Reinsurance News
COVID-19 news
News about the impact of the global COVID-19 coronavirus pandemic and how it affected insurance and reinsurance markets.
Hiscox Action Group launches £40m arbitration claim
16th June 2020
Mishcon de Reya, the law firm representing the Hiscox Action Group, has triggered the arbitration clause in nearly 350 policyholders’ contracts and is targeting a £40 million payout. The Hiscox Action Group consists of Hiscox clients whose coronavirus-related business interruption claims have been rejected. Mishcon says the total number of policyholders and ... Read the full article
German P&C carrier solvency rates dented by Covid-19
16th June 2020
After falling by five percentage points last year, the average solvency capital requirement (SCR) coverage in the German property and casualty (P&C) insurance market is set to decrease further this year due to the COVID-19 pandemic. This is according to analysts at actuarial consultancy Meyerthole Siems Kohlruss (MSK), which found that ... Read the full article
Aon forms coalition to aid COVID-19 economic recovery
15th June 2020
Re/insurance broker Aon has formed a coalition of companies and organisations that will focus on aiding social and economic recovery in the wake of the COVID-19 pandemic. Starting in Chicago, the coalition will create a model and framework to inform criteria and guidelines that will help restart the economy worldwide, with ... Read the full article
KBW still positive on industry capital raises
15th June 2020
Analysts at KBW have concluded that it remains too early to be concerned about recent capital raises across the re/insurance industry, despite some commentators' unease about how long hard market conditions can last. RenRe and Lancashire are among the latest re/insurers to undertake major capital raises in a bid ... Read the full article
S&P panellists wary of post-COVID-19 headwinds
15th June 2020
A panel of property and casualty (P&C) insurers at the S&P Global Ratings’ Annual Insurance Conference has raised concerns about the lasting medical and economic impact of the COVID-19 pandemic, as well as the potential headwinds that may follow it. During the virtual conference, moderator Kevin Ahern, Managing Director and Analytical ... Read the full article
Amid COVID-19, the opportunities & possibilities are substantial for reinsurers: Pyrrhic Re CEO
12th June 2020
Although likely to be more challenging for the reinsurance sector than any other market event since 1986, the COVID-19 pandemic represents enormous opportunities and possibilities for the industry, according to Peter Mills, Chief Executive Officer (CEO) and Founder of Pyrrhic Re. A pure-reinsurance Managing General Agency (MGA) writing a diverse book ... Read the full article
Outlook positive for reinsurance top-line and pricing: Barclays
12th June 2020
Analysts at Barclays expect reinsurers to enjoy the best overall top-line outlook in the European insurance market, with decent rate momentum and growth in demand also set to benefit the sector. The firm noted that the P&C re/insurance market came into 2020 in a strong position, with an estimated combined capital ... Read the full article
German re/insurers draft plans for €10bn pandemic fund
12th June 2020
German re/insurers are in the process of drafting plans for a multi-billion euro fund to better prepare the country for dealing with future pandemics, according to reports from Der Spiegel. The fund would function as a public-private system between the government and the re/insurance industry, with existing catastrophe funds used as ... Read the full article
Aon warns against over-reaction to short-term COVID-19 mortality data
12th June 2020
Global reinsurance broker Aon says longevity markets are continuing to function effectively despite COVID-19 and has cautioned pension schemes against over-reacting to high short-term UK mortality data when setting their long-term mortality assumptions. Tim Gordon, partner and head of Demographic Horizons in Aon’s Risk Settlement Group, noted how we’re emerging from ... Read the full article
FCA’s legal action will provide a “clear line” to resolve BI claims: CEO Woolard
11th June 2020
The Financial Conduct Authority’s (FCA) efforts to obtain legal clarity on business interruption (BI) policies connected to the COVID-19 pandemic will provide a “clear line” to resolve which claims are valid and which aren’t, according to Interim CEO Chris Woolard. Speaking as part of the Inside FCA Podcast, Woolard argued that ... Read the full article
P&C industry has entered into a “new era of catastrophe losses” – KBRA
10th June 2020
The ongoing COVID-19 pandemic, coupled with the recent wave of civil unrest and the looming cyber risk threat, has altered the risk landscape for property and casualty (P&C) insurers and reinsurers, reports Kroll Bond Rating Agency (KBRA). As explained by KBRA, for the global P&C sector the definition of "catastrophe" has, ... Read the full article
Praedicat launches COVID-19 scenarios, industry’s first litigation tracker
10th June 2020
Liability risk analytics software firm Praedicat has announced the launch of 9 realistic COVID-19 litigation scenarios and a COVID-19 litigation tracker to help clients manage their exposure on casualty lines of business. Praedicat says it developed scenarios that represent a range of ultimate pandemic outcomes, including fully-specified causes of action, numbers ... Read the full article
Ironshore Environmental adds COVID-19 endorsement to CELL solution
10th June 2020
Ironshore, a Liberty Mutual company, has announced that its Ironshore Environmental’s Contractors’ Environmental Legal Liability (CELL) policy will now include a COVID-19 endorsement. The new COVID-19 remediation endorsement is specifically designed for experienced environmental and disinfection contractors. Ironshore’s CELL coverage responds to third-party bodily injury, property damage and remediation of environmental damages ... Read the full article
ESRB calls for liquidity monitoring framework amid pandemic
9th June 2020
The European Systemic Risk Board (ESRB) has called for a framework to enable closer monitoring of re/insurers’ liquidity risks as part of its effort to address COVID-19 challenges. In a communication to the European Insurance and Occupational Pensions Authority (EIOPA), the Board strongly encouraged EIOPA and its members to finalise and ... Read the full article
COVID-19 impact could take 5 years to be fully understood: survey results
9th June 2020
The results of the second COVID-19 survey by Reinsurance News suggest that it may take up to five years to fully understand the impact that the pandemic will have on the insurance and reinsurance markets. The survey, undertaken in collaboration with ILS focused sister-site Artemis, acted as a follow-up ... Read the full article
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