Reinsurance News

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.

Fitch highlights pandemic impact on reinsurance market throughout Asia

6th September 2022

According to analysts at Fitch, Thailand’s life industry has no exposure to lump-sum payout policies, and experienced stable operation during the COVID-19 pandemic. Analysts also noted that local life reinsurers remain profitable with a rise in COVID-19 related health claims partially offset by lower claims in other products. At the same time, ... Read the full article

Live events resurge in a new risk landscape after Covid restrictions ease

26th August 2022

The restarting of live events due to the lull in coronavirus restrictions poses a new risk landscape for organisers, according to Allianz Global Corporate & Specialty (AGCS). The firm said in a statement that it was seeing increasing demand for live events following the end of lockdowns and restrictions. However, it said ... Read the full article

IAG shareholders serve class action over BI disclosure

1st August 2022

Insurance Australia Group Limited (IAG) has confirmed that it has been served with a shareholder representative proceeding over its disclosures regarding COVID business interruption (BI) claims. The company announced that the class action has been filed in the Supreme Court of Victoria on behalf of persons who acquired shares in IAG ... Read the full article

Munich Re’s COVID claims persisting beyond expectations: Jefferies

14th July 2022

Analysts at Jefferies have reported that Munich Re’s COVID-19 claims on the life reinsurance side of its business have lasted far longer than anticipated, contrary to the market’s initial views. At Munich Re's recent management meetings, a key discussion point was the ongoing impact of COVID claims to the reinsurer’s life ... Read the full article

UK pub group brings £1bn covid case against insurers

14th June 2022

UK pub group Stonegate is suing insurers MS Amlin, Zurich Insurance and Liberty Mutual for £1 billion in a new major COVID business interruption (BI) case. Reuters, which first covered the story, speculates that the Stonegate case, if successful, could provide momentum for a second wave of pandemic claims against insurers. The ... Read the full article

Covid cost coming into focus after two years, says JP Morgan

1st June 2022

JP Morgan has said that the companies most heavily impacted by the coronavirus pandemic were European reinsurers and Lloyd’s names. The assessment, done in relative terms, came as a surprise to JP Morgan, who said that tail risk generally accumulates at the reinsurers and that specialist classes of business are more ... Read the full article

UK Gov claims success over £400m live events reinsurance scheme

31st May 2022

The UK Government says that nearly three million people are expected to have attended events supported by the Government’s Live Events Reinsurance Scheme by the end of summer 2022. Launched in August 2021 and set to close this September, the scheme has supported almost 15,000 jobs and 150 events, including Wimbledon, ... Read the full article

RGA seeing greater demand for life reinsurance since pandemic

18th May 2022

Anna Manning, President and CEO of Reinsurance Group of America (RGA), has said that her company has seen higher demand for its life reinsurance service since the outbreak of the COVID-19 pandemic two years ago. Speaking as part of an earnings call alongside the release of RGA’s Q1 results, Manning was ... Read the full article

P&C metrics largely unaffected by COVID, says AM Best

12th May 2022

Analysts at AM Best have reported that US property and casualty (P&C) insurers have seen only “limited” impact from COVID-19 on their operating performance metrics. The rating agency notes that the COVID-19 pandemic brought uncertainty to the insurance industry due to the significant drop in equity markets, which led to unrealized ... Read the full article

Shanghai lockdown a $28bn global trade hit: Russell

6th May 2022

The current Shanghai Covid lockdown has created severe delays at the port, delivering a $28 billion hit to global trade, with clothing and textiles industries having the most exposure, according to analysis by Russell Group, a data and analytics company. Recent COVID flare-ups across China have caused huge disruption both to ... Read the full article

Report says US insurers turned increasingly to tech during pandemic

31st March 2022

A new report from Information Services Group states that many US insurers turned to technology to meet changing operational and market demands through the Covid-19 pandemic. According to the firm, its 2021 ISG Provider Lens Insurance Platform Solutions Report for the US finds the pandemic served as a catalyst for digital ... Read the full article

COVID resurgence in China impacting supply chains, warns Maersk

31st March 2022

Shipping and logistics company Maersk has warned that flare-ups of COVID-19 across many of China’s largest cities are having an adverse effect on global supply chains. A number of cities in China, including Beijing, Hong Kong, Shenzhen, Shanghai, and Qingdao, are currently dealing with a resurgence in COVID cases. In response, the ... Read the full article

COVID widened insurance innovation divide: AM Best

28th March 2022

Analysts at AM Best have argued that the COVID-19 pandemic has widened the ‘innovation divide’ among nonlife re/insurers, with a clear link to better top-line growth for insurers with more-developed innovation initiatives. In a new report, the rating agency found that global nonlife insurers with higher innovation assessments had a five-year ... Read the full article

Re/insurers to appeal Australia’s pandemic test case verdict

22nd March 2022

A number of major insurers and reinsurers, including Swiss Re, IAG and Chubb, are seeking to contest the verdict of Australia’s pandemic test case in the country’s High Court. These insurers and others filed documents for an appeal on Monday, according to reports from The Australian, as did two insured businesses ... Read the full article

European reinsurers enjoy better P&C results as COVID recedes

15th March 2022

Analysts at Moody’s have highlighted better overall property and casualty (P&C) results among the largest four European reinsurers, which they say are mainly a function of significantly lower COVID-19 losses than in 2020. For P&C business, new COVID-19 claims fell in 2021 as the companies introduced in their policies wording to ... Read the full article