Swiss Re registered shares SBC total market index (restated for comparison) SBC insurance index (restated for comparison)
We currently foresee a substantial improvement in results in the 1996 financial year compared with 1995. We anticipate another satisfactory performance from the reinsurance business and a further increase in the investment result.
The terms of office of Ulrich Bremi and Hans Biihimann will expire at the coming General Meeting; the Board of Directors proposes to the General Meeting that both he re-elected.
Switzerland, Italy, France, Belgium, Asia, Pacific Swiss Re Atrium Austria Luxembourg Hermann Heft! Zurich, Andreas Beerii Pierre Bieri
15 April Brendan R. Connelly retires after 38 years of service with Swiss Re Life America. Jeff R. Hart succeeds him as President and Chief Executive Officer.
With this report we inform you about the 1995 financial year.The report will also brief you on the developments in the first nine months of this year and pro­ vide you with an outlook on the 1996 financial year.
Gross premiums by country 1995: 100% = CHF 7702 million in% • Germany 34% • United Kingdom 13% • France 12% • Switzerland 9%
The greatest challenge for reinsurers will likely turn out to be the selection of the right partner for long-term treaty relations.
If we want to proactively influence the changing needs of our clients, we may not content ourselves with the knowledge which our employees bring with them from other professions or generally accessible education courses. We must provide them with the specific knowledge and skills required for the task. Accordingly, the willingness and ability to learn are important at all staff levels. In terms of methodology, we are increasingly taking new approaches in which we attempt to utilise the latest technology, eg computer-aided training modules. In addition, we have trained our clients' employees to an increasing extent for a number of years. The range of topics extends from basic courses on reinsurance to specific programmes on individual product areas and instruction on new techniques related to reinsurance and finance.
Provisions for the life, accident, health and disability businesses are actuarially determined.The corresponding reserves are those shown in the books of the Group companies.
The other extraordinary provision in 1994 relates to a guarantee provided in connec­ tion with the minority holding in Credit Suisse Financial Products, London. From the 1995 business year onwards, increases in the provision forthis guarantee will be financed from ordinary profit (1995: CFIF 24 million).
Insurance companies sold as of 31 December 1994 or 1 January 1995 0 213
Income from loans to unconsolidated subsidiaries 4 8 Income from cash deposits with unconsolidated subsidiaries 36 15
The Swiss Re Group's obligations forclaims payments and claims settlement charges also include obligations for long latent injury claims occurring mainly in the fields of US asbestos and environmental liability.These obligations comprise reported claims as well as claims incurred but not yet reported, and generally arise out of policies dating back ten years or more. The following table shows the payments made by the Swiss Re Group as well as the estimated, non-discounted obligations for own account as a result of these claims: Claims paid: Cumulative through December 1995 Payments in 1995 Payments in 1994 Payments in 1993
Earned premiums Claims Incurred Change In the provisions for life, health and disability reinsurance -
Reinsurance Services Alexander Schneeberger Marcel Bürge, Armin Frei, Jürg Hofmann, Alfred Klaus, Thomas Lörtscher
Human and Financial Resources, Informatics, Logistics • --JfPrr; Christoph Dorschel* Peter P. Hiigie Bruno Laube
Run-off Management and Risk Services Erwin Zimmermann Hannes L. Arrenbrecht, Max Becker, Daniel Dürst, Konrad Häuptli, Willy Künzi, Ezio E. Tranini
Investments Bruno H. Letsch Caspar Benz, Enrico Caru, Adolf Decortins, Marcel Gürber, Ferdinand Marty, Bernard Perrin, Jean-Pierre Preyer, Fredy Riedle, Jorge Riera, Max Ringli, Felix Stutz, Dominique Zen-Ruffinen
Capital funds on 31 December * Pro memoria: reduction in share capital to CHF 150 million through the repayment of capital of CHF 10 per share on 1 March 1996.
Swiss Re's commitment to climate issues As a leading specialist in the area of natural catastrophes, Swiss Re endeavours to increase the awareness of climate issues amongst clients and the general public alike and to introduce a preventative policy which addresses possible changes in the global climate. We see natural catastrophes as a potentially large risk not only for the insurance industry but for society as a whole. In autumn 1995, the Executive Board summed up Swiss Re's strategic approach to climate risks as follows: Swiss Re meets the increasing demand for reinsurance cover in accor­ dance with business principles, taking into account risks based on changes in the climate; the company offers its experience in coping with risks and claims to its clients and the general public; it promotes an economy responsive to climate issues through its involvement in specialist and political committees; it supports the broadening and transfer of knowledge on issues of climate pro­ tection. In order to implement efficiently the company's climate strategy, advise clients, perform research and promote communication on issues relating to climate, Swiss Re engaged a specialist for climate issues in October 1995.
Venezuela Suiza de Reaseguros Venezuela C.A. Oficina de Representaciön Edifico Torre la Noria, Piso 8-Norte Paseo Enrique Eraso, Urb. Las Mercedes Apartado No. 6633, Carmelitas Caracas 1060 76 Swiss Re Group
Technological advances and developments in waste disposal treatment are examined. (95-15; languages E, F, G)
Uses the example of fire claims to show how the expected loss burden can be determined as a basis for pricing. (88-56; languages E,F, G)
An inventory of ecological deficien­ cies, accompanied by constructive criticism and possible solutions. (89-03; languages E, F, G, l,S)
Of course, you may request one or two publications or even our com­ plete "Publications'96" catalogue.
Product liability insurance: Insurance of the liability of the manufacturer or supplier of goods for damage caused by their products.