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 XL responds to COVID-19 with remote risk assessments
4th May 2020
AXA XL Risk Consulting has launched a new risk assessment service to enable it to continue evaluating loss prevention across business lines amid COVID-19 restrictions. The service, called Remote Risk Dialogue uses data captured from telephone calls, web tools and existing reports to help risk engineers perform remote analysis. “With restrictions on ... Read the full article
Berkshire Hathaway reports $489m Q1 reinsurance loss, $55.5bn investment loss
2nd May 2020
Warren Buffett's conglomerate Berkshire Hathaway reported first-quarter losses to its primary insurance and reinsurance businesses, in part due to the impacts of the Covid-19 coronavirus pandemic. But the enormous largely unrealised investment loss of $55.5 billion for the first-quarter of 2020 overshadows all else in the Berkshire Hathaway results today. Berkshire Hathaway ... Read the full article
EIOPA revises timetable for advice on Solvency II Review
1st May 2020
The European Insurance and Occupational Pensions Authority (EIOPA), in close coordination with the European Commission, has revised its timetable for advice on the 2020 Solvency II Review to December 2020. The review had already been pushed back by two months from March in an effort to offer operational relief in reaction ... Read the full article
$1.5bn COVID-19 investment hit dents solid Q1 for Fairfax
1st May 2020
Re/insurance holding company Fairfax Financial has reported a $1.2 billion first quarter net loss, driven primarily by COVID-19 related unrealised losses on investments. Despite significant net investment losses, the total of which stands at $1.5 billion for the quarter, Fairfax’s underwriting performance was strong, with its 96.8% re/insurance operations combined ratio ... Read the full article
Gallagher reports rise in Q1 earnings, $42.2mn COVID-19 hit
1st May 2020
International re/insurance broker Gallagher has reported a $39.5 million rise in first quarter net earnings, while the total impact of COVID-19 was estimated at $42.2 million. "We are extremely pleased with our first quarter performance, even with the economic deterioration caused by COVID-19," said J. Patrick Gallagher, Jr., Chairman, President and ... Read the full article
Severe scenario puts COVID-19 (US & UK) insured losses at $80bn: WTW
1st May 2020
Under a severe scenario, COVID-19 insurance and reinsurance industry losses for key classes of business in the U.S. and the UK (including the London Market) could be at least $80 billion, according to a report from Willis Towers Watson's (WTW) Insurance Consulting and Technology business. The report is the first to ... Read the full article
CCR dedicates 2019 net income to state-backed credit re/insurance scheme
1st May 2020
State-backed reinsurer CCR has reported net income of €67 million for 2019, all of which the firm has dedicated to the recently launched state-guaranteed COVID-19 reinsurance scheme designed to support the country's SMEs by covering credit insurance risks. At €67 million, net income declined from the €147 million reported a year ... Read the full article
UK regulator to seek legal clarity on BI policies
1st May 2020
The Financial Conduct Authority (FCA) has announced that it intends to obtain a court declaration to resolve contractual uncertainty in business interruption (BI) insurance cover relating to the coronavirus pandemic. The UK regulator assured that the process would be undertaken in an “urgent manner,” despite saying last month that most ... Read the full article
Allianz withdraws 2020 guidance, expects Q1 profit dip
1st May 2020
Allianz is the latest global insurer and reinsurer to withdraw its operating profit target for 2020 as the COVID-19 coronavirus pandemic continues to drive widespread uncertainty and financial market volatility. As a result of the uncertain macroeconomic outlook being caused by the virus outbreak and the now available updated financial plans ... Read the full article
Nationwide to permanently transition to hybrid (office/remote) operating model
30th April 2020
Ohio-based insurer Nationwide has revealed plans to permanently transition to a new hybrid operating model, which includes primarily working-from-office in four main corporate campuses and working-from-home in the majority of other locations. Like many other businesses in many parts of the world, in mid-March, Nationwide moved to a work-from-home business model ... Read the full article
WTW grows organic revenue 4% in Q1, withdraws 2020 guidance
30th April 2020
Global re/insurance broker Willis Towers Watson saw organic revenue hit 4% in the first quarter, while also announcing its decision to withdraw 2020 guidance over ongoing coronavirus fears. It was ultimately decided that WTW should reassess at a future date when it has a clearer understanding of the depth, duration, and ... Read the full article
Lancashire puts COVID-19 claims at $35mn for Q1, reports higher GPW
30th April 2020
Lancashire Holdings Limited has announced an estimated $35 million of COVID-19 claims for the first-quarter of 2020, while gross premiums written (GPW) jumped by almost 12% year-on-year to $242.8 million. The London-listed insurer and reinsurer has established a reserve of approximately $35 million of losses, net of reinsurance and reinstatement premiums, ... Read the full article
Argo expects $26mn of COVID-19 related claims in Q1
30th April 2020
Argo Group International Holdings, Ltd. has warned that its first-quarter 2020 results will be adversely impacted by the COVID-19 pandemic and volatility in global financial markets. Ahead of its Q1 2020 results announcement, which is scheduled for May 7th, Argo has said that it expects to report pre-tax net catastrophe losses ... Read the full article
AXA’s Guidee says France is working on insurance backstop for pandemics: report
30th April 2020
Renaud Guidee, the Chief Risk Officer (CRO) of global insurance giant AXA, has told Reuters that France is in the process of drafting a re/insurance backstop for pandemics in light of the significant financial and economic implications of the COVID-19 outbreak. According to Reuters, a working group set up by French ... Read the full article
COVID-19 drives Swiss Re to $225mn Q1 net loss
30th April 2020
Global reinsurance giant Swiss Re fell to a $225 million net loss in the first quarter, as the coronavirus pandemic continues to make its presence felt in the industry. The reinsurer also saw an underwriting loss of $476 million and an investment loss of $300 million for the quarter. The mark-to-market valuation ... Read the full article
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