Swiss Re Ag · SIX:SREN
Swiss Re — Monte Carlo Rendez-Vous press conference 2025
15 slides from Swiss Re's conference presentation, September 2025
Slide 1: Monte Carlo press conference: sigma 3/2025
Monte Carlo press conference: sigma 3/2025 Dr. Jérôme Haegeli, Head Swiss Re Institute & Group Chief Economist September 2025
Slide 2: Key figures
Key figures (im) Swiss Re Institute
Slide 3: A dynamic and competitive P&C insurance market is critical to mitigate complex global risks
Overview Risk market structure drivers Outlook A dynamic and competitive P&C insurance market is critical to successfully mitigate complex global risks, close protection gaps and maintain resilience A. Risk B. Competition landscape The world is getting riskier: More specialisation and many risks are
Slide 4: A. Risk landscape (I/II): the world is becoming more fragmented
Overview Risk market structure drivers Outlook A. Risk landscape (I/II): the world is becoming more fragmented, creating a more complex risk environment • Global fragmentation is on the rise, led by policy changes. Trade and financial links are also breaking at a time when global cooperation is more
Slide 5: A. Risk landscape (II/II): the world is getting riskier
Overview Risk market structure drivers Outlook A. Risk landscape (II/II): the world is getting riskier, and many risks are becoming harder to insure but new and specialised companies bring capacity into the market • Natural catastrophe insured losses are growing by 5–7% annually (real terms), with a
Slide 6: B. Competition: new and more specialised carriers raise capacity
Overview Risk market structure drivers Outlook B. Competition: new and more specialised carriers raise capacity via product, modelling and process innovation, and fuel positive competitive pressures • The P&C market is finding solutions to maintain insurability and affordability even in high-risk li
Slide 7: C. Efficiency: efficiency gains are passed on to customers
Overview Risk market structure drivers Outlook C. Efficiency: in competitive markets, carriers’ efficiency gains are passed on to customers • In the P&C value chain, insurance carriers improved their efficiency in the last 10 years (3 ppts of premiums). The efficiency gains flowed to policyholders •
Slide 8: D. Capacity: more granular underwriting supported by wholesale risk transfer
Overview Risk market structure drivers Outlook D. Capacity: more granular underwriting by carriers is being supported by higher rates of wholesale risk transfer • Cession rates are increasing structurally, as the risk pool becomes riskier (e.g. faster ceded business growth in US property and liabili
Slide 9: Market outcomes: underwriter profitability only just meets cost of capital
Overview Risk market structure drivers Outlook Market outcomes: underwriter profitability only just meets cost of capital, while brokers consistently report profits above cost of capital • Brokers’ profitability benefited strongly from the recent hard market while re/insurance carriers bore all the
Slide 10: What's next for the P&C market?
Overview Risk market structure drivers Outlook What’s next for the P&C market? More competitive Technology – AI Growth of complex underwriting cycle Driver of future efficiency risks Less tailwinds for MGA gains and wholesale broker Challenges to insurability continue Enabler of dis- segment aggrega
Slide 11: sigma explorer is open to media
sigma explorer is open to media. There is a lot to discuss at this year’s Monte Carlo Rendez-Vous. A lot to bring back to the office. One very valuable takeaway is our sigma explorer portal. This offers access to Swiss Re’s economic and insurance market data, and sigma research, all under one roof,
Slide 12: The key takeaways
The key takeaways The P&C insurance market has become more competitive as market concentration decreased for many countries and commercial lines of business. More segmented value chain with specialised and innovative carriers, MGAs and alternative risk-carrying structures. Global capacity is increas
Slide 13: Underwriting becomes even more important in a competitive environment
Underwriting becomes even more important in a competitive environment as market sees further segmentation and specialisation Combined ratio and total shareholder return performance through cycles1 Brokers and non-risk bearing market players have consistently outperformed risk bearing Beginning of an
Slide 14: (im)
(im) Swiss Re Institute 14
Slide 15: Legal notice
Legal notice ©2025 Swiss Re. All rights reserved. You may use this presentation for private or internal purposes but note that any copyright or other proprietary notices must not be removed. You are not permitted to create any modifications or derivative works of this presentation, or to use it for
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