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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.

Two-thirds of BI test case policyholders now paid: FCA

18th October 2021

New data from the Financial Conduct Authority (FCA) shows that 68.4%, or just over two-thirds, of UK policyholders whose COVID-19 business interruption (BI) policies have been accepted by insurers have now recieved at least an interim payment. As of October 5th, the aggregate value of the payments made for the 24,463 ... Read the full article

Australian insurers say COVID BI provisions unchanged, for now

11th October 2021

Some of Australia’s largest insurers have said their provisions for potential business interruption claims relating to COVID-19 remain “unchanged” following a test case ruling by the federal court. The court recently decided to uphold the arguments advanced by insurers in eight out of the nine matters related to the business ... Read the full article

Workers’ comp lines set to feel pandemic impact over long-term: AM Best

7th October 2021

As the line most sensitive to economic cycles, analysts at AM Best expect that workers’ compensation lines will continue to experience the negative impacts of the COVID-19 pandemic acutely over the long-term. The economic downturn caused by the pandemic caused massive unemployment in the US and had a material effect on ... Read the full article

UK Gov launches £800mn reinsurance scheme for live events

22nd September 2021

The UK Government has officially launched its £800 million reinsurance scheme to cover COVID-related cancellation costs for live events, backed by a number of Lloyd’s Market Association (LMA) players. The scheme will support live events across the country - such as concerts and festivals, conferences and business events - that ... Read the full article

BI test case payouts top £1bn with 64% of policyholders paid: FCA

17th September 2021

New data from the Financial Conduct Authority (FCA) shows that total reported claims payments for policies related to the COVID-19 business interruption (BI) test case in the UK have now exceeded £1 billion. The aggregate value of the payments made for the 22,680 claims where final settlements have been agreed and ... Read the full article

Participate in our latest re/insurance market-focused survey

3rd September 2021

Having witnessed the re/insurance industry's response to COVID-19, how confident are you of its success at navigating future global crises? Will rising antitrust concerns and increased media security render mega-M&A a thing of the past? As a reader of Reinsurance News we invite you to take part in what ... Read the full article

CCR Re gross premium reaches €665mn in H1 2021

1st September 2021

French public-sector reinsurer CCR Re has reported gross premiums of €665 million during the first half of 2021, a 14% increase from the prior year period. Owing to the firm’s risk management and provisioning policy, underwriting profitability was unaffected by the consequences of COVID-claims covered in 2020. Underwriting profitability was also mostly ... Read the full article

AM Best stable on global reinsurance despite ongoing uncertainties

31st August 2021

Despite improved pricing trends across most business lines, AM Best says uncertainty and abundant capital has resulted in the issuance of stable outlook for the global reinsurance segment. Further compounding this were the unprecedented events of 2020, dominated by the COVID-19 pandemic and higher frequency of medium-sized catastrophe losses. AM Best believes ... Read the full article

Second BI test case in Australia delayed as policyholders need more time: ICA

24th August 2021

The Federal Court of Australia has postponed the start of the second business interruption (BI) test case hearing by one week to provide policyholders with more time to obtain verified government data and expert evidence concerning COVID-19 outbreaks, notes the Insurance Council of Australia (ICA). It was announced earlier this ... Read the full article

BI test case payouts approach £1bn: FCA

17th August 2021

New data from the Financial Conduct Authority (FCA) shows that total reported claims payments for policies related to the COVID-19 business interruption (BI) test case in the UK are now approaching £1 billion. The aggregate value of the payments made for the 21,198 claims where final settlements have been agreed and ... Read the full article

Marsh & Citi develop risk structure to boost delivery of COVAX vaccines

17th August 2021

Insurance broker Marsh has collaborated with global bank Citi to create an innovative risk mitigation structure designed to help the Vaccine Alliance (Gavi) pre-purchase vaccines in bulk with greater confidence, and facilitate rapid and equitable distribution around the world. Developed on behalf of Gavi, the risk mitigation structure will cover the ... Read the full article

Munich Re’s profit rises to €1.1bn despite higher than expected COVID impact

10th August 2021

Global reinsurer Munich Re has announced profit of €1.1 billion for the second quarter of 2021, as profits improved in both its property and casualty (P&C) and life and health (L&H) reinsurance segments despite ongoing losses related to the COVID-19 pandemic. The company's reinsurance operation contributed €951 million to the consolidated ... Read the full article

Lloyd’s players support UK Gov live events reinsurance scheme

6th August 2021

The UK government has partnered with the specialist Lloyd's insurance and reinsurance marketplace to deliver the Live Events Reinsurance Scheme, which is worth more than £750 million and designed to help organisers plan events with confidence. While the majority of Covid-19 restrictions have now lifted in the UK, the losses faced ... Read the full article

COVID infections re-emerge as marine sector threat: PCS

4th August 2021

High rates of infection from the Delta variant and low levels of vaccination in key countries could result in worldwide crew shortages, fatigued and stranded crewmembers, and increased risk of loss for marine re/insurers, according to analysts at PCS. The firm says that marine re/insurers in particular need to stay vigilant ... Read the full article

AM Best assigns stable outlook to Malaysia non-life

3rd August 2021

AM Best has assigned a stable outlook to the Malaysian non-life insurance segment off of an expectation that underwriting discipline and robust pricing will be maintained in the face of ongoing phased de-tarrification of motor and fire business. The rating agency also noted an increased use of digital solutions to enhance ... Read the full article

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