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.
Lloyd’s underwriting room to close four days a week as second lockdown looms
3rd November 2020
Lloyd’s of London has announced alterations to the opening hours of its underwriting room, in response to recent lockdown measures introduced by the UK government. This announcement comes as businesses across the country are being urged to work from home if possible. Between November 5 and December 2, the space will remain ... Read the full article
UK Court confirms BI case appeal hearing in November
3rd November 2020
The UK Supreme Court has granted permission for the FCA and a group of re/insurers to appeal its ruling on the business interruption (BI) test case brought forward by the regulator earlier this year. The hearing will take place by video link from Monday 16 November 2020 and is estimated to ... Read the full article
COVID drags Swiss Re to a $691mn 9M loss
30th October 2020
Global reinsurer Swiss Re has reported a $691 million net loss for the first nine months of 2020, compared to a $1.3 billion profit registered over same period in 2019. Much of Swiss Re's performance so far in 2020 has been heavily impacted by the COVID-19 pandemic. Property & Casualty Reinsurance fell ... Read the full article
Swiss Re joins global health coalition, opens up data & analytics platform
28th October 2020
Global reinsurer Swiss Re has joined a global coalition that aims to better predict and prevent outbreaks, epidemics and pandemics by leveraging data and analytics. The Trinity Challenge members include the likes of Google, Microsoft and Facebook, GlaxoSmithKline, McKinsey & Company, the Gates Foundation, the University of Cambridge and Imperial College ... Read the full article
Biggest COVID impact for reinsurers is the investment environment: Transatlantic CEO
27th October 2020
As the ongoing COVID-19 pandemic exacerbates the lower for longer interest rate environment, reinsurance companies have once again placed an emphasis on underwriting profitability. In recent times, the underwriting performance of the global reinsurance industry has been challenged as rate changes and terms and condition improvements have lagged the primary marketplace. The ... Read the full article
London market survey finds just 14% want to return to office
27th October 2020
A London market survey conducted by the Professional Liability Underwriting Society (PLUS) has found that just 14% of staff want to return to the office full time. The London chapter of PLUS polled 160 of its members during a webinar last week on the evolution of the re/insurance market. Results showed that ... Read the full article
AIG announces Q3 cat losses of $790mn; 23% relates to COVID-19
27th October 2020
Global insurer and reinsurer, American International Group, Inc. (AIG), has announced estimated third-quarter 2020 catastrophe losses, net of reinsurance, of $790 million (pre-tax) within its General Insurance segment. Of this total, $185 million, or approximately 23% is for claims related to the ongoing COVID-19 pandemic, primarily in the segment's travel, event ... Read the full article
US life insurers facing rising commercial mortgage losses off COVID-19: Fitch Ratings
26th October 2020
Life insurers are expected to see higher losses on commercial mortgage loans compared to levels seen during the Global Financial Crisis (GFC), reflecting both the severity of the pandemic fallout and the slow pace of the expected recovery, according to Fitch Ratings. Analysts expect elevated losses from the coronavirus pandemic to ... Read the full article
Re/insurers’ public COVID-19 losses hit $23.7bn with more to come in Q3 & Q4
26th October 2020
Publicly recorded COVID-19-related losses among the largest global re/insurance companies have reached USD 23.7 billion, with further increased loss estimates anticipated for both the third and fourth quarters, according to analysis by Zurich-based financial services advisory, PeriStrat LLC. Losses related to the ongoing pandemic continue to trend upwards, and with Q3 ... Read the full article
Carnegie-Brown calls for government intervention on COVID cover
26th October 2020
Bruce Carnegie-Brown, Chairman of insurance and re/insurance marketplace Lloyd’s of London, has voiced his support for a government initiative that would provide a backstop for pandemics, as well as other forms of systemic risks. Speaking in an interview with the Telegraph, Carnegie-Brown explained how COVID-19 has shown that pandemic risk is ... Read the full article
Credit insurers prepare for rising COVID-related claims in early 2021: Berne Union
26th October 2020
While claims activity is currently relatively subdued, many members of Berne Union have reported a marked increase in payment deferrals and pre-claim situations and expect to see COVID-related claims levels rising from early next year. Increasing corporate insolvencies and the wide economic recession are reportedly the biggest ongoing concerns. Members also flagged ... Read the full article
US insurers under pressure after doubling private placement assets: AM Best
23rd October 2020
After US insurers ramped up their private placement bond holdings to $1.4 trillion at year-end 2019, AM Best expects to see an increase in covenant waivers to avoid defaults following the COVID-19 pandemic. The life/annuity segment reportedly maintains the largest share, about $1.2 trillion, or 84%, of total insurance industry holdings. In the ... Read the full article
Cincinnati Financial found liable in major COVID-19 BI case
23rd October 2020
A North Carolina judge has ruled that Cincinnati Financial is liable to pay out on business interruption (BI) claims filed by a group of restaurants who were forced to shut due to COVID-19. In a landmark decision, the judge said that the virus caused a “physical loss” to the businesses, despite ... Read the full article
COVID-19 driving up P/C inland marine underwriting losses: Fitch Ratings
23rd October 2020
Pandemic-related insured losses led to unprecedented volatility in the inland marine property/casualty insurance segment in the first half of 2020 and is expected to extend into 2021, Fitch Ratings says. However, Fitch does note that underwriting volatility and weakness is unlikely to continue longer term as underwriters raise premium rates and ... Read the full article
COVID-19 to drive near term D&O losses: Fitch
22nd October 2020
Fitch Ratings analysts expect underwriting losses to continue over the near term for the US directors & officers (D&O) liability insurance segment. While claims related to the COVID-19 pandemic will take several years to fully pay out, Fitch says there is limited risk to ratings of individual insurers from the D&O ... Read the full article
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