Mumenthaler claims exit at peak, 2023 market reset tipped the scales

The outgoing CEO of global reinsurance group Swiss Re, Christian Mumenthaler, claims the outlook for the industry looks strong as he heads for the door, with the latest reinsurance market gains tipping the scales against a risk-filled outlook. 

“In 2023 we were finally able to once again deliver a result we can be pleased with,” Mumenthaler said in his valedictorian to the 2024 shareholder gathering, citing the $3.2 billion net income and having “achieved all our financial targets and, in some cases, we even exceeded them.”

 Mumenthaler’s tenure at the helm were “were not easy years, but I am pleased we were able to ride out the storm.” 

Current market conditions appear supportive, but the risk landscape is also rather ominous, he said of outlook. 

“Prices in reinsurance rose and remain attractive today,” Mumenthaler said, citing “a level we feel is appropriate for the risks we take on our books.” Portfolio quality “remains very good indeed.”

Mumenthaler’s view to the risk landscape starts from war in Ukraine and conflict in the Middle East with kick-on effects for global supply chains and heaps of added uncertainty from a global election cycle, including US elections which could be “the most contentious” in that nation’s history, he said. 

The net balance tips towards reinsurance opportunity. 

“Despite this, the outlook remains positive,” Mumenthaler told shareholders. “We continue to benefit from the rate hikes.” 

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