Reinsurance News
pandemic
Aon unveils coalition to support COVID-19 recovery phase
7th September 2020
As society continues to move towards the recovery phase of the COVID-19 pandemic, insurance and reinsurance broker Aon has announced the establishment of a coalition of leading London-based businesses, designed to develop key recommendations and guidelines on how companies can operate. The London Work, Travel & Convene Coalition, convened and led ... Read the full article
World economic resilience to fall in 2020; protection gap hits $1.24tn: Swiss Re
26th August 2020
The impact of the ongoing COVID-19 pandemic is expected to drive an almost 20% reduction in global macroeconomic resilience in 2020, while the global protection gap (disparity between economic and insured losses) has hit a new high of $1.24 trillion, according to Swiss Re Institute. In its latest annual resilience indices, ... Read the full article
Willis Research Network & Metabiota partner on pandemic risk
19th August 2020
The Willis Research Network (WRN), a research division of the insurance and reinsurance broking group at Willis Towers Watson (WTW), has partnered with Metabiota, a risk analytics organisation that specialises in infectious diseases modelling and builing resilience to pandemics. The partnership aims to leverage Metabiota’s epidemiological data analytics capabilities to improve ... Read the full article
€2bn Italian trade credit insurance guarantee scheme approved by EC
18th August 2020
Under new EU State aid rules, the European Commission has approved a €2 billion (USD2.4billion) Italian scheme to support the trade credit insurance market throughout the COVID-19 pandemic. Italy notified to the Commission a State guarantee scheme for the reinsurance of trade credit risks to support companies affected by the coronavirus ... Read the full article
Public COVID-19 losses among re/insurers up 23% to $24.8bn
18th August 2020
Publicly recorded COVID-19-related losses among the largest global insurance and reinsurance companies have increased by almost 23% to $24.8 billion, according to data compiled by Zurich-based financial services advisory, PeriStrat LLC. We wrote on July 27th that publicly reported losses from the coronavirus pandemic among the largest re/insurers had reached ... Read the full article
Courts rule insurers not responsible for COVID-19 BI losses
11th August 2020
American multinational investment bank, Morgan Stanley (MS), has commented on a decision made by the Superior Court of D.C. which finds that the COVID-19 pandemic does not cause direct physical damage which would be a required trigger for business interruption (BI). According to MS, this ruling offers further support for its ... Read the full article
Generali & Eurochambres sign MoU to promote ‘Pandemic Risk Pool’
23rd July 2020
Italian insurer Generali Group has signed a Memorandum of Understanding (MoU) with Eurochambres under which the pair have agreed to cooperate in order to both promote and implement a 'Pandemic Risk Pool' against future pandemic risks in Europe. Eurochambres is the European entity of Chambers of Commerce and Industry, representing over ... Read the full article
Consider parametrics to manage COVID-19 insurance gap, says GlobalData
13th July 2020
In order to address the significant insurance protection gap that has been highlighted by the ongoing COVID-19 outbreak, parametric structures should be considered, according to GlobalData. As lockdown measures came into effect around the world, businesses of all shapes and sizes turned to their insurers for assistance through their business interruption ... Read the full article
Airmic endorses Lloyd’s pandemic recovery solutions
3rd July 2020
Airmic, the UK association for risk and insurance professionals, has welcomed Lloyd’s proposals for how the insurance industry can support global economic and societal recovery from the impacts of COVID-19. Earlier this week, Lloyd’s laid out three open source frameworks designed to fast-track global economic and societal recovery from COVID-19, ... Read the full article
Wimbledon will not buy pandemic cover for 2021, says CEO
29th June 2020
Wimbledon CEO Richard Lewis has said that the tennis tournament will not be insured against pandemic in 2021, due to the challenge of securing coverage in the current climate. The Championships have been praised for being among the few major sporting events with the foresight to consistently purchase pandemic insurance. It has ... Read the full article
Totus Re warns UK Gov against narrow focus on pandemic risk
25th June 2020
Totus Re, an open collective to help plan coverage for catastrophic pan-economic events, has warned the UK Government against taking a single peril view to societal risk following the COVID-19 pandemic. In a new statement, Totus Re expressed support for the UK’s Pandemic Re steering group, but said that current plans ... Read the full article
Amid COVID-19, the opportunities & possibilities are substantial for reinsurers: Pyrrhic Re CEO
12th June 2020
Although likely to be more challenging for the reinsurance sector than any other market event since 1986, the COVID-19 pandemic represents enormous opportunities and possibilities for the industry, according to Peter Mills, Chief Executive Officer (CEO) and Founder of Pyrrhic Re. A pure-reinsurance Managing General Agency (MGA) writing a diverse book ... Read the full article
P&C industry has entered into a “new era of catastrophe losses” – KBRA
10th June 2020
The ongoing COVID-19 pandemic, coupled with the recent wave of civil unrest and the looming cyber risk threat, has altered the risk landscape for property and casualty (P&C) insurers and reinsurers, reports Kroll Bond Rating Agency (KBRA). As explained by KBRA, for the global P&C sector the definition of "catastrophe" has, ... Read the full article
AM Best turns negative on GCC insurance markets amid economic downturn
5th June 2020
Global financial services ratings agency A.M. Best has revised its outlook on the Gulf Cooperation Council (GCC) insurance markets to negative, amid economic downturn across the region and an expectation of fading insurance demand. Lower oil prices and COVID-19 containment measures across the region has resulted in significant economic downturn, notes ... Read the full article
Trade credit reinsurance scheme launched in UK
4th June 2020
Trade credit insurance coverage is set to be maintained across the UK market in light of the ongoing COVID-19 pandemic, with up to £10 billion in government backing through the Trade Credit Reinsurance scheme. It was reported towards the end of April that the UK government was considering the implementation ... Read the full article
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