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 withdraws 2020 profit guidance on COVID-19 impacts

1st April 2020

Global reinsurance giant Munich Re has withdrawn its profit guidance for 2020 as a result of the significant macroeconomic and financial uncertainty caused by the COVID-19 pandemic. The reinsurer states that during the opening quarter of 2020, its property - casualty reinsurance division experienced considerable claims burden from losses related to ... Read the full article

KBW warns re/insurers against complacency on virus BI claims

31st March 2020

Analysts at Keefe, Bruyette & Woods (KBW) have warned re/insurers that some courts are likely to decide that commercial policies will include business interruption (BI) coverage stemming from the coronavirus (COVID-19), even if it is explicitly excluded. Based on its discussions, KBW believes that most P&C insurers consider themselves to have ... Read the full article

Coronavirus to weigh against P&C improvements: Fitch

31st March 2020

North American property and casualty (P&C) insurers reported improved operating results in 2019, but near-term performance will likely be more challenging due to the onset of coronavirus (COVID-19) and the resulting economic impact, according to Fitch Ratings. The rating agency has maintained its stable outlook on the US P&C insurance and ... Read the full article

Survey: 32% say Covid-19 to increase reinsurance & retro buying

31st March 2020

With already a few hundred responses collected from our new survey on the re/insurance market implications of the Covid-19 coronavirus pandemic, it's clear the market is expecting that long-term the crisis will drive an appetite for greater protection. Our ... Read the full article

FEMA extends flood policy renewal period

31st March 2020

The US Federal Emergency Management Agency (FEMA) has announced that it will extend the grace period to renew flood insurance policies to help policyholders affected by the coronavirus (COVID-19) pandemic. To support customers who may be experiencing financial hardships due to the outbreak, FEMA said it would push back the grace ... Read the full article

Moody’s turns negative on trade credit insurers

31st March 2020

Moody’s Investors Service has revised its outlook for several trade credit insurers from stable to negative, due to the ongoing coronavirus (COVID-19) pandemic. The rating agency said that COVID-19 could negatively impact the performance of Atradius Credito y Caucion S.A. (ACyC), Compagnie Francaise d'Assurance pour le Comm. (Coface) and Clal Credit ... Read the full article

AM Best turns negative on Mexico insurance due to COVID-19

31st March 2020

AM Best has revised its outlook for Mexico’s insurance and surety industry from stable to negative due to the COVID-19 pandemic and its anticipated impact on the economy and international markets. The rating agency explained that the pandemic has aggravated the economic fundamentals that its stable outlook had been based on, ... Read the full article

COVID-19 to test insurer resilience, says S&P Global

30th March 2020

While the economic impact of coronavirus has worsened sharply, analysts at S&P Global Ratings expect insurers will be able to absorb the financial consequences due to a robust capital position and limited exposure to loss-affected lines of business. That said, analysts expect the situation will exacerbate existing weaknesses and some targeted ... Read the full article

Insurtech wefox launches broker platform amid COVID-19 concerns

30th March 2020

Berlin-based insurtech firm wefox Group has announced the launch of a new technology platform, which will be made available to brokers for free amid concerns that the coronavirus (COVID-19) pandemic is affecting sales. wefox explained that it brought forward the release of its platform, wefoxGo, after realising that COVID-19 could put ... Read the full article

S&P stable on North American P&C despite COVID-19 pressures

30th March 2020

Analysts at S&P Global Ratings believe that fallout from the coronavirus (COVID-19) pandemic will be “manageable” for North American property and casualty (P&C) re/insurers, and have maintained their stable outlook on the sector. The rating agency considers current financial market turmoil and the ensuing recession to be a greater headwind to ... Read the full article

COVID-19 uncertainty sees QBE withdraw 2020 targets

30th March 2020

Ongoing economic and investment market uncertainty as a result of the global COVID-19 pandemic has led QBE Insurance Group Limited to withdraw its 2020 financial targets. The insurer announced in mid-February a full-year 2019 combined operating ratio of 97.5%, above the target range of 94.5% to 96.5%. Within its results announcement, ... Read the full article

AXA to offer limited compensation for certain COVID-19 hit firms

30th March 2020

Global insurer AXA has said it will pay out claims from up to 4,000 companies with business interruption cover affected by coronavirus. The company has written to policyholders and said that compensation will be limited to three months’ earnings. However, a case of Covid-19 must occur within a specified radius of a ... Read the full article

SCOR postpones AGM following investor criticism

30th March 2020

French reinsurer SCOR has decided to postpone its annual general meeting (AGM) to June 30, 2019, due to concerns about the coronavirus (COVID-19) pandemic. The company had initially tried to pull its AGM much earlier this year, on April 17th, but drew sharp criticism from activist investor CIAM last week. In ... Read the full article

Covéa committed to PartnerRe acquisition despite COVID-19 impacts: reports

30th March 2020

Despite the global COVID-19 coronavirus pandemic having a significant impact on European countries, driving meaningful and widespread financial market volatility, Covéa has reportedly said that it remains committed to its deal with Exor to acquire reinsurer PartnerRe. In early March, Covéa and Exor announced the signing of a Memorandum of Understanding ... Read the full article

COVID-19 brings range of new complexities for insurers: Swiss Re

30th March 2020

Reinsurer Swiss Re has noted that the ongoing coronavirus (COVID-19) outbreak is introducing “a range of new complexities” for insurers in terms of claims, underwriting, policy terms, and more. These are compounded by the significant uncertainties that continue to surround the virus, such as the factors affecting mortality and infection rates. One ... Read the full article