Swiss Re
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Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72. -
The executive had previously served as the company’s vice president and senior treaty underwriter, based in Mexico.
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Cedants are grappling with rising rates while coverage narrows.
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Based in New York, the executive will continue to report to Katie McGrath, CEO North America, Swiss Re Corporate Solutions.
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The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
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Real non-life premiums are forecast to grow by 1.8% in 2023 and 2.8% in 2024.
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Global cyber premiums are expected to reach $23bn by 2025 but, with predicted global annual losses of around $945bn, roughly 90% of the risk remains uninsured.
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The carrier is likely to book a Q3 net loss of $500mn for the storm.
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The reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.
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The transport sector has the largest investment gap, needing an estimated $114tn to build greener infrastructure.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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