Reinsurance News
COVID-19 news
News about the impact of the global COVID-19 coronavirus pandemic and how it affected insurance and reinsurance markets.
Rate rises persist as replenished capital supports mid-year renewals: Willis Re
1st July 2020
Rate inadequacy continued to drive measured rate adjustments in many lines and geographies at the June and July reinsurance renewals, while primarily players were able to secure sufficient reinsurance capacity, reports Willis Re, the reinsurance broking arm of Willis Towers Watson (WTW). The reinsurance broker reports that double-digit risk-adjusted reinsurance price ... Read the full article
Lloyd’s proposes array of COVID-19 recovery solutions
1st July 2020
In a collaborative effort with its UK and Global Advisory Groups, Lloyd's of London has laid out three open source frameworks designed to fast-track global economic and societal recovery from COVID-19. The first is a non-damage business interruption solution called ReStart. Lloyd's says this product would support SMEs reopening and offer a range of ... Read the full article
Aon decides to end temporary COVID-19 salary reductions of up to 20%
30th June 2020
Aon, the global insurance and reinsurance broker, has made a decision to end the previously announced temporary salary reductions of up to 20%, effective July 1st, 2020 and to repay colleagues in full, plus 5% of the withheld amount. Towards the end of April, re/insurance broker Aon introduced a 20% ... Read the full article
Asset stress main driver for rating downturns: Fitch
30th June 2020
Following a review of the impact of COVID-19 on North American re/insurers, Fitch Ratings has determined that asset stress has contributed the most to its recent negative rating outlook changes. Fitch reviewed its entire portfolio of rated North American insurers over the last couple of months, and took rating actions on ... Read the full article
COVID-19 increasing rate pressure for D&O Buyers: Marsh JLT Specialty
30th June 2020
Since 2019, pricing for directors & officers liability insurance for public companies has increased by double digits and, as a result of the COVID-19 pandemic, that pace of change is now accelerating. According to analysts at Marsh JLT Specialty, while the ongoing pandemic is currently a top priority and concern for ... Read the full article
Wimbledon will not buy pandemic cover for 2021, says CEO
29th June 2020
Wimbledon CEO Richard Lewis has said that the tennis tournament will not be insured against pandemic in 2021, due to the challenge of securing coverage in the current climate. The Championships have been praised for being among the few major sporting events with the foresight to consistently purchase pandemic insurance. It has ... Read the full article
COVID-19 set to rank among sector’s most expensive events: Guy Carpenter
29th June 2020
Although considerable uncertainty remains over its ultimate cost, Guy Carpenter believes COVID-19 is set to rank among the sector’s most expensive events. The pandemic has the potential to bring unknown loss impacts and is also likely to be one of the slowest developing catastrophes that carriers have ever encountered, likely creating ... Read the full article
COVID-19 will drive “significant changes” to BI policy wordings: market survey
26th June 2020
67.6% of respondents to our comprehensive re/insurance market survey believe the COVID-19 pandemic will result in 'significant changes' to business interruption policy wordings. This new COVID-19 market survey was undertaken in collaboration with our ILS-focused sister-site Artemis, and was a follow-up to our April survey. We received responses from ... Read the full article
Lloyd’s to reopen underwriting room in September
26th June 2020
Insurance and reinsurance marketplace Lloyd’s of London has announced that it plans to reopen its London headquarters and underwriting room on September 1, with new safety measures in place. The Lloyd’s underwriting floor at 1 Lime Street has been closed since March 19 due to the ongoing COVID-19 crisis in the ... Read the full article
UK personal lines insurance to decline in 2020 off COVID-19, says GlobalData
26th June 2020
The personal lines market in the UK will contract in 2020 as a result of COVID-19 impacting a range of different lines of business, says data and analytics company GlobalData. Travel insurance is expected to be the worst affected personal lines product in the UK. In a new report, GlobalData says gross written ... Read the full article
Ransomware attacks up 25% in Q1, says Beazley
25th June 2020
Specialist insurer Beazley has reported a 25% spike in ransomware attacks in the first quarter of 2020 versus the fourth quarter of 2019. This figure is based on incidents reported to in-house breach response team Beazley Breach Response (BBR) Services. While nearly all industries reported incidents, the manufacturing sector was the hardest ... Read the full article
Totus Re warns UK Gov against narrow focus on pandemic risk
25th June 2020
Totus Re, an open collective to help plan coverage for catastrophic pan-economic events, has warned the UK Government against taking a single peril view to societal risk following the COVID-19 pandemic. In a new statement, Totus Re expressed support for the UK’s Pandemic Re steering group, but said that current plans ... Read the full article
Arch Capital raising $1bn with senior debt issuance
25th June 2020
Bermuda-based re/insurer Arch Capital Group has priced $1 billion of 3.635% senior notes as it looks to raise funds for general corporate purposes. This move effectively sees Arch join a number of other companies looking to capitalise on a firming re/insurance marketplace. For Arch, raising capital could be considered important following ... Read the full article
Insurtech may offer insurers a route out of the pandemic
24th June 2020
New research by Cass Business School has outlined how insurtech may offer a route out of the pandemic for insurance companies. It's suggested that Covid-19 will act as a catalyst for the industry-wide adoption of new digital initiatives in the insurance industry. They also suggest that the pandemic has uncovered the value ... Read the full article
NN Group anticipates €100mn COVID-19 impact to 2020 results
24th June 2020
Dutch insurer NN Group has said that it is anticipating a €100 million impact to its 2020 operating result due to the COVID-19 pandemic. The company stated ahead of its investor day that the impact of the pandemic on claims has been limited so far, due to its limited exposure to ... 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.
