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.
Aon, WTW merger to be a positive catalyst: CEO Greg Case
29th April 2020
Greg Case, the Chief Executive Officer of leading re/insurance broker Aon, believes his company’s forthcoming combination with Willis Towers Watson will be a positive catalyst enabling accelerated innovation on behalf of clients. In an official statement to colleagues earlier this week, Case noted how the all-stock combination requires no financing ... Read the full article
Munich Re dividend approved despite COVID-19 pressure
29th April 2020
Munich Re shareholders have approved a dividend of €9.80 per share at the reinsurer’s annual general meeting (AGM), despite mounting pressure from the COVID-19 pandemic. The AGM, which was held online due to the pandemic, also granted renewed authorisation to buy back shares and elected Carsten Spohr to the Supervisory Board. Spohr ... Read the full article
Swiss Re COVID-19 survey illustrates financial anxiety across Asia Pacific
29th April 2020
A quarter of respondents to a consumer survey conducted by global reinsurer Swiss Re across four major Asia Pacific markets are worried about how they will come out of the COVID-19 pandemic financially. 27% of respondents are "anxious" and "overwhelmed" about their finances while around 40% in all markets surveyed said ... Read the full article
Hiscox undecided on capital raise, expects hardening reinsurance markets
29th April 2020
Insurer and reinsurer Hiscox has said that it believes the Group has enough capital to meet the expected liabilities from the COVID-19 coronavirus pandemic, and, is confident the uncertainty being caused will lead to rate hardening across US wholesale and reinsurance markets. The announcement from the specialist re/insurer comes after speculation ... Read the full article
The Hanover reports Q1 net loss amid equity market declines
29th April 2020
The Hanover Insurance Group, Inc. has reported that COVID-19-induced financial market volatility led to a decline in the fair value of equity securities of more than $107 million in Q1 2020, as the company announces a net loss of $40 million for the period. At a loss of $40 million, the ... Read the full article
Markel hit with $325mn COVID-19 underwriting loss in Q1
29th April 2020
Re/insurance holding company Markel Corporation was hit by a $325 million underwriting loss in the first quarter as a result of the coronavirus pandemic. The combined ratio was 118% for the quarter, or 94% after the exclusion of losses related to the pandemic. This compares to a combined ratio of 95% for ... Read the full article
SCOR reports immaterial COVID-19 impact as net income rises in Q1
29th April 2020
Global insurer and reinsurer SCOR has reported a 23.7% rise in net income to €162 million for the first-quarter of 2020 and a P&C combined ratio of 94.5%, as the company reports a limited impact from the COVID-19 pandemic during the period. The French reinsurer states that although its Q1 results ... Read the full article
London market modernisation could accelerate post-pandemic: Bolton, Gracechurch
29th April 2020
Certain trends across the London insurance and reinsurance market that were in motion prior to the COVID-19 outbreak are expected to accelerate as a result of the pandemic, according to Ben Bolton, Managing Director at Gracechurch Consulting. Prior to the rapid spread of the ongoing COVID-19 pandemic, the Lloyd's and wider ... Read the full article
COVID-19 a catalyst for digital transformation: Getsafe CEO
28th April 2020
The COVID-19 pandemic could turn out to be a catalyst for digital transformation in the insurance sector, according to Getsafe CEO and founder Christian Wiens, who sees the crisis as potentially beneficial for insurtech firms. Speaking in an interview with Reinsurance News, Wiens noted that the pandemic has forced many re/insurance ... Read the full article
Liberty Mutual sees larger COVID-19 impacts through its investments: CEO Long
28th April 2020
David Long, the Chairman and Chief Executive Officer (CEO) of Liberty Mutual Holding Company, Inc., expects the financial impact from the ongoing COVID-19 pandemic on the firm's re/insurance operations to be similar to a moderately sized catastrophe loss. In an announcement, the CEO of Liberty Mutual Holding Company, which is the ... Read the full article
Higher demand for FHLB borrowing likely amid COVID-19: AM Best
28th April 2020
As the coronavirus pandemic continues to drive uncertainty throughout the re/insurance industry, AM Best believes insurers are positioning themselves for more borrowing to help offset potential liquidity pressures, and may look to tap the Federal Home Loan Bank (FHLB) for relief. An AM Best report shows that FHLB insurance company members ... Read the full article
Cincinnati Financial reports $1.23bn Q1 net loss as investments struggle
28th April 2020
Cincinnati Financial Corporation has reported a net loss of $1.226 billion for the first-quarter of 2020, as the impact of the COVID-19 coronavirus pandemic saw the company recognise a more than $1.3 billion reduction in the fair value of equity securities still held. In Q1 2020, Cincinnati Financial's investment result suffered ... Read the full article
COVID-19 to weigh heaviest on life and health carriers: GlobalData
28th April 2020
Analysts at data and analytics firm GlobalData believe that the COVID-19 pandemic will put more strain on the life and health insurance sectors in the US than their property and casualty counterparts. GlobalData said this disparity is partly due to the nature of the healthcare system in the country. Life and health ... Read the full article
AXIS Capital reports $235mn of COVID-19 losses in Q1
27th April 2020
AXIS Capital Holdings Limited has estimated that its Q1 results will include $235 million of claims related to the coronavirus (COVID-19) pandemic. In total, AXIS Capital announced a net claims provision of $300 million, pre-tax, with weather related events making up the other $65 million. The company said its claims provision for ... Read the full article
Aon execs agree to 50% pay cut amid COVID-19, CEO reacts
27th April 2020
Global re/insurance brokerage Aon has announced a series of salary reductions agreed to by its named executive officers, in response to the ongoing coronavirus pandemic. Each of the Company’s NEOs, Gregory Case, Chief Executive Officer, Christa Davies, Chief Financial Officer, Eric Andersen, President, and John Bruno, Chief Operating Officer, as well ... Read the full article