Swiss Re: Ukrainian war is ‘mid-sized nat cat event’ for insurance industry

The Russian invasion of Ukraine currently looks poised to render insurance sector losses comparable to a “mid-sized nat cat event”, from which  Swiss Re would expect to take its typical 10% P&C share, chief executive Christian Mumenthaler (pictured) has said.

“At this stage we see this as a mid-size nat cat loss event,” Mumenthaler said at the outset of his group's Investor Day, with mention of the Uri winter storm for comparison.

A review of the Swiss Re books suggested the group's share should be “in line” with the historical standard. “We couldn't see any outsized” exposures, he said.

“We expect to be at about our 10% P&C market share no matter what the outcome is,” Mumenthaler said.

Swiss Re will likely only book insured losses in its Q1 report and better estimates for longer term will come later in the year. “Ultimately, in Q2 and Q3 it will be much clearer.”

Swiss Re has not seen anything that would set it of its 10% ROE target, but “it is getting harder” and “depends on many factors, many uncertainties.”

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