Beirut Blast, Wildfires Cost Swiss Re as Virus Reserves Rise
- Total reserves for Covid-19 related claims now $3 billion
- Natural catastrophe events above expectations in third quarter
Hurricanes Laura and Sally, wildfires, and floods in Asia contributed to natural catastrophe losses.
Photographer: Mario Tama/Getty Images
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Swiss Re added another $500 million in reserves for future claims as it warned about the high uncertainty that remains because of the coronavirus pandemic.
The reinsurer reported a net loss of $691 million for the first nine months, driven by the higher reserves, as the virus bounces back and the threat of more lockdowns rises. Excluding the impact of Covid related claims and related reserves, the firm said it would have had profit of $1.6 billion.