Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Swiss Re is bolstering its reserves to dampen the impact of the fallout from the ongoing Russia-Ukraine war.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The reinsurance major has set aside $283m in reserves related to the war. 

Concurrently, Swiss Re revealed a net loss of $248m for the first quarter of 2022 owing to the war in Ukraine, increased financial market volatility, and the Covid-19 pandemic. 

Swiss Re group CEO Christian Mumenthaler said: “The first quarter turned out to be a challenging one. Russia’s invasion of Ukraine came as a shock, and our thoughts are with everyone impacted. 

“While the situation remains highly uncertain and we do not believe we have an outsized exposure, we decided to take a proactive and cautious approach to establishing reserves for potential impacts from the war.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The reinsurer has allocated the reserves in aviation, surety and credit, political risk, and political violence.

In a call with reporters, Swiss Re CFO John Dacey said that the reserve requirement will be evaluated on a quarter-by-quarter basis and see if more reserves need to be set aside. 

“But right now, we feel like we have taken a fairly significant portion of the losses that we’d expect,” Dacey added.

Meanwhile, Germany’s Hannover Re has also reserved general provision in the low triple-digit million euro range in the first quarter for possible losses from the war.

Earlier, France’s SCOR had said that the Russia-Ukraine war will impact its first-quarter results.