It’s first quarter results season for the insurance industry – normally a time for companies to parade their profits and offer their vision for what’s to come as the year rolls on. However, this time around, financial reports are shrouded by the heavy cloud that is COVID-19.
The impact of the coronavirus is there for all to see in the latest set of results released by reinsurance giant, Swiss Re. The company has reported a group net loss of US$225 million (around AU$343 million), reflecting the impact of COVID-19 as well as a pre-tax charge of US$476 million (around AU$725 million) for its property and casualty business.
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