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.
Commission approves Dutch trade credit insurance guarantee scheme
26th May 2020
The European Commission has approved a Dutch guarantee scheme to support the region's trade credit insurance market amid the pressures of the ongoing coronavirus (COVID-19) pandemic. As the economic fallout from the current crisis has intensified, the risk of insurers not being willing to provide trade credit insurance has increased, leading ... Read the full article
IRB Brasil Re, Aon launch tool to help analyse pandemic risk exposure
26th May 2020
Brazilian reinsurer IRB Brasil Re is partnering with Aon Resseguros on a tool that allows insurers to analyse the risk exposure of their life and home insurance portfolios and technically estimate possible losses with claims. The analysis will also enable shaping custom-designed coverage products for the pandemic, meeting the expectations of ... Read the full article
Potential BI litigation enhances uncertainty for UK non-life carriers: Fitch
26th May 2020
Uncertainty remains for some UK non-life insurers amid concerns courts might rule in favour of claims in cases where business interruption (BI) policy wording is loose, warns Fitch Ratings. It's been well documented that, overall, BI losses as a result of the COVID-19 pandemic are expected to be manageable owing to ... Read the full article
Reinsurance will cap UK BI costs at $75mn, says QBE
26th May 2020
Australian insurer QBE has said that its reinsurance coverage should limit the costs of COVID-19 related business interruption (BI) claims to £75 million in the UK. However, the company maintained that its BI policies do not typically cover claims arising from COVID-19. “Many businesses are facing an extremely concerning time at present ... Read the full article
$100bn industry loss from COVID-19, says Chubb CEO Greenberg
26th May 2020
Evan Greenberg, the Chief Executive Officer of global insurer Chubb, expects coronavirus to inflict upwards of $100 billion in losses for the industry. Speaking to the New York Times, Greenberg said claims will come from all sides and be exacerbated by the accumulation of investment losses. However, Greenberg noted that business interruption ... Read the full article
SCOR cancels dividend, reduces Kessler’s compensation
26th May 2020
Global insurer and reinsurer SCOR has announced that its Board of Directors has proposed that no dividend be distributed for the 2019 fiscal year, while Chairman and Chief Executive Officer (CEO) Denis Kessler has proposed that his annual variable compensation for the year be reduced by 30%. Following SCOR's performance in ... Read the full article
Pandemic an opportunity for reinsurance growth in India: Rohit Boda
26th May 2020
The COVID-19 pandemic presents many opportunities for the growth of reinsurance business in India, according to Rohit Boda, Managing Director of J.B. Boda Group, an insurance and reinsurance broker based in the country. Speaking in an interview with Reinsurance News, Boda noted that the contention around business interruption claims linked to ... Read the full article
Forced BI claims would put “systemic strain” on the insurance industry: Triple-I CEO
22nd May 2020
The Chief Executive Officer (CEO) of the Insurance Information Institute (Triple-I), Sean Kevelighan, has warned that systematic strains would be placed on the insurance industry if carriers are forced to pay out retroactive claims. As the fallout surrounding business interruption (BI) insurance related to the COVID-19 pandemic has persisted, leaders from ... Read the full article
Exacerbated hard market is exposing “anachronistic” broking structure: report
22nd May 2020
A new report claims that a hard market exacerbated by the impacts of the COVID-19 pandemic is exposing the "hopelessly conflicted and untransparent broker system" that developed during a prolonged softened market state. Brokers receive up to 80% of their renumeration from insurers and just 20% from clients, says the report ... Read the full article
IRB Brasil Re eyeing competitors’ LatAm portfolios: Reports
22nd May 2020
It’s believed Brazilian reinsurer IRB Brasil Re is in advanced talks with rivals across Latin America as the firm looks to buy up portfolios and strengthen its position in the region. Reuters, citing two sources close to the reinsurer, says the move is an attempt to capitalise on decisions by rivals ... Read the full article
ABI rejects pub industry appeal for pandemic BI cover
22nd May 2020
In response to an open letter penned by a coalition of beer and pub businesses, the Association of British Insurers (ABI) has insisted that the UK re/insurance industry has no responsibility to pay business interruption (BI) claims related to the COVID-19 pandemic. The coalition letter, addressed to ABI Chair Jon Dye, ... Read the full article
Insurance trade groups propose federal pandemic solution
22nd May 2020
A new, industry-backed federal program designed specifically to help businesses meet the financial challenges from future pandemics has been proposed by the National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty Insurance Association (APCIA), and the Independent Insurance Agents & Brokers of America, Inc. (Big "I"). The new pandemic ... Read the full article
COVID-19 to increase drone use within insurance: GlobalData
22nd May 2020
Data and analytics specialist GlobalData is expecting drones to play a bigger role within the insurance space as coronavirus continues to change the way people and businesses interact. While it was anticipated that drone technology would eventually take off in the inspection of large areas, GlobalData notes how coronavirus is highlighting ... Read the full article
Eos closes Strategic InsurTech Fund, welcomes Tokio Marine & Direct Line
22nd May 2020
Eos Venture Partners has announced the close of its Strategic InsurTech Fund, which, invests in global InsurTech companies while at the same time promoting and facilitating engagement between incumbents and emerging tech providers. Established in 2016, Eos has offices in London and Philadelphia, and operates as a global independent Strategic Venture ... Read the full article
Aviva estimates £160mn of COVID-19 claims across GI businesses
21st May 2020
London headquartered insurer Aviva has announced estimated COVID-19 related losses of £160 million, net of reinsurance, in its General Insurance businesses based on claims in business interruption, other commercial lines, and travel insurance. In its Q1 operating update, insurer Aviva has reported a strong start to the year, but also warned ... Read the full article
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