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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.

Global commercial insurance pricing up 15% in Q2, finds Marsh

27th July 2021

Global commercial insurance prices increased 15% in the second quarter of 2021, according to the latest market index report by Marsh. It's reported that this year marks the 15th consecutive quarter of rate increases in the global commercial insurance market. Furthermore, it marks the third consecutive quarter to show a fall in ... Read the full article

COVID resurgence could impact catastrophe claims: PCS

26th July 2021

As COVID cases in the US begin to tick upwards once again, PCS Head Tom Johansmeyer has warned that a pandemic resurgence could have significant implications for catastrophe claims in the most vulnerable areas. New daily COVID cases in the US have increased from just over 10,000 last month to around ... Read the full article

Financial services firms to boost spending on cyber security: PwC

19th July 2021

Financial services firms are expected to boost IT spending in an effort to tighten up cybersecurity, according to new data from PwC UK and the CBI. The latest results from the CBI/PwC Financial Services Survey 2021 show that 70% of firms are planning to invest more over the next 12 months, ... Read the full article

Swiss Re predicts strong 5.8% global GDP growth in 2021

14th July 2021

Swiss Re is expecting a strong global economic recovery from COVID-19 to result in historically high global gross domestic product (GDP) growth of 5.8% in 2021. Global insurance premiums are set to follow this strong growth, increasing by an expected 3.3% in 2021 to a total of $6.9 trillion. The report ... Read the full article

Aon sees signs of stabilisation for Canada’s insurance market

14th July 2021

Despite the uncertain post-pandemic landscape that awaits Canada’s insurance market, Aon has underlined what it considers to be signs of market stabilisation and says insurers are beginning to position themselves for growth and profitability. Aon’s report describes many of 2020’s challenges as having spilled over into 2021; notably, poor underwriting performance ... Read the full article

Cyber market GWP to hit $20.6bn by 2025, says GlobalData

13th July 2021

GlobalData analysis suggests the global cyber insurance market is set to thrive post-Covid and reach $20.6 billion in Gross Written Premium (GWP) by 2025. The cyber market is already reported to have hit the $7 billion GWP mark, as the COVID-19 pandemic forced businesses to digitise processes and adopt remote working ... Read the full article

Olympics crowd ban could cost reinsurers up to $400m: Fitch

12th July 2021

Japan’s decision to bar spectators from the Tokyo Olympics is likely to cost the global reinsurance sector between $300 million and $400 million due to payouts for ticket and hospitality refunds, according to Fitch Ratings. However, the rating agency notes that this total is only 10%–15% of the amount reinsurers would ... Read the full article

Aviation claims edging closer to normal as Covid loosens grip, says Allianz

7th July 2021

Inspired by an inevitable surge in domestic travel following the decline of COVID-19’s disruptive influence, global insurer Allianz has categorised the aviation industry as one largely on the rebound. However, as a rising number of aircraft return to the skies, Allianz' report highlights a number of potential  challenges, including “rusty” pilots ... Read the full article

UPC Insurance estimates $40mn Q2 cat loss

5th July 2021

Property and casualty holding company UPC Insurance incurred around $40 million in pre-tax natural catastrophe losses during the second quarter of 2021, approximately $31 million after tax. The company’s estimated catastrophe losses includes claims from two new tropical storms and fourteen new PCS catastrophe events that occurred during the second ... Read the full article

Insurer reputation in decline since COVID-19, GlobalData poll finds

2nd July 2021

A recent poll conducted by data and analytics company GlobalData shows a decline in the insurance industry’s reputation globally, resulting largely from its response to the COVID-19 pandemic. A third of respondents felt that their opinions on global insurers had substantially worsened because of the pandemic. Overall, a total of 41% felt ... Read the full article

UK players reported highest top-line decline in 2020, says GlobalData

2nd July 2021

The top 20 global public insurance companies reported aggregate revenue of $1,923.9 billion in 2020, a year-over-year decline of around 5%, according to data and analytics firm GlobalData. 11 firms reported a drop in revenue and the most notable were UK-based insurers Prudential, Aviva and Legal & General. Most of the top ... Read the full article

Pandemic class actions filed against Lloyd’s and QBE

1st July 2021

Law firm Gordon Legal has initiated a Federal Court case against underwriters at Lloyd’s of London and filed a class action lawsuit against QBE in Australia over business interruption (BI) claims related to the pandemic, according to reports from the Australian Financial Review. Gordon Legal says the cases relate to claims ... Read the full article

Hiscox reaches settlement with BI action group

28th June 2021

Specialist global insurer Hiscox has reached a settlement with members of the Hiscox Action Group (HAG) over business interruption (BI) losses suffered due to government lockdowns following the outbreak of COVID-19. Terms of the settlement remain confidential, but HAG had originally been targeting a £40 million payout from Hiscox, after ... Read the full article

ICA’s COVID-19 BI test case appeal rejected

28th June 2021

Australian insurer Suncorp says special leave to appeal will not be granted for the Insurance Council of Australia (ICA) first industry test case. This test case relates to the application of the Quarantine Act exclusion to Business Interruption (BI) policies. The High Court of Australia’s decision upholds the NSW Court of Appeal’s ... Read the full article

Pandemic BI dispute exposes insurer expectation mismatch: Moody’s

28th June 2021

Recent disputes between insurers and policyholders over the scope of coronavirus-related business interruption (BI) policies have highlighted the dangers of a mismatch between insurers' expectations and those of their customers, says Moody’s. The rating agency is predicting that EMEA insurers will need to focus on product innovation and risk prevention in ... Read the full article

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