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Large catastrophe claims hit Swiss Re's profit

Cyclone Idai approaches Mozambique

Swiss Re Ltd.'s net profit declined more than 6% year over year to $429 million in the first quarter driven by large catastrophe-related claims and despite a net premium rise of 5.5%, Reuters reported. Swiss Re said that the catastrophe claims include losses from North Queensland floods, cyclone Idai in Mozambique, Ethiopian Airlines Enterprise S.C.'s airplane crash, grounding of Boeing 737 Max 8 fleet and loss creep from typhoon Jebi in Japan. Christian Mumenthaler, chief executive of Swiss Re, said that the reinsurer is conducting a review of its corporate business unit due to performance issues.

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