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Home / Insurance / Swiss Re turns to 9 months net loss amid pandemic

Swiss Re turns to 9 months net loss amid pandemic



(Reuters) – The reinsurance company Swiss Re reported on Friday a net loss less than expected in the first nine months after booking of receivables and reserves of $ 3 billion related to COVID-19.

Insurers around the world face major damage from the pandemic, such as interrupted events, as well as losses from hurricanes and fires in the United States.

The nine-month loss of $ 691 million compared to a net profit of $ 1.3 billion the year before. Analysts had expected a larger loss of $ 877 million, according to a consensus report published by Swiss Re.

The company said that the uncertainty surrounding the pandemic is high, and the effect may affect receivables in the coming quarters.

"We believe that our reservation method remains appropriate and reflects the ongoing uncertainty surrounding the impact of the pandemic," said CEO Christian Mumenthaler. deteriorated to 1

10.3% from 101.4% a year earlier. Readings below 100 indicate profitability.

Rival Munich Re said last week that a sharp decline in third-quarter earnings was expected.


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