Officials remained firmly committed to a "patient" policy stance at their meeting earlier this month.The Fedread more
Stocks that would benefit from a federal infrastructure spending program fell after President Trump ended a meeting on infrastructure spending with Democratic leaders.Market Insiderread more
The president abruptly walked out of a meeting Wednesday, saying he would not negotiate with Democrats while they continue to investigate him.Politicsread more
Despite the president's claim that "you can't investigate and legislate simultaneously," certain must-pass pieces of legislation, including a debt ceiling hike, will...Politicsread more
Americans in certain areas of the country have significantly higher average credit scores than others. Experian's annual State of Credit report shows the average score in each...Spendread more
Amazon shareholders demanded the company to take action on a number of different issues during its annual shareholder meeting on Wednesday.Technologyread more
Talk about 5G is everywhere right now, from the trade-war with China to the ban on Huawei. Here's what 5G is and why it matters.Technologyread more
Controversial lawyer Michael Avenatti was indicted on charges of trying to extort athletic shoe giant Nike out of tens of millions of dollars by threatening to go public with...Politicsread more
More voters in five key industrial states disapprove than approve of Trump's handling of trade — 56% to 41%, according to a report.Politicsread more
Ireland's privacy watchdog, which leads supervision of Google in the EU, launched an inquiry into the firm's online advertising practices.Technologyread more
These are the stocks posting the largest moves midday.Market Insiderread more
The world needs to understand that climate change is a fact, the chief financial officer of Swiss Re told CNBC, as the firm posted a $468 million nine-month net loss after several recent catastrophes.
"I think society really needs to wake up and realize that things are changing and if you continue to build in areas that are subject to flood, you need to be prepared to actually deal with the aftermath of flood," David Cole, CFO of Swiss Re, told CNBC Thursday.
The world's second-largest reinsurer said its nine-month property and casualty combined ratio, a measure of underwriting profitability, rose to 114.1 percent on the back of the heavy natural disaster claims. A figure above 100 percent indicates a loss.
Swiss Re and other reinsurers act as financial backstops for insurance companies, helping them cover the cost of claims from natural and man-made disasters.
Following disasters such as Hurricanes Harvey, Irma and Maria and Australia's Cyclone Debbie, the reinsurer expects natural catastrophe claims to reach $4 billion.
Cole told CNBC that everyone needs "to realize climate change is a fact and we need to prepare for that."
"Our role is to make people aware, to help people understand the risk they face and also to put a price on that risk. If these prices are unsustainable we need to signal that to the market," he added.
Despite the earnings blow, it said it would proceed with a proposed share buyback of up to 1 billion Swiss francs ($1.00 billion) that starts on Friday, adding it was able to absorb the losses and maintain financial flexibility due to strong capitalization.
The Zurich-based group joined a chorus of insurers and reinsurers looking to raise rates after what looks set to be their most costly quarter on record.
"We expect pricing conditions to improve going forward — not only in reinsurance but also in commercial insurance," Chief Executive Christian Mumenthaler said in a statement.
Despite hurting profits, higher catastrophe costs can ease pressure on pricing in reinsurance markets.
The industry, which derives a portion of earnings directly from premiums when these exceed loss payouts and another from investments on the huge sums of capital reinsurers must hold, has been squeezed for years by falling industry prices coupled with low interest rates.
A turnaround in prices would be the first major reversal since Hurricane Katrina in 2005, the costliest natural disaster in U.S. history.