Swiss Re Expects Increasing Exposure, Risk To Boost Demand For Insurance

Swiss Re Ltd. (SSREY.PK), a reinsurance company, said on Monday that it expects a rise in demand for insurance products and services, supported by increased risk awareness and exposures for insurance protection across all businesses and regions.

Swiss Re Institute expects a $33 billion rise in commercial premium volumes from 2022 to 2026 as a result of supply chain reshoring.

The investments in green energy are expected to generate further energy-sector related premiums of $237 billion by 2035, the institute said in a statement.

The natural catastrophe re/insurance market is forecast to grow to about $48 billion over the next four years from $35 billion, according to the Swiss Re Institute.

Swiss Re's CEO Reinsurance, Moses Ojeisekhoba, said: "On top of impacts from Covid-19 and increasing losses from natural catastrophes, the re/insurance industry is now confronted with issues like inflation, risk of recession and geopolitical tensions. As we see cost drivers accelerating in this dynamic risk environment, insurance premiums must be carefully calibrated to keep pace."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Juul Labs, an e-cigarette maker, said it has reached settlements with more than 5,000 vaping lawsuits in the United States. The cases were related to personal injury, consumer class action, government entity, and Native American tribes. In a statement, the company said it cannot disclose the settlement amount at this time as part of the settlement and court process. Apple Inc. plans to start using American-made processors from the new advanced chip factory in Phoenix, Arizona operated by chip giant Taiwan Semiconductor Manufacturing Co., according to its Chief Executive Officer Tim Cook. At an event in the factory in Arizona, which was attended by U.S. President Joe Biden, it was also announced that TSMC will invest $40 billion in the new factory. Lidl US has recalled its 8.4 oz Favorina branded Advent Calendar, i.e., Premium Chocolate with a Creamy Filling, citing potential Salmonella contamination, the U.S. Food and Drug Administration said. The products were available for sale at Lidl stores between October 12, 2022 and December 5, 2022. They will have a BEST IF USED BY year of 2023, and barcode number of 4056489516965.
Follow RTT