Reinsurance News
COVID-19 news
News about the impact of the global COVID-19 coronavirus pandemic and how it affected insurance and reinsurance markets.
RGA falls to $22mn Q3 loss off COVID-19 claims
5th November 2021
Reinsurance Group of America, a US-based life reinsurer, has reported a third quarter net loss of $22 million, down from a $213 million net income in the prior-year quarter. Adjusted operating losses totaled $75 million, compared with adjusted operating income of $239 million in the prior period. Consolidated net premiums totaled $3.1 ... Read the full article
Monte Carlo Rendez-Vous to return in 2022
4th November 2021
The annual Rendez-Vous de Septembre (RVS) in Monaco is set to return as a physical conference for the first time since 2019. The historic industry event is to take place between September 10 and 15, 2022. According to an official statement, the decision to move forward with 2022’s edition of the Rendez-Vous de ... Read the full article
COVID-19 BI appeals to be heard from November 8
22nd October 2021
Policyholders and insurers have filed claims on a number of issues arising from the recent judgment delivered by the Federal Court of Australia in the business interruption insurance test case. The appeal is listed to be heard from 8 November 2021. The Federal Court judgment recently upheld the arguments advanced by ... Read the full article
Munich Re announces Bernd & Ida losses of €1.8bn in Q3
19th October 2021
For Q3 2021, global reinsurance giant Munich Re has pre-announced losses of roughly €600 million from the impacts of windstorm Bernd in Europe in July, and losses of around €1.2 billion from Hurricane Ida in the U.S. The cost of Bernd, which resulted in severe flooding and flash floods in Germany ... Read the full article
Two-thirds of BI test case policyholders now paid: FCA
18th October 2021
New data from the Financial Conduct Authority (FCA) shows that 68.4%, or just over two-thirds, of UK policyholders whose COVID-19 business interruption (BI) policies have been accepted by insurers have now recieved at least an interim payment. As of October 5th, the aggregate value of the payments made for the 24,463 ... Read the full article
Australian insurers say COVID BI provisions unchanged, for now
11th October 2021
Some of Australia’s largest insurers have said their provisions for potential business interruption claims relating to COVID-19 remain “unchanged” following a test case ruling by the federal court. The court recently decided to uphold the arguments advanced by insurers in eight out of the nine matters related to the business ... Read the full article
Workers’ comp lines set to feel pandemic impact over long-term: AM Best
7th October 2021
As the line most sensitive to economic cycles, analysts at AM Best expect that workers’ compensation lines will continue to experience the negative impacts of the COVID-19 pandemic acutely over the long-term. The economic downturn caused by the pandemic caused massive unemployment in the US and had a material effect on ... Read the full article
Despite improvements, COVID-related BI & cat losses a challenge for reinsurers: DBRS
5th October 2021
In the first half of 2021, major property and casualty (P&C) reinsurers were on track for a record year, but despite the improved performance, analysts at DBRS warn of uncertainty around pandemic-related business interruption (BI) losses and the impacts of natural catastrophes. Estimated global insured catastrophe losses stood at $42 billion ... Read the full article
UK Gov launches £800mn reinsurance scheme for live events
22nd September 2021
The UK Government has officially launched its £800 million reinsurance scheme to cover COVID-related cancellation costs for live events, backed by a number of Lloyd’s Market Association (LMA) players. The scheme will support live events across the country - such as concerts and festivals, conferences and business events - that ... Read the full article
BI test case payouts top £1bn with 64% of policyholders paid: FCA
17th September 2021
New data from the Financial Conduct Authority (FCA) shows that total reported claims payments for policies related to the COVID-19 business interruption (BI) test case in the UK have now exceeded £1 billion. The aggregate value of the payments made for the 22,680 claims where final settlements have been agreed and ... Read the full article
Financial vulnerability boosts insurance for young consumers: EY
16th September 2021
In a recent EY Global Insurance Consumer Survey, financial vulnerability and health-related concerns appear to have become more prevalent among young consumers in emerging market countries, which has driven an increase in purchasing insurance. The survey, which was taken by 4,200 consumers in seven countries across Africa, Asia, North America and ... Read the full article
COVID-19 puts strain on commercial insurers customer satisfaction: J.D. Power
9th September 2021
According to a new study from J.D. Power, the lack of COVID-19 payouts for small business insurance customers has put a strain on customer satisfaction, causing commercial insurers scores to fall significantly for a second consecutive year. Customer satisfaction has declined 15 points in the past two years, a 7-point decline ... Read the full article
Participate in our latest re/insurance market-focused survey
3rd September 2021
Having witnessed the re/insurance industry's response to COVID-19, how confident are you of its success at navigating future global crises? Will rising antitrust concerns and increased media security render mega-M&A a thing of the past? As a reader of Reinsurance News we invite you to take part in what ... Read the full article
CCR Re gross premium reaches €665mn in H1 2021
1st September 2021
French public-sector reinsurer CCR Re has reported gross premiums of €665 million during the first half of 2021, a 14% increase from the prior year period. Owing to the firm’s risk management and provisioning policy, underwriting profitability was unaffected by the consequences of COVID-claims covered in 2020. Underwriting profitability was also mostly ... Read the full article
AM Best stable on global reinsurance despite ongoing uncertainties
31st August 2021
Despite improved pricing trends across most business lines, AM Best says uncertainty and abundant capital has resulted in the issuance of stable outlook for the global reinsurance segment. Further compounding this were the unprecedented events of 2020, dominated by the COVID-19 pandemic and higher frequency of medium-sized catastrophe losses. AM Best believes ... Read the full article
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