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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 shows need for more public risk management: Denis Kessler

24th April 2020

SCOR CEO Denis Kessler has said that the coronavirus (COVID-19) pandemic has raised new questions about the role of the state and highlighted the need for more public risk management. Speaking in an interview with l’Opinion, Kessler said that after the crisis has cooled down, states will have to concentrate all ... Read the full article

IRB Brasil Re withdraws profit guidance due to COVID-19

24th April 2020

Rio de Janeiro headquartered reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) has decided to withdraw its profit guidance for 2020, due to the coronavirus (COVID-19) pandemic. The company said the move reflected the “current market conditions and the uncertainties of the magnitude of the impacts resulting from the coronavirus in ... Read the full article

COVID-19 could be biggest ever industry loss, warns Lloyd’s CEO

24th April 2020

John Neal, Chief Executive Officer (CEO) of Lloyd’s of London, has said that the coronavirus (COVID-19) pandemic could be the most expensive event in history for the re/insurance industry. Speaking to the Financial Times, Neal said that the crisis will likely dwarf other major disasters such as Hurricane Katrina in 2005 ... Read the full article

Watford posts $256mn Q1 investment loss off COVID-19

24th April 2020

Bermuda domiciled re/insurance company Watford Holdings is expecting to shoulder a $256 million net investment loss in the first quarter due to coronavirus-related market volatility. Watford says the loss predominantly consists of unrealised mark-to-market losses to its non-investment grade fixed-income portfolio. The impact of unrealised mark-to-market losses on net income is estimated ... Read the full article

Everest Re sees $150m of Q1 COVID-19 claims, mostly from reinsurance

24th April 2020

Bermuda domiciled reinsurer Everest Re Group, Ltd. has announced estimated pre-tax net first party losses of $150 million in Q1 for claims related to the COVID-19 coronavirus pandemic. The reinsurer says that the majority of the losses are expected to come from its reinsurance operation. Overall, Everest Re expects its first-quarter ... Read the full article

Apply COVID-19 lessons to climate change, urges Swiss Re’s Ojeisekhoba

23rd April 2020

The re/insurance industry must be prepared to apply the lessons learned from the coronavirus (COVID-19) pandemic to the looming climate change crisis, according to Swiss Re’s CEO of Reinsurance, Moses Ojeisekhoba. Writing in a blog post for Swiss Re, Ojeisekhoba argued that the clearest take-away from the pandemic is the need ... Read the full article

Ping An notes COVID-19-induced challenges as profit falls by 43% in Q1

23rd April 2020

Ping An Insurance (Group) Company of China, Ltd. has reported that its net profit declined by almost 43% year-on-year in Q1 2020, while operating profit jumped by over 5% as the company adopted numerous measures to mitigate the impacts of the COVID-19 outbreak. Net profit attributable to shareholders of the parent ... Read the full article

COVID-19 P&C losses as high as $80bn: analysts

23rd April 2020

Analysts at research firm Dowling & Partners believe the property and casualty insurance industry should expect between a $40 billion and $80 billion loss from the coronavirus pandemic. If insurance losses were to hit the upper limit of this estimate, the reinsurance industry could expect to pay out a double-digit billion ... Read the full article

Covid-19 claims manageable, but reinsurers face formidable challenges: Willis Re

23rd April 2020

Willis Re, the reinsurance broking arm of Willis Towers Watson (WTW), has said that while reinsurance claims from the global COVID-19 pandemic are likely to be manageable, the industry is facing some formidable challenges. In a recently published COVID-19 Impact report, reinsurance broker Willis Re says that so far, reinsurers have ... Read the full article

COVID-19 heightens risk for cargo shippers, transportation firms: Allianz

23rd April 2020

A report by global insurer Allianz has underlined the impact coronavirus-related lockdown measures could have on cargo shippers and transportation companies, as supply chains continue to face prolonged disruption. Allianz notes how the growing number of locked down and unmanned facilities means not only a greater risk of theft and fire ... Read the full article

COVID-19 disruption sees whiplash reform delayed to 2021

22nd April 2020

The UK’s Ministry of Justice has confirmed its decision to delay the implementation of the Whiplash Reform Programme until April 2021, citing unprecedented disruption caused by the ongoing coronavirus pandemic. Under the Programme, small claims track limit for road traffic accident related personal injury claims will be increased to £5,000; while ... Read the full article

KBW forecasts improvements for some virus-hit lines

22nd April 2020

Analysts at KBW have said that their near-term outlook favours re/insurers focused on lines for which underwriting prospects are improved by the coronavirus (COVID-19) pandemic and global responses to it. In contrast, they added that re/insurers exposed to lines with virus-related loss exposure will probably see initial pressure. For example, KBW expects ... Read the full article

RIMS presses Congress over pandemic risk insurance backstop

22nd April 2020

The risk management society (RIMS) has called for the establishment of a pandemic risk insurance program in the U.S. to accelerate economic recovery to the ongoing COVID-19 pandemic. As the virus continues to spread the volatile and uncertain financial market environment and subsequent recessionary risks have intensified on a global basis. Currently, ... Read the full article

WR Berkley posts $65mn COVID-19 hit for Q1

22nd April 2020

Re/insurance holding company W. R. Berkley’s first quarter results have included a $65 million preliminary provision for COVID-19 related claims activity. The company said it is continually monitoring the rapidly evolving legal and regulatory environment and the potential impact it will have on the re/insurance industry. Q1 also saw net premiums written ... Read the full article

UK trade credit package a boost for insurers, says GlobalData

22nd April 2020

Data and analytics firm GlobalData has said that the UK re/insurance industry could be boosted if the government decides to implement a trade credit reinsurance backstop scheme for the duration of the coronavirus (COVID-19) pandemic. Sources said earlier this week that insurers are discussing a new scheme with the Treasury ... Read the full article

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