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.
“Significant traction” for parametric solutions to pandemic: Artemis Live
2nd June 2021
Industry experts, speaking as part of the latest Artemis Live webcast, have said they believe there is "significant traction" for re/insurance solutions to leverage technology and hedge pandemic risk using parametric triggers. Last week's webcast, entitled “Hedging the Next Pandemic with Parametric Capital ... Read the full article
Industry expecting Tokyo Olympics cancellation as pressure mounts
26th May 2021
Few could have foreseen the drama and controversy that awaited Japan after its Olympic ambitions were ignited by a 2013 bid successful in fending off competition from Spain and Turkey. We're just two months out from its already-postponed start date and the feeling among our extensive re/insurance industry contact base is ... Read the full article
Fitch revises US life to negative off COVID-19 concerns
21st May 2021
Fitch Ratings has revised its rating outlook for the US life insurance industry to stable from negative, citing the economic impact of COVID-19 and its effect on credit quality . Analysts note how that, when uncertainty about the implications of the coronavirus pandemic peaked in 2020, almost 30% of ratings assigned ... Read the full article
Hedging the next pandemic: Register for live webcast
19th May 2021
Our insurance-linked securities (ILS) focused sister site, Artemis, has partnered with Vesttoo to explore opportunities to hedge the next global pandemic via the use of parametric risk transfer, enabled by advanced data and technology. Register online here to secure your place at this free live webcast event. Following ... Read the full article
Moody’s revises US life outlook to stable
18th May 2021
Moody’s has revised its outlook for the US life insurance sector to stable, following what it classifies as a strong US economic rebound in 2021. This rebound is seen as being primarily driven by the improving health of individuals amid mass vaccinations, a factor which itself is key to enabling an ... Read the full article
P&C Covid claims lower than expected in Q1, says RBC Capital Markets
17th May 2021
RBC Capital Markets analysts have said COVID-19 related P&C claims in the first quarter generally came in below expectations, with some companies even suggesting that guidance provided only a few months ago could be overly cautious. COVID-19 P&C claims are reported to be running well below the FY20 levels, with the ... Read the full article
UK rules out any kind of event cancellation scheme before June 21
14th May 2021
UK culture secretary Oliver Dowden has ruled out the possibility of a government-backed event cancellation insurance scheme before June 21, at which point lockdown restrictions are expected to lift entirely. According to reports from The Independent, Dowden was speaking at a DCMSC committee meeting when Conservative MP Heather Wheeler asked for ... Read the full article
Nat cats, COVID-19 to drive $100bn+ industry losses in 2021: analysts
12th May 2021
Natural catastrophes and COVID-19 could generate over $100 billion in global insured losses across 2021 according to Bloomberg Intelligence. Analysis indicates that insurers' Tier 2 bonds have tightened significantly, leaving limited room for further compression. Furthermore, according to data from Fitch, insurers' reported natural-cat losses in Q1 could be more than $20 ... Read the full article
BI test case pay-outs pass £700m: FCA
12th May 2021
New data from the Financial Conduct Authority (FCA) shows that to date more than £700 million has been paid out for claims related to the COVID-19 business interruption (BI) test case in the UK. This represents an increase of more than £100 million on the £600 million that the FCA recorded ... Read the full article
Near-term outlook on aviation industry “bleak”, says McGill and Partners
10th May 2021
Insurance broker McGill and Partners has described the aviation industry's near-term outlook as bleak, noting the differing vaccination efforts by world's governments and geographically varied return of passenger demand In 2020 the industry reported losses of $118 billion, with demand down 65.9% against 2019. Furthermore, McGill and Partners reports that nearly 17,000 ... Read the full article
Majority of industry participants feel safe returning to offices
10th May 2021
After consulting our substantial network of industry contacts, Reinsurance News found that a majority of respondents currently feel safe returning to an office-based working environment, 14 months on from COVID-19’s elevation to pandemic status by the World Health Organisation. COVID-19’s impact as a highly contagious respiratory disease, compounded early on by ... Read the full article
S&P highlights emerging markets’ ongoing vulnerability to COVID-19
7th May 2021
While widespread immunisation from COVID-19 looks to be achievable by most developed economies by the end of the third quarter, some emerging markets may have to wait until the year-end or later, according to S&P Global Ratings. For example, analysts note India's escalating second wave and the threat it poses in ... Read the full article
Labuan IBFC highlights resilience despite challenging landscape
5th May 2021
The Labuan International Business and Financial Centre (Labuan IBFC) has highlighted its resilience and solid performance across sectors despite the unique challenges that 2020 brought. The Labuan Financial Services Authority was able to remain agile and respond to market needs via a set of pre-emptive temporary measures to alleviate the industry’s ... Read the full article
Despite a muted Q1 COVID impact, P&C isn’t in the clear yet: Swiss Re CFO
30th April 2021
For Swiss Re, COVID-19-related losses in its P&C Reinsurance segment were muted for the first-quarter of 2021, but that doesn't mean the business is "all clear for the rest of the year," according to Group Chief Financial Officer (CFO), John Dacey. Early this morning, Swiss Re announced COVID-19 losses of ... Read the full article
Munich Re’s Wenning urges public-private collaboration on systemic risks
29th April 2021
Joachim Wenning, Chief Executive Officer (CEO) of Munich Re Group, has urged governments and the private sector to pool their expertise and capabilities to tackle systemic risks such as pandemics. Speaking at Munich Re’s AGM this week, Wenning argued that, as a systemic risk, pandemic is fundamentally “beyond the boundaries” of ... Read the full article
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