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.

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

COVID-19 could drive significant losses for trade credit insurers: Am Best

30th March 2020

AM Best is expecting the unfolding coronavirus pandemic to result in significant losses for trade credit insurers. However, the short-tail nature of the product may partly offset the negative impacts, allowing the trade credit insurers to reprice and de-risk their portfolios, although incurred losses could be significant and involve costly litigation. AM ... Read the full article

Focus of the Future at Lloyd’s strategy narrows in response to COVID-19

27th March 2020

The Lloyd's of London insurance and reinsurance marketplace has decided to rationalise and narrow the focus of the Future at Lloyd's strategy as it adjusts to the impacts of the global COVID-19 pandemic. Speaking during the Lloyd's 2019 annual results call, executives at the world's oldest insurance market noted the broad ... Read the full article

Covid-19 BI losses for small firms could hit $383bn per month, warns APCIA

27th March 2020

David Sampson, President and Chief Executive Officer (CEO) of the American Property Casualty Insurance Association (APCIA), has said that business continuity losses from the COVID-19 pandemic for small businesses with fewer than 100 employees, could reach as much as USD 383 billion per month. Sampson has again warned against measures being ... Read the full article

Insurance-backed securitisations resilient in the near-term: S&P

27th March 2020

S&P Global Ratings has said that it expects insurance-backed securitisations to show resilience to the coronavirus (COVID-19) outbreak in the near-term, although the longer-term outlook remains more uncertain. The rating agency said insurers and reinsurers based in Europe, the Middle East, and Africa (EMEA) and the US should hold firm against ... Read the full article

Expand terrorism risk act to cover pandemics, says expert

27th March 2020

Zach Finn, an insurance professor with Butler University, has argued that the federal backstop for terrorism should be expanded to include pandemic coverage. Speaking in an interview with AMBestTV, Finn said that the Terrorism Risk Insurance Act (TRIA) in the US could be expanded retroactively to ease the economic impact caused ... Read the full article

Survey: Covid-19 and its impact on the re/insurance market

27th March 2020

As the coronavirus pandemic continues to shake the foundations of our industry and cast uncertainty over the world’s economy, we’ve decided to launch a survey to gauge the opinions and sentiments of the global re/insurance community. The survey has been created alongside our sister site Artemis and will ... Read the full article