Swiss Re predicts higher claims with peak catastrophe year

AI is also set to play a bigger role for underwriting.

Swiss Re has outlined the main issues shaping this year’s renewal discussions at the Rendez-Vous de Septembre in Monte Carlo, highlighting the growing role of artificial intelligence (AI).

The reinsurer warned that political tensions, supply chain disruptions, and protectionist The Swiss Re Institute said a peak year could push claims as high as $200 to $300b. 

The company stressed the need for stronger prevention, better building standards, and public-private partnerships.

AI is also set to play a bigger role, as insurers face the challenge of processing large volumes of unstructured data such as emails, contracts, and claims. 

Swiss Re said AI will be key in improving risk assessment and supporting more efficient underwriting.