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Swiss Re quarterly profit falls on higher catastrophe claims

Net income at property and casualty reinsurance, Swiss Res biggest unit, dropped 39 percent to $283 million.

By Oliver Suess | Updated on July 29, 2016
Net income at property and casualty reinsurance, Swiss Re’s biggest unit, dropped 39 percent to $283 million. (AP Photo)

(Bloomberg) – Swiss Re AG, the world’s biggest reinsurer, said profit fell in the second-quarter as the company paid more for catastrophe claims including earthquakes in Japan and forest fires in Canada.

Net income declined to $637 million from $820 million a year earlier, the Zurich-based company said in a statement on Friday. That beat the $605 million average estimate of nine analysts in a Bloomberg survey.

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