UKRAINE MARKET LOSSES COULD TOP $20BN: SWISS RE

Swiss Re anticipates that industry insured losses to date from the Ukraine warare likely around the $10bn market and could ultimately top $20bnas the war rages on. “The ultimate market loss for the industry could be similar in dimensions to a mid-sized natural catastrophe loss,” Swiss Re’s chief financial officer, John Dacey, said, adding later: “I suggest the mid-sized catastrophe range could be between $10bn and $20bn and at least for now we’re probably closer to $10bn.” Swiss Re reported a net loss of $248m in a first quarter that was affected by heightened financial market volatility and the ongoing Covid-19 pandemic, as well as Russia’s invasion of Ukraine. The reinsurance giant booked reserves of $283m related to the war in Ukraine, of which $154m arose in its property/casualty (P&C) reinsurance business and $129m arose from its Corporate Solutions business.