Reinsurance News
pandemic risk
Covid-19 Insurance & Reinsurance Market Survey – Take 2
27th May 2020
With first-quarter 2020 results providing some insight into the re/insurance market implications of the ongoing Covid-19 pandemic, we've launched a second survey as a follow-up to gauge the evolving opinions and sentiments of the global re/insurance community. The survey has been created alongside our insurance-linked securities (ILS) focused sister ... Read the full article
Global reinsurance sector will fail to earn its cost of capital on COVID-19: Fitch
27th May 2020
The wide-reaching and uncertain impacts of the ongoing COVID-19 pandemic means that the global reinsurance sector will fail to earn its cost of capital in 2020, according to Fitch Ratings. After completing a sector ratings review, Fitch has warned that the financial performance of reinsurers will be hit by mortality claims ... Read the full article
Commission approves Dutch trade credit insurance guarantee scheme
26th May 2020
The European Commission has approved a Dutch guarantee scheme to support the region's trade credit insurance market amid the pressures of the ongoing coronavirus (COVID-19) pandemic. As the economic fallout from the current crisis has intensified, the risk of insurers not being willing to provide trade credit insurance has increased, leading ... Read the full article
Forced BI claims would put “systemic strain” on the insurance industry: Triple-I CEO
22nd May 2020
The Chief Executive Officer (CEO) of the Insurance Information Institute (Triple-I), Sean Kevelighan, has warned that systematic strains would be placed on the insurance industry if carriers are forced to pay out retroactive claims. As the fallout surrounding business interruption (BI) insurance related to the COVID-19 pandemic has persisted, leaders from ... Read the full article
Insurance trade groups propose federal pandemic solution
22nd May 2020
A new, industry-backed federal program designed specifically to help businesses meet the financial challenges from future pandemics has been proposed by the National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty Insurance Association (APCIA), and the Independent Insurance Agents & Brokers of America, Inc. (Big "I"). The new pandemic ... Read the full article
Demand for pandemic cover rising, but capacity limited: Third Point Re CEO
19th May 2020
There’s been a notable rise in demand for pandemic re/insurance and a subsequent hike in rates, however, there’s currently limited capacity in the marketplace for pandemic cover, according to Dan Malloy, Chief Executive Officer (CEO) of Third Point Re. These are unprecedented times for the industry, and it will undoubtedly be ... Read the full article
Liberty Mutual’s Q1 net income dips as COVID-19 hits investments
14th May 2020
Liberty Mutual Insurance has reported a 22.4% decline in net income for the first-quarter of 2020 to $519 million, as COVID-19 related financial market volatility adversely impacted the company's investment portfolio in the period. Net income fell by $150 million from the $699 million recorded in the first-quarter of 2019, as ... Read the full article
Zurich says COVID-19 claims within P&C could hit $750mn in 2020
14th May 2020
Global insurance giant Zurich has recognised COVID-19 related claims within its P&C business of $280 million in the first-quarter of 2020, and has said that for the full year, this figure could rise to approximately $750 million. Overall, the company expects claims from the ongoing COVID-19 pandemic to remain within its ... Read the full article
Lloyd’s considers Recover Re “after the event” pandemic coverage vehicle
14th May 2020
The specialist Lloyd's of London insurance and reinsurance marketplace is considering the creation of a new insurance vehicle called 'Recover Re', designed to provide "after the event" cover for pandemic related business recovery, including the ongoing Covid-19 crisis. Lloyd's recently announced that it will pay customers up to $4.3 billion ... Read the full article
Berkshire would have written pandemic insurance if people had asked for it: Buffett
4th May 2020
Warren Buffett has said that Berkshire Hathaway would have been willing to write pandemic insurance at the right price if people had asked for the coverage. Speaking during the conglomerate's first-quarter 2020 earnings call, after the firm announced losses within its re/insurance businesses and a huge unrealised investment loss, Chief ... Read the full article
Covid-19 shows sensitivity of re/insurers to equity market volatility: Willis Re
17th April 2020
The global reinsurance capital base is expected to take a hit of approximately 5% from the financial impacts of the Covid-19 coronavirus pandemic, reports Willis Re, the reinsurance arm of global brokerage Willis Towers Watson (WTW). The reinsurance broker's Strategic and Financial Analytics teams' 5% estimate is a marked improvement on ... Read the full article
Public-private partnerships needed to tackle pandemic risks, says FERMA
17th April 2020
The Federation of European Risk Management Associations (FERMA) has underlined the importance of public - private partnerships in addressing global pandemic risks. In a recent letter, FERMA has called on the European Commission's coordinating response team to take steps to mitigate the impact of future pandemics in light of the ongoing ... Read the full article
Zurich warns of heightened cyber risk during pandemic
20th March 2020
Zurich Insurance has warned that a surge in remote work during the coronavirus (COVID-19) pandemic will result in heightened cyber security risks. With businesses around the world increasingly urging employees to work from home to help slow the spread of the virus, analysts believe that the security standards of some organisations ... Read the full article
UK’s £350bn bailout to ease default risk on investments: Peel Hunt
19th March 2020
Analysts at Peel Hunt believe the default risk for re/insurers’ investment portfolios has been lowered by the UK Government’s decision to introduce a £350 billion emergency package of financial measures to support businesses affected by the coronavirus (COVID-19) outbreak. Chancellor Rishi Sunak revealed the measures on Tuesday, which include £330 billion ... Read the full article
Italy adjusts Solvency II rules to help insurers endure coronavirus
19th March 2020
In response to the outbreak of coronavirus (COVID-19), the Italian Government has reduced the requirements for applying a country-specific volatility adjustment to strengthen Italian insurers’ regulatory Solvency II ratios. The measure is part of a decree aimed at mitigating coronavirus pandemic-related effects, including economic contraction, materially slowing business activity, falling equity ... Read the full article
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