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.
Lloyd’s players support UK Gov live events reinsurance scheme
6th August 2021
The UK government has partnered with the specialist Lloyd's insurance and reinsurance marketplace to deliver the Live Events Reinsurance Scheme, which is worth more than £750 million and designed to help organisers plan events with confidence. While the majority of Covid-19 restrictions have now lifted in the UK, the losses faced ... Read the full article
COVID infections re-emerge as marine sector threat: PCS
4th August 2021
High rates of infection from the Delta variant and low levels of vaccination in key countries could result in worldwide crew shortages, fatigued and stranded crewmembers, and increased risk of loss for marine re/insurers, according to analysts at PCS. The firm says that marine re/insurers in particular need to stay vigilant ... Read the full article
AM Best assigns stable outlook to Malaysia non-life
3rd August 2021
AM Best has assigned a stable outlook to the Malaysian non-life insurance segment off of an expectation that underwriting discipline and robust pricing will be maintained in the face of ongoing phased de-tarrification of motor and fire business. The rating agency also noted an increased use of digital solutions to enhance ... Read the full article
Aon finds political instability, unrest slowing economic rebound from Covid
2nd August 2021
The COVID-19 pandemic has been determined by Aon to have both suppressed and aggravated terrorism and political violence risks in 2020 and 2021. Aon’s Risk Maps are designed to help firms better understand and navigate evolving political risk and political violence exposures. Lockdowns and travel restrictions have had a containing effect on ... Read the full article
Global commercial insurance pricing up 15% in Q2, finds Marsh
27th July 2021
Global commercial insurance prices increased 15% in the second quarter of 2021, according to the latest market index report by Marsh. It's reported that this year marks the 15th consecutive quarter of rate increases in the global commercial insurance market. Furthermore, it marks the third consecutive quarter to show a fall in ... Read the full article
COVID resurgence could impact catastrophe claims: PCS
26th July 2021
As COVID cases in the US begin to tick upwards once again, PCS Head Tom Johansmeyer has warned that a pandemic resurgence could have significant implications for catastrophe claims in the most vulnerable areas. New daily COVID cases in the US have increased from just over 10,000 last month to around ... Read the full article
Financial services firms to boost spending on cyber security: PwC
19th July 2021
Financial services firms are expected to boost IT spending in an effort to tighten up cybersecurity, according to new data from PwC UK and the CBI. The latest results from the CBI/PwC Financial Services Survey 2021 show that 70% of firms are planning to invest more over the next 12 months, ... Read the full article
Swiss Re predicts strong 5.8% global GDP growth in 2021
14th July 2021
Swiss Re is expecting a strong global economic recovery from COVID-19 to result in historically high global gross domestic product (GDP) growth of 5.8% in 2021. Global insurance premiums are set to follow this strong growth, increasing by an expected 3.3% in 2021 to a total of $6.9 trillion. The report ... Read the full article
Aon sees signs of stabilisation for Canada’s insurance market
14th July 2021
Despite the uncertain post-pandemic landscape that awaits Canada’s insurance market, Aon has underlined what it considers to be signs of market stabilisation and says insurers are beginning to position themselves for growth and profitability. Aon’s report describes many of 2020’s challenges as having spilled over into 2021; notably, poor underwriting performance ... Read the full article
Cyber market GWP to hit $20.6bn by 2025, says GlobalData
13th July 2021
GlobalData analysis suggests the global cyber insurance market is set to thrive post-Covid and reach $20.6 billion in Gross Written Premium (GWP) by 2025. The cyber market is already reported to have hit the $7 billion GWP mark, as the COVID-19 pandemic forced businesses to digitise processes and adopt remote working ... Read the full article
Olympics crowd ban could cost reinsurers up to $400m: Fitch
12th July 2021
Japan’s decision to bar spectators from the Tokyo Olympics is likely to cost the global reinsurance sector between $300 million and $400 million due to payouts for ticket and hospitality refunds, according to Fitch Ratings. However, the rating agency notes that this total is only 10%–15% of the amount reinsurers would ... Read the full article
Aviation claims edging closer to normal as Covid loosens grip, says Allianz
7th July 2021
Inspired by an inevitable surge in domestic travel following the decline of COVID-19’s disruptive influence, global insurer Allianz has categorised the aviation industry as one largely on the rebound. However, as a rising number of aircraft return to the skies, Allianz' report highlights a number of potential challenges, including “rusty” pilots ... Read the full article
UPC Insurance estimates $40mn Q2 cat loss
5th July 2021
Property and casualty holding company UPC Insurance incurred around $40 million in pre-tax natural catastrophe losses during the second quarter of 2021, approximately $31 million after tax. The company’s estimated catastrophe losses includes claims from two new tropical storms and fourteen new PCS catastrophe events that occurred during the second ... Read the full article
Insurer reputation in decline since COVID-19, GlobalData poll finds
2nd July 2021
A recent poll conducted by data and analytics company GlobalData shows a decline in the insurance industry’s reputation globally, resulting largely from its response to the COVID-19 pandemic. A third of respondents felt that their opinions on global insurers had substantially worsened because of the pandemic. Overall, a total of 41% felt ... Read the full article
UK players reported highest top-line decline in 2020, says GlobalData
2nd July 2021
The top 20 global public insurance companies reported aggregate revenue of $1,923.9 billion in 2020, a year-over-year decline of around 5%, according to data and analytics firm GlobalData. 11 firms reported a drop in revenue and the most notable were UK-based insurers Prudential, Aviva and Legal & General. Most of the top ... Read the full article
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