Swiss Re

$140 bn lost in natural, man-made disasters in 2013: Report

Swiss ReGeneva, March 27 - Global natural catastrophes and man-made disasters had brought as much as $140 billion economic losses in 2013, according to the latest report released by Swiss Re Group Wednesday.

The Zurich-based insurance company noted that last year's total loss was down from the $196 billion in 2012 and well below the 10-year average of $190 billion, Xinhua reported.

The report said global insured losses reached around $45 billion last year due to large contributions from flooding and hail disasters, down from $81 billion in 2012.

Ergo may partner with Reliance Life

Ergo may partner with Reliance LifeAt a point of time when Swiss Re came close to become a partner, it is believed that the entry of a larger financial base named Ergo will dim its chances to partner with Reliance Life.

Clearly, there is no end to the companies that want to partner with this R-ADAG backed company but Ergo - part of Munich Re which is Swiss Re's rival has been seeking an entry into the Indian market for a long time after it broke its ties with the Hero Honda Group, the largest player in the Indian two-wheeler industry.

Swiss Re capital boost; posts profit in 2009

swiss-reWorld's second largest reinsurer, Swiss Re, reported an annual profit of 506-million-Swiss-franc in 2009, against the net loss suffered a year earlier during the financial crisis.

According to an official of the company, despite the increase the earnings, its profit missed expectations due to heavy losses on securitized products and corporate bond hedges. The company's capital position bounced back to a comfortable level from the levels during crisis to an excess of over 9 billion Swiss francs and increase in the capital level has given confidence to achieve some important goals.

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