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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.

Value remains as reinsurance market evolves: Aon

22nd September 2020

Re/insurance broker Aon continues to see value in the global reinsurance industry, even as markets  evolve in the wake of the COVID-19 pandemic. Reinsurance remains an accretive form of capital for insurers in managing volatility and Aon notes that risk transfer over the last six months has demonstrated the value reinsurance ... Read the full article

Reinsurer earnings recover after Q1 volatility: DBRS Morningstar

22nd September 2020

The half-year results of property and casualty (P&C) reinsurers show that most firms have recovered from the effects of the financial market volatility that followed global lockdown measures in Q1, according to analysts at DBRS Morningstar. DBRS’ review of H1 results shows that most large reinsurers reported positive net earnings for ... Read the full article

Beazley doubles COVID-19 claims cost to $340mn

22nd September 2020

Specialty insurer Beazley has increased its estimated cost of COVID-19 claims from $170 million to $340 million. The claims are from Beazley's first party business and almost exclusively driven by further event cancellation losses. Given the recent surge in COVID-19 cases Beazley was forced to abandon its initial $170 million estimate, which ... Read the full article

AM Best forecasts downturn in Caribbean insurance growth

22nd September 2020

AM Best has forecast that Caribbean property and casualty (P&C) insurers could see a reversal of their recent positive growth trends due to the socioeconomic impacts of the COVID-19 pandemic, combined with rising reinsurance rates. The rating agency noted that the coronavirus crisis has been “a catastrophe for the entire Caribbean ... Read the full article

Indian regulator considers pandemic risk pool

22nd September 2020

India's re/nsurance sector regulator, the Insurance Regulatory and Development Authority (IRDAI), has suggested setting up a pandemic risk pool with a Rs 75,000 crore (USD 10.2 billion) backstop guarantee from the government. This is currently in the initial stages, with a view to help MSME workers and migrant labourers facing loss ... Read the full article

FCA sets out expectations for insurers following BI test case ruling

21st September 2020

The UK Financial Conduct Authority has described the UK High Court's recent Business Interruption test case judgment as having brought greater clarity for all parties and urged insurers, irrespective of any possible appeals, to consider the steps they can take to progress and pay any relevant claims. The financial regulator ... Read the full article

Law firm considering action against twelve insurers after High Court BI win

21st September 2020

Mishcon de Reya, the law firm that represented the Hiscox Action Group, could persue legal action against twelve new insurers following its Business Interruption insurance victory in the UK High Court. Based on the sample of policy wordings presented by the FCA, the court decided that most, but not ... Read the full article

COVID-19 rate cuts worsening “often-forgotten” casualty lines catastrophe: JMP

18th September 2020

Analysts at JMP Securities have underlined how risk-free rates have stabilised following emergency COVID-19 rate cuts by the US Federal Reserve, elongating and worsening an "often-forgotten" casualty lines catastrophe. Analysts believe the Fed's recent emergency rate cuts and ensuing interest rate volatility has investors re-examining their expectations for the future direction ... Read the full article

FCA’s test case ruling irrelevant to current US BI litigation: FAIR

18th September 2020

The U.K. High Court has issued a ruling concerning the UK Financial Conduct Authority’s (FCA) test case on pandemic-related business interruption claims against 21 representative policies issued by 8 insurers. Although the ruling has provided UK insurers and policyholders with more clarity, the FAIR campaign does not believe that the verdict will ... Read the full article

Fitch removes Lloyd’s from Rating Watch Negative as underwriting improves

18th September 2020

Fitch Ratings has removed Lloyd's of London's, Lloyd's Insurance Company (China) Ltd.'s, and Lloyd's Insurance Company S.A.'s Insurer Financial Strength (IFS) Ratings from Rating Watch Negative (RWN). At the same time, Fitch has affirmed Lloyd's and its two operating subsidiaries' IFS Ratings at 'AA-' (very strong), while the outlook is stable. At ... Read the full article

Remote working triggers rise in phishing attacks over Q2: Beazley

18th September 2020

The growing reliance on remote working due to the COVID-19 pandemic has triggered a rise in phishing and social engineering scams over Q2, according to specialist re/insurer Beazley. These kinds of email attacks had been on the decline from Q4 2019 to Q1 2020, but the arrival of the global pandemic ... Read the full article

Marine market sees modest recovery but future uncertain: IUMI

18th September 2020

The International Union of Marine Insurance (IUMI) has noted a modest recovery in the marine re/insurance market during the 2019 underwriting year, but warns that the future of the market remains uncertain due to the COVID-19 pandemic. IUMI estimates that marine underwriting premiums totalled $28.7 billion in 2019, representing a 0.9% ... Read the full article

Industry viewed pandemic risk through too narrow a prism: SCOR’s Kessler

17th September 2020

For the most part, pandemic had historically been viewed as a life catastrophe exposure, but the COVID-19 outbreak has shone a light on the potential impacts of a pandemic on the global property & casualty (P&C) sector. In a keynote held this morning as part of insurer and reinsurer SCOR's virtual ... Read the full article

Remote working to have lasting consequences for re/insurers: GlobalData

17th September 2020

Data and analytics company GlobalData believes that the increase in remote working due to the COVID-19 pandemic will have lasting consequences for the insurance and reinsurance industries. With remote working levels set to stay significantly higher than before the coronavirus crisis, /reinsurers will need to adapt to remote working being more ... Read the full article

Compre eyeing capital raise off COVID-19, market hardening

16th September 2020

Leading specialist legacy acquirer Compre is looking to raise additional capital in the face of increased legacy activity related to the COVID-19 pandemic and hardening insurance market. Compre says its current shareholders, private-equity firm CBPE Capital, remain committed to the business and support its management team's outlook. The existing team, led by CEO ... Read the full article

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