Swiss Re to record $399 million net loss in third quarter

Analysts at U.S.-based J.P. Morgan Chase & Co. expect Swiss Reinsurance Co. Ltd. to incur a net loss of $399 million in the third quarter of the year, mainly due to the impact of Hurricane Ian, loss creep on other catastrophe events and investment market volatility, Reinsurance News reported. Swiss Re’s P&C Re segment is expected to take a $1.5 billion hit from Hurricane Ian, while its losses from events, including Hurricane Fiona and Typhoon Nanmadol and loss growth from Australian floods and hailstorms in France will take the losses to around $1.9 billion.