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.
Munich Re sees a “variety of opportunities” amid pandemic: CFO Jurecka
18th May 2020
Munich Re sees a “variety of opportunities” available as it prepares to traverse the post COVID-19 marketplace, according to Chief Financial Officer (CFO) Christoph Jurecka. Speaking during a call alongside the release of the reinsurer’s Q1 results, Jurecka noted that there was a lot of demand of catastrophe reinsurance at ... Read the full article
Indian life insurance market set for 2020 decline off COVID-19: GlobalData
18th May 2020
Data and analytics company GlobalData expects the Indian life insurance industry to contract in 2020, declining by 0.9% compared to the 8.8% growth recorded in 2019. This revised forecast accounts for the aftermath of the global coronavirus pandemic. As per the latest data, the country's life insurance market is forecasted to grow ... Read the full article
L&H cat bonds most at risk from COVID-19: AM Best
15th May 2020
Analysts at AM Best believe that life and health (L&H) related catastrophe bonds face the greatest threat of losses from the COVID-19 pandemic, compared with other insurance-linked securities (ILS). The rating agency expects the overall impact of the pandemic on the ILS market to be limited, given that the underlying risk ... Read the full article
Skuld reports mixed fiscal 2020 results as CR hits 109%
15th May 2020
Marine insurer Skuld fell to its first negative technical result in 16 years as it’s combined ratio for the fiscal year hit 109%. This negative development was driven by a number of mid-sized and large claims, as well as one-off costs associated with previous year closure of Skuld’s Lloyd’s syndicate 1897. Skuld’s ... Read the full article
S&P optimistic on health results, warns of “serious test” for life insurers
15th May 2020
Analysts at S&P Global Ratings believe that US health insurers are likely to produce better-than-expected underwriting results in the first quarter of 2020 despite the COVID-19 pandemic. On the other hand, life insurers will face a “serious test” to their hedging strategy due to the impact of equity volatility and weakening ... Read the full article
Fitch revises Aegon outlook to negative off COVID-19
15th May 2020
Fitch Ratings has revised its outlook for Aegon to negative from stable following disruption to economic activity and financial markets from the coronavirus pandemic. A set of rating assumptions were used by Fitch to develop pro-forma financial metrics for Aegon that were compared with both rating guidelines defined in its criteria, ... Read the full article
Open letter calls for virtual Monte Carlo Rendez-Vous
15th May 2020
An open letter penned by senior members of DEVK Re, Gossmann & Cie, and TigerRisk Partners has called on the re/insurance industry to move forward with its Monte Carlo agendas via digital tools and video calls. It was announced recently that the 64th edition of the Rendez-Vous de Septembre would be ... Read the full article
COVID-19 reinsurance recoveries could be lower than historical hurricanes at Lloyd’s
15th May 2020
The reinsured proportion of Lloyd's of London's estimated $3 billion to $4.3 billion of COVID-19 losses could be lower than for historical hurricanes, according to analysis by Jefferies. The specialist insurance and reinsurance marketplace said yesterday that in 2020 alone, non-life underwriting losses for insurers and reinsurers as a result ... Read the full article
COVID-19 likely to worsen pre-existing capacity hardening: Steve Hearn
14th May 2020
Although too early to accurately predict coronavirus’ full impact on the re/insurance space, BGCI Chief Executive Officer Steve Hearn can see the pandemic exacerbating the industry's pre-existing environment of capacity hardening. Speaking recently to Reinsurance News, Hearn noted how the pandemic will likely cause customers to look very closely at their ... Read the full article
Liberty Mutual’s Q1 net income dips as COVID-19 hits investments
14th May 2020
Liberty Mutual Insurance has reported a 22.4% decline in net income for the first-quarter of 2020 to $519 million, as COVID-19 related financial market volatility adversely impacted the company's investment portfolio in the period. Net income fell by $150 million from the $699 million recorded in the first-quarter of 2019, as ... Read the full article
Governments need to look for new drivers of sustainable growth: Swiss Re
14th May 2020
Analysts at Swiss Re have argued that, in addition to cushioning the impact of COVID-19, governments need to look beyond the outbreak for new drivers of sustainable growth, such as renewed spending on infrastructure. The reinsurer has revised down its foreast for 2020 global growth to -3.8%, from -1.2% previously in ... Read the full article
Sirius reports $140mn of COVID-19 losses at Q1
14th May 2020
Sirius International Group has reported a comprehensive loss of $185 million for the first quarter of 2020, including $140 million of losses from the COVID-19 pandemic, most of which stemmed from the company’s reinsurance business. The result compared with comprehensive income of $76 million for the first quarter of 2019. COVID-19 losses ... Read the full article
Zurich says COVID-19 claims within P&C could hit $750mn in 2020
14th May 2020
Global insurance giant Zurich has recognised COVID-19 related claims within its P&C business of $280 million in the first-quarter of 2020, and has said that for the full year, this figure could rise to approximately $750 million. Overall, the company expects claims from the ongoing COVID-19 pandemic to remain within its ... Read the full article
Lloyd’s considers Recover Re “after the event” pandemic coverage vehicle
14th May 2020
The specialist Lloyd's of London insurance and reinsurance marketplace is considering the creation of a new insurance vehicle called 'Recover Re', designed to provide "after the event" cover for pandemic related business recovery, including the ongoing Covid-19 crisis. Lloyd's recently announced that it will pay customers up to $4.3 billion ... Read the full article
A.M. Best maintains stable outlook on Italy’s non-life insurance sector
14th May 2020
Global financial services ratings agency, A.M. Best, is maintaining its stable outlook for the Italian non-life insurance market, citing limited exposure to catastrophe losses and strong underwriting profitability. Overall, A.M. Best expects that price increases will keep pace with claims inflation, suggesting that solid underwriting profitability will be maintained across the ... Read the full article