Reinsurance News
COVID-19 news
News about the impact of the global COVID-19 coronavirus pandemic and how it affected insurance and reinsurance markets.
Generali & Eurochambres sign MoU to promote ‘Pandemic Risk Pool’
23rd July 2020
Italian insurer Generali Group has signed a Memorandum of Understanding (MoU) with Eurochambres under which the pair have agreed to cooperate in order to both promote and implement a 'Pandemic Risk Pool' against future pandemic risks in Europe. Eurochambres is the European entity of Chambers of Commerce and Industry, representing over ... Read the full article
SCOR reports Q2 net loss amid COVID-19 impacts of €456mn
23rd July 2020
Global insurer and reinsurer SCOR has reported a net loss of €136 million for the second-quarter of 2020 and net income of €26 million for the first half of the year, as the estimated cost of the COVID-19 pandemic booked in Q2 reached €456 million. In Q2 2020, COVID-19 pandemic impacts ... Read the full article
Swiss Re’s H1 2020 COVID-19 impacts reach $2.5bn
23rd July 2020
Global reinsurance giant Swiss Re has announced significant claims and reserves related to the COVID-19 pandemic of $2.5 billion (pre-tax) in the first half of 2020. As a result of the high level of losses from the pandemic, Swiss Re expects to report a net loss of approximately $1.1 billion in ... Read the full article
Personal lines re/insurers to profit despite COVID-19: Fitch
22nd July 2020
After a profitable 2019, the U.S. personal lines insurance sector is positioned to see underwriting profits in 2020 even against a backdrop of economic uncertainty from the coronavirus pandemic, says Fitch Ratings. The rating agency noted that personal lines insurers have been most affected by the decline in risk exposures tied ... Read the full article
AIG to relocate global headquarters, consolidate remaining NY office space
22nd July 2020
Global re/insurer AIG is relocating its global headquarters from the Financial District in Manhattan to Midtown, while also consolidating its remaining footprint in the city. AIG Chief Executive Officer and President Peter Zaffino said the decision has been influenced by the recent COVID-19 lockdowns. As businesses start transitioning back from lockdown, the lessons ... Read the full article
QBE reports $335mn COVID-19 loss ahead of H1 results
22nd July 2020
Ahead of the release of its results for H1 2020, Australian insurer QBE has reported that it expects to incur a COVID-19 underwriting impact of around $335 million for the period. The group is anticipating a combined operating ratio of around 104% for the first half of the year, reflecting COVID-19 ... Read the full article
W. R. Berkley reports fall in Q2 net income as CR hits 98.7%
22nd July 2020
W. R. Berkley has reported a roughly 67% year-on-year decline in net income to $71 million for the second-quarter of 2020, while its combined ratio deteriorated to 98.7% in the period. In mid-July, the company warned of expected net catastrophe losses of approximately $145 million, pre-tax for Q2 2020, comprised ... Read the full article
Re/insurers past initial virus shock, but challenges remain: KBRA
21st July 2020
The initial shock of the COVID-19 pandemic is in the rearview mirror for most re/insurers, but analysts at KBRA note that the market must now manoeuvre a changed landscape with many heightened challenges. As part of a quarterly report, KBRA observed that investment markets largely rebounded during Q2 2020, reversing much ... Read the full article
EIOPA outlines Solvency II rules for COVID-19 reinsurance schemes
21st July 2020
The European Insurance and Occupational Pensions Authority (EIOPA) has outlined how Solvency II rules will recognise reinsurance schemes for COVID-19 and credit insurance. The European regulator has identified significant differences in that way that national schemes are implemented through its temporary framework for state aid measures to support the economy in ... Read the full article
Reinsurance premiums to decline through 2020: Aon
21st July 2020
According to the new Reinsurance Market Outlook by Aon, reinsurance market premiums are set to decline to varying degrees through 2020 due to the challenges of the COVID-19 pandemic. In auto lines in particular, premium refunds have been widespread due to the reductions in miles driven under lockdown conditions. Aon believes the ... Read the full article
Munich Re’s H1 2020 COVID-19 losses reach €1.5bn
20th July 2020
Global reinsurer Munich Re has announced COVID-19 related losses of roughly €700 million in its reinsurance operations in the second-quarter of 2020, as the firm cites "truly favourable conditions" for growing its reinsurance business. The reinsurance giant states that the large majority of its €700 million of registered COVID-19 losses is ... Read the full article
Re/insurers cannot shoulder pandemic risk: Hannover Re’s Henchoz
20th July 2020
Hannover Re CEO Jean-Jacques Henchoz has warned that the re/insurance industry does not possess the capital and should not be expected to shoulder a systemic global risk like the COVID-19 pandemic. “We cannot diversify it as a risk,” he told Swiss, German-language newspaper Neue Zürcher Zeitung. Henchoz explained that other approaches to ... Read the full article
COVID-19 to accelerate insurtech’s “silent metamorphosis”: Munich Re’s Paul Donnelly
17th July 2020
The COVID-19 pandemic is set to accelerate a “silent metamorphosis” that the re/insurance industry has been undergoing in recent years regarding its use of technology. This is according to Paul Donnelly, Executive Vice President for EMEA at Munich Re Automation Solutions, the specialist insurtech subsidiary of the global reinsurer. Speaking in an ... Read the full article
Battleface launches new COVID-19 travel insurance offering
17th July 2020
Travel insurance provider Battleface has announced a new policy designed to cover medical expenses caused by or resulting from COVID-19. The cover, which is being offered from today for travellers up to and including age of 59, does not include cover in relation to COVID-19 expenses for trip cancellations, curtailment of a ... Read the full article
COVID-19 will hit re/insurer profits but leave capital intact: Moody’s
16th July 2020
The COVID-19 pandemic is set to have an adverse but manageable impact on the European re/insurance sector, according to analysts at Moody’s, who predict a drop in company earnings rather than capital erosion. "We see the industry as resilient overall, and believe it will be able to absorb the impact of ... Read the full article
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