22 Dec 08
Swiss Re announced today that it has entered into a USD 1.5 billion long term Letter of Credit (LoC) facility with JP Morgan.
18 Dec 08
According to initial estimates from the forthcoming Swiss Re sigma study on catastrophes, more than 238 000 people lost their lives to natural catastrophes and man-made disasters in 2008 – the fourth largest number of deaths since 1970. While the total cost to society was USD 225 billion, USD 50 billion was covered by property insurance, making 2008 the second costliest year ever in terms of insured losses.
16 Dec 08
After today’s decision by the Federal Reserve to lower the target fed funds rate 75 basis points to 0.25%, Swiss Re’s chief US Economist, Kurt Karl, commented, “After lowering the federal funds rate to 0.25%, the Fed is now expected to be on hold. Though there is little room to cut rates further, the Fed still has the ability to further ease monetary policy via quantitative easing. At this time, some deflation is forecast for next year, but it is expected to be temporary. Hence, any quantitative easing is likely to be targeted at boosting economic activity and lending, not directed at increasing inflation to avoid a prolonged period of deflation.”
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