $450mn worth of existing cover protecting the reinsurer.

CEO Mumenthaler emphasised cat as a “core competence” for the carrier.

The carrier’s P&C unit delivered a $2.1bn net profit that compared to a loss of $271mn the prior year.

Resilience bonds attempted to link up financial goals that proved to be too mismatched.

Average multiple declined by 11% as issuance expanded by 13% last year

The Swedish pension fund will participate in Swiss Re’s natural catastrophe business.

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.