Reinsurance News
pandemic
The London Market needs to think about its evolution, says AM Best
3rd June 2020
The COVID-19 pandemic has shone a light on the modernisation efforts of the Lloyd's and wider London re/insurance market, potentially driving permanent changes to the way the market both interacts and transacts its business, says A.M. Best. In recent years, the performance of the London Market has been challenged by elevated ... Read the full article
Pandemic Re Steering Group establishes Project Committee & working groups
1st June 2020
The Pandemic Re Steering Committee, launched to propose an industry response to both the UK Government and the country for future pandemics, has established a Project Committee and six working groups. The newly formed Project Committee will be led by Michael Dawson of Nuclear Insurance as Chair, who will also be ... Read the full article
Higher margins may offset fading investment income for major reinsurers: Fitch
29th May 2020
The financial earnings of the big four European reinsurers will be affected negatively by the COVID-19 pandemic in the short-term, but moving forward, improved technical pricing could largely offset fading investment returns, according to Fitch Ratings. As evidenced by first-quarter 2020 results, the financial impact of the COVID-19 pandemic for the ... Read the full article
US P/C reinsurers maintain underwriting profitability in Q1: RAA
29th May 2020
Despite the influence of the ongoing COVID-19 pandemic, a group of 17 U.S. property/casualty (P/C) reinsurers recorded a combined ratio of below 100% in the first-quarter of 2020, according to analysis by the Reinsurance Association of America (RAA). At 97.4%, the group's combined ratio did deteriorate from the 94.9% in the ... Read the full article
Hurricanes and pandemics are “not a good mix”, warns KCC
27th May 2020
On balance, both losses and loss adjustment expenses from hurricanes will increase as a result of the challenges and disruption being caused by the COVID-19 pandemic, says Karen Clark & Company (KCC) in a new report. Numerous forecasters have said that it's likely the 2020 Atlantic hurricane season will see ... Read the full article
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
Rep. Maloney introduces PRIA bill with Pandemic Risk Reinsurance Program
27th May 2020
The Pandemic Risk Insurance Act of 2020 (PRIA) has been introduced by Rep. Maloney alongside various stakeholders. This legislation will create the Pandemic Risk Reinsurance Program, and is seen as a vital step in Congress's prevention efforts against economic losses from future pandemics. H.R. 7011, PRIA, was introduced yesterday by Congresswoman ... Read the full article
Potential BI litigation enhances uncertainty for UK non-life carriers: Fitch
26th May 2020
Uncertainty remains for some UK non-life insurers amid concerns courts might rule in favour of claims in cases where business interruption (BI) policy wording is loose, warns Fitch Ratings. It's been well documented that, overall, BI losses as a result of the COVID-19 pandemic are expected to be manageable owing to ... Read the full article
SCOR cancels dividend, reduces Kessler’s compensation
26th May 2020
Global insurer and reinsurer SCOR has announced that its Board of Directors has proposed that no dividend be distributed for the 2019 fiscal year, while Chairman and Chief Executive Officer (CEO) Denis Kessler has proposed that his annual variable compensation for the year be reduced by 30%. Following SCOR's performance in ... 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
Pre-COVID-19 structural factors to influence reinsurance renewals: Flandro, Hyperion X
19th May 2020
While the COVID-19 pandemic will undoubtedly have an influence on upcoming renewals for insurers and reinsurers, for the latter, the broad structural factors that have been in place prior to the outbreak cannot be ignored, according to David Flandro, Managing Director at Hyperion X. In a recent video interview with our ... 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
Pandemic an opportunity to build better economies: WEF
19th May 2020
A new report by the World Economic Forum (WEF), in partnership with Marsh & McLennan (MMC) and Zurich Insurance Group, has argued that world leaders, businesses and policy makers have a unique opportunity to build better economies as they begin to recover from the COVID-19 pandemic. As part of the report, ... Read the full article
The majority of rated re/insurers can withstand pandemic shocks, says A.M. Best
18th May 2020
Global financial services ratings agency, A.M. Best, has said that initial stress testing shows that the majority of its rated insurers can withstand potential shocks to their balance sheets as a result of the ongoing COVID-19 pandemic. The ratings agency announced in March that it was in the process of ... Read the full article
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