Swiss Re today reported COVID-19 claims and reserves totalling $2.5 billion across the Group, resulting in a net loss of $1.1 billion in the first half of 2020 (all figures in U.S. dollars).
“Based on current information and a prudent analysis of our businesses, and recognizing the inherent uncertainty of the ongoing pandemic, we expect the claims and reserves we have booked in the first half of 2020 to cover the majority of our ultimate COVID-19 losses,” Swiss Re’s Group CEO Christian Mumenthaler reported in a statement to the media.
The company said claims and reserves related to the COVID-19 crisis impacted its P&C reinsurance result by $1.5 billion, reflecting affirmative non-damage business interruption, cancelled or postponed events, casualty and credit and surety losses.
“While the impact on our earnings is significant,” Mumenthaler said, “it remains manageable as our operations continue uninterrupted, all our businesses are performing well, and our capital position allows us to take advantage of attractive opportunities in an improving market.”