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The world's largest insurance companies face significant challenges in covering climate-related damages, with losses reaching $10.6 billion, nearly matching the $11.3 billion in premiums from the fossil fuel sector in 2023. Over half of the 28 insurers studied report climate losses exceeding their fossil fuel premium income, raising concerns about the impact on policyholders outside this sector. As insured losses from natural disasters are projected to surpass $135 billion in 2024, the insurance industry is urged to shift focus away from fossil fuel projects to mitigate rising climate risks.
The Swiss stock market closed mostly higher on November 28, 2024, with the SMI rising 0.57% to 11,709.80 points, despite a lack of significant market-moving news. Julius Baer led gains with a 2.1% increase, while technology stocks like Logitech also performed well amid easing US interest rates. Conversely, Swatch Group and Richemont saw declines, reflecting ongoing challenges in the luxury sector.
Christian Mumenthaler, recently ousted as CEO of Swiss Re, will take over as President of the UBS Center for Economics in Society at the University of Zurich in 2025, succeeding Kaspar Villiger. His appointment raises eyebrows due to his poor track record at Swiss Re, where he failed to maintain competitiveness against Munich Re and faced criticism for his leadership style, including a lack of accountability and controversial decisions at the Geneva Association.
UBS is poised to outsource thousands of back-office jobs, starting with document printing, as it partners with Chain IQ and SPS. The Uetlihof printing operations are set to cease by the end of 2025, raising concerns over data protection and potential monopolistic pricing in the specialty printing sector. The move signals a broader trend of outsourcing across various banking functions, with implications for the entire Swiss financial landscape.
The UBS Center for Economics in Society at the University of Zurich will see a leadership change as Kaspar Villiger steps down as Chairman of the Foundation Board, with Christian Mumenthaler, former Group CEO of Swiss Re, set to succeed him. Villiger, who played a pivotal role in establishing the center in 2012 through a significant donation from UBS, is praised for his exceptional leadership and commitment to fostering collaboration between science, business, and politics. UBS reaffirmed its support with an additional CHF 27 million donation in 2020 to ensure the center's continued development.
UBS and Goldman Sachs have raised their price targets for Zurich, following a positive share price reaction after the capital market day. The UBS analyst has increased EPS forecasts for 2025 and 2026 by 4% and 6%, respectively, while noting that other insurance stocks like Axa and Swiss Re appear more attractive.
BrainChip focuses on neuromorphic processors for energy-efficient AI applications. While Germany has promising AI start-ups, few are publicly listed, and major companies like Porsche and SAP are investing in AI technologies. Global IT spending is projected to reach $5.74 trillion by 2025, with significant advancements from tech giants like Microsoft, Google, and Amazon driving the AI market forward.
True Wealth, a Swiss online wealth management platform, has reached CHF 1.6 billion in assets under management, driven by a growing acceptance of digital investment solutions and a focus on efficiency and transparency. The firm caters primarily to clients with investable assets of CHF 100,000 to CHF 1 million, a segment often neglected by traditional banks. With a successful B2B strategy and innovative offerings like child portfolios and automated 3a pension contributions, True Wealth aims to set the standard for digital wealth management in Switzerland.
Swiss voters have approved a government initiative to reform health-care funding, allowing for increased support for outpatient treatments alongside inpatient care. The measure, which aims to encourage more therapies at doctor’s offices, received 53.08% approval in a recent plebiscite.
Eleven health insurers in Switzerland have failed to meet the government"s solvency threshold, a significant increase from two in 2021. This decline raises concerns about the stability of the healthcare system, as adequate reserves are crucial for maintaining service continuity and managing unexpected financial challenges.
Swiss Re AG
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
insurance industry faces mounting climate-related losses and rising costs
07:35 10.12.2024
Swiss stock market shows mixed results amid thin trading and holiday effects
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08:07 28.11.2024
Christian Mumenthaler appointed President of UBS Center amid controversy
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08:31 27.11.2024
ubs plans major outsourcing of back-office jobs amid printing contract changes
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07:58 27.11.2024
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09:44 26.11.2024
ubs and goldman sachs raise price targets for zurich insurance group
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investing in artificial intelligence stocks opportunities and challenges ahead
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12:48 25.11.2024
true wealth reaches 1.6 billion francs with innovative digital wealth management solutions
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05:44 25.11.2024
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