Swiss Re Estimates $700M in Wildfire Claims, Reports $3.23B Net Income for 2024
Reinsurance giant Swiss Re announced on Thursday that its preliminary claims from the wildfires affecting Los Angeles are estimated to be around $700 million. The company also estimated the total insured market loss from the disaster to be approximately $40 billion.
Despite the significant claims, Swiss Re reported a net income of $3.23 billion for 2024, marking a 3% increase compared to the previous year. The firm’s gross insurance revenue rose by 3.8% to reach $45.5 billion, while its return on equity stood at 15% and return on investments at 4%. Group CEO Andreas Berger credited disciplined underwriting and strong market positioning for the company’s resilience.
The Los Angeles wildfires rank among the most expensive in U.S. history, with overall losses projected to exceed $135 billion, according to BBC. Swiss Re reaffirmed its commitment to cost efficiency and meeting its financial targets for 2025, following what it described as successful January renewals.
