Swiss Re’s property and casualty (P&C) reinsurance arm swung into a loss of $US201 million ($287 million) in the nine months to September, as earnings copped a severe blow from COVID-19, the Beirut port blast and natural disasters.

In the corresponding period last year the P&C arm reported a net income of $US880 million ($1.3 billion).

Swiss Re says COVID-19 claims and reserves cost the P&C business $US1.6 billion ($2.3 billion) in the nine-month period. The combined ratio worsened to 110.3% from 101.4% a year earlier.

Losses from large natural catastrophes and man-made disasters totalled $US1.5 billion ($2.1 billion), exacerbated in part by a number of events in the third quarter such as the hurricanes in the US and the Beirut port explosion in August.

Net premiums earned during the period grew 9.2% to $US15.5 billion ($22.1 billion), supported by successful renewals in the US and Asia.

At the group level, Swiss Re reported an overall net income loss of $US691 million ($985 million) compared with a net profit of $US1.3 billion ($1.9 billion) a year earlier while net premiums earned increased to $US30.2 billion ($43.1 billion) from $US28.4 billion ($40.5 billion).