Reinsurance News
COVID-19 news
News about the impact of the global COVID-19 coronavirus pandemic and how it affected insurance and reinsurance markets.
Munich Re’s profit rises to €1.1bn despite higher than expected COVID impact
10th August 2021
Global reinsurer Munich Re has announced profit of €1.1 billion for the second quarter of 2021, as profits improved in both its property and casualty (P&C) and life and health (L&H) reinsurance segments despite ongoing losses related to the COVID-19 pandemic. The company's reinsurance operation contributed €951 million to the consolidated ... Read the full article
Lloyd’s players support UK Gov live events reinsurance scheme
6th August 2021
The UK government has partnered with the specialist Lloyd's insurance and reinsurance marketplace to deliver the Live Events Reinsurance Scheme, which is worth more than £750 million and designed to help organisers plan events with confidence. While the majority of Covid-19 restrictions have now lifted in the UK, the losses faced ... Read the full article
Hannover Re’s H1 profit rises as P&C result offsets COVID losses in L&H
5th August 2021
Global reinsurer Hannover Re has reported Group net income of €670.6 million for the first half of 2021, supported by a significant improvement in the performance of its property and casualty (P&C) business, somewhat offset by COVID-19 losses of €236.4 million in its life and health (L&H) operation. For H1 2021, ... Read the full article
RGA announces higher income in 2021 as COVID-19 claims subside
4th August 2021
Global life reinsurance carrier, Reinsurance Group of America, Incorporated (RGA), has reported a higher net income, year-on-year, for both the second quarter and first half of the year, while premiums increased by 11% to $3.1 billion. Overall, RGA has announced net income of $344 million for Q2 2021, compared with $158 ... Read the full article
COVID infections re-emerge as marine sector threat: PCS
4th August 2021
High rates of infection from the Delta variant and low levels of vaccination in key countries could result in worldwide crew shortages, fatigued and stranded crewmembers, and increased risk of loss for marine re/insurers, according to analysts at PCS. The firm says that marine re/insurers in particular need to stay vigilant ... Read the full article
AM Best assigns stable outlook to Malaysia non-life
3rd August 2021
AM Best has assigned a stable outlook to the Malaysian non-life insurance segment off of an expectation that underwriting discipline and robust pricing will be maintained in the face of ongoing phased de-tarrification of motor and fire business. The rating agency also noted an increased use of digital solutions to enhance ... Read the full article
Aon finds political instability, unrest slowing economic rebound from Covid
2nd August 2021
The COVID-19 pandemic has been determined by Aon to have both suppressed and aggravated terrorism and political violence risks in 2020 and 2021. Aon’s Risk Maps are designed to help firms better understand and navigate evolving political risk and political violence exposures. Lockdowns and travel restrictions have had a containing effect on ... Read the full article
Swiss Re returns to profit as P&C improvement offsets COVID-related L&H loss
30th July 2021
Global reinsurance giant Swiss Re has reported net income of $1 billion for the first half of 2021, as an improved performance in its property and casualty (P&C) business more than offset a COVID-19 driven loss in its life and health (L&H) reinsurance division. Swiss Re's H1 2021 Group-wide profit would ... Read the full article
Global commercial insurance pricing up 15% in Q2, finds Marsh
27th July 2021
Global commercial insurance prices increased 15% in the second quarter of 2021, according to the latest market index report by Marsh. It's reported that this year marks the 15th consecutive quarter of rate increases in the global commercial insurance market. Furthermore, it marks the third consecutive quarter to show a fall in ... Read the full article
COVID resurgence could impact catastrophe claims: PCS
26th July 2021
As COVID cases in the US begin to tick upwards once again, PCS Head Tom Johansmeyer has warned that a pandemic resurgence could have significant implications for catastrophe claims in the most vulnerable areas. New daily COVID cases in the US have increased from just over 10,000 last month to around ... Read the full article
Munich Re’s Q2 profit hits €1.1bn; COVID losses in L&H exceed expectations
20th July 2021
Global reinsurer Munich Re has said that while major-loss costs in its property / casualty (P&C) reinsurance operation came in below average for the second-quarter of 2021, COVID-19 had an adverse effect on its life & health (L&H) business in the period. For the second-quarter of 2021, Munich Re has announced ... Read the full article
Financial services firms to boost spending on cyber security: PwC
19th July 2021
Financial services firms are expected to boost IT spending in an effort to tighten up cybersecurity, according to new data from PwC UK and the CBI. The latest results from the CBI/PwC Financial Services Survey 2021 show that 70% of firms are planning to invest more over the next 12 months, ... Read the full article
Swiss Re predicts strong 5.8% global GDP growth in 2021
14th July 2021
Swiss Re is expecting a strong global economic recovery from COVID-19 to result in historically high global gross domestic product (GDP) growth of 5.8% in 2021. Global insurance premiums are set to follow this strong growth, increasing by an expected 3.3% in 2021 to a total of $6.9 trillion. The report ... Read the full article
Aon sees signs of stabilisation for Canada’s insurance market
14th July 2021
Despite the uncertain post-pandemic landscape that awaits Canada’s insurance market, Aon has underlined what it considers to be signs of market stabilisation and says insurers are beginning to position themselves for growth and profitability. Aon’s report describes many of 2020’s challenges as having spilled over into 2021; notably, poor underwriting performance ... Read the full article
Cyber market GWP to hit $20.6bn by 2025, says GlobalData
13th July 2021
GlobalData analysis suggests the global cyber insurance market is set to thrive post-Covid and reach $20.6 billion in Gross Written Premium (GWP) by 2025. The cyber market is already reported to have hit the $7 billion GWP mark, as the COVID-19 pandemic forced businesses to digitise processes and adopt remote working ... Read the full article