All articles tagged with #swiss re
Swiss Re has become the world's largest IFRS 17 reporting reinsurer, overtaking Munich Re, while Berkshire Hathaway leads among non-IFRS 17 reporters, according to AM Best's 2024 rankings, reflecting shifts in the global reinsurance industry.
Swiss Re, the insurance giant, reported a 580% increase in full-year profit, reaching $3.2 billion, and proposed a 6% dividend increase, attributing the growth to a more favorable market environment. CEO Christian Mumenthaler expressed optimism about the company's outlook but warned that the impact of climate change would soon be felt by consumers, leading to increased risks and costs. He emphasized the need for fair pricing to reflect these heightened risks, as shares of Swiss Re dipped by 2.1%.
Insurer Swiss Re's report highlights significant disruptions in global shipping routes, including the Red and Black Seas, Panama Canal, and drying up rivers, leading to stress in global supply chains. Geopolitical risks and climate change are posing challenges to the long-term resilience of global shipping trade. The Red Sea shipping crisis has led to significant re-routing of ships, with potential cost increases and longer transit times. Additionally, the Panama Canal is facing reduced transits and maximum draft due to an unprecedented drought. These disruptions are impacting various segments of the shipping industry and creating multifaceted challenges.