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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.

SCOR postpones AGM following investor criticism

30th March 2020

French reinsurer SCOR has decided to postpone its annual general meeting (AGM) to June 30, 2019, due to concerns about the coronavirus (COVID-19) pandemic. The company had initially tried to pull its AGM much earlier this year, on April 17th, but drew sharp criticism from activist investor CIAM last week. In ... Read the full article

Covéa committed to PartnerRe acquisition despite COVID-19 impacts: reports

30th March 2020

Despite the global COVID-19 coronavirus pandemic having a significant impact on European countries, driving meaningful and widespread financial market volatility, Covéa has reportedly said that it remains committed to its deal with Exor to acquire reinsurer PartnerRe. In early March, Covéa and Exor announced the signing of a Memorandum of Understanding ... Read the full article

COVID-19 brings range of new complexities for insurers: Swiss Re

30th March 2020

Reinsurer Swiss Re has noted that the ongoing coronavirus (COVID-19) outbreak is introducing “a range of new complexities” for insurers in terms of claims, underwriting, policy terms, and more. These are compounded by the significant uncertainties that continue to surround the virus, such as the factors affecting mortality and infection rates. One ... Read the full article

COVID-19 could drive significant losses for trade credit insurers: Am Best

30th March 2020

AM Best is expecting the unfolding coronavirus pandemic to result in significant losses for trade credit insurers. However, the short-tail nature of the product may partly offset the negative impacts, allowing the trade credit insurers to reprice and de-risk their portfolios, although incurred losses could be significant and involve costly litigation. AM ... Read the full article

Focus of the Future at Lloyd’s strategy narrows in response to COVID-19

27th March 2020

The Lloyd's of London insurance and reinsurance marketplace has decided to rationalise and narrow the focus of the Future at Lloyd's strategy as it adjusts to the impacts of the global COVID-19 pandemic. Speaking during the Lloyd's 2019 annual results call, executives at the world's oldest insurance market noted the broad ... Read the full article

Covid-19 BI losses for small firms could hit $383bn per month, warns APCIA

27th March 2020

David Sampson, President and Chief Executive Officer (CEO) of the American Property Casualty Insurance Association (APCIA), has said that business continuity losses from the COVID-19 pandemic for small businesses with fewer than 100 employees, could reach as much as USD 383 billion per month. Sampson has again warned against measures being ... Read the full article

Insurance-backed securitisations resilient in the near-term: S&P

27th March 2020

S&P Global Ratings has said that it expects insurance-backed securitisations to show resilience to the coronavirus (COVID-19) outbreak in the near-term, although the longer-term outlook remains more uncertain. The rating agency said insurers and reinsurers based in Europe, the Middle East, and Africa (EMEA) and the US should hold firm against ... Read the full article

Expand terrorism risk act to cover pandemics, says expert

27th March 2020

Zach Finn, an insurance professor with Butler University, has argued that the federal backstop for terrorism should be expanded to include pandemic coverage. Speaking in an interview with AMBestTV, Finn said that the Terrorism Risk Insurance Act (TRIA) in the US could be expanded retroactively to ease the economic impact caused ... Read the full article

Survey: Covid-19 and its impact on the re/insurance market

27th March 2020

As the coronavirus pandemic continues to shake the foundations of our industry and cast uncertainty over the world’s economy, we’ve decided to launch a survey to gauge the opinions and sentiments of the global re/insurance community. The survey has been created alongside our sister site Artemis and will ... Read the full article

RiskGenius launches COVID-19 risk checklist

27th March 2020

RiskGenius, an insurtech using artificial intelligence to evaluate emerging risks across insurance portfolios, has released a checklist of potential coverage issues associated with the coronavirus pandemic. The checklist has been launched to help carriers assess and quantify potential exposure to the virus, as firms struggle to comply with rapidly changing legislative ... Read the full article

Japanese fundamentals stable despite share plunge: AM Best

27th March 2020

AM Best believes that the credit fundamentals of most re/insurers have not changed dramatically despite the coronavirus (COVID-19) outbreak and the Russia-Saudi Arabia oil dispute causing share prices to plunge by 30-40%. While these and other factors continue to present major challenges for the sector, analysts believe that most market players ... Read the full article

KBRA underlines potential for “material earnings event” over COVID-19

26th March 2020

Underwriting losses from the coronavirus pandemic, in particular on the P&C side, could become a material earnings event for certain industrial and commercial line insurers, according to analysts at Kroll Bond Rating Agency. While insurers’ coronavirus-related disclosures have provided some reassurance given the current extreme circumstances, KBRA believes the crisis is ... Read the full article

US health insurers face coronavirus risks on multiple fronts: AM Best

26th March 2020

With coronavirus (COVID-19) spreading rapidly through the US, analysts at AM Best have warned that the outbreak could compound health insurers in the country in a number of ways. According the rating agency, health insurers face major risks not just from claims, but also from economic and operational disruptions. From a claims ... Read the full article

Tremor to launch weekly online ILW auctions

26th March 2020

Programmatic insurance and reinsurance risk transfer marketplace Tremor is set to open weekly online Industry Loss Warranty (ILW) auctions in an effort to ensure the market continues operating during the unfolding coronavirus pandemic. Auctions begin on April 2 and will leverage catastrophe loss estimates for the US, Canada, Japan, and the ... Read the full article

COVID-19 business interruption legal action expands

26th March 2020

US states Massachusetts and Ohio have joined New Jersey in pushing for legal action to eliminate ‘virus’ exclusions on existing business interruption insurance policies. Legislation is aiming to provide more financial support for smaller businesses affected by the ongoing coronavirus (COVID-19) outbreak, which has now reached almost 70,000 cases in the ... Read the full article

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