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Swiss Re profit hit by disasters, lower returns

Xi: Disaster relief must be improved

President Xi Jinping visits survivors of the 1976 Tangshan earthquake at a nursing home in Tangshan, Hebei province, on Thursday. The magnitude-7.8 earthquake killed more than 240,000 people.[Photo/Xinhua]

President Xi Jinping visits survivors of the 1976 Tangshan earthquake at a nursing home in Tangshan, Hebei province, on Thursday. The magnitude-7.8 earthquake killed more than 240,000 people.[Photo/Xinhua]

China must further improve its overall disaster relief ability in view of the frequent natural disasters it experiences, which often cause great damage, President Xi Jinping said on Thursday.  After mourning victims of the earthquake in Tangshan, Hebei province, that claimed more than 240,000 lives 40 years ago, Xi said disaster relief is a matter of life and death as well as social stability.  It can also determine if governments are sufficiently competent, he said.  Authorities need to know how to handle multiple natural disaster relief work, rather than just one incident, and gradually shift their focus from disaster relief to prevention, he said.  Xi also called for the enforcement of an early warning system for natural disasters and for efforts to ensure that buildings in urban areas, houses in rural areas and infrastructure…

 

Swiss Re profit hit by disasters, lower returns

Swiss Re AG SREN one of the two biggest reinsurers worldwide, on Friday reported a 22% decline in net profit for the second quarter, reflecting higher costs for earthquakes, wild fires, floods and other major losses between April and June, and a lower return on investments.  “It is the first time in several years that we have seen multiple larger losses from a number of natural catastrophes in one quarter,” said Chief Executive Christian Mumenthaler who took the helm on July 1, after previously heading the reinsurance business.  Quarterly net profit fell to $637 million from $820 million in the second quarter of 2015. Revenues–that is, premiums earned and fee income–climbed 15% to $8.18 billion…

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