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.
P&C industry responds to rising customer expectations: J.D. Power
17th June 2020
The COVID-19 pandemic has resulted in higher customer expectations and, so far, it appears that property and casualty (P&C) insurers are rising to the challenge, reports J.D. Power. The ninth edition of J.D. Power's U.S. Insurance Digital Experience Study, shows that overall, the P&C industry has made across-the-board improvements in clarity ... Read the full article
Lancashire’s COVID-19 loss notifications ‘slower than expected’: Peel Hunt
17th June 2020
Peel Hunt analysts have reported that Lancashire Holdings’ COVID-19 loss notifications are slower than expected and is taking management by surprise. The specialty re/insurer held an analyst meeting to catch up on the recent capital raising and the development of re/insurance rates following the Florida renewals. While Lancashire has estimated $35 million ... Read the full article
Japan’s non-life insurers to see lower growth, higher reinsurance costs: Fitch
17th June 2020
Non-life insurers in Japan will report lower premium growth in the 2021 financial year, while carriers' earnings will bit adversely hit by the COVID-19 pandemic at a time of rising reinsurance costs, reports Fitch Ratings. Japan, like much of the world, is enduring a slowdown in economic activity as a result ... Read the full article
Re/insurers face “profound” impact as COVID-19 lifts pricing: AmWINS
16th June 2020
In a report looking at the affects of COVID-19 on the re/insurance industry, analysts at specialty insurer AmWINS have warned that “the loss impact on the market will be profound.” In May, Lloyd’s of London reported that it will pay between $3 billion and $4.3 billion as a result of the ... Read the full article
Hiscox Action Group launches £40m arbitration claim
16th June 2020
Mishcon de Reya, the law firm representing the Hiscox Action Group, has triggered the arbitration clause in nearly 350 policyholders’ contracts and is targeting a £40 million payout. The Hiscox Action Group consists of Hiscox clients whose coronavirus-related business interruption claims have been rejected. Mishcon says the total number of policyholders and ... Read the full article
German P&C carrier solvency rates dented by Covid-19
16th June 2020
After falling by five percentage points last year, the average solvency capital requirement (SCR) coverage in the German property and casualty (P&C) insurance market is set to decrease further this year due to the COVID-19 pandemic. This is according to analysts at actuarial consultancy Meyerthole Siems Kohlruss (MSK), which found that ... Read the full article
Aon forms coalition to aid COVID-19 economic recovery
15th June 2020
Re/insurance broker Aon has formed a coalition of companies and organisations that will focus on aiding social and economic recovery in the wake of the COVID-19 pandemic. Starting in Chicago, the coalition will create a model and framework to inform criteria and guidelines that will help restart the economy worldwide, with ... Read the full article
KBW still positive on industry capital raises
15th June 2020
Analysts at KBW have concluded that it remains too early to be concerned about recent capital raises across the re/insurance industry, despite some commentators' unease about how long hard market conditions can last. RenRe and Lancashire are among the latest re/insurers to undertake major capital raises in a bid ... Read the full article
S&P panellists wary of post-COVID-19 headwinds
15th June 2020
A panel of property and casualty (P&C) insurers at the S&P Global Ratings’ Annual Insurance Conference has raised concerns about the lasting medical and economic impact of the COVID-19 pandemic, as well as the potential headwinds that may follow it. During the virtual conference, moderator Kevin Ahern, Managing Director and Analytical ... Read the full article
Amid COVID-19, the opportunities & possibilities are substantial for reinsurers: Pyrrhic Re CEO
12th June 2020
Although likely to be more challenging for the reinsurance sector than any other market event since 1986, the COVID-19 pandemic represents enormous opportunities and possibilities for the industry, according to Peter Mills, Chief Executive Officer (CEO) and Founder of Pyrrhic Re. A pure-reinsurance Managing General Agency (MGA) writing a diverse book ... Read the full article
Outlook positive for reinsurance top-line and pricing: Barclays
12th June 2020
Analysts at Barclays expect reinsurers to enjoy the best overall top-line outlook in the European insurance market, with decent rate momentum and growth in demand also set to benefit the sector. The firm noted that the P&C re/insurance market came into 2020 in a strong position, with an estimated combined capital ... Read the full article
German re/insurers draft plans for €10bn pandemic fund
12th June 2020
German re/insurers are in the process of drafting plans for a multi-billion euro fund to better prepare the country for dealing with future pandemics, according to reports from Der Spiegel. The fund would function as a public-private system between the government and the re/insurance industry, with existing catastrophe funds used as ... Read the full article
Aon warns against over-reaction to short-term COVID-19 mortality data
12th June 2020
Global reinsurance broker Aon says longevity markets are continuing to function effectively despite COVID-19 and has cautioned pension schemes against over-reacting to high short-term UK mortality data when setting their long-term mortality assumptions. Tim Gordon, partner and head of Demographic Horizons in Aon’s Risk Settlement Group, noted how we’re emerging from ... Read the full article
FCA’s legal action will provide a “clear line” to resolve BI claims: CEO Woolard
11th June 2020
The Financial Conduct Authority’s (FCA) efforts to obtain legal clarity on business interruption (BI) policies connected to the COVID-19 pandemic will provide a “clear line” to resolve which claims are valid and which aren’t, according to Interim CEO Chris Woolard. Speaking as part of the Inside FCA Podcast, Woolard argued that ... Read the full article
P&C industry has entered into a “new era of catastrophe losses” – KBRA
10th June 2020
The ongoing COVID-19 pandemic, coupled with the recent wave of civil unrest and the looming cyber risk threat, has altered the risk landscape for property and casualty (P&C) insurers and reinsurers, reports Kroll Bond Rating Agency (KBRA). As explained by KBRA, for the global P&C sector the definition of "catastrophe" has, ... Read the full article