Reinsurance News
COVID-19 news
News about the impact of the global COVID-19 coronavirus pandemic and how it affected insurance and reinsurance markets.
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
Second BI test case in Australia delayed as policyholders need more time: ICA
24th August 2021
The Federal Court of Australia has postponed the start of the second business interruption (BI) test case hearing by one week to provide policyholders with more time to obtain verified government data and expert evidence concerning COVID-19 outbreaks, notes the Insurance Council of Australia (ICA). It was announced earlier this ... Read the full article
Atradius reports smooth transition after trade credit reinsurance scheme
17th August 2021
Trade credit insurer Atradius has reported a smooth transition for customers after the close of the Government Trade Credit Reinsurance Scheme, which was introduced to support the industry during the pandemic. Atradius noted that the handover process ran as expected with a continuation of limits for customers and growing levels of ... Read the full article
BI test case payouts approach £1bn: FCA
17th August 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 are now approaching £1 billion. The aggregate value of the payments made for the 21,198 claims where final settlements have been agreed and ... Read the full article
Marsh & Citi develop risk structure to boost delivery of COVAX vaccines
17th August 2021
Insurance broker Marsh has collaborated with global bank Citi to create an innovative risk mitigation structure designed to help the Vaccine Alliance (Gavi) pre-purchase vaccines in bulk with greater confidence, and facilitate rapid and equitable distribution around the world. Developed on behalf of Gavi, the risk mitigation structure will cover the ... Read the full article
Partial closure of China port threatens $172bn worth of global trade
13th August 2021
According to analysts at Russell Group’s ALPS Marine platform, China’s partial closure of the port of Ningbo threatens $172 billion worth of global trade and the export of $39.2 billion worth of Integrated Circuit Boards (ICBs). It comes as the cost of shipping from China and South East Asia to the ... Read the full article
COVID could elevate US hurricane claims: PCS
13th August 2021
Due to the increasing number of COVID-19 cases across areas of the United States, there is potential for added pressure to the catastrophe re/insurance market, according to Verisk company PCS, who has undertaken research on the matter. Last month, PCS Head Tom Johansmeyer warned that a pandemic resurgence could have ... Read the full article