Reinsurance News
COVID-19 news
News about the impact of the global COVID-19 coronavirus pandemic and how it affected insurance and reinsurance markets.
The Hanover reports Q1 net loss amid equity market declines
29th April 2020
The Hanover Insurance Group, Inc. has reported that COVID-19-induced financial market volatility led to a decline in the fair value of equity securities of more than $107 million in Q1 2020, as the company announces a net loss of $40 million for the period. At a loss of $40 million, the ... Read the full article
Markel hit with $325mn COVID-19 underwriting loss in Q1
29th April 2020
Re/insurance holding company Markel Corporation was hit by a $325 million underwriting loss in the first quarter as a result of the coronavirus pandemic. The combined ratio was 118% for the quarter, or 94% after the exclusion of losses related to the pandemic. This compares to a combined ratio of 95% for ... Read the full article
SCOR reports immaterial COVID-19 impact as net income rises in Q1
29th April 2020
Global insurer and reinsurer SCOR has reported a 23.7% rise in net income to €162 million for the first-quarter of 2020 and a P&C combined ratio of 94.5%, as the company reports a limited impact from the COVID-19 pandemic during the period. The French reinsurer states that although its Q1 results ... Read the full article
London market modernisation could accelerate post-pandemic: Bolton, Gracechurch
29th April 2020
Certain trends across the London insurance and reinsurance market that were in motion prior to the COVID-19 outbreak are expected to accelerate as a result of the pandemic, according to Ben Bolton, Managing Director at Gracechurch Consulting. Prior to the rapid spread of the ongoing COVID-19 pandemic, the Lloyd's and wider ... Read the full article
COVID-19 a catalyst for digital transformation: Getsafe CEO
28th April 2020
The COVID-19 pandemic could turn out to be a catalyst for digital transformation in the insurance sector, according to Getsafe CEO and founder Christian Wiens, who sees the crisis as potentially beneficial for insurtech firms. Speaking in an interview with Reinsurance News, Wiens noted that the pandemic has forced many re/insurance ... Read the full article
Liberty Mutual sees larger COVID-19 impacts through its investments: CEO Long
28th April 2020
David Long, the Chairman and Chief Executive Officer (CEO) of Liberty Mutual Holding Company, Inc., expects the financial impact from the ongoing COVID-19 pandemic on the firm's re/insurance operations to be similar to a moderately sized catastrophe loss. In an announcement, the CEO of Liberty Mutual Holding Company, which is the ... Read the full article
Higher demand for FHLB borrowing likely amid COVID-19: AM Best
28th April 2020
As the coronavirus pandemic continues to drive uncertainty throughout the re/insurance industry, AM Best believes insurers are positioning themselves for more borrowing to help offset potential liquidity pressures, and may look to tap the Federal Home Loan Bank (FHLB) for relief. An AM Best report shows that FHLB insurance company members ... Read the full article
Cincinnati Financial reports $1.23bn Q1 net loss as investments struggle
28th April 2020
Cincinnati Financial Corporation has reported a net loss of $1.226 billion for the first-quarter of 2020, as the impact of the COVID-19 coronavirus pandemic saw the company recognise a more than $1.3 billion reduction in the fair value of equity securities still held. In Q1 2020, Cincinnati Financial's investment result suffered ... Read the full article
COVID-19 to weigh heaviest on life and health carriers: GlobalData
28th April 2020
Analysts at data and analytics firm GlobalData believe that the COVID-19 pandemic will put more strain on the life and health insurance sectors in the US than their property and casualty counterparts. GlobalData said this disparity is partly due to the nature of the healthcare system in the country. Life and health ... Read the full article
AXIS Capital reports $235mn of COVID-19 losses in Q1
27th April 2020
AXIS Capital Holdings Limited has estimated that its Q1 results will include $235 million of claims related to the coronavirus (COVID-19) pandemic. In total, AXIS Capital announced a net claims provision of $300 million, pre-tax, with weather related events making up the other $65 million. The company said its claims provision for ... Read the full article
Aon execs agree to 50% pay cut amid COVID-19, CEO reacts
27th April 2020
Global re/insurance brokerage Aon has announced a series of salary reductions agreed to by its named executive officers, in response to the ongoing coronavirus pandemic. Each of the Company’s NEOs, Gregory Case, Chief Executive Officer, Christa Davies, Chief Financial Officer, Eric Andersen, President, and John Bruno, Chief Operating Officer, as well ... Read the full article
Fitch maintains PartnerRe on Positive Watch after COVID-19 review
27th April 2020
Fitch Ratings has maintained PartnerRe’s ratings on Rating Watch Positive, including its 'A-' Issuer Default Rating and the 'A+' (Strong) Insurer Financial Strength rating of the company's principal reinsurance operating subsidiary. Fitch’s ratings are based on its current assessment on the impact of the coronavirus pandemic, including its economic impact, under ... Read the full article
ABI members to pay out £1.2bn+ for COVID-19 claims
27th April 2020
Initial estimates from the Association of British Insurers (ABI) indicate that its members expect to pay out over £1.2 billion in claims to support businesses and individuals affected by COVID-19. This estimate includes payments for business interruption, travel insurance, weddings policies and cancelled school trips, but does not include claims made ... Read the full article
Pre-coronavirus reinsurance capital up 15%: Willis Re
27th April 2020
Strong investment market performance saw total capital dedicated to the global reinsurance industry hit $605 billion in 2019, a 15% year-on-year growth. According to a new report by Willis Re, year-to-date 2020 will have seen much of this expansion unwind due to the steep sell-off in equity and corporate bond markets ... Read the full article
COVID-19 will be the biggest event in insurance history: Chubb CEO
27th April 2020
Chubb CEO Evan Greenberg has said that the coronavirus (COVID-19) pandemic is likely to become the “largest event in insurance history” once all the costs are added up. Speaking as part of an earnings call alongside the release of Chubb’s Q1 results, Greenberg assured investors that the pandemic would be ... Read the full article
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