Swiss Re Profits Up Despite Losses from California Wildfires

(Bloomberg) — Swiss Re AG’s profit rose in the first quarter as losses from the California wildfires were offset by positive performance across the business.

Net income increased to $1.3 billion from $1.1 billion a year earlier, well ahead of the $952 million analysts had estimated.

The result “gives us confidence in our 2025 targets despite a challenging environment,” Chief Executive Officer Andreas Berger said in a statement on Friday. 

Since Berger took office last July, Swiss Re has raised reserves in its US Property & Casualty business, in a move welcomed by analysts.

The reinsurer said large natural catastrophe claims amounted to $570 million in the first quarter, mainly from the Los Angeles wildfires. That was less than its own previous estimate of $700 million. It also reported man-made losses of $140 million for the same period.

The LA wildfires accounted for an estimated $65 billion in economic losses and up to $40 billion in total insured losses, reinsurance broker Gallagher Re said in a preliminary report last month. It was the first time on record that a wildfire was the costliest global peril in a first quarter, it added.

The increase in natural catastrophes has coincided with a rapid rise in global temperatures. Last year was the planet’s hottest year on record.

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