Reinsurance News
pandemic
COVID-19 reinsurance recoveries could be lower than historical hurricanes at Lloyd’s
15th May 2020
The reinsured proportion of Lloyd's of London's estimated $3 billion to $4.3 billion of COVID-19 losses could be lower than for historical hurricanes, according to analysis by Jefferies. The specialist insurance and reinsurance marketplace said yesterday that in 2020 alone, non-life underwriting losses for insurers and reinsurers as a result ... Read the full article
Pandemic risk coverage should reflect existing federal programs, say actuaries
13th May 2020
Coverage for business interruption (BI) risks due to pandemics should be designed to reflect existing federal insurance programs such as Terrorism Risk Insurance Program and the National Flood Insurance Program, according to the American Academy of Actuaries. The Academy wrote to the US House Committee in a recent letter explaining that ... Read the full article
Markel sees increased reinsurance pricing & demand for the foreseeable future: Co-CEO Whitt
13th May 2020
With insurers facing diminishing levels of capital amid the economic fallout from the ongoing COVID-19 coronavirus pandemic, executives at Markel Corporation are anticipating heightened demand for reinsurance protection and increased pricing for the foreseeable future. Unsurprisingly, first-quarter 2020 results announcements from insurers and reinsurers have largely focused on the current crisis. So ... Read the full article
U.S. P/C insurance industry’s net income up 3% in 2019: Verisk, APCIA
12th May 2020
The net income for the private U.S. property/casualty insurance sector increased by 3% in 2019 to $61.4 billion as the industry's combined ratio improved to 98.9%, according to analysis by Verisk and the American Property Casualty Insurance Association (APCIA). Analysis of the sector through 2019 shows that U.S. P/C insurers experienced ... Read the full article
Global organisations reiterate potential harm of forced COVID-19 BI coverage
12th May 2020
As more and more international organisations underscore the potential negative ramifications of forcing insurers to retroactively cover COVID-19 related business interruption (BI) claims, the President and Chief Executive Officer (CEO) of the American Property Casualty Insurance Association (APCIA), David Sampson, has again highlighted the importance of stability in the marketplace. As ... Read the full article
Canadian government mandates reinsurance product for private credit insurers
11th May 2020
Members of the Receivables Insurance Association of Canada (RIAC) have collaborated on a new reinsurance product that provides additional credit capacity to private credit insurers in Canada amid the COVID-19 pandemic. RIAC members Export Development Canada (EDC), Euler Hermes, Atradius, Coface Canada, and The Guarantee Company of North America have partnered ... Read the full article
At times of distress, the stability of the insurance industry is vital: IAIS
11th May 2020
The International Association of Insurance Supervisors (IAIS) has highlighted the essential role of insurers at this time of distress, providing protection against "heightened uncertainties created by the pandemic." As the implementation of lockdown and social distancing measures accelerated and intensified across much of the world, it became clear that the COVID-19 ... Read the full article
Amid COVID-19, there’s an opportunity to offer “necessary” protection: L&G Re CEO, Olunloyo
7th May 2020
While it’s impossible to predict the long-term impacts of the COVID-19 pandemic on the pension risk transfer (PRT) space, for expanding life re/insurer L&G, there’s an opportunity to offer necessary life-time protection during these unprecedented times. This is according to the Chief Executive Officer (CEO) of the firm’s reinsurance hub L&G ... Read the full article
COVID-19 pandemic is not an insured event, but a reputational one: WTW
7th May 2020
Insurance and reinsurance broker Willis Towers Watson (WTW) highlights an uncertain and pressured outlook for North American commercial insurance buyers in light of the COVID-19 pandemic. In its Insurance Marketplace Realities 2020 Spring Update, WTW predicts large reductions in insurable values but notes that overall, not one line of business predicts ... Read the full article
RenRe’s casualty & specialty unit reports Q1 underwriting loss on COVID-19
7th May 2020
Bermuda-based insurer and reinsurer RenaissanceRe Holdings Ltd. (RenRe) has fallen to a net loss of $82 million in the first-quarter of 2020, as the ongoing COVID-19 pandemic adversely impacted its net investment result and the performance of its Casualty and Specialty segment. A net loss of $82 million in Q1 2020 ... Read the full article
COVID-19 risk sees Fitch turn negative on AIG Life and holding company
6th May 2020
Fitch Ratings has revised the rating outlook to negative from stable for AIG Life and the holding company, citing the economic fallout and financial market stress being caused by the ongoing COVID-19 outbreak. At the same time, global financial services ratings agency Fitch has maintained its stable outlook on AIG's P&C ... Read the full article
RGA falls to $88mn Q1 loss, sees above-average mortality claim frequency
6th May 2020
Reinsurance Group of America (RGA), a global provider of life reinsurance, has reported a net loss of $88 million for the first-quarter of 2020, driven primarily by movements in embedded derivatives as a result of COVID-19-induced financial market volatility and adverse impacts on credit spreads. A net loss of $88 million ... Read the full article
AM Best places Watford Re & subsidiaries ratings under review amid COVID-19
5th May 2020
Global financial services ratings agency A.M. Best has placed the credit ratings of Watford Re Ltd. and its subsidiaries under review with negative implications, after the company announced that its Q1 2020 results will include a net investment loss of $300 million as a result of COVID-19 impacts on financial ... Read the full article
Watford reports $267.8mn Q1 net loss as COVID-19 hits investment result
5th May 2020
Watford Holdings has reported a net loss of $267.8 million for the first-quarter of 2020, driven by a net investment loss of $262.7 million, mostly the result of $285.5 million of unrealised mark-to-market losses in its non-investment grade fixed-income portfolio. Watford's substantial $267.8 million net loss for the first-quarter of 2020 ... Read the full article
COVID-19 impacts push AXIS Capital to first-quarter net loss
5th May 2020
Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited has reported a net loss of $185 million and a combined ratio of 119.8% in Q1 2020, as pre-tax catastrophe and weather-related losses reached $300 million, the majority of which are related to the COVID-19 pandemic. The re/insurer's $185 million Q1 net loss ... Read the full article
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