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Swiss Re says reinsurance renewals are challenging, remains disciplined

Swiss Re reported first-half 2026 group net income of $2.8 billion and said natural catastrophe reinsurance premium volumes fell 9% amid nominal price declines.

Reported · Written up by our desk · Reinsurance

Swiss Re said the reinsurance renewal environment remains challenging, while asserting it is staying disciplined. The company pointed to falling prices in natural catastrophe underwriting, but said terms and conditions were broadly stable. Swiss Re added that nominal price decreases at June and July totaled 1.2%.

In results for the first half of 2026, Swiss Re reported group-wide net income of $2.8 billion, slightly above analyst consensus. Property and casualty reinsurance net income came in at $1.4 billion, backed by a combined ratio of 76.7%.

Swiss Re said the softening is most pronounced in natural catastrophe reinsurance, where premium volumes declined 9%. The insurer attributed the decline to nominal price declines in a challenging natural catastrophe reinsurance market.

Swiss Re said it paid more than USD 17 billion in claims over the period and is working through a previously announced USD 1.5 billion share buyback, completing about 60% through the end of July. The company also reiterated that first-half net income of $2.8 billion keeps it on track toward its $4.5 billion full-year 2026 target.

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