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.
Zurich avoids pandemic-related BI payouts in High Court ruling
16th September 2020
The wordings represented by Zurich Insurance in the Financial Conduct Authority test case reportedly do not provide cover for business interruption in relation to the COVID-19 outbreak, a decision the insurer welcomes. Zurich says this decision is supported by the limited numbers of claims relating to policies with these wordings received to ... Read the full article
Lloyd’s welcomes FCA test case judgement
16th September 2020
Lloyd’s has welcomed yesterday's FCA’s test case judgement, describing it as having bought coverage clarity for many policyholders with certain non-damage business interruption insurance extensions. The financial regulator brought the case forward in May to seek legal clarity on whether insurers were obligated to pay out on BI claims ... Read the full article
QBE responds to UK BI test case ruling; expects to call on reinsurance
16th September 2020
In response to yesterday's ruling by the UK’s High Court that largely favoured policyholders in the Financial Conduct Authority’s (FCA)’s business interruption (BI) insurance test case, insurer QBE has said that it expects its reinsurance protection to limit the net cost to $70 million. In certain instances, yesterday's judgement favoured ... Read the full article
Hannover Re provides property cat reinsurance outlook
15th September 2020
Global reinsurers Hannover Re sees the COVID-19 pandemic as having added further challenges to a reinsurance market already distressed by successive years of major natural catastrophe losses. When it comes to property catastrophe business, this has resulted in an overall favourable trading environment for reinsurers throughout all renewals in 2020 so ... Read the full article
Insurers estimate additional COVID-19 BI costs after UK High Court judgement
15th September 2020
Global re/insurers have responded to the UK's High Court ruling in favour of policyholders on the majority of key issues, providing estimates for additional COVID-19 business interruption (BI) claims. Earlier today, the UK court passed its judgement on the Financial Conduct Authority’s (FCA) BI insurance test case, ruling in favour ... Read the full article
UK court sides with policyholders in COVID BI case
15th September 2020
The UK’s High Court has passed its long-awaited judgement on the Financial Conduct Authority's (FCA) business interruption (BI) insurance test case, ruling in favour of policyholders on the majority of key issues. The financial regulator brought the case forward in May to seek legal clarity on whether insurers were obligated ... Read the full article
CII underlines three measures to help avoid future FCA test cases
15th September 2020
The Chartered Insurance Institute has urged insurance professionals and government to act now to reduce the need for legal proceedings like the FCA’s business interruption test case in future. The re/insurance industry is anxiously awaiting a verdict from the UK courts later today about whether insurers will ultimately be liable for ... Read the full article
Global reinsurers COVID-19 asset-side hit “completely neutralized”, says WTW
14th September 2020
Analysis by insurance and reinsurance broker, Willis Towers Watson (WTW), reveals that the recovery in investment markets has "completely neutralized the asset-side hit" to the capital positions of global reinsurance companies. After some significant disruption and volatility within financial markets as a result of the COVID-19 pandemic, the capital positions of ... Read the full article
Munich Re to stop covering businesses against pandemic losses: reports
11th September 2020
Global reinsurer Munich Re will no longer be providing cover to businesses against pandemic losses, according to reports from Bloomberg. This comes after the company took a €1.5 billion hit in the first half of 2020 as a result of the the COVID-19 pandemic. Upon the release of its financial results ... Read the full article
P&C reinsurance buyers expecting 5% price rise off COVID-19, nat cat losses: Moody’s
11th September 2020
Respondents to a Moody’s survey of P&C reinsurance buyers are expecting reinsurance prices to rise by at least 5% next year. Reinsurers' profitability is generally anticipated to take a hit from factors such as COVID-19, more volatile natural catastrophe losses and capacity constraints. Over 90% of respondents had an expectation for price ... Read the full article
Lloyd’s sticks by $107bn COVID-19 industry loss estimate
11th September 2020
Lloyd's of London has confirmed that it is sticking to the estimated loss of $107bn as a result of the COVID-19 pandemic. In a recent webinar hosted by John Neal, CEO of Lloyd's of London, he was asked if he could confirm this amount to be an accurate estimate. Neal commented: “The ... Read the full article
Utilising new tech key for life insurers post COVID-19: Moody’s
11th September 2020
Analysts at Moody’s Investors Service believe it will be the technologically advanced life insurers that will likely come out of the COVID-19 pandemic on top in terms of sales, revenue, and profit growth. Moody’s Vice President Laura Bazer says those with rigid product and business models could end up falling behind ... Read the full article
Supply chain restructuring to generate $63bn in premiums: Swiss Re
10th September 2020
Swiss Re believes that supply chain restructuring resulting from the COVID-19 pandemic could drive new demand for insurance protections, and estimates that additional global premium volumes of around $63 billion could be generated over the next five years. The latest Swiss Re Institute sigma study explores the idea that global supply ... Read the full article
Billions at stake ahead of FCA court ruling: Deutsche Bank
10th September 2020
Commentary from Deutsche Bank highlights that billions of pounds in potential insurance claims are at stake ahead of the imminent court judgement on the FCA’s business interruption (BI) case. The re/insurance industry is anxiously awaiting a verdict from the UK courts in the coming days about whether insurers will ultimately ... Read the full article
Lloyd’s falls to H1 net loss; expects gross COVID-19 claims of $6.5bn
10th September 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has reported a loss of £0.4 billion (USD 0.5bn) in the first half of 2020, as COVID-19 related claims, after reinsurance recoveries, reached £2.4 billion (USD 3.1bn). On a gross basis, Lloyd's says that it expects to pay out up to £5 ... Read the full article
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