Marine markets “continue to harden” says Swiss Re

Swiss Re said that “aviation and marine markets are expected to continue to harden” in its half-year report, which saw its profits decline for H1 as a result of a decline in investment returns (-0.8% compared with +3.6% in H1 2021) and events in Ukraine.

In prior-year development, the reinsurer said that “Specialty was mainly impacted by positive claim experience in marine and engineering, partly offset by adverse development in multilines.”

No other comments were made by Swiss Re on its marine business in the H1 report.

Net income declined from $1.05bn in H1 2021 to $157m in H1 2022, with the property-casualty division seeing a 75% fall from $1.28bn to $316m.

Claims related to Covid-19 mortality totalled $540m in the period, with the vast majority affecting the first quarter. Also in Q1 Swiss Re established reserves of $283m for potential impacts from the war in Ukraine.

Net premiums earned and fee income for the Group increased 1.9% year on year to $21.2bn in the first six months of 2022.