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.
COVID pressure could drive a capital event for top reinsurers: S&P
9th September 2020
With insured losses and investment volatility from the COVID-19 pandemic having already eroded much of the industry’s earnings buffers for 2020, analysts at S&P have warned that it may only take an average catastrophe year to drive a capital event for many top reinsurers. Specifically, S&P believes that if 2020 cat ... Read the full article
SCOR very positive on hardening P&C market as it absorbs COVID-19 impacts
9th September 2020
Global reinsurer SCOR sees current P&C market conditions as very positive and is anticipating growth with solid pricing dynamics, as the company absorbs the impacts of the COVID-19 pandemic. The French reinsurance company is the latest to note an expectation of continued rate hardening across the reinsurance sector, exacerbated by the ... Read the full article
Re/insurers looking for “less risky” insurtech investments: Willis Re’s Andrew Johnston
8th September 2020
Re/insurers are looking for insurtech investment opportunities that represent less of a ‘risk’, in that they have a proven track record and are more likely to be successful. In a recent conversation between Reinsurance News and Dr Andrew Johnston, global head of insurtech at Willis Re, it was explained how it ... Read the full article
B.P. Marsh investments half in H1 off COVID-19 disruption
8th September 2020
B.P. Marsh, a specialist venture capital provider to early stage financial services businesses, completed 22 new investments in the first half of 2020, a significant drop from the 49 completed in the prior year period. The company attributes this drop to the challenges posed by COVID-19 but says it remains well ... Read the full article
Global reinsurance sector won’t earn cost of capital in 2020: S&P
8th September 2020
Analysts at S&P Global Ratings say the global reinsurance sector won't earn its cost of capital in 2020, just as it has struggled to do so in the past three years. Prospectively, the ratings agency says it could reconsider its negative view of the sector at the point that it believes ... Read the full article
Munich Re endorses state-backed pools for pandemic risk
8th September 2020
Munich Re has argued that pandemic risks are “not insurable by the private sector alone” and has endorsed the use of state-backed risk pools to mitigate their impact. The reinsurer notes that the coronavirus pandemic has highlighted how vulnerable the world still is to very large risks, and says that more ... Read the full article
More COVID travel coverage a good move in the long run: GlobalData
8th September 2020
According to data and analytics company GlobalData, an increasing number of re/insurers are reincorporating COVID-19-related repatriation and medical expenses as well as cancellation coverage. Big names such as Blue Insurance, Allianz, Caster, and Staysure have opted to reintroduce coverage despite the associated risk of these claims in the travel insurance market. This ... Read the full article
Moody’s turns negative on global reinsurance
8th September 2020
Financial services ratings agency Moody's has changed its outlook on the global reinsurance sector to negative from stable. The firm points to coronavirus-related losses and other catastrophe events in 2020 that have already depleted the annual catastrophe loss budgets of many players. Despite stronger reinsurance pricing, low interest rates and shrinking reserve ... Read the full article
Aon sets up coalition in Singapore to aid economic recovery
8th September 2020
Re/insurance broker Aon has formed a new coalition of companies in Singapore to focus on aiding social and economic recovery in the wake of the COVID-19 pandemic. It follows the launch of similar coalitions in Chicago and New York and in London, and plans are underway for another in ... Read the full article
Insurance Europe sees key industry opportunities in COVID-19 pandemic
8th September 2020
A new report by Insurance Europe considers a number of industry takeaways from COVID-19 as opportunities for re/insurers to evolve and strengthen against future challenges. For example, COVID-19 has demonstrated the importance of clear contractual wording and, more broadly, confirmed that the information provision to consumers is both key and an area ... Read the full article
COVID-19 resilience sees AM Best assign stable outlook on Taiwanese non-life
8th September 2020
AM Best has assigned a stable outlook to the Taiwan non-life insurance market and underlined how the country has, relative to its peers, remained resilient to the challenges of the COVID-19 pandemic. In the first half of 2020, AM Best says total non-life insurance direct premium written (DPW) grew by 6.4% year ... Read the full article
European insurers expecting COVID-19 to accelerate digital innovation: analysts
7th September 2020
A new survey conducted by tech research and advisory firm, Information Services Group, has found that over 90% of European insurers are expecting COVID-19 to accelerate digital innovations in the industry. 86% of the continent's insurance executives surveyed by ISG expect customer behaviour to change significantly due to the COVID-19 crisis. Over 95% fully or ... Read the full article
Aon unveils coalition to support COVID-19 recovery phase
7th September 2020
As society continues to move towards the recovery phase of the COVID-19 pandemic, insurance and reinsurance broker Aon has announced the establishment of a coalition of leading London-based businesses, designed to develop key recommendations and guidelines on how companies can operate. The London Work, Travel & Convene Coalition, convened and led ... Read the full article
Further trade credit losses for re/insurers in 2020, 2021: AM Best
7th September 2020
As a result of the ongoing global economic crisis, AM Best is anticipating further trade credit losses for both insurers and reinsurers across 2020 and into 2021. Economic Secretary to the Treasury, John Glen, announced in May that the UK Government would move ahead with the scheme following several weeks ... Read the full article
2020 a critical year for reinsurers: AM Best
3rd September 2020
AM Best analysts have described why, in terms of both challenges and opportunities, 2020 is a critical year for reinsurers. Current hardening pricing conditions are said to be creating a window of opportunity for reinsurers, with property catastrophe, specialty lines, and some US casualty lines showing much-needed improvement in pricing and ... Read the full article
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