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.
China’s insurance growth to be strongest worldwide in 2020: Swiss Re
21st August 2020
Thanks to China's effectiveness in implementing measures to help its economy rebound from the wide-ranging impacts of COVID-19, Swiss Re expects the country's insurance industry growth to be the strongest worldwide in 2020. Furthermore, the reinsurer sees double-digit growth in the country to resume in 2021. According to analysis from a Swiss ... Read the full article
Auto insurer profits driven by record drop in claims frequency: Fitch
20th August 2020
Financial services ratings agency, Fitch Ratings, believes that commercial re/insurers underwriting profits within the personal auto line have had a dramatic increase after a reduction in driving has led to lower claims frequency in the first half of 2020. According to Fitch, this has helped to offset higher incurred losses which ... Read the full article
Non-life run off deals steady in Q2 despite COVID-19 challenges
20th August 2020
Executed deals have remained relatively steady in Q2 2020 despite the potential challenges presented by completing deals during the COVID-19 pandemic, with 12 deals publicly announced, according to PwC. With a number of smaller value deals, the overall total estimated liabilities transacting dropped from $2.1 billion in Q1 2020 to $1.3 ... Read the full article
COVID-19 compounds losses, uncertainty for Lloyd’s syndicates in 2019
19th August 2020
A recent forecast update for all syndicates supported by third party capital at re/insurance marketplace Lloyd’s of London shows that the 2019 year of account felt the lion's share of COVID-19 losses and caused a variety of outcomes and uncertainties. According to managing agency Argenta Group, Hiscox and Tokio Marine Kiln are ... Read the full article
Brokers may face a Covid-19 BI wordings E&O storm from two sides
19th August 2020
Brokers face a risk of coming under fire from two sides as the litigation and complaints over pandemic related business interruption from Covid-19 spread, with the potential for intermediaries to find themselves in the middle of an E&O storm. With carriers stating that pandemic related business interruption was never envisaged to ... Read the full article
Willis Research Network & Metabiota partner on pandemic risk
19th August 2020
The Willis Research Network (WRN), a research division of the insurance and reinsurance broking group at Willis Towers Watson (WTW), has partnered with Metabiota, a risk analytics organisation that specialises in infectious diseases modelling and builing resilience to pandemics. The partnership aims to leverage Metabiota’s epidemiological data analytics capabilities to improve ... Read the full article
COVID-19 to contract Japan’s insurance industry in 2020: GlobalData
19th August 2020
Japan’s general insurance industry is expected to contract by 0.9% in 2020, compared to the 1.7% growth registered in 2019, according to data and analytics company GlobalData. GlobalData has revised Japan’s general insurance forecast in the aftermath of COVID-19 outbreak to grow at a compound annual growth rate (CAGR) of 0.5% ... Read the full article
AM Best to keep reinsurance outlook as stable throughout COVID-19
18th August 2020
In 2019, rating agency AM Best noted an overall improvement in non-life market conditions, meaning that they were able to keep their reinsurance outlook as stable in 2020, even throughout the COVID-19 pandemic. Analysts within the firm felt that reinsurers in the non-life segment were also gaining more favourable momentum even ... Read the full article
€2bn Italian trade credit insurance guarantee scheme approved by EC
18th August 2020
Under new EU State aid rules, the European Commission has approved a €2 billion (USD2.4billion) Italian scheme to support the trade credit insurance market throughout the COVID-19 pandemic. Italy notified to the Commission a State guarantee scheme for the reinsurance of trade credit risks to support companies affected by the coronavirus ... Read the full article
Public COVID-19 losses among re/insurers up 23% to $24.8bn
18th August 2020
Publicly recorded COVID-19-related losses among the largest global insurance and reinsurance companies have increased by almost 23% to $24.8 billion, according to data compiled by Zurich-based financial services advisory, PeriStrat LLC. We wrote on July 27th that publicly reported losses from the coronavirus pandemic among the largest re/insurers had reached ... Read the full article
Face masks mandatory as Lloyd’s details reopening strategy
18th August 2020
As the specialist re/insurance marketplace Lloyd’s of London moves closer to the re-opening of its Underwriting Room on September 1, it has announced a series of safety measures that will see face coverings mandatory in all public areas of the building. In a statement released today Lloyd’s CEO John Neal highlighted ... Read the full article
Governments should “overhaul” risk management after virus failures: Denis Kessler
17th August 2020
SCOR’s Chief Executive Officer (CEO), Denis Kessler, has suggested that governments should “overhaul” their risk management policies after failing to respond effectively to the outbreak of the coronavirus. Speaking in an interview with l’Express magazine, Kessler said that the pandemic and the way it has been managed have revealed a steady ... Read the full article
UK insurers pay £90mn to help families with COVID-19 deaths: ABI
14th August 2020
UK insurers received almost 7,000 life insurance claims, and paid £90 million – the equivalent of £980,000 every day - to support the families of people who died due to COVID-19 at the peak of the crisis, according to data issued by the ABI. The figures collected by the ABI show ... Read the full article
COVID-19’s impact on Europe’s top reinsurers considerable, varied: Fitch
14th August 2020
Despite the H120 results from the four major European reinsurers - Munich Re, Swiss Re, Hannover Re and SCOR - revealing considerable pandemic-related claims, the impact of the pandemic on the four reinsurers varied significantly. This is in part due to differences in exposure to lines of business affected by the ... Read the full article
Role of re/insurers has “undoubtedly changed” in 2020: Munich Re’s Paul Donnelly
13th August 2020
The nature of re/insurers’ role has “undoubtedly changed” in the months following the global COVID-19 outbreak, says Paul Donnelly, Executive Vice President for EMEA at Munich Re Automation Solutions, the specialist insurtech subsidiary of the global reinsurer. Speaking in an interview with Reinsurance News, Donnelly noted that social distancing measures have ... Read the full article
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