Swiss Re's history shows that it has grown over the years, giving it the competitive edge in reinsurance and risk management. Stretching its wings into reinsurance of property, casualty and industrial risks, the company developed its expertise in the various aspects of life and health reinsurance such as product designing and pricing, underwriting, claims management and administrative reinsurance; and today it represents an entity, which is both economically and socially responsive.
May 10, 1861, Glarus, Switzerland, a great fire raged through the village throughout the night. It started in a shed and spread almost immediately to the adjoining buildings due to a strong wind. The raging fire assumed such enormous proportions that it was visible even to the inhabitants who stayed miles away from the village. In spite of all human efforts to extinguish the fire the disaster could not be avoided and it took a toll on 593 buildings rendering 3,000 people homeless. Many lost their lives in the inferno.
The Swiss Re started its business in a two-room apartment in Zurich. Many foreign companies expressed their interest to establish business relationship with the Swiss Re, as a result, it entered into treaties with insurance companies from Germany, Austria, Russia, France, Belgium, Italy and England. The company also entered into its first marine reinsurance treaty with the Helvetia General Insurance Company, St. Gall, and its first fire reinsurance treaty with the Helvetia Fire, St. Gall. Both the reinsurance treaties were signed in the year 1864. In the year 1865, it shifted its office to larger premises in a building called `Zum Engelhof' in Zurich. The monthly salaries of the employees ranged from 60 to 100 Swiss Francs. It started its life reinsurance business with the treaty of Basle Life on June 1, 1865.
The Swiss Re entered into its first accident reinsurance treaty with the Cologne Accident in the year 1881. The company relocated its operations again in the year 1882 to a place named, Bahnhofstrasse, and within its first 50 years of operation it relocated its operations at least seven times before finally settling down at a place called Mythenquai, in the year 1913. The company formed a welfare fund for its employees in the year 1885. In the year 1893, the Chicago World Fair started on a large site. |
