Swiss Re has posted a 2001 loss of about $29 million, mainly thanks to the continually rising estimates associated with the September 11 terrorist attacks. Not that the No 2 reinsurer is expecting to keep recording losses. In its report last week, Swiss Re said it will have a “sharp increase” in earnings this year, reflecting the continuing rises in reinsurance premiums.

This will help the company recover from the World Trade Centre losses, which it now estimates will be $3.32 billion – 45% higher than its own forecast last month.

In a statement, the company said that September 11 “was the insurance industry’s largest-ever loss and also impacted several lines of business and led to declines in capital markets.”