Farm Insurance Australia :: News
SHARE

Share this news item!

Swiss Re Outpaces Expectations with Strategic Renewals and Diminished Catastrophe Claims

Swiss Re Outpaces Expectations with Strategic Renewals and Diminished Catastrophe Claims

Swiss Re Outpaces Expectations with Strategic Renewals and Diminished Catastrophe Claims?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Swiss Re has reported a significant surge in net income, reaching $US2.1 billion ($3.09 billion) for the first half of 2024.
This impressive performance has been largely attributed to favorable factors including reduced natural catastrophe claims, robust investment earnings, and strategic underwriting approaches.

Compared to the previous year's net income of $US1.8 billion ($2.65 billion), this year's results showcased substantial growth. Reduced losses from large natural catastrophes - an outcome greatly influenced by Tropical Cyclone Megan in northern Australia and the Noto earthquake in Japan - were a key factor. Catastrophe losses dropped dramatically to $US138 million ($203.03 million) from the previous $US634 million ($932.76 million).

In the property and casualty reinsurance space, July's renewal period brought positive news with an overall price hike of 8% applicable to $US4.5 billion ($6.63 billion) of renewed treaty premium volumes. This renewal represented a 7% volume increase relative to the preceding renewal period. Swiss Re attributes part of its success to a cautious stance on inflation along with updated loss models, which raised loss assumptions by 10%.

Group CEO Andreas Berger affirmed the company's trajectory towards achieving its full-year target of net income surpassing $US3.6 billion ($5.3 billion). "Our strong first-half performance sets a robust foundation for meeting our 2024 targets. Despite macroeconomic and geopolitical challenges, we remain committed to disciplined underwriting to ensure portfolio resilience and consistent results," Berger stated.

Swiss Re's property and casualty reinsurance division reported a net income of $989 million ($1.46 billion), significantly benefiting from the decrease in large natural catastrophe claims. The division's revenue reached $9.8 billion ($14.42 billion) with a combined operating ratio of 84.5%, setting the target for the full-year ratio below 87%.

Swiss Re Corporate Solutions, the commercial insurance sector of the company, achieved a net income of $435 million ($640.18 million), alongside insurance revenue of $3.8 billion ($5.59 billion), and a combined operating ratio of 88.7%.

In the life and health reinsurance domain, net income was $883 million ($1.3 billion), bolstered by a positive United States mortality experience and an uptick in investment income.

 

Published:Tuesday, 17th Sep 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Insurance News

Mergers and Acquisitions Transform Australia's Insurance Landscape
Mergers and Acquisitions Transform Australia's Insurance Landscape
03 Apr 2026: Paige Estritori
The Australian insurance industry is currently undergoing a significant transformation, marked by a surge in mergers and acquisitions (M&A). This trend is reshaping the market landscape, as companies seek to enhance their competitive edge and adapt to evolving regulatory and technological environments. - read more
MECON Enhances Construction Insurance Capacity to $120 Million
MECON Enhances Construction Insurance Capacity to $120 Million
03 Apr 2026: Paige Estritori
In a significant development for Australia's construction sector, MECON has announced an increase in its underwriting capacity, now offering coverage up to $120 million for single projects. This enhancement, effective from March 10, 2026, applies to Section 1 (Material Damage) and includes Section 2 (Public Liability), providing more robust insurance solutions for larger and more complex construction endeavors. - read more
Escalating Costs Impact Construction Insurance Claims in Australia
Escalating Costs Impact Construction Insurance Claims in Australia
03 Apr 2026: Paige Estritori
Australia's construction industry is currently facing significant challenges as rising costs reshape the insurance claims landscape. A recent report by Crawford & Company highlights that construction expenses are increasing at a rate faster than general consumer prices, with the Building Cost Index (BCI) rising nearly 5% annually. This trend is particularly evident in cities like Brisbane and Perth, where strong demand, logistical challenges, and a persistent shortage of skilled labour contribute to escalating costs. - read more
Australian Insurers Advocate for Stronger Consumer Protection Laws
Australian Insurers Advocate for Stronger Consumer Protection Laws
02 Apr 2026: Paige Estritori
The Insurance Council of Australia (ICA) has expressed strong support for the proposed Competition and Consumer Amendment (Unfair Trading Practices) Bill 2026. This legislation seeks to introduce a general prohibition on unfair trading practices within Australian Consumer Law, thereby enhancing regulatory powers to address predatory operators in the insurance industry. - read more
APRA Takes Action Against Unjustified Commercial Auto Insurance Premium Increases
APRA Takes Action Against Unjustified Commercial Auto Insurance Premium Increases
02 Apr 2026: Paige Estritori
The Australian Prudential Regulation Authority (APRA) has implemented emergency measures to address significant concerns within the commercial auto insurance sector. In response to widespread industry protests over substantial premium increases, APRA has introduced regulations aimed at safeguarding transport operators from financial hardship. - read more
Significant Decline in Australian Commercial Insurance Rates Observed
Significant Decline in Australian Commercial Insurance Rates Observed
02 Apr 2026: Paige Estritori
Recent data from Marsh Risk's Global Insurance Market Index indicates a substantial decline in Australian commercial insurance rates. In the fourth quarter of 2025, rates fell by 12%, representing the most significant drop among the eight regions monitored by the index. This trend continues the downward trajectory observed since early 2024. - read more
Regulatory Review of Life Insurance Premium Practices in Australia
Regulatory Review of Life Insurance Premium Practices in Australia
01 Apr 2026: Paige Estritori
In June 2025, the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) provided an update on their joint review of life insurance premium practices. This initiative was prompted by concerns over frequent and substantial premium increases that may not align with policy terms or policyholder expectations. - read more
Ongoing Deficiencies in Direct Life Insurance Sales Practices Identified by ASIC
Ongoing Deficiencies in Direct Life Insurance Sales Practices Identified by ASIC
01 Apr 2026: Paige Estritori
In August 2025, the Australian Securities and Investments Commission (ASIC) released findings from a review of direct life insurance sales practices, uncovering persistent deficiencies despite previous regulatory interventions. - read more
Swiss Re Suspends New Life Insurance Operations in Australia
Swiss Re Suspends New Life Insurance Operations in Australia
01 Apr 2026: Paige Estritori
Swiss Re Life & Health Australia has announced a suspension of new life insurance business activities in the country, effective October 2025. This decision stems from concerns over the sustainability of Total Permanent Disability (TPD) insurance products, which have seen a significant rise in claims, particularly related to mental health. - read more
AIA Australia Highlights Need for Structural Reform in Life Insurance
AIA Australia Highlights Need for Structural Reform in Life Insurance
01 Apr 2026: Paige Estritori
Damien Mu, CEO of AIA Australia, has raised concerns about the sustainability of the current life insurance model, citing a significant increase in mental health claims and economic volatility. Speaking at the company's recent Thrive for Life presentation, Mu emphasised that the industry is facing structural changes driven by these factors. - read more


