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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.

QBE commits AUD 2.6mn to global COVID-19 response effort

20th April 2020

QBE Insurance Group Limited has announced AUD 2.6 million (approx. USD 1.7mn) in direct funding to support the global response to the COVID-19 coronavirus pandemic. The insurer states that these funds will be disbursed via the QBE Foundation's existing global charity and not-for-profit partners, designed to help agencies experiencing greater demand ... Read the full article

Swiss Re cancels share buyback programme, adds three to Board

20th April 2020

Global reinsurance giant Swiss Re has confirmed that its authorised new public share buyback programme of up to CHF 1 million (USD 1.03mn) will not be launched due to current financial market volatility being driven by the COVID-19 coronavirus pandemic. Following commentary from analysts that the Switzerland-based reinsurer's share buyback programme ... Read the full article

Minimal/moderate industry impact from COVID-19: David Flandro

20th April 2020

Speaking on a recent call to Morgan Stanley, David Flandro stated a belief that, in the absence of government intervention, COVID-19 will have a minimal/moderate impact on losses for the re/insurance industry. Flandro, Managing Director of Analytics at Hyperion X, noted how there is no evidence the impact from the pandemic ... Read the full article

COVID-19 to compound South Korea’s life insurance woes: GlobalData

20th April 2020

South Korea’s life insurance market is set to decline by 1.2% in 2020, as the ongoing coronavirus pandemic compounding pre-existing pressure from stagnating sales, according to GlobalData analysis. Deblina Mitra, an insurance analyst at GlobalData, explained that lockdown restrictions due to coronavirus will further prevent new sales through insurance agents and, ... Read the full article

Covid-19 shows sensitivity of re/insurers to equity market volatility: Willis Re

17th April 2020

The global reinsurance capital base is expected to take a hit of approximately 5% from the financial impacts of the Covid-19 coronavirus pandemic, reports Willis Re, the reinsurance arm of global brokerage Willis Towers Watson (WTW). The reinsurance broker's Strategic and Financial Analytics teams' 5% estimate is a marked improvement on ... Read the full article

Increased litigation levels to emerge from COVID-19: Analysts

17th April 2020

Analysts at Morgan Stanley have predicted that increased litigation levels will emerge from the coronavirus (COVID-19) pandemic and its accompanying economic downturn. Jonathan Molot, Co-founder and Chief Investment Officer of Burford Capital, confirmed to Morgan Stanley that his firm is currently seeing significant growth in the potential demand for litigation financing ... Read the full article

South Carolina & Pennsylvania join push for COVID-19 legislation

17th April 2020

South Carolina and Pennsylvania have joined several other US states in pushing for legislation that would require insurers to retroactively cover business interruption losses related to the coronavirus (COVID-19) pandemic. At the same time, New York has expanded the scope of its previously proposed legislation, while New Jersey has ordered insurers ... Read the full article

Public-private partnerships needed to tackle pandemic risks, says FERMA

17th April 2020

The Federation of European Risk Management Associations (FERMA) has underlined the importance of public - private partnerships in addressing global pandemic risks. In a recent letter, FERMA has called on the European Commission's coordinating response team to take steps to mitigate the impact of future pandemics in light of the ongoing ... Read the full article

COVID-19 to deter M&A activity in 2020: Conning

17th April 2020

With mergers and acquisitions (M&A) in the P&C market already slowing through 2019, the COVID-19 pandemic is likely to deter further activity through 2020, according to analysts at Conning. Conning noted that M&A activity involving acquisitions of property and casualty insurers last year was down approximately 6% compared to 2019. And with ... Read the full article

Forced COVID-19 payments could “bankrupt” industry: Chubb CEO

17th April 2020

Legal efforts to make insurers retroactively pay for business interruption losses related to the coronavirus (COVID-19) pandemic could “bankrupt the industry,” according to Chubb CEO Evan Greenberg. Speaking in an interview with Bloomberg, Greenberg said that the insurance industry is “a fundamental part of the economic plumbing” of the US, and ... Read the full article

COVID-19 insured losses are going to be massive, says Allianz CEO

17th April 2020

Oliver Bäte, the Chief Executive Officer (CEO) of global insurer and reinsurer Allianz, has said in an interview with Bloomberg Television that while the company itself doesn't have large exposures, for the industry, losses from the COVID-19 coronavirus pandemic are going to be massive. The unprecedented changes and challenges created by ... Read the full article

COVID-19 to drive more reinsurance firming: survey results

16th April 2020

As COVID-19 continues to profoundly influence developments in the re/insurance industry, Reinsurance News has collaborated with its ILS-focused sister-site, Artemis, to take the pulse of the market at this challenging time. The results of the COVID-19 Market Survey are based on responses from hundreds of market ... Read the full article

Swiss Re opens Life Guide underwriting manual to L&H insurers

16th April 2020

Swiss Re is opening access to its proprietary Life Guide underwriting manual to all life and health insurers for 90 days, in a response to the COVID-19 pandemic. Life Guide is designed to help users understand risks and how they interact with each other. The underwriting manual includes the ability to reference ... Read the full article

COVID-19 premium adjustments not expected to hit long-term profits: Fitch

16th April 2020

Fitch Ratings does not expect recent premium adjustments announced by property/casualty insurers in response to the impacts of the COVID-19 pandemic to affect long-term market profits or individual company ratings. Driven by unanticipated declines in risk exposures and claims incidence following the economic impact caused by the ongoing coronavirus pandemic, some ... Read the full article

Hiscox sees Covid-19-related business interruption exposure as limited

16th April 2020

Insurer and reinsurer Hiscox expects its exposure to any business interruption losses from the COVID-19 pandemic to be limited, while its Retail segment makes use of significant levels of reinsurance protection. The re/insurer has released a statement explaining that its core policy wordings do not provide coverage for BI as a ... Read the full article

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