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Coronavirus news

Coronavirus news coverage of relevance to reinsurance and insurance markets.

All of our Covid-19 coronavirus news, analysis and insight related to insurance and reinsurance market impacts can be found below.

The coronavirus Covid-19 pandemic of 2019-20 resulted in significant disruption and threatened losses widely across the insurance and reinsurance markets.

Forced BI claims would put “systemic strain” on the insurance industry: Triple-I CEO

22nd May 2020

The Chief Executive Officer (CEO) of the Insurance Information Institute (Triple-I), Sean Kevelighan, has warned that systematic strains would be placed on the insurance industry if carriers are forced to pay out retroactive claims. As the fallout surrounding business interruption (BI) insurance related to the COVID-19 pandemic has persisted, leaders from ... Read the full article

Exacerbated hard market is exposing “anachronistic” broking structure: report

22nd May 2020

A new report claims that a hard market exacerbated by the impacts of the COVID-19 pandemic is exposing the "hopelessly conflicted and untransparent broker system" that developed during a prolonged softened market state. Brokers receive up to 80% of their renumeration from insurers and just 20% from clients, says the report ... Read the full article

IRB Brasil Re eyeing competitors’ LatAm portfolios: Reports

22nd May 2020

It’s believed Brazilian reinsurer IRB Brasil Re is in advanced talks with rivals across Latin America as the firm looks to buy up portfolios and strengthen its position in the region. Reuters, citing two sources close to the reinsurer, says the move is an attempt to capitalise on decisions by rivals ... Read the full article

ABI rejects pub industry appeal for pandemic BI cover

22nd May 2020

In response to an open letter penned by a coalition of beer and pub businesses, the Association of British Insurers (ABI) has insisted that the UK re/insurance industry has no responsibility to pay business interruption (BI) claims related to the COVID-19 pandemic. The coalition letter, addressed to ABI Chair Jon Dye, ... Read the full article

Insurance trade groups propose federal pandemic solution

22nd May 2020

A new, industry-backed federal program designed specifically to help businesses meet the financial challenges from future pandemics has been proposed by the National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty Insurance Association (APCIA), and the Independent Insurance Agents & Brokers of America, Inc. (Big "I"). The new pandemic ... Read the full article

COVID-19 to increase drone use within insurance: GlobalData

22nd May 2020

Data and analytics specialist GlobalData is expecting drones to play a bigger role within the insurance space as coronavirus continues to change the way people and businesses interact. While it was anticipated that drone technology would eventually take off in the inspection of large areas, GlobalData notes how coronavirus is highlighting ... Read the full article

Eos closes Strategic InsurTech Fund, welcomes Tokio Marine & Direct Line

22nd May 2020

Eos Venture Partners has announced the close of its Strategic InsurTech Fund, which, invests in global InsurTech companies while at the same time promoting and facilitating engagement between incumbents and emerging tech providers. Established in 2016, Eos has offices in London and Philadelphia, and operates as a global independent Strategic Venture ... Read the full article

Aviva estimates £160mn of COVID-19 claims across GI businesses

21st May 2020

London headquartered insurer Aviva has announced estimated COVID-19 related losses of £160 million, net of reinsurance, in its General Insurance businesses based on claims in business interruption, other commercial lines, and travel insurance. In its Q1 operating update, insurer Aviva has reported a strong start to the year, but also warned ... Read the full article

Generali posts €113m Q1 profit, €655m COVID-19 investment hit

21st May 2020

Italian insurance giant Generali has announced a first quarter net profit of €113 million despite the COVID-19 pandemic driving an investment loss of around €655 million. This €113 million net profit is down from €744 million in the prior year quarter and includes a non-operating expense amounting to €100 million from ... Read the full article

Tokio Marine’s consolidated net income dips in FY2019

21st May 2020

Tokio Marine Holdings, Inc. has reported a decline in consolidated net income to JPY 259.7 billion in the fiscal year ended March 31st, 2020, while adjusted net income improved to JPY 286.7 billion on the back of improved results in domestic life and overseas insurance subsidiaries. Consolidated net income declined year-on-year ... Read the full article

COVID-19 reinsurance impact of $82bn could turn pricing: analysts

20th May 2020

Analysts at Morgan Stanley have estimated that a scenario including a projected COVID-19 reinsurance impact of $82 billion could lead to a turn in reinsurance pricing. Responding to the recent Lloyd’s of London pandemic estimate, which put the total cost to the re/insurance industry at $203 billion, Morgan Stanley tried ... Read the full article

Pre-COVID-19 structural factors to influence reinsurance renewals: Flandro, Hyperion X

19th May 2020

While the COVID-19 pandemic will undoubtedly have an influence on upcoming renewals for insurers and reinsurers, for the latter, the broad structural factors that have been in place prior to the outbreak cannot be ignored, according to David Flandro, Managing Director at Hyperion X. In a recent video interview with our ... Read the full article

Demand for pandemic cover rising, but capacity limited: Third Point Re CEO

19th May 2020

There’s been a notable rise in demand for pandemic re/insurance and a subsequent hike in rates, however, there’s currently limited capacity in the marketplace for pandemic cover, according to Dan Malloy, Chief Executive Officer (CEO) of Third Point Re. These are unprecedented times for the industry, and it will undoubtedly be ... Read the full article

Beazley successful in $300 million capital raise

19th May 2020

Specialist insurer and reinsurer Beazley has announced the successful completion of its previously announced $300 million (£247 million) equity placement. Beazley said yesterday that it is raising capital in the form of an equity placement in order to support growth and take advantage of rising rates being seen across its ... Read the full article

Lloyd’s COVID-19 loss estimate may be conservative: Argenta

19th May 2020

Analysts at managing agency Argenta Group have argued that Lloyd’s has been conservative in its estimates of the insurance losses it will face due to the COVID-19 pandemic. The insurance and reinsurance marketplace previously said that it will pay customers between $3 billion and $4.3 billion in claims, out of ... Read the full article

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