While a $2.4 billion boost in loss reserves for the third-quarter will help Swiss Re’s executives sleep better on a bigger cushion, across the industry, worsening trends in U.S. liability loss costs aren’t letting up, they said yesterday.
In fact, Swiss Re put up higher reserves for recent prior underwriting years of 2020-2022, Group Chief Financial Officer John Dacey told investment analysts yesterday. In 2023, Swiss Re and other insurers and reinsurers focused on the 2014-2019 years in shoring up their prior-year loss reserves.
Dacey summed up Swiss Re’s pessimistic view of the current and future state of industrywide U.S. liability loss developments after Group Chief Executive Officer Andreas Berger provi