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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.

Hiscox falls to 2020 loss on COVID-19 reserves

3rd March 2021

COVID-19 reserves of $475 million, net of reinsurance, has pushed insurer and reinsurer Hiscox to a loss of $268.5 million for full-year 2020, against income of more than $53 million in 2019. The majority of the company's pandemic claims relate to event cancellation business, with the second largest chunk concerning business ... Read the full article

COVID “occurrence” ruling could confuse reinsurance response: GC

3rd March 2021

Analysts at Guy Carpenter (GC) have argued that the definition of a COVID “occurrence” under the recent ruling by the UK Supreme Court could “confuse the conversation around reinsurance responses to COVID losses.” In January, the legal verdict on the FCA’s pandemic business interruption (BI) test case was that some forms ... Read the full article

Swiss Re’s Haegeli calls for more “long-term vision” in response to COVID

2nd March 2021

Jerome Jean Haegeli, Group Chief Economist at Swiss Re, has argued that the COVID-19 pandemic has exposed the need for “more long-term vision” from both governments and corporations around the world. Haegeli called the crisis a “wake-up call” that has brought to light fundamental deficits in sustainable and resilience-driven ways of ... Read the full article

Pressure grows for UK Gov to back event cancellation scheme

2nd March 2021

Performers, music industry bodies, and re/insurers are renewing their calls for the UK Government to underwrite cancellation costs of events such as music festivals and tours, to enable the restart of the live entertainment sector from this summer. Their calls come as a new YouGov survey shows that half of the ... Read the full article

Industry survey reveals divided census over 2021 P&C covid losses

1st March 2021

A comprehensive survey of Reinsurance News' industry contacts has revealed a clear divide in expectation for 2021's eventual COVID-19 impact on the Property & Casualty segment, with 27% of respondents feeling the figure will fall over $100 billion. A further 27% felt the eventual loss would land between $70 billion and ... Read the full article

Lloyd’s to reopen underwriting room on May 17

1st March 2021

Lloyd's of London has confirmed the reopening of its underwriting room and corporation offices on May 17. The specialist re/insurance marketplace plans to apply a class of business rota during the week and will confirm further details closer to the date. Looking further ahead, there will be additional action over further relaxing ... Read the full article

Growth of digital healthcare creating unforeseen risks: WTW

24th February 2021

Global re/insurance broker Willis Towers Watson has released a report which explores how COVID-19 and the trend towards the digitisation of medicine is resulting in a rapid technological change. In the report, the broker also noted that digitisation is creating emerging risk issues and may result in healthcare risk managers reassessing ... Read the full article

COVID claims among ABI members reach £2.5bn

22nd February 2021

Members of the Association of British Insurers (ABI) expect to pay up to £2.5 billion for COVID-19 insurance claims incurred in 2020, according to new data. The majority of this figure (£2 billion) stems from business interruption claims, while another £204 million is attributed to protection insurance claims, including life, critical ... Read the full article

As the world reopens, event cancellation coverage will be an issue: Mumenthaler, Swiss Re

19th February 2021

The significant and unexpected impacts of the global COVID-19 pandemic on the property and casualty (P&C) space suggest that once the world reopens, event cancellation coverage will either be very expensive or excluded altogether, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. In announcing its full-year 2020 ... Read the full article

EIOPA proposes measures to improve BI insurance

18th February 2021

The European Insurance and Occupational Pensions Authority (EIOPA) has proposed a series of measures to improve the insurability of business interruption (BI) in light of pandemics. The Authority explored options relating to prevention measures to reduce losses, capital markets risk transfer, and multi-peril solutions for systemic risk. It also addressed the general ... Read the full article

SCOR calls on reinsurers to back COVID-19 vaccine

16th February 2021

Global re/insurer SCOR has made a call for re/insurers to help convey the broad health benefits of getting the COVID-19 vaccination. The reinsurer says it has already helped to dissect the misconceptions and questions that surround the vaccination fears, and has stressed the importance of the vaccine roll-out in building towards ... Read the full article

COVID losses likely to exceed Lloyd’s estimate, says Brit

12th February 2021

Specialty insurer and reinsurer Brit has suggested that the COVID-19 pandemic could “significantly exceed” the $107 billion claims estimate predicted by Lloyd’s last year. The comments contrast with the view of some other analysts, such as those at Berenberg, who recently reduced their industry loss estimate from $50-70 billion to ... Read the full article

COVID forces MS Amlin to £209mn loss

12th February 2021

Japanese insurer MS&AD Insurance Group Holdings has reported that its MS Amlin subsidiary fell to a £209 million net loss in the FY2020 3Q period. The loss was mainly attributed to the COVID-19 pandemic, which caused MS Amlin to post an underwriting loss of £235 million for the period. This was a ... Read the full article

Re/insurers risk underestimating COVID losses: RenRe’s O’Donnell

8th February 2021

Kevin O’Donnell, President and CEO of RenaissanceRe, has warned that there is misplaced confidence within the re/insurance industry that COVID-19 losses may be less severe than originally expected. Speaking during a Q4 earnings call, O’Donnell explained that RenRe had updated its COVID loss estimate for the quarter to $173 million. But the ... Read the full article

Irish High Court rules FBD Insurance must compensate for COVID-19 BI losses

8th February 2021

The Commercial Court in Ireland has ruled that FBD Insurance must compensate four pub owners for the disruption caused to their businesses as a result of the COVID-19 pandemic. Justice Denis McDonald found that a policy sold by the insurer covered losses the pubs suffered by having to close as a ... Read the full article

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