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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.

Second virus wave could erode re/insurer capital: S&P

14th July 2020

Analysts at S&P Global Ratings have warned that re/insurers' capital buffers could be eroded through the second half of the year if there is a second global wave of COVID-19. While its insurance ratings have proven resilient through the pandemic so far, the firm believes many companies will suffer from the ... Read the full article

Travelers warns of Q2 net loss as catastrophe bill hits $854mn

14th July 2020

Property and casualty insurer, The Travelers Companies, Inc., expects to report a net loss for the second-quarter of 2020 on the back of a high level of catastrophe losses and losses in its non-fixed income investment portfolio. The firm's Q2 2020 catastrophe losses are estimated at $854 million pre-tax ($673 million ... Read the full article

Independent film, TV under threat as insurers refuse COVID-19 risk: Reuters

14th July 2020

Independent film and television productions are struggling to secure financing as insurers increasingly refuse to accept risks associated with COVID-19, according to reports from Reuters. Outside of major studio productions, which have the resources to self-insure, uncertainty around coronavirus appears to have created a major roadblock in moving forward with productions. One ... Read the full article

Consider parametrics to manage COVID-19 insurance gap, says GlobalData

13th July 2020

In order to address the significant insurance protection gap that has been highlighted by the ongoing COVID-19 outbreak, parametric structures should be considered, according to GlobalData. As lockdown measures came into effect around the world, businesses of all shapes and sizes turned to their insurers for assistance through their business interruption ... Read the full article

W. R. Berkley puts Q2 cat losses at $145mn; includes $85mn COVID-19 hit

13th July 2020

W. R. Berkley Corporation has revealed that it expects to incur net catastrophe losses of roughly $145 million (pre-tax) for the second-quarter of 2020, most of which is attributable to the COVID-19 pandemic. The firm estimates that approximately $85 million, or 59% of its Q2 loss estimate relates to the ongoing ... Read the full article

US commercial insurers’ results face COVID-19 claims uncertainty: Fitch

10th July 2020

Benefits for US commercial insurers from recent sharp premium rate improvement are likely to be delayed by effects on underwriting results from COVID-19, according to Fitch Ratings. The ratings agency says the sector was poised for 2020 profit improvement following two consecutive years of statutory industry commercial lines combined ratios slightly ... Read the full article

COVID-19 to wipe £3tn from global trade: Russell Group

10th July 2020

Covid-19 will wipe $3 trillion from global trade in 2020 compared with 2019 levels, according to analysis conducted by Russell Group. Based on shipping and aircraft movements, the risk management company predicts trade to be $7.45 trillion in the first half of 2020 and $8.55 trillion in the remaining six months ... Read the full article

India’s insurance regulator (IRDAI) is exploring a pandemic risk pool

10th July 2020

The Insurance Regulatory and Development Authority of India (IRDAI) has established a nine-member working group to explore the possibility of establishing a pandemic risk pool. India is the latest country to reveal that it's exploring the launch of a pandemic risk pool to manage the risks related to reduced economic activity ... Read the full article

Chubb proposes $1.15tn state-backed pandemic BI scheme

9th July 2020

Global insurer and reinsurer Chubb has put forward a proposal for a public-private partnership program to provide business interruption (BI) cover for all kinds of US business ahead of the next pandemic. The company envisions the scheme’s total capacity at around $1.15 trillion, consisting of an aggregate limit of $750 billion ... Read the full article

Global insurance premiums to recover in 2021 after COVID-19-induced dip: Swiss Re

9th July 2020

Global insurance premiums are expected to recover in 2021 after contracting this year on the back of a COVID-19-induced economic recession, according to the latest Swiss Re Institute sigma report. While expected to be short-lived, Swiss Re warns that this year's recession is set to be the deepest since the Great ... Read the full article

Bank of England voices concern over virus BI claims

8th July 2020

Anna Sweeney, the Bank of England’s (BoE) executive director for insurance, has said that business interruption (BI) related to the COVID-19 pandemic claims remain a serious concern for the UK insurance and reinsurance industries. Her comments come as the Financial Conduct Authority (FCA) prepares to seek legal clarity on whether ... Read the full article

Cape Town restaurant wins COVID-19 BI claims court battle against insurer

8th July 2020

Café Chameleon, a restaurant in the northern suburbs of Cape Town, recently won an important COVID-19-related insurance claims court battle against insurer Guardrisk Insurance, a division of Momentum Metropolitan Holdings. To mitigate the spread of the ongoing COVID-19 pandemic, South Africa, like many other countries around the world, entered into a ... Read the full article

Argo expecting $10-20mn Q2 virus loss

8th July 2020

Argo Group International Holdings, Ltd., the Bermuda based insurance and reinsurance company, has said that it is anticipating net losses of between $10 million and $20 million related to COVID-19 to be recorded in its second quarter earnings. The company fell to a net loss of $18.8 million in Q1 ... Read the full article

Workers’ comp insurers hit by high unemployment: Moody’s

8th July 2020

A surge in unemployment rates due to the COVID-19 lockdown is set to weigh heavily on the profitability of workers’ compensation insurers in the US, according to analysts at Moody’s. The rating agency noted that the workers’ compensation sector is structurally tied to the economy and labour markets. Employers in the US ... Read the full article

The Hartford extends COVID-19 personal auto payback plan

8th July 2020

Property and casualty insurer The Hartford has announced that it will extend its COVID-19 personal auto payback plan through June. The plan originally provided customers with a 15% credit on their April and May personal auto insurance premiums. Extending the plan through June brings the total amount the company will distribute to ... Read the full article

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