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.
AIG expects to recover COVID-19 losses under cat reinsurance: Zaffino
5th August 2020
Insurer and reinsurer AIG anticipates making a recovery under its international per-occurrence catastrophe reinsurance treaty as a result of COVID-19-related losses, according to Peter Zaffino, President and Global Chief Operating Officer (COO) of AIG, and Chief Executive Officer (CEO) of the General Insurance (GI) unit. Speaking during the company's second-quarter 2020 ... Read the full article
Allianz sees Q2 net income fall by 28.6% as pandemic dents P&C result
5th August 2020
Global insurer Allianz has announced second-quarter operating profit of €2.6 billion and a 28.6% dip in net income to €1.5 billion, while the COVID-19 pandemic served to dent the performance of its property and casualty (P&C) insurance division in the period. Overall, Allianz saw its operating profit fall by almost 19% ... Read the full article
Hannover Re’s H1 net income falls as COVID-19 reserves hit €600mn
5th August 2020
Global reinsurance giant Hannover Re has reported a 39.3% decline in net income for the first six months of the year to €402.4 million, as the firm set aside additional reserves of €380 million for estimated losses associated with the ongoing COVID-19 pandemic. The increase in reserves means that the reinsurer ... Read the full article
COVID-19 related market dislocation could benefit US captives: AM Best
4th August 2020
A new AM Best report suggests that firming commercial insurance prices and impacts from the COVID-19 pandemic could present opportunities for the US captive insurance segment to increase its footprint in several lines of business. US captive insurers are meant to have continued their run of strong financial results in 2019, with ... Read the full article
COVID-19 clean-up in P&C continues at mid-year renewals: Swiss Re
4th August 2020
Global insurance and reinsurance companies continue to work to remove COVID-19 and pandemic exposures from their property and casualty (P&C) businesses, note executives at Swiss Re. The unprecedented impacts of the ongoing pandemic have been challenging for risk transfer market participants of all shapes and sizes, with some of the largest ... Read the full article
FCA test case could have ramifications for reinsurance losses: Hiscox
3rd August 2020
Hiscox has stated that the outcome of The Financial Conduct Authority (FCA) test case may have an impact on the inwards reinsurance portfolio written by its reinsurance and ILS business. Some of Hiscox's clients are primary insurers operating in the UK market and may be impacted by the judgment. However, given the uncertainty ... Read the full article
COVID-19 losses drag down Brit in H1 as combined ratio hits 106.7%
31st July 2020
Global specialty re/insurer Brit saw COVID-19 heavily impact its performance in the first half of 2020, with the pandemic raising its combined ratio 15.7pps to 106.7%. The company also registered an operating loss of $193.6 million, compared to a profit of $139.6 million in the first half of 2019. ‘The COVID-19 pandemic ... Read the full article
$308mn COVID-19 hit dents Fairfax’s Q2 performance
31st July 2020
Canadian property & casualty re/insurance group Fairfax Financial fell to a $13.3 million underwriting loss in the second quarter, due in part to COVID-19 losses of $308.1 million. In addition, Fairfax's Q2 was dented by its subsidiary Brit registering a combined ratio of 114.9%, up from 96% in the prior year quarter. The consolidated ... Read the full article
COVID-19 P&C industry loss manageable at up to $80bn: Swiss Re CEO Mumenthaler
31st July 2020
Speaking this morning during his firm's earnings call, Swiss Re CEO Christian Mumenthaler said that the reinsurer believes the industry loss from the COVID-19 pandemic will come in under a "manageable" $80 billion. Swiss Re reported its H1 results this morning, confirming the $2.5 billion of pandemic related claims and ... Read the full article
The Hartford registers $251mn COVID-19 hit in Q2
31st July 2020
Property and casualty insurer The Hartford has announced $251 million in COVID-19 related losses, pre-tax, for the second quarter. The company's net income in Q2 increased 24% to $463 million, while core earnings of $438 million represent a 10% decline from the prior year quarter. The Hartford incurred $248 million in current accident ... Read the full article
COVID-19 proves importance of Solvency II, says EIOPA
31st July 2020
According to the European Insurance and Occupational Pensions Authority (EIOPA), over the last few months the COVID-19 outbreak has further proved the importance of the Solvency II regulatory framework. The EIOPA argues that the framework has helped re/insurers to better align capital to risk, build-up resilience and enhance risk management practices, ... Read the full article
Swiss Re’s P&C Re combined ratio deteriorates to 115.8% on COVID-19 losses
31st July 2020
Global reinsurance giant Swiss Re has reported a net loss of $1.1 billion for the first half of 2020 and a Property & Casualty Reinsurance (P&C Re) net loss of $519 million, driven by claims and reserves related to the ongoing COVID-19 pandemic. The reinsurer warned previously of a $1.1 billion ... Read the full article
Australia’s ICA & AFCA seek court decision on pandemic BI claims
31st July 2020
The Insurance Council of Australia (ICA) and the Australian Financial Complaints Authority (AFCA) have agreed to file a test case considering the application of infectious diseases cover in business interruption (BI) policies. The purpose of the test case is to seek a decision from a superior court on whether quarantinable diseases ... Read the full article
Spike in home workers a new opportunity for cyber criminals: Aon, CyberCube
30th July 2020
COVID-19 and the resultant move to widespread homeworking has created new vulnerabilities for criminals to exploit, according to cyber analytics expert CyberCube and re/insurance broker Aon. According to the report, homeworking has exposed new access points for cyber criminals to gain entry to corporate systems including domestic PCs, laptops and Wi-Fi ... Read the full article
EIOPA explores options for shared pandemic resilience
30th July 2020
The European Insurance and Occupational Pensions Authority (EIOPA) has published a new paper exploring several options for developing shared resilience solutions for pandemic risk. The European supervisory body shares the broad industry view that private re/insurance solutions alone will not be sufficient to protect societies against the financial consequences of future ... Read the full article
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