Reinsurance News
COVID-19 news
News about the impact of the global COVID-19 coronavirus pandemic and how it affected insurance and reinsurance markets.
COVID-19 will make challenging Lloyd’s conditions more difficult: AmWINS
8th April 2020
Analysts at AmWINS have suggested that the coronavirus (COVID-19) pandemic has and will continue to make already-challenging market conditions at Lloyd’s of London even more difficult. The firm acknowledged that Lloyd’s and its syndicates had extensively tested their systems in preparation for a crisis, and said that the transition to remote ... Read the full article
Hiscox withdraws all financial targets for 2020, citing COVID-19
8th April 2020
Bermuda headquartered insurance and reinsurance firm Hiscox has withdrawn all its financial guidance and targets for 2020, citing the COVID-19 coronavirus pandemic. Hiscox also said this morning that it will not pay dividends in the currently challenging and uncertain environment. The company will not present a resolution to approve its 2019 final ... Read the full article
Organized 1/4 renewals a prudent approach in light of COVID-19: Willis Re’s Kent
7th April 2020
The majority of protection buyers started their April 1st reinsurance renewal negotiations well in advance, which, in light of the challenges driven by the COVID-19 pandemic proved to be a prescient approach, according to James Kent, global Chief Executive Officer (CEO) of Willis Re. As noted by reinsurance brokerage Willis ... Read the full article
FERMA president calls for insurer, broker co-operation amid COVID-19 pandemic
7th April 2020
Federation of European Risk Management Associations (FERMA) President Dirk Wegener has called on insurers and brokers to work together to ensure companies survive the ongoing coronavirus pandemic. Wegener noted that for some companies this cooperation could be a question of survival. FERMA believes that insurers should grant flexibility to business customers, as ... Read the full article
Aviation risk shifts as fleets remain grounded: Gallagher
7th April 2020
The lack of air travel caused by the coronavirus (COVID-19) may have completely changed the risk profile of aviation underwriting books, with data from Gallagher showing that more than $164 billion of aircraft insurable value is currently parked on the ground. With so much value sitting stationary and unused, it suggests ... Read the full article
Coronavirus to weigh on reinsurer profits & capital: Moody’s
7th April 2020
Analysts at Moody’s are expecting the coronavirus (COVID-19) pandemic to create unprecedented disruption in the global economy and to weigh heavily on reinsurers’ capital and profitability in the coming months. Although global reinsurers entered the year with solid capital levels, investment volatility, losses from pandemic exposure and specialty P&C lines, as ... Read the full article
Forced BI claims a concern, cancellation lines to suffer from COVID-19: Survey results
7th April 2020
As the COVID-19 coronavirus pandemic continues to unfold, Reinsurance News has collaborated with ILS focused sister-site Artemis to take the pulse of the global reinsurance market at this unprecedented and challenging time. The COVID-19 Market Survey includes responses from ... Read the full article
COVID-19 a significant test of life/health insurers ERM practices: A.M. Best
7th April 2020
Improved enterprise risk management (ERM) measures implemented by life / health (L&H) insurers in the aftermath of the 2008 financial crisis are expected to be put to the test by the global COVID-19 pandemic, according to A.M. Best. The ratings agency notes that the large majority, if not all life insurance ... Read the full article
Cost of COVID-19 BI losses for small firms dwarfs annual premiums: APCIA
7th April 2020
Business continuity losses for small businesses as a result of the COVID-19 pandemic could reach between USD 255 billion and USD 431 billion per month, which is significantly higher than monthly commercial property insurance premiums, says David Sampson, President and Chief Executive Officer (CEO) of the American Property Casualty Insurance ... Read the full article
AM Best turns negative on France, Italy & UK life markets
7th April 2020
AM Best has revised its outlook for the life insurance markets in France, Italy and the UK to negative, due to concerns about the financial and economic headwinds caused by the coronavirus (COVID-19) pandemic. In France, the rating agency noted that technical margins have already been under pressure for a number ... Read the full article
COVID-19 impacts to dent insurance brokers’ organic growth: Analysts
6th April 2020
The impacts of the COVID-19 pandemic on the global economy is expected to mitigate organic growth for insurance brokers, but firms cost saving initiatives and a hardening commercial lines market could offset some of the negative pressures, according to analysts at Wells Fargo Securities. It's going to be some time before ... Read the full article
Allstate announces $600mn payback scheme for customers amid COVID-19
6th April 2020
U.S. insurer The Allstate Corporation (Allstate) has announced the establishment of a Shelter-in-Place Payback scheme designed to assist its personal auto insurance customers during the ongoing COVID-19 pandemic. Customers that insure their vehicle with Allstate, Esurance, and Encompass will receive 15% of their monthly premium in April and May, which amounts ... Read the full article
AXA’s Buberl proposes pandemic risk pooling scheme
6th April 2020
Thomas Buberl, Chief Executive Officer (CEO) of AXA, has said that the company is “ready to take the initiative” to work with governments to develop a risk pooling scheme for pandemics. Speaking in an interview with Le Journal du Dimanche, Buberl said that the industry needs to think about creating a ... Read the full article
Aqueous Underwriting moves to help restaurants hit by COVID-19
6th April 2020
Technology-focused MGA Aqueous Underwriting has launched a series of measures designed to help the food, hospitality and leisure sectors in the face of the unfolding coronavirus pandemic. These measures include free liability insurance add-ons for businesses now offering takeaway services, and three-month policies for businesses uncertain about their future. Aqueous will also ... Read the full article
Financial stability vital amid COVID-19 challenges, says GFIA
6th April 2020
The Global Federation of Insurance Associations (GFIA) has said that the continued financial stability of the re/insurance industry is vital as the coronavirus (COVID-19) pandemic progresses. Without stability, the GFIA argued that insurers may not be able to continue to respond to the crisis or to honour their obligations to customers ... Read the full article
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