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.
COVID-19 to worsen the impact of catastrophe claims: GlobalData
1st June 2020
Re/insurers facing high COVID-19 based payouts will be hit harder by catastrophe claims towards the end of the year, according to data and analytics specialist GlobalData. Analysts predict that companies with large pandemic losses will face a heavier financial burden from catastrophes as the COVID-19 crisis ramps up pressure. “With the hurricane ... Read the full article
Higher margins may offset fading investment income for major reinsurers: Fitch
29th May 2020
The financial earnings of the big four European reinsurers will be affected negatively by the COVID-19 pandemic in the short-term, but moving forward, improved technical pricing could largely offset fading investment returns, according to Fitch Ratings. As evidenced by first-quarter 2020 results, the financial impact of the COVID-19 pandemic for the ... Read the full article
COVID-19 to ‘turbocharge’ pricing trends, says WR Berkley
29th May 2020
As COVID-19 related losses and uncertainty permeates throughout the marketplace, W.R. Berkley leadership has told Credit Suisse that they expect prior pricing trends and Excess and Surplus growth to become 'turbocharged'. Prior to COVID-19's outbreak, WRB says P&C insurance industry was in a period of transition, with acceleration in insurance rates ... Read the full article
US P/C reinsurers maintain underwriting profitability in Q1: RAA
29th May 2020
Despite the influence of the ongoing COVID-19 pandemic, a group of 17 U.S. property/casualty (P/C) reinsurers recorded a combined ratio of below 100% in the first-quarter of 2020, according to analysis by the Reinsurance Association of America (RAA). At 97.4%, the group's combined ratio did deteriorate from the 94.9% in the ... Read the full article
Regulation, tech assisting the recovery of China’s insurance industry: GlobalData
29th May 2020
The Chinese insurance industry remains on track to record strong growth between 2019 and 2023 as the sector begins to recover from the losses driven by the COVID-19 outbreak, reports GlobalData. Analysis by GlobalData finds that regulatory changes and the use of technology are key to the ability of China's insurance ... Read the full article
COVID-19 fallout poses unforeseen risks for North American insurers: Fitch
28th May 2020
Fitch Ratings sees a potential for North American insurers to be faced with key vulnerabilities and unforeseen downside risks amid the fallout from the coronavirus pandemic. Such risks include outsized investment exposure with market volatility exacerbating potential issuer defaults, increased mortality risk and elevated claims. Fitch revised the life and health insurance ... Read the full article
Limited COVID-19 impact on US P/C in Q1: AM Best
28th May 2020
A report from AM Best has described the impact of COVID-19 on the US property/casualty industry as limited. However, there’s an expectation for consequences from the pandemic to become considerably more apparent in the second quarter. Analysts say they are seeing somewhat greater changes in line of business underwriting results than normal, ... Read the full article
COVID-19 stress tests positive, but risks still remain: AM Best
28th May 2020
Rating agency AM Best has announced the results of its capital adequacy stress tests as it moves into the second phase of its response to the COVID-19 pandemic. Outside of the life sectors in Canada and the US, the tests have been generally positive, with most rated re/insurers taking only manageable ... Read the full article
Hurricanes and pandemics are “not a good mix”, warns KCC
27th May 2020
On balance, both losses and loss adjustment expenses from hurricanes will increase as a result of the challenges and disruption being caused by the COVID-19 pandemic, says Karen Clark & Company (KCC) in a new report. Numerous forecasters have said that it's likely the 2020 Atlantic hurricane season will see ... Read the full article
Covid-19 Insurance & Reinsurance Market Survey – Take 2
27th May 2020
With first-quarter 2020 results providing some insight into the re/insurance market implications of the ongoing Covid-19 pandemic, we've launched a second survey as a follow-up to gauge the evolving opinions and sentiments of the global re/insurance community. The survey has been created alongside our insurance-linked securities (ILS) focused sister ... Read the full article
Global reinsurance sector will fail to earn its cost of capital on COVID-19: Fitch
27th May 2020
The wide-reaching and uncertain impacts of the ongoing COVID-19 pandemic means that the global reinsurance sector will fail to earn its cost of capital in 2020, according to Fitch Ratings. After completing a sector ratings review, Fitch has warned that the financial performance of reinsurers will be hit by mortality claims ... Read the full article
Allstate extends COVID-19 payback scheme through June
27th May 2020
US insurer The Allstate Corporation (Allstate) has announced that it will extend its Shelter-in-Place Payback scheme through June to help its personal auto customers during the COVID-19 pandemic. The scheme is designed to return premiums to customers as they drive less and get in fewer accidents during the crisis. Originally set to ... Read the full article
Rep. Maloney introduces PRIA bill with Pandemic Risk Reinsurance Program
27th May 2020
The Pandemic Risk Insurance Act of 2020 (PRIA) has been introduced by Rep. Maloney alongside various stakeholders. This legislation will create the Pandemic Risk Reinsurance Program, and is seen as a vital step in Congress's prevention efforts against economic losses from future pandemics. H.R. 7011, PRIA, was introduced yesterday by Congresswoman ... Read the full article
FERMA suggests EU resilience framework for non-physical cat risks
27th May 2020
The Federation of European Risk Management (FERMA) has called on the European Commission to create a resilience framework for catastrophic risks, in an effort to address the shortage of business interruption insurance without physical damage (NDBI). FERMA says its resilience framework would have the flexibility to respond to a range of ... Read the full article
2021 potentially the hardest market for P&C in some time: analysts
26th May 2020
Following a virtual meeting with some of the world's leading insurers, Wells Fargo Securities believes the breadcrumbs are there for 2021 to be the hardest market the P&C industry has seen in some time. Analysts have noted how it seems like momentum is building for this to be one of those ... Read the full article