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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.

EXOR boss rallies shareholders as COVID-19 looms over big deals

9th April 2020

The boss of Agnelli family owned holding company EXOR expects the spirit and resolve of his companies to ensure they emerge stronger when the coronavirus pandemic passes. “These have been challenging days and weeks for us all and we know the ripples from this crisis will likely continue for some time,” John ... Read the full article

WTW calls for long-term view to M&A deals amid COVID-19 uncertainty

9th April 2020

As the global merger and acquisition (M&A) market continues to trend downwards, re/insurance broker Willis Towers Watson (WTW) has called on business leaders to draw on lessons from the 2008 financial crisis and take a long-term view to deals amid widespread uncertainty. Insurance and reinsurance brokerage firm WTW notes that since ... Read the full article

Lloyd’s asks members hit by COVID-19 to recapitalise fast

8th April 2020

The specialist Lloyd's of London insurance and reinsurance marketplace has reportedly asked members who have experienced sizeable losses as a result of the COVID-19 coronavirus pandemic to accelerate capital injections. In response, analysts at S&P Global Ratings have said that calling on certain Lloyd's members to accelerate recapitalisation will ultimately help ... Read the full article

Travelers accelerates commission payments for agents & brokers

8th April 2020

US primary insurer Travelers has announced plans to accelerate more than $100 million in commission payments to eligible distribution partners, building on the company’s COVID-19 relief efforts. Travelers explained that the distribution support plan will speed up payments for agents and brokers to help them address the liquidity impacts of the ... Read the full article

Lloyd’s revises Claims Scheme amid ongoing COVID-19 challenges

8th April 2020

The specialist Lloyd's of London insurance and reinsurance marketplace has announced changes to the Lloyd's Claims Scheme to help managing agents respond effectively during the global coronavirus pandemic. Lloyd's, the oldest insurance market in the world, explains that the changes, which are effective immediately, amend the Claims Scheme requirements to empower ... Read the full article

AM Best negative on US commercial lines, stable on personal lines

8th April 2020

AM Best has revised its outlook on the US commercial lines industry to negative from stable due to the impact of COVID-19, but has maintained a stable outlook on US personal lines. The rating agency does not expect significant claims activity in commercial lines owing directly to the pandemic, although virus-related ... Read the full article

PPL usage and adoption growing at pace during COVID-19

8th April 2020

In the three weeks since the London insurance and reinsurance market started working remotely as a result of the global coronavirus pandemic, the number of unique users on the Placing Platform Limited (PPL) has increased by 40%. PPL, the London market's electronic placing platform, has been tracking both activity and performance ... Read the full article

UK insurers suspend dividends due to COVID-19

8th April 2020

UK insurers RSA, Aviva and Direct Line have today announced that they will suspend their final dividend payment of 2019 due to the challenges presented by the coronavirus (COVID-19) pandemic. The news comes after Hiscox decided earlier today to suspend dividends and withdraw all its financial guidance and targets for ... Read the full article

Fitch to review all rated re/insurers for COVID-19 exposure

8th April 2020

Fitch Ratings plans to review the international ratings of all of the insurance firms in its coverage over the next four to five weeks as a result of the risks and uncertainties related to the global COVID-19 coronavirus pandemic. Originally, Fitch announced its coronavirus-related reviews in a number of commentaries published ... Read the full article

COVID-19 will make challenging Lloyd’s conditions more difficult: AmWINS

8th April 2020

Analysts at AmWINS have suggested that the coronavirus (COVID-19) pandemic has and will continue to make already-challenging market conditions at Lloyd’s of London even more difficult. The firm acknowledged that Lloyd’s and its syndicates had extensively tested their systems in preparation for a crisis, and said that the transition to remote ... Read the full article

Hiscox withdraws all financial targets for 2020, citing COVID-19

8th April 2020

Bermuda headquartered insurance and reinsurance firm Hiscox has withdrawn all its financial guidance and targets for 2020, citing the COVID-19 coronavirus pandemic. Hiscox also said this morning that it will not pay dividends in the currently challenging and uncertain environment. The company will not present a resolution to approve its 2019 final ... Read the full article

Organized 1/4 renewals a prudent approach in light of COVID-19: Willis Re’s Kent

7th April 2020

The majority of protection buyers started their April 1st reinsurance renewal negotiations well in advance, which, in light of the challenges driven by the COVID-19 pandemic proved to be a prescient approach, according to James Kent, global Chief Executive Officer (CEO) of Willis Re. As noted by reinsurance brokerage Willis ... Read the full article

FERMA president calls for insurer, broker co-operation amid COVID-19 pandemic

7th April 2020

Federation of European Risk Management Associations (FERMA) President Dirk Wegener has called on insurers and brokers to work together to ensure companies survive the ongoing coronavirus pandemic. Wegener noted that for some companies this cooperation could be a question of survival. FERMA believes that insurers should grant flexibility to business customers, as ... Read the full article

Aviation risk shifts as fleets remain grounded: Gallagher

7th April 2020

The lack of air travel caused by the coronavirus (COVID-19) may have completely changed the risk profile of aviation underwriting books, with data from Gallagher showing that more than $164 billion of aircraft insurable value is currently parked on the ground. With so much value sitting stationary and unused, it suggests ... Read the full article

Coronavirus to weigh on reinsurer profits & capital: Moody’s

7th April 2020

Analysts at Moody’s are expecting the coronavirus (COVID-19) pandemic to create unprecedented disruption in the global economy and to weigh heavily on reinsurers’ capital and profitability in the coming months. Although global reinsurers entered the year with solid capital levels, investment volatility, losses from pandemic exposure and specialty P&C lines, as ... Read the full article

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