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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.

UK rules out any kind of event cancellation scheme before June 21

14th May 2021

UK culture secretary Oliver Dowden has ruled out the possibility of a government-backed event cancellation insurance scheme before June 21, at which point lockdown restrictions are expected to lift entirely. According to reports from The Independent, Dowden was speaking at a DCMSC committee meeting when Conservative MP Heather Wheeler asked for ... Read the full article

Nat cats, COVID-19 to drive $100bn+ industry losses in 2021: analysts

12th May 2021

Natural catastrophes and COVID-19 could generate over $100 billion in global insured losses across 2021 according to Bloomberg Intelligence. Analysis indicates that insurers' Tier 2 bonds have tightened significantly, leaving limited room for further compression. Furthermore, according to data from Fitch, insurers' reported natural-cat losses in Q1 could be more than $20 ... Read the full article

BI test case pay-outs pass £700m: FCA

12th May 2021

New data from the Financial Conduct Authority (FCA) shows that to date more than £700 million has been paid out for claims related to the COVID-19 business interruption (BI) test case in the UK. This represents an increase of more than £100 million on the £600 million that the FCA recorded ... Read the full article

Near-term outlook on aviation industry “bleak”, says McGill and Partners

10th May 2021

Insurance broker McGill and Partners has described the aviation industry's near-term outlook as bleak, noting the differing vaccination efforts by world's governments and geographically varied return of passenger demand In 2020 the industry reported losses of $118 billion, with demand down 65.9% against 2019. Furthermore, McGill and Partners reports that nearly 17,000 ... Read the full article

Majority of industry participants feel safe returning to offices

10th May 2021

After consulting our substantial network of industry contacts, Reinsurance News found that a majority of respondents currently feel safe returning to an office-based working environment, 14 months on from COVID-19’s elevation to pandemic status by the World Health Organisation. COVID-19’s impact as a highly contagious respiratory disease, compounded early on by ... Read the full article

S&P highlights emerging markets’ ongoing vulnerability to COVID-19

7th May 2021

While widespread immunisation from COVID-19 looks to be achievable by most developed economies by the end of the third quarter, some emerging markets may have to wait until the year-end or later, according to S&P Global Ratings. For example, analysts note India's escalating second wave and the threat it poses in ... Read the full article

Labuan IBFC highlights resilience despite challenging landscape

5th May 2021

The Labuan International Business and Financial Centre (Labuan IBFC) has highlighted its resilience and solid performance across sectors despite the unique challenges that 2020 brought. The Labuan Financial Services Authority was able to remain agile and respond to market needs via a set of pre-emptive temporary measures to alleviate the industry’s ... Read the full article

Despite a muted Q1 COVID impact, P&C isn’t in the clear yet: Swiss Re CFO

30th April 2021

For Swiss Re, COVID-19-related losses in its P&C Reinsurance segment were muted for the first-quarter of 2021, but that doesn't mean the business is "all clear for the rest of the year," according to Group Chief Financial Officer (CFO), John Dacey. Early this morning, Swiss Re announced COVID-19 losses of ... Read the full article

Munich Re’s Wenning urges public-private collaboration on systemic risks

29th April 2021

Joachim Wenning, Chief Executive Officer (CEO) of Munich Re Group, has urged governments and the private sector to pool their expertise and capabilities to tackle systemic risks such as pandemics. Speaking at Munich Re’s AGM this week, Wenning argued that, as a systemic risk, pandemic is fundamentally “beyond the boundaries” of ... Read the full article

Life reinsurers remain profitable despite COVID: Fitch

26th April 2021

Analysts at Fitch have reported that the world’s largest life and health reinsurers remained profitable in 2020, as heightened mortality losses from the coronavirus pandemic have only moderately impacted the segment so far. Fitch expects mortality claims related to the pandemic to decline in 2021 for Hannover Rueck SE, Munich Reinsurance ... Read the full article

COVID spurs P&C insurers to return $13bn in premiums: AM Best

21st April 2021

Analysts at AM Best have reported that US property and casualty (P&C) insurers returned roughly $12.9 billion in premiums over 2020 due to a reduction in exposures following the COVID-19 pandemic. In particular, stay-at-home restrictions reduced the amount of travel across the US last year, which resulted in a significant reduction ... Read the full article

ARA total capital up 6% to $270bn in 2020, despite COVID-19 headwinds

20th April 2021

Despite being hit with roughly $25 billion in pandemic and natural catastrophe-related losses, Aon’s Reinsurance Aggregate (ARA) of reinsurers reported positive earnings for 2020 and an increased capital base, aided by demonstrated access to new funding. ARA tracks the financial results of 23 of the world’s leading reinsurance firms annually. For 2020, ... Read the full article

COVID-19 claims costs tailing off sharply for US insurers, says Berenberg

16th April 2021

Initial results from US insurers suggest that COVID-19 claims costs are tailing off sharply rate rises in commercial lines, as well as in reinsurance, represent a very sharp and unrecognised margin improvement. Berenberg analysts sees this as a compound benefit to earnings growth, as it means that the earnings shortfall from ... Read the full article

BI test case pay-outs at £600m, but major insurers still lagging: FCA

14th April 2021

New data from the Financial Conduct Authority (FCA) shows that to date £600 million has been paid out for claims related to the COVID-19 business interruption (BI) test case in the UK. This represents an increase of 25.5% from the £478 million in pay-outs that the FCA recorded roughly one ... Read the full article

Q4 reporting sees COVID-19 losses jump 21% for re/insurers: PeriStrat

6th April 2021

Overall, publicly reported COVID-19 pandemic-related losses, IBNR reserves and estimates from insurers and reinsurers now stands at just shy of $38 billion, according to data compiled by Zurich-based financial services advisory, PeriStrat LLC. With the fourth-quarter and full-year 2020 results season now complete, COVID-19 loss numbers have, unsurprisingly, continued to trend ... Read the full article

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