Reinsurance 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.
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
