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.

COVID-19 disruption sees Helios post underwriting loss for H1

25th September 2020

Helios Underwriting has announced a £108,000 operating loss for the first half of 2020, with the COVID-19 pandemic causing a reduction in underwriting profits. The company says cumulative rate increases since 1 January 2018 are 28%. Losses of £5 million have been reserved for COVID-19 by the supported syndicates, of which 85% ... Read the full article

COVID-19 event cancellation revisions not expected across the board: analysts

24th September 2020

Analysts at Morgan Stanley do not expect other re/insurers to follow Beazley in significantly increasing revisions in COVID-19 event cancellation loss estimates. It's understood the impact of events cancelled in the third and fourth quarter will likely be more modest than in the first half of 2020. Beazley has increased its estimated ... Read the full article

Insurers refusing to pay out after BI court ruling, say policyholders

24th September 2020

A group of policyholders have written to the Financial Conduct Authority (FCA) to report that some insurers are still refusing to pay out on business interruption (BI) claims, even after the UK High Court’s ruling last week. The court sided with policyholders in a landmark judgement that obligated UK re/insurers ... Read the full article

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

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.