Swiss Re's Q1 profits hit by Cyclone Debbie

Cyclone Nilam (Photo - NASA)

The reinsurer’s P&C combined operating ratio deteriorated from 93.3% in Q1 2016 to 95.6% in Q1 2017; after tax P&C profits fell from $587m to $321m. Swiss Re was hit hard in Australia and New Zealand by powerful storm Cyclone Debbie; several of the large Australian insurers had already used the majority of their annual natcat allowances meaning they could utilise reinsurance contracts for large events. Swiss Re’s group CEO Christian Mumenthaler, commented: “I am satisfied with our performance