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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.

COVID-19 losses still top concern for P&C re/insurers: JP Morgan

24th July 2020

With industry losses forecast to ultimately reach $100 billion, JP Morgan reports that exposure to the COVID-19 pandemic remains top of the mind for property and casualty (P&C) re/insurers. Overall, analysts expect small cap underwriters and brokers to be better insulated from virus headwinds versus their larger counterparts due to their ... Read the full article

Everest Re pegs Q2 COVID-19 losses at $160mn

24th July 2020

Bermuda-based reinsurer Everest Re Group, Ltd. has reported losses related to the COVID-19 pandemic of $160 million in the second-quarter of 2020, taking the firm's total hit from the ongoing crisis to $310 million. The reinsurer states that of its total Q2 2020 pandemic hit, $130 million is allocated to its ... Read the full article

Beazley sinks to $13.8mn H1 loss off COVID-19 claims

23rd July 2020

Specialist insurer Beazley has posted a $13.8 million pre-tax loss for the first half of 2020, against a profit of $166.4 million in the same period in 2019. The company attributes this loss to high volumes of claims arising from COVID-19 impacted lines, as well a lower investment return of $83.2 ... Read the full article

Lloyd’s creates Syndicate 1796 to insure transportation of COVID-19 vaccine

23rd July 2020

The specialist Lloyd's of London insurance and reinsurance marketplace has announced the creation and in principal approval of Syndicate 1796, a new "syndicate in a box" designed to insure both the storage and transportation of a COVID-19 vaccine once developed to emerging economies. The marketplace's newest syndicate in a box has ... Read the full article

Generali & Eurochambres sign MoU to promote ‘Pandemic Risk Pool’

23rd July 2020

Italian insurer Generali Group has signed a Memorandum of Understanding (MoU) with Eurochambres under which the pair have agreed to cooperate in order to both promote and implement a 'Pandemic Risk Pool' against future pandemic risks in Europe. Eurochambres is the European entity of Chambers of Commerce and Industry, representing over ... Read the full article

SCOR reports Q2 net loss amid COVID-19 impacts of €456mn

23rd July 2020

Global insurer and reinsurer SCOR has reported a net loss of €136 million for the second-quarter of 2020 and net income of €26 million for the first half of the year, as the estimated cost of the COVID-19 pandemic booked in Q2 reached €456 million. In Q2 2020, COVID-19 pandemic impacts ... Read the full article

Swiss Re’s H1 2020 COVID-19 impacts reach $2.5bn

23rd July 2020

Global reinsurance giant Swiss Re has announced significant claims and reserves related to the COVID-19 pandemic of $2.5 billion (pre-tax) in the first half of 2020. As a result of the high level of losses from the pandemic, Swiss Re expects to report a net loss of approximately $1.1 billion in ... Read the full article

Personal lines re/insurers to profit despite COVID-19: Fitch

22nd July 2020

After a profitable 2019, the U.S. personal lines insurance sector is positioned to see underwriting profits in 2020 even against a backdrop of economic uncertainty from the coronavirus pandemic, says Fitch Ratings. The rating agency noted that personal lines insurers have been most affected by the decline in risk exposures tied ... Read the full article

AIG to relocate global headquarters, consolidate remaining NY office space

22nd July 2020

Global re/insurer AIG is relocating its global headquarters from the Financial District in Manhattan to Midtown, while also consolidating its remaining footprint in the city. AIG Chief Executive Officer and President Peter Zaffino said the decision has been influenced by the recent COVID-19 lockdowns. As businesses start transitioning back from lockdown, the lessons ... Read the full article

QBE reports $335mn COVID-19 loss ahead of H1 results

22nd July 2020

Ahead of the release of its results for H1 2020, Australian insurer QBE has reported that it expects to incur a COVID-19 underwriting impact of around $335 million for the period. The group is anticipating a combined operating ratio of around 104% for the first half of the year, reflecting COVID-19 ... Read the full article

W. R. Berkley reports fall in Q2 net income as CR hits 98.7%

22nd July 2020

W. R. Berkley has reported a roughly 67% year-on-year decline in net income to $71 million for the second-quarter of 2020, while its combined ratio deteriorated to 98.7% in the period. In mid-July, the company warned of expected net catastrophe losses of approximately $145 million, pre-tax for Q2 2020, comprised ... Read the full article

Re/insurers past initial virus shock, but challenges remain: KBRA

21st July 2020

The initial shock of the COVID-19 pandemic is in the rearview mirror for most re/insurers, but analysts at KBRA note that the market must now manoeuvre a changed landscape with many heightened challenges. As part of a quarterly report, KBRA observed that investment markets largely rebounded during Q2 2020, reversing much ... Read the full article

EIOPA outlines Solvency II rules for COVID-19 reinsurance schemes

21st July 2020

The European Insurance and Occupational Pensions Authority (EIOPA) has outlined how Solvency II rules will recognise reinsurance schemes for COVID-19 and credit insurance. The European regulator has identified significant differences in that way that national schemes are implemented through its temporary framework for state aid measures to support the economy in ... Read the full article

Reinsurance premiums to decline through 2020: Aon

21st July 2020

According to the new Reinsurance Market Outlook by Aon, reinsurance market premiums are set to decline to varying degrees through 2020 due to the challenges of the COVID-19 pandemic. In auto lines in particular, premium refunds have been widespread due to the reductions in miles driven under lockdown conditions. Aon believes the ... Read the full article

Munich Re’s H1 2020 COVID-19 losses reach €1.5bn

20th July 2020

Global reinsurer Munich Re has announced COVID-19 related losses of roughly €700 million in its reinsurance operations in the second-quarter of 2020, as the firm cites "truly favourable conditions" for growing its reinsurance business. The reinsurance giant states that the large majority of its €700 million of registered COVID-19 losses is ... Read the full article

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