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.

AXA in €300mn settlement offer to 15,000 restaurant clients over COVID claims

10th June 2021

AXA France has today announced a settlement offer of €300 million, gross of tax and before reinsurance, to 15,000 restaurant owners who hold non-damage business interruption (BI) policies. The settlement applies to the 15,000 restaurant owners who hold AXA France's "standard policy" with extended cover for BI losses linked to administrative ... Read the full article

Claims inflationary trends in ‘new territory’, says Xactware’s Mike Fulton

9th June 2021

With the 2021 Atlantic hurricane season now officially underway, the market is in "new territory" with respect to inflationary pressures and the rise in material prices and labour costs, according to Mike Fulton, President of Xactware. As inflation becomes increasingly apparent in the wider economy, the latest in our sister ... Read the full article

European Commission urges caution on state-backed pandemic scheme

8th June 2021

A top representative from EU regulator the European Commission has called for “caution” regarding the implementation of a public-private insurance scheme to provide coverage for pandemic risk. John Berrigan, head of financial services at the European Commission, addressed the issue earlier today during an Insurance Europe webinar titled ‘Resilience Lessons from ... Read the full article

Swiss Re warns of credit risks from unviable ‘zombie’ companies

8th June 2021

The latest SONAR report from Swiss Re has identified a number of threats that will shape the future post-COVID risk landscape for insurers, including increased credit and financial market risks due to unviable ‘zombie’ companies, which have been kept alive by government support programs. Other major risks highlighted by Swiss Re ... Read the full article

“Significant traction” for parametric solutions to pandemic: Artemis Live

2nd June 2021

Industry experts, speaking as part of the latest Artemis Live webcast, have said they believe there is "significant traction" for re/insurance solutions to leverage technology and hedge pandemic risk using parametric triggers. Last week's webcast, entitled “Hedging the Next Pandemic with Parametric Capital ... Read the full article

Industry expecting Tokyo Olympics cancellation as pressure mounts

26th May 2021

Few could have foreseen the drama and controversy that awaited Japan after its Olympic ambitions were ignited by a 2013 bid successful in fending off competition from Spain and Turkey. We're just two months out from its already-postponed start date and the feeling among our extensive re/insurance industry contact base is ... Read the full article

Fitch revises US life to negative off COVID-19 concerns

21st May 2021

Fitch Ratings has revised its rating outlook for the US life insurance industry to stable from negative, citing the economic impact of COVID-19 and its effect on credit quality . Analysts note how that, when uncertainty about the implications of the coronavirus pandemic peaked in 2020, almost 30% of ratings assigned ... Read the full article

Hedging the next pandemic: Register for live webcast

19th May 2021

Our insurance-linked securities (ILS) focused sister site, Artemis, has partnered with Vesttoo to explore opportunities to hedge the next global pandemic via the use of parametric risk transfer, enabled by advanced data and technology. Register online here to secure your place at this free live webcast event. Following ... Read the full article

Moody’s revises US life outlook to stable

18th May 2021

Moody’s has revised its outlook for the US life insurance sector to stable, following what it classifies as a strong US economic rebound in 2021. This rebound is seen as being primarily driven by the improving health of individuals amid mass vaccinations, a factor which itself is key to enabling an ... Read the full article

P&C Covid claims lower than expected in Q1, says RBC Capital Markets

17th May 2021

RBC Capital Markets analysts have said COVID-19 related P&C claims in the first quarter generally came in below expectations, with some companies even suggesting that guidance provided only a few months ago could be overly cautious. COVID-19 P&C claims are reported to be running well below the FY20 levels, with the ... Read the full article

UK rules out any kind of event cancellation scheme before June 21

14th May 2021

UK culture secretary Oliver Dowden has ruled out the possibility of a government-backed event cancellation insurance scheme before June 21, at which point lockdown restrictions are expected to lift entirely. According to reports from The Independent, Dowden was speaking at a DCMSC committee meeting when Conservative MP Heather Wheeler asked for ... Read the full article

Nat cats, COVID-19 to drive $100bn+ industry losses in 2021: analysts

12th May 2021

Natural catastrophes and COVID-19 could generate over $100 billion in global insured losses across 2021 according to Bloomberg Intelligence. Analysis indicates that insurers' Tier 2 bonds have tightened significantly, leaving limited room for further compression. Furthermore, according to data from Fitch, insurers' reported natural-cat losses in Q1 could be more than $20 ... Read the full article

BI test case pay-outs pass £700m: FCA

12th May 2021

New data from the Financial Conduct Authority (FCA) shows that to date more than £700 million has been paid out for claims related to the COVID-19 business interruption (BI) test case in the UK. This represents an increase of more than £100 million on the £600 million that the FCA recorded ... Read the full article

Near-term outlook on aviation industry “bleak”, says McGill and Partners

10th May 2021

Insurance broker McGill and Partners has described the aviation industry's near-term outlook as bleak, noting the differing vaccination efforts by world's governments and geographically varied return of passenger demand In 2020 the industry reported losses of $118 billion, with demand down 65.9% against 2019. Furthermore, McGill and Partners reports that nearly 17,000 ... Read the full article

Majority of industry participants feel safe returning to offices

10th May 2021

After consulting our substantial network of industry contacts, Reinsurance News found that a majority of respondents currently feel safe returning to an office-based working environment, 14 months on from COVID-19’s elevation to pandemic status by the World Health Organisation. COVID-19’s impact as a highly contagious respiratory disease, compounded early on by ... Read the full article

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