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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.

Australia’s insurance industry poised for slowdown: GlobalData

22nd April 2020

Data and analytics company GlobalData says Australia’s insurance industry is poised for decelerated growth over the next five years due to the challenging business environment and coronavirus outbreak. As a result, the country’s insurance industry is projected to decline by 1.3% from US$80.5 billion in 2019 to US$77.5 billion in 2020. An ... Read the full article

Hannover Re withdraws 2020 profit guidance on COVID-19 pandemic

22nd April 2020

Global reinsurance giant Hannover Re has withdrawn its profit guidance for 2020 in light of the ongoing COVID-19 coronavirus pandemic and related uncertainty surrounding claims and the capital market landscape. The German reinsurer states that its first-quarter 2020 results were not significantly impacted by the global spread of the coronavirus as ... Read the full article

AM Best turns negative on Bolivia insurance

22nd April 2020

AM Best has revised its market segment outlook on Bolivia’s insurance industry to negative from stable, owing mainly to the coronavirus (COVID-19) pandemic. The rating agency noted that the outbreak has exacerbated Bolivia’s political turmoil and contributed to an overall slowdown in economic activity. In combination with the vulnerable economic environment and ... Read the full article

Swiss Re Institute highlights economic impact from COVID-19 lockdowns

21st April 2020

Analysis conducted by the Swiss Re Institute suggests that coronavirus-related shutdown measures are driving a 20-25% reduction in economic activity among most advanced markets. The different sector compositions of countries will be a main factor in determining the size of the impact, with emerging markets likely to be impacted more given ... Read the full article

Omniscience launches first life insurance underwriting automation suite

21st April 2020

Palo Alto-based firm Omniscience has announced a new software suite designed to automate life insurance underwriting decision-making. By using new underlying technology from Omniscience, this suite is designed to accelerate life insurance decisions 1000 times or more and integrate requirements impacting the whole company in every result. Omniscience notes how the issues ... Read the full article

Pennsylvania classifies COVID-19 as natural disaster

21st April 2020

In a move that could have significant implications for re/insurers, Pennsylvania has classified the coronavirus (COVID-19) pandemic as a natural catastrophe as part of its decision to uphold the state's business closure order. The Pennsylvania Supreme Court reasoned that the pandemic can be considered a natural disaster because of its serious ... Read the full article

Travelers’ Q1 underwriting result dented by higher cat losses & COVID-19

21st April 2020

The Travelers Companies, Inc. has reported a year-on-year decline in net income to USD 600 million for the first-quarter of 2020, as elevated catastrophe losses and charges related to the ongoing COVID-19 coronavirus pandemic dented the insurer's underwriting performance in the period. Net income fell by almost USD 200 million when ... Read the full article

COVID-19 hits Tryg’s Q1 performance

21st April 2020

Scandinavian insurer Tryg has seen its first quarter performance hit by the global coronavirus pandemic, estimating a negative impact of DKK 40 million ($6 million) driven by travel insurance claims. Travel insurance losses totalled $17 million ($37 million before reinsurance) partly offset by lower frequencies in other lines of business (including, ... Read the full article

COVID-19 to put pressure on reinsurers’ capital buffers: S&P

21st April 2020

S&P Global Ratings has conducted a series of investment assets stress tests for North American reinsurers, which show that the COVID-19 pandemic will put pressure on already-thin capital buffers. The rating agency felt that the majority of its rated North American reinsurers will be able to maintain capital adequacy, even for ... Read the full article

Stephen Catlin chairs UK pandemic steering group, Pool Re collaborates

21st April 2020

Leaders from across the UK insurance industry have come together to form a new steering group, which will work in collaboration with Pool Re, in an effort to strengthen its response to future pandemics. The primary objective of the group, which met for the first time on Friday April 17th, is ... Read the full article

German insurers to see limited impact from equity market declines: MSK

21st April 2020

Property and casualty re/insurers in Germany are only expected to see a limited impact from the downturn in equity markets as a result of the ongoing COVID-19 coronavirus pandemic, reports actuarial consultancy firm, Meyerthole Siems Kohlruss (MSK). The reason for such a limited impact is down to the fact that stock ... Read the full article

UK gov considering reinsurance backstop scheme: reports

20th April 2020

The UK Government is in talks about implementing a trade credit reinsurance backstop scheme for the duration of the coronavirus (COVID-19) pandemic, according to reports from Sky News. Insurers are reportedly discussing a new scheme with the Treasury and the Department for Business, Energy and Industrial Strategy that would prevent the ... Read the full article

Q1 results to see lighter catastrophe load, auto frequency benefits: MS

20th April 2020

Analysts at Morgan Stanley have lowered catastrophe loss estimates for both U.S. primary insurers and reinsurers ahead of Q1 2020 results season, driven in part by lower-than-expected U.S. spring storm activity. Unsurprisingly, the focus of first-quarter 2020 results is expected to be the ongoing COVID-19 coronavirus pandemic, but a reduction in ... Read the full article

AM Best forecasts hit to insurer capital from equity exposures

20th April 2020

AM Best has predicted that re/insurers could see their capital and surplus hit as a result of sharp equity market declines caused by the coronavirus (COVID-19) pandemic. The rating agency added that surplus losses could exceed those experience in the 2008 to 2009 financial crisis. Analysts observed that the 20% decline in ... Read the full article

Denis Kessler cautions against pandemic insurance scheme

20th April 2020

SCOR CEO Denis Kessler has cautioned against the introduction of a pandemic insurance scheme to mutualise operating losses for businesses, while acknowledging that the crisis could “change the course of history.” Speaking in an interview with Le Point, Kessler questioned the advisability and feasibility of relying on systems that mutualise business ... Read the full article

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