Andreas Berger, CEO of Swiss Re, has suggested that while the firm’s property and natural catastrophe lines faced tougher competitive pressures so far in 2025, the overall environment remains healthy.

During Swiss Re’s Q1 2025 conference call, Berger provided detailed insights on the property segment, discussing current pricing trends across different lines of business and offering his perspective on risk-adjusted pricing dynamics.

“Property was a positive outlier, delivering double-digit growth with a 24% increase in volume, in contrast to casualty, which aligns well with our strategic focus,” Berger said.

He continued, “While property and natural catastrophe lines face tougher competitive pressures, the environment remains healthy overall. Importantly, the underlying structures, such as terms, conditions, and attachment points, have remained stable, which supports consistent pricing.

“We continue to operate in a high-margin territory, particularly in property, where we’ve seen solid rate increases. These increases are not limited to the US market; Europe, in particular, has experienced significant rate growth.”

Regarding catastrophe coverage, Berger noted there is growing demand for capacity, both in property and especially in catastrophe. This trend is partly a response to the significant losses experienced earlier this year.

“Market opinions vary: some see ongoing competitive pressures, while others believe the market has absorbed the recent losses, which will influence pricing in upcoming renewals. Many of the natural catastrophe loss budgets have already been consumed, and this will likely drive rate adjustments in future cycles,” Berger stated.

He concluded, “To summarise, property and specialty lines remain positive, while casualty is seeing cautious rate decreases on renewals, accompanied by a strategic reduction in market share.”

Swiss Re generated net income of $1.3 billion for Q1 2025, a 16% increase year on year, driven by solid performance across life & health and property & casualty reinsurance, despite elevated large loss activity in the latter.

Within P&C Re, large natural catastrophe claims of $570 million in Q1 2025 account for 29% of Swiss Re’s full-year budget for such claims, primarily driven by the California wildfires in January.