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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.

RAA-led coalition presses US gov for business recovery fund

1st April 2020

The Reinsurance Association of America (RAA), together with a coalition representing the US business community, has sent a letter to President Trump and Congressional leaders, urging them to support the Covid-19 Business and Employee Continuity and Recovery Fund. The Recovery Fund is a solution designed to to support businesses and employees ... Read the full article

Life re/insurers well positioned to handle COVID-19 risks: S&P

1st April 2020

Analysts at S&P Global Ratings believe the North American life re/insurance industry is well-positioned to handle the immediate impact of the coronavirus (COVID-19) pandemic, despite significant escalation for certain risks. In particular, life insurers will face higher asset risk, S&P said, as well as equity market volatility, near-zero interest rates, and ... Read the full article

Coface placed on Rating Watch Negative by Fitch

1st April 2020

Global financial services ratings agency, Fitch Ratings, has placed Coface on Rating Watch Negative amid expectations that the trade credit insurance industry will be negatively impacted by the ongoing COVID-19 coronavirus pandemic. According to Fitch, the impacts and uncertainty being created by the virus outbreak means that it is now more ... Read the full article

Aon enhances reinsurer trading portal for Lloyd’s & IUA markets

1st April 2020

Re/insurance broker Aon has enhanced its reinsurer trading portal, ABConnect Placements, to electronically bind treaty placements with Lloyd’s of London and International Underwriting Association (IUA) markets from 1 April renewals. The new bind feature enables Lloyd’s and IUA markets to complete and bind Aon's treaty reinsurance placements without the need for ... Read the full article

Moody’s stays negative on European insurance industry

1st April 2020

Moody's Investors Service has maintained its negative outlook on the European insurance industry as solvency and profitability continues to be pressured by coronavirus. Moody's also changed the outlook on the UK life and Italian life insurance sectors to negative from stable, reflecting the rating agency's view that the coronavirus outbreak will ... Read the full article

Loss-hit lines up +50% during a steady April reinsurance renewals: Willis Re

1st April 2020

Despite the disruption caused by the ongoing COVID-19 pandemic, reinsurers took a measured approach to the April renewals and services were provided without interruption, reports reinsurance broker Willis Re in its latest 1st View renewals report. According to Willis Re, the reinsurance broking arm of Willis Towers Watson, the global reinsurance ... Read the full article

COVID-19 will increase demand for health insurance, says China Re

1st April 2020

China Re has said that it expects the coronavirus (COVID-19) pandemic to accelerate the development of the re/insurance industry by further motivating demand for health insurance and raising the importance of online technology and digital transformation. For the life and health reinsurance market, ceding demand for domestic health insurance will remain ... Read the full article

Munich Re withdraws 2020 profit guidance on COVID-19 impacts

1st April 2020

Global reinsurance giant Munich Re has withdrawn its profit guidance for 2020 as a result of the significant macroeconomic and financial uncertainty caused by the COVID-19 pandemic. The reinsurer states that during the opening quarter of 2020, its property - casualty reinsurance division experienced considerable claims burden from losses related to ... Read the full article

KBW warns re/insurers against complacency on virus BI claims

31st March 2020

Analysts at Keefe, Bruyette & Woods (KBW) have warned re/insurers that some courts are likely to decide that commercial policies will include business interruption (BI) coverage stemming from the coronavirus (COVID-19), even if it is explicitly excluded. Based on its discussions, KBW believes that most P&C insurers consider themselves to have ... Read the full article

Coronavirus to weigh against P&C improvements: Fitch

31st March 2020

North American property and casualty (P&C) insurers reported improved operating results in 2019, but near-term performance will likely be more challenging due to the onset of coronavirus (COVID-19) and the resulting economic impact, according to Fitch Ratings. The rating agency has maintained its stable outlook on the US P&C insurance and ... Read the full article

Survey: 32% say Covid-19 to increase reinsurance & retro buying

31st March 2020

With already a few hundred responses collected from our new survey on the re/insurance market implications of the Covid-19 coronavirus pandemic, it's clear the market is expecting that long-term the crisis will drive an appetite for greater protection. Our ... Read the full article

FEMA extends flood policy renewal period

31st March 2020

The US Federal Emergency Management Agency (FEMA) has announced that it will extend the grace period to renew flood insurance policies to help policyholders affected by the coronavirus (COVID-19) pandemic. To support customers who may be experiencing financial hardships due to the outbreak, FEMA said it would push back the grace ... Read the full article

Moody’s turns negative on trade credit insurers

31st March 2020

Moody’s Investors Service has revised its outlook for several trade credit insurers from stable to negative, due to the ongoing coronavirus (COVID-19) pandemic. The rating agency said that COVID-19 could negatively impact the performance of Atradius Credito y Caucion S.A. (ACyC), Compagnie Francaise d'Assurance pour le Comm. (Coface) and Clal Credit ... Read the full article

AM Best turns negative on Mexico insurance due to COVID-19

31st March 2020

AM Best has revised its outlook for Mexico’s insurance and surety industry from stable to negative due to the COVID-19 pandemic and its anticipated impact on the economy and international markets. The rating agency explained that the pandemic has aggravated the economic fundamentals that its stable outlook had been based on, ... Read the full article

COVID-19 to test insurer resilience, says S&P Global

30th March 2020

While the economic impact of coronavirus has worsened sharply, analysts at S&P Global Ratings expect insurers will be able to absorb the financial consequences due to a robust capital position and limited exposure to loss-affected lines of business. That said, analysts expect the situation will exacerbate existing weaknesses and some targeted ... Read the full article

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