Reinsurance News
COVID-19 driven market disruption main threat to European reinsurers: Fitch
18th March 2020
Financial market disruption stemming from the spread of the coronavirus is the main threat to the credit profiles of European reinsurers, Fitch Ratings analysts say. Furthermore, downgrades could be on the horizon should earnings weaken and capital headroom erode as a result of prolonged stress on equity and credit markets and ... Read the full article
Coronavirus puts Swiss Re share buyback at risk: JP Morgan
18th March 2020
Given that Swiss Re is likely to see significant mark-to-market losses on equity accounted investments in the first quarter of 2020, as well as the ongoing uncertainty to the financial market outlook on COVID-19, analysts at JP Morgan see a substantial risk that the reinsurer's previously-announced buyback will not be ... Read the full article
EXIM Bank to expand pilot reinsurance program
18th March 2020
The Export-Import Bank of the United States (EXIM), the official US export credit agency (ECA) and a wholly owned federal government corporation, has revealed that it intends to expand on the pilot $1 billion reinsurance program it launched in April 2018. EXIM has now begun the process of looking for a ... Read the full article
AM Best to develop COVID-19 stress tests for re/insurers
18th March 2020
Rating agency AM Best has revealed that it is in the process of developing stress testing that it will use to gauge the impact of the coronavirus (COVID-19) outbreak on its rated re/insurance companies. The tests will aim to measure the effect of the pandemic on re/insurers’ balance sheets, including on ... Read the full article
Magnitude 5.7 earthquake hits Salt Lake City
18th March 2020
A magnitude 5.7 earthquake shook parts of Utah earlier today, including the state capital of Salt Lake City, where significant damage is already being reported. The quake was the largest to hit the state since 1992, and was quickly followed by multiple aftershocks, ranging from 2.5 to 3.9 magnitude. The cities of ... Read the full article
AM Best turns negative on US life/annuity market amid COVID-19 uncertainty
18th March 2020
Global ratings agency A.M. Best has revised its market segment outlook on the U.S. life/annuity segment to negative from stable, driven by the significant volatility and uncertainty in the financial markets as a result of the ongoing COVID-19 virus. The two main drivers of the revision to negative are the material ... Read the full article
Bermuda extends filing deadline for insurers, waives need for physical board meetings
18th March 2020
In light of the disruption caused by the coronavirus outbreak, the Bermuda Monetary Authority (BMA) has granted a one-month filing extension for re/insurers, and has waived the need for physical board meetings to take place. The Bermudian regulator has had a Business Continuity Plan in place since February 6th in order ... Read the full article
COVID-19 BI legislation held by NJ Assembly, higher premiums a concern
18th March 2020
It's been reported that Bill A-3844, which would require business interruption policies to cover losses caused by the COVID-19 outbreak at certain businesses in New Jersey, has not been passed into law. As we reported yesterday, New Jersey Legislature was today scheduled to discuss a bill designed to force insurance ... Read the full article
Fitch revises UK life insurance sector outlook to negative from stable
18th March 2020
The rapidly evolving coronavirus outbreak has led Fitch Ratings to revise its UK life insurance sector outlook to negative from stable. The move comes a day after the global financial services ratings agency turned negative on the US life insurance industry. Both revisions are a result of the widespread uncertainty ... Read the full article
Swiss Re adds three to Asia Pacific leadership team
18th March 2020
Global reinsurer Swiss Re has bolstered its leadership team in Asia Pacific across its Life & Health and Property & Casualty business lines. Jolene Loh has been appointed director, head of L&H client markets, South East Asia. She joins with more than 25 years’ experience and will lead Swiss Re’s L&H in-market ... Read the full article
James Allen Insurance announces pandemic policy
18th March 2020
National insurance solutions provider James Allen Insurance has announced a comprehensive pandemic policy for business enterprises to protect themselves in the event of an outbreak. The policy is designed to cover added out-of-pocket expenses, as well as lost revenue associated with the outbreak of disease. The policy is backed Lloyd’s and other ... Read the full article
Fitch revises Allstate’s rating outlook to stable from positive on coronavirus
18th March 2020
Fitch Ratings has downgraded the rating outlook for The Allstate Corporation and its core insurance subsidiaries to stable from positive, due to the significant uncertainty being caused by the global coronavirus pandemic. The ongoing COVID-19 outbreak has led to high levels of volatility in capital markets, which, has in turn driven ... Read the full article
Coronavirus volatility to erode EMEA insurers’ capital: Moody’s
18th March 2020
Analysts at Moody’s believe that coronavirus-induced volatility in the financial markets could erode the capital of EMEA insurers in the short term, with low interest rates also set to add pressure over the coming quarters. A recent heat map produced by the rating agency identified these two factors as the key ... Read the full article
GRS partners with Canopy Weather on property damage claims
18th March 2020
Global Risk Solutions (GRS), a provider of a claims adjusting and environmental risk management services, has partnered with Canopy Weather to streamline weather related property damage claims. Under the partnership, Canopy will provide GRS with real-time property-specific wind and hail damage analytics that are expected to help facilitate loss verification and ... Read the full article
Coronavirus to spark global recession in 2020: S&P Global
17th March 2020
As the coronavirus pandemic continues to accelerate, economists at S&P Global are expecting a global recession this year. Since the company’s last update on March 3, coronavirus’ economic effect has worsened sharply. Economic data remains scarce, but the long-awaited initial figures from China for January and February appear much worse than feared. S&P ... Read the full article
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