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.
BI test case payouts top £1bn with 64% of policyholders paid: FCA
17th September 2021
New data from the Financial Conduct Authority (FCA) shows that total reported claims payments for policies related to the COVID-19 business interruption (BI) test case in the UK have now exceeded £1 billion. The aggregate value of the payments made for the 22,680 claims where final settlements have been agreed and ... Read the full article
Participate in our latest re/insurance market-focused survey
3rd September 2021
Having witnessed the re/insurance industry's response to COVID-19, how confident are you of its success at navigating future global crises? Will rising antitrust concerns and increased media security render mega-M&A a thing of the past? As a reader of Reinsurance News we invite you to take part in what ... Read the full article
CCR Re gross premium reaches €665mn in H1 2021
1st September 2021
French public-sector reinsurer CCR Re has reported gross premiums of €665 million during the first half of 2021, a 14% increase from the prior year period. Owing to the firm’s risk management and provisioning policy, underwriting profitability was unaffected by the consequences of COVID-claims covered in 2020. Underwriting profitability was also mostly ... Read the full article
AM Best stable on global reinsurance despite ongoing uncertainties
31st August 2021
Despite improved pricing trends across most business lines, AM Best says uncertainty and abundant capital has resulted in the issuance of stable outlook for the global reinsurance segment. Further compounding this were the unprecedented events of 2020, dominated by the COVID-19 pandemic and higher frequency of medium-sized catastrophe losses. AM Best believes ... Read the full article
Second BI test case in Australia delayed as policyholders need more time: ICA
24th August 2021
The Federal Court of Australia has postponed the start of the second business interruption (BI) test case hearing by one week to provide policyholders with more time to obtain verified government data and expert evidence concerning COVID-19 outbreaks, notes the Insurance Council of Australia (ICA). It was announced earlier this ... Read the full article
BI test case payouts approach £1bn: FCA
17th August 2021
New data from the Financial Conduct Authority (FCA) shows that total reported claims payments for policies related to the COVID-19 business interruption (BI) test case in the UK are now approaching £1 billion. The aggregate value of the payments made for the 21,198 claims where final settlements have been agreed and ... Read the full article
Marsh & Citi develop risk structure to boost delivery of COVAX vaccines
17th August 2021
Insurance broker Marsh has collaborated with global bank Citi to create an innovative risk mitigation structure designed to help the Vaccine Alliance (Gavi) pre-purchase vaccines in bulk with greater confidence, and facilitate rapid and equitable distribution around the world. Developed on behalf of Gavi, the risk mitigation structure will cover the ... Read the full article
Munich Re’s profit rises to €1.1bn despite higher than expected COVID impact
10th August 2021
Global reinsurer Munich Re has announced profit of €1.1 billion for the second quarter of 2021, as profits improved in both its property and casualty (P&C) and life and health (L&H) reinsurance segments despite ongoing losses related to the COVID-19 pandemic. The company's reinsurance operation contributed €951 million to the consolidated ... Read the full article
Lloyd’s players support UK Gov live events reinsurance scheme
6th August 2021
The UK government has partnered with the specialist Lloyd's insurance and reinsurance marketplace to deliver the Live Events Reinsurance Scheme, which is worth more than £750 million and designed to help organisers plan events with confidence. While the majority of Covid-19 restrictions have now lifted in the UK, the losses faced ... Read the full article
COVID infections re-emerge as marine sector threat: PCS
4th August 2021
High rates of infection from the Delta variant and low levels of vaccination in key countries could result in worldwide crew shortages, fatigued and stranded crewmembers, and increased risk of loss for marine re/insurers, according to analysts at PCS. The firm says that marine re/insurers in particular need to stay vigilant ... Read the full article
AM Best assigns stable outlook to Malaysia non-life
3rd August 2021
AM Best has assigned a stable outlook to the Malaysian non-life insurance segment off of an expectation that underwriting discipline and robust pricing will be maintained in the face of ongoing phased de-tarrification of motor and fire business. The rating agency also noted an increased use of digital solutions to enhance ... Read the full article
Aon finds political instability, unrest slowing economic rebound from Covid
2nd August 2021
The COVID-19 pandemic has been determined by Aon to have both suppressed and aggravated terrorism and political violence risks in 2020 and 2021. Aon’s Risk Maps are designed to help firms better understand and navigate evolving political risk and political violence exposures. Lockdowns and travel restrictions have had a containing effect on ... Read the full article
Global commercial insurance pricing up 15% in Q2, finds Marsh
27th July 2021
Global commercial insurance prices increased 15% in the second quarter of 2021, according to the latest market index report by Marsh. It's reported that this year marks the 15th consecutive quarter of rate increases in the global commercial insurance market. Furthermore, it marks the third consecutive quarter to show a fall in ... Read the full article
COVID resurgence could impact catastrophe claims: PCS
26th July 2021
As COVID cases in the US begin to tick upwards once again, PCS Head Tom Johansmeyer has warned that a pandemic resurgence could have significant implications for catastrophe claims in the most vulnerable areas. New daily COVID cases in the US have increased from just over 10,000 last month to around ... Read the full article
Financial services firms to boost spending on cyber security: PwC
19th July 2021
Financial services firms are expected to boost IT spending in an effort to tighten up cybersecurity, according to new data from PwC UK and the CBI. The latest results from the CBI/PwC Financial Services Survey 2021 show that 70% of firms are planning to invest more over the next 12 months, ... Read the full article
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