Reinsurance News
COVID-19 news
News about the impact of the global COVID-19 coronavirus pandemic and how it affected insurance and reinsurance markets.
Covid cost coming into focus after two years, says JP Morgan
1st June 2022
JP Morgan has said that the companies most heavily impacted by the coronavirus pandemic were European reinsurers and Lloyd’s names. The assessment, done in relative terms, came as a surprise to JP Morgan, who said that tail risk generally accumulates at the reinsurers and that specialist classes of business are more ... Read the full article
UK Gov claims success over £400m live events reinsurance scheme
31st May 2022
The UK Government says that nearly three million people are expected to have attended events supported by the Government’s Live Events Reinsurance Scheme by the end of summer 2022. Launched in August 2021 and set to close this September, the scheme has supported almost 15,000 jobs and 150 events, including Wimbledon, ... Read the full article
RGA seeing greater demand for life reinsurance since pandemic
18th May 2022
Anna Manning, President and CEO of Reinsurance Group of America (RGA), has said that her company has seen higher demand for its life reinsurance service since the outbreak of the COVID-19 pandemic two years ago. Speaking as part of an earnings call alongside the release of RGA’s Q1 results, Manning was ... Read the full article
RGA reports latest results, impact of Covid in key markets
16th May 2022
RGA is reporting an increase in Covid-19 deaths in the general population in many of its key markets. The news, unveiled at the company’s Q1 2022 earnings call, said that in comparison with Q4 2021, deaths were up in many of its key markets. Jonathan Porter, EVP and global chief risk ... Read the full article
D&O Premium records best results since 2014, but COVID claims may lag: AM Best
13th May 2022
According to a new AM Best report, 2021 was the best year for directors and officers (D&O) insurers’ premium, volume and direct profitability since 2014, with insurers’ push for moderate to substantial rate/pricing increases fuelling the top line premium growth. The report states that consistent, aggregate pricing increases by D&O writers, ... Read the full article
P&C metrics largely unaffected by COVID, says AM Best
12th May 2022
Analysts at AM Best have reported that US property and casualty (P&C) insurers have seen only “limited” impact from COVID-19 on their operating performance metrics. The rating agency notes that the COVID-19 pandemic brought uncertainty to the insurance industry due to the significant drop in equity markets, which led to unrealized ... Read the full article
Shanghai lockdown a $28bn global trade hit: Russell
6th May 2022
The current Shanghai Covid lockdown has created severe delays at the port, delivering a $28 billion hit to global trade, with clothing and textiles industries having the most exposure, according to analysis by Russell Group, a data and analytics company. Recent COVID flare-ups across China have caused huge disruption both to ... Read the full article
JP Morgan predicts increased life reinsurance claims in the US from Covid
4th May 2022
JP Morgan has said it expects life reinsurance claims to be higher in the US due to Covid. The firm said that an analysis of the available data showed that there had been more than 130,000 covid-related deaths in the US in Q1 2022 and that this would lead to poor ... Read the full article
Life reinsurance carriers well capitalised despite COVID-19: AM Best
6th April 2022
In its latest market segment report, global ratings agency AM Best has said that life reinsurance carriers remain well capitalised withstanding pressures surrounding COVID-19. The report states that COVID-related life claims emerged much later for global life reinsurers, than it did for non-life reinsurers, with claims surging in late 2020 and ... Read the full article
Report says US insurers turned increasingly to tech during pandemic
31st March 2022
A new report from Information Services Group states that many US insurers turned to technology to meet changing operational and market demands through the Covid-19 pandemic. According to the firm, its 2021 ISG Provider Lens Insurance Platform Solutions Report for the US finds the pandemic served as a catalyst for digital ... Read the full article
COVID resurgence in China impacting supply chains, warns Maersk
31st March 2022
Shipping and logistics company Maersk has warned that flare-ups of COVID-19 across many of China’s largest cities are having an adverse effect on global supply chains. A number of cities in China, including Beijing, Hong Kong, Shenzhen, Shanghai, and Qingdao, are currently dealing with a resurgence in COVID cases. In response, the ... Read the full article
COVID widened insurance innovation divide: AM Best
28th March 2022
Analysts at AM Best have argued that the COVID-19 pandemic has widened the ‘innovation divide’ among nonlife re/insurers, with a clear link to better top-line growth for insurers with more-developed innovation initiatives. In a new report, the rating agency found that global nonlife insurers with higher innovation assessments had a five-year ... Read the full article
No adjustment to IAG’s provision for business interruption losses
23rd March 2022
Australian insurer IAG has said that at this time, there will be no adjustments to its $1.222 billion net provision for potential business interruption claims related to the COVID-19 pandemic. As we reported yesterday, numerous insurers and reinsurers are seeking to contest the verdict of Australia’s pandemic test case and ... Read the full article
Re/insurers to appeal Australia’s pandemic test case verdict
22nd March 2022
A number of major insurers and reinsurers, including Swiss Re, IAG and Chubb, are seeking to contest the verdict of Australia’s pandemic test case in the country’s High Court. These insurers and others filed documents for an appeal on Monday, according to reports from The Australian, as did two insured businesses ... Read the full article
Cat loss experience remained significant in 2021: AM Best
21st March 2022
According to analysts at AM Best, the global insurance-linked securities (ILS) market remains saddled with prior catastrophe losses, a decline in assets under management for some prominent ILS funds and a drop in the overall performance of ILS funds despite another year of a record catastrophe bond issuance. The analysts noted ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