Farm Insurance Articles

Risk Management and Insurance Options for Farmers
Risk Management and Insurance Options for Farmers
Risk management is the practice of identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events. In farming, risk management involves various strategies to protect the financial health and operational stability of the farm. - read more
Understanding Farm Equipment Insurance: A Breakdown for Australian Farmers
Understanding Farm Equipment Insurance: A Breakdown for Australian Farmers
In the dynamic world of Australian agriculture, farm equipment plays a crucial role in the day-to-day operations of farms. From tractors to harvesters, having the right machinery means managing your farm more efficiently. However, the high value of this equipment makes it essential to protect it adequately through insurance. - read more
5 Essential Farm Insurance Policies Every Australian Farmer Needs
5 Essential Farm Insurance Policies Every Australian Farmer Needs
Farming in Australia is not just a job, it's a way of life. However, it’s also a livelihood that comes with its own unique set of risks. From unexpected weather events to machinery breakdowns, the life of an Australian farmer is fraught with uncertainties. - read more
What Australian Farmers Should Know About Crop Insurance
What Australian Farmers Should Know About Crop Insurance
Crop insurance is a type of insurance policy designed to protect farmers from the financial losses that arise from damages to their crops. This could be due to various risks, including adverse weather conditions, pests, and diseases. - read more
Proven Strategies for Australian Farmers to Reduce Farm Insurance Premiums
Proven Strategies for Australian Farmers to Reduce Farm Insurance Premiums
Welcome to our comprehensive guide on navigating the complexities of farm insurance for Australian farmers. As an integral part of the agricultural industry, insurance provides a safety net that helps secure the livelihood of farmers against unpredictable events that can lead to financial hardship. From property damage due to natural disasters to loss of livestock or crops, having adequate farm insurance can make all the difference in keeping a farming operation afloat in times of crisis. - read more
Tractors, Livestock, and Crops: Tailoring Your Farm Insurance to Fit Your Needs
Tractors, Livestock, and Crops: Tailoring Your Farm Insurance to Fit Your Needs
Welcome to the world of farming, where the fruits of your labor are as tangible as the soil you till. But just as the land is subject to the whims of nature, so too is the business of agriculture. This is where farm insurance becomes essential. Farmers face a set of challenges and uncertainties unlike any other industry, primarily due to the unpredictable forces of weather. - read more
Common Pitfalls to Avoid When Insuring Your Farm Equipment
Common Pitfalls to Avoid When Insuring Your Farm Equipment
In the world of agriculture, having the right insurance coverage is essential. Farming is a high-risk industry that deals with unpredictable elements, and insuring your farm equipment can safeguard your livelihood. - read more
Building Resilience Against Natural Disasters: Practical Steps for Aussie Farmers
Building Resilience Against Natural Disasters: Practical Steps for Aussie Farmers
Australian farmers face an array of natural disasters that can threaten livelihoods and disrupt the delicate balance of agricultural ecosystems. From devastating bushfires and droughts to powerful storms and floods, these catastrophic events pose serious risks to the farming community. Understanding and preparing for these forces is not just about survival; it's about building a sustainable future for farms across the continent. - read more
How to Protect Your Harvest: Tips for Choosing the Right Crop Insurance
How to Protect Your Harvest: Tips for Choosing the Right Crop Insurance
Farming, at its core, is an enterprise fraught with uncertainty. Weather calamities, pests, diseases, and fluctuating market conditions can all impact the output and quality of produce. This is where crop insurance proves its worth, serving as a safety net for farmers against the myriad risks they face each season. - read more
A Farmer's Guide to Essential Farm Insurance Terminology
A Farmer's Guide to Essential Farm Insurance Terminology
Farming is a vital industry in Australia, requiring significant investment in equipment, crops, livestock, and labour. As with any major investment, protecting it is crucial. That's where farm insurance comes in. - read more


Need a Quote?
Start your free farm insurance quote comparison here.
Farm Type:
Postcode:

All quotes are provided obligation-free by a participating broker from our national referral partner network. We respect your Privacy.


Knowledgebase
Loss of Use:
Insurance coverage that pays for the additional living expenses if your home is uninhabitable due to a covered loss.