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.

Joint letter calls for EU financial markets to be kept open

25th March 2020

The European insurance and reinsurance federation Insurance Europe is among ten associations calling for the continents’ financial markets to be kept open during the ongoing Coronavirus pandemic. The group has written to several European and national policymakers and stressed the role financial markets play in providing critical infrastructure for the Europe’s ... Read the full article

Ping An screening system identifies 1,600 coronavirus cases

25th March 2020

Ping An Insurance (Group) Company of China, Ltd. has announced that its smart audio screening system has successfully identified more than 1,600 suspected cases of coronavirus (COVID-19) to date. Launched in February, the system uses artificial intelligence to help doctors more efficiently and accurately diagnose cases of the virus and ... Read the full article

COVID-19 could cost US commercial health market $251bn in 2020: analysis

24th March 2020

Analysis conducted by California’s insurance marketplace, Covered California, suggests the US commercial health market's projected costs for testing, treatment and care specifically related to COVID-19 could range from $34 billion to over $251 billion in the first year of the pandemic. Over 170 million Americans are in the commercial health market, ... Read the full article

Coronavirus could delay Genworth & China Oceanwide merger

24th March 2020

Mortgage insurer Genworth Financial has said that its planned merger agreement with China Oceanwide Holdings Group Co., Ltd. may be further delayed due to operational disruptions caused by the coronavirus. The New York State Department of Financial Services (NYDFS) recently reapproved the proposed acquisition of control by Oceanwide of Genworth's New ... Read the full article

Travel insurers to pay out £275mn over Coronavirus

24th March 2020

Travel insurers are expected to pay out at least £275 million to travellers due to the Coronavirus according to first estimates out today from the Association of British Insurers. ABI’s figures suggest £275 million will be paid to customers in Coronavirus related claims with the vast majority attributable to cancellations, with ... Read the full article

Re/insurers brace for economic impact of Olympics delay

24th March 2020

The confirmed one-year delay to the Tokyo Olympics is expected to have broad implications for the re/insurance industry beyond basic cancellation coverage issues, with some commentators suggesting that the decision could result in a $12 billion hit to the Japanese economy. Japan's Prime Minister Shinzo Abe, along with the International Olympic ... Read the full article

Fitch revises London market outlook to negative amid COVID-19 issues

24th March 2020

Fitch Ratings has revised its sector outlook for the underlying fundamentals of the London market insurance space to negative from stable, driven by growing concerns around the impacts and disruption caused by the COVID-19 outbreak. Fitch notes that the ongoing virus outbreak threatens the credit quality of London market insurers. While ... Read the full article

Insurers advised on Coronavirus claims surge preparation

24th March 2020

The Society of Claims Professionals has called on insurers to prepare for surge events as the coronavirus pandemic continues to evolve. The Society published a guide detailing how insurers should establish a “Surge Group” to be adequately prepared for surge events and maintain service. The guide details six activities which must be ... Read the full article

Marine sector faces huge exposure to economic slowdown: analysts

24th March 2020

Analysis by Russell Group has shown that the marine re/insurance sector could face huge exposure to a slowdown in the Chinese economy, induced by the coronavirus (COVID-19) outbreak. The firm found that just six global shipping companies, representing roughly 35% of industry, had a collective $114 billion exposure to this kind ... Read the full article

Forced COVID-19 payments could impact insurer stability: Sampson, APCIA

23rd March 2020

David Sampson, President and Chief Executive Officer (CEO) of the American Property Casualty Insurance Association (APCIA), has said that the industry recognises the unprecedented disruption being caused by the COVID-19 outbreak, but has warned against impacting the stability of the insurance sector in the U.S. through forced covers. According to Sampson, ... Read the full article

Coronavirus BI loans available to UK brokers, but not re/insurers

23rd March 2020

Government-owned development bank, the British Business Bank, has revealed that the recently announced Coronavirus Business Interruption Loan Scheme (CBILS) will be made available to UK brokers, but not to insurers or reinsurers. CBILS is a new scheme announced last week by Chancellor Rishi Sunak to help support businesses whose operations have ... Read the full article

Could market decline force M&A price renegotiations? (Covea-PartnerRe, Aon-WTW)

23rd March 2020

With pressures from the coronavirus (COVID-19) outbreak causing a surge in market volatility and significant decreases in share prices, there could be a question mark over some of the larger merger and acquisition (M&A) deals announced recently. For example, PartnerRe shares were valued at US $27.20 per share on the New ... Read the full article

Japan, Korea insurers face ongoing risks from COVID-19: Moody’s

23rd March 2020

Despite low numbers of infections and low claims, Moody’s analysts believe insurers in Japan and Korea should expect to face business disruption and financial risk from the coronavirus outbreak, with further downside risk should infections rise significantly. Analysts say direct claims related to the coronavirus outbreak will come from two main ... Read the full article

Fitch turns negative on global reinsurance, US P&C fundamentals

23rd March 2020

The unfolding Coronavirus outbreak has prompted Fitch Ratings to revise its outlook for the underlying fundamentals of the global reinsurance sector to negative from stable. The ratings agency also revised its outlook for the US property and casualty insurance sector, citing concerns over coronavirus and related impacts on the credit quality ... Read the full article

Re/insurers cannot be the mechanism for a COVID-19 bailout: CII

20th March 2020

Matt Connell, Director of Policy and Engagement for the Chartered Insurance Institute (CII) , has stressed that it is unsustainable to expect insurance and reinsurance companies to be the “mechanism for a Covid-19 bail out.” Responding to expectations recently set out by the Financial Conduct Authority (FCA), Connell acknowledged that where ... Read the full article