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.

FBD reaches agreement with reinsurers on COVID-19 BI recoveries

31st January 2022

FBD Insurance has now reached an agreement with reinsurers on how recoveries will operate relating to COVID-19 business interruption (BI) claims from public house customers. As we wrote last year, the Irish High Court previously ruled that FBD Insurance must compensate four pub owners for the disruption caused to their ... Read the full article

Covid-19 prompts investment rethinking for insurers

24th January 2022

The Covid-19 pandemic, two years in, has caused major shifts in the investment policies of major insurers, according to a new report from bfinance. The Insurer Investment Survey, released this week, reports on how insurers have been working to improve their investment outcomes since March 2020. This move, said bfinance, in ... Read the full article

BI test case payouts approach £1.3bn at one-year mark: FCA

20th January 2022

New data from the Financial Conduct Authority (FCA) shows that the total reported claims payments for policies related to the COVID-19 business interruption (BI) test case in the UK are now approaching £1.3 billion, 12 months on from the Supreme Court's final ruling on the case. The data shows that, as ... Read the full article

COVID-19 the third costliest catastrophe event for re/insurers, says Howden

5th January 2022

Insurance and reinsurance industry losses from the COVID-19 pandemic up to the end of the third quarter of 2021 near $45 billion, making it the third most expensive catastrophe event for the industry, according to broker Howden's reinsurance renewals report. Behind only 9/11 and Hurricane Katrina (the most expensive insured loss ... Read the full article

Post-pandemic GDP levels comparable to Great Depression: SCOR

31st December 2021

According to a new report from SCOR, the COVID-19 pandemic caused a sudden quasi-global economic standstill and consequently led to a significant drop in global GDP, at levels comparable to those observed during the Great Depression of the 1930s. The anticipation of such a massive drop in global GDP over a ... Read the full article

Pandemic triggers 12% contraction in LatAm market, MAPFRE finds

31st December 2021

The Latin American insurance market registered an 11.9% decrease in premiums during the year of the pandemic, to $134.4 billion, according to new data from MAPFRE. Of the total premium figure, 57% came from non-life insurance and the remaining 43% from life insurance, MAPFRE reported. The sector’s contraction was caused mainly by ... Read the full article

Latest COVID wave poses milder economic threat: Swiss Re

6th December 2021

With many parts of Europe currently experiencing a winter resurgence in COVID-19 cases and restrictions, analysts at Swiss Re have assured that this latest wave of the pandemic represents a less severe threat to economic activity than previous ones. The reinsurer’s optimism primarily stems from higher population immunity in affected countries, ... Read the full article

Future systemic risks a key industry concern: Survey

10th November 2021

More than 18 months after the spread of the novel COVID-19 virus caused nations from all corners of the world to lockdown for the first time, respondents to our recent reinsurance market survey have concerns about the risk transfer industry’s ability to navigate such a challenge in the future. The ... Read the full article

Rep. Maloney reintroduces Pandemic Risk Insurance Act of 2021

9th November 2021

New York Congresswoman Carolyn Maloney reintroduced the Pandemic Risk Insurance Act of 2021 (PRIA) on November 2nd, paving way for the creation of the Pandemic Risk Reinsurance Program, designed to protect businesses of all shapes and sizes from the impacts of future pandemics. Rep. Maloney, alongside various stakeholders, first introduced ... Read the full article

RGA falls to $22mn Q3 loss off COVID-19 claims

5th November 2021

Reinsurance Group of America, a US-based life reinsurer, has reported a third quarter net loss of $22 million, down from a $213 million net income in the prior-year quarter. Adjusted operating losses totaled $75 million, compared with adjusted operating income of $239 million in the prior period. Consolidated net premiums totaled $3.1 ... Read the full article

Monte Carlo Rendez-Vous to return in 2022

4th November 2021

The annual Rendez-Vous de Septembre (RVS) in Monaco is set to return as a physical conference for the first time since 2019. The historic industry event is to take place between September 10 and 15, 2022. According to an official statement, the decision to move forward with 2022’s edition of the Rendez-Vous de ... Read the full article

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