Reinsurance News
pandemic
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
AIG’s GI segment falls to underwriting loss on $272m COVID-19 hit
5th May 2020
American International Group, Inc. (AIG) has reported an underwriting loss of $87 million within its General Insurance segment in Q1, which includes $272 million of estimated COVID-19 related losses. Despite the firm's General Insurance unit falling to an underwriting loss in the quarter, net investment income of $588 million more than ... Read the full article
Public-private partnerships the only viable option we have to tackle pandemics: Scotti, Swiss Re
4th May 2020
As COVID-19 continues to drive widespread uncertainty and extremely challenging societal and economic conditions, the only viable way to effectively address the crisis is through public-private sector collaboration, according to Veronica Scotti, Chairperson Public Sector Solutions, Swiss Re. While varying degrees of lockdowns and social distancing measures remain in place across ... 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
CCR dedicates 2019 net income to state-backed credit re/insurance scheme
1st May 2020
State-backed reinsurer CCR has reported net income of €67 million for 2019, all of which the firm has dedicated to the recently launched state-guaranteed COVID-19 reinsurance scheme designed to support the country's SMEs by covering credit insurance risks. At €67 million, net income declined from the €147 million reported a year ... Read the full article
AXA’s Guidee says France is working on insurance backstop for pandemics: report
30th April 2020
Renaud Guidee, the Chief Risk Officer (CRO) of global insurance giant AXA, has told Reuters that France is in the process of drafting a re/insurance backstop for pandemics in light of the significant financial and economic implications of the COVID-19 outbreak. According to Reuters, a working group set up by French ... Read the full article
London market modernisation could accelerate post-pandemic: Bolton, Gracechurch
29th April 2020
Certain trends across the London insurance and reinsurance market that were in motion prior to the COVID-19 outbreak are expected to accelerate as a result of the pandemic, according to Ben Bolton, Managing Director at Gracechurch Consulting. Prior to the rapid spread of the ongoing COVID-19 pandemic, the Lloyd's and wider ... Read the full article
Liberty Mutual sees larger COVID-19 impacts through its investments: CEO Long
28th April 2020
David Long, the Chairman and Chief Executive Officer (CEO) of Liberty Mutual Holding Company, Inc., expects the financial impact from the ongoing COVID-19 pandemic on the firm's re/insurance operations to be similar to a moderately sized catastrophe loss. In an announcement, the CEO of Liberty Mutual Holding Company, which is the ... Read the full article
Everest Re sees $150m of Q1 COVID-19 claims, mostly from reinsurance
24th April 2020
Bermuda domiciled reinsurer Everest Re Group, Ltd. has announced estimated pre-tax net first party losses of $150 million in Q1 for claims related to the COVID-19 coronavirus pandemic. The reinsurer says that the majority of the losses are expected to come from its reinsurance operation. Overall, Everest Re expects its first-quarter ... Read the full article
RIMS presses Congress over pandemic risk insurance backstop
22nd April 2020
The risk management society (RIMS) has called for the establishment of a pandemic risk insurance program in the U.S. to accelerate economic recovery to the ongoing COVID-19 pandemic. As the virus continues to spread the volatile and uncertain financial market environment and subsequent recessionary risks have intensified on a global basis. Currently, ... Read the full article
Stephen Catlin chairs UK pandemic steering group, Pool Re collaborates
21st April 2020
Leaders from across the UK insurance industry have come together to form a new steering group, which will work in collaboration with Pool Re, in an effort to strengthen its response to future pandemics. The primary objective of the group, which met for the first time on Friday April 17th, is ... Read the full article
Mark Watson proposes government reinsurance backstop for pandemic
14th April 2020
Attempts to stimulate the US economy amid the coronavirus (COVID-19) pandemic will not work without the introduction of a government reinsurance backstop for pandemic, according to Mark Watson, founder and principal of Aquila Capital Partners and former CEO of Argo Group. Writing as part of an article in Morning Consult, Watson ... Read the full article
AXA’s Buberl proposes pandemic risk pooling scheme
6th April 2020
Thomas Buberl, Chief Executive Officer (CEO) of AXA, has said that the company is “ready to take the initiative” to work with governments to develop a risk pooling scheme for pandemics. Speaking in an interview with Le Journal du Dimanche, Buberl said that the industry needs to think about creating a ... Read the full article
Expand terrorism risk act to cover pandemics, says expert
27th March 2020
Zach Finn, an insurance professor with Butler University, has argued that the federal backstop for terrorism should be expanded to include pandemic coverage. Speaking in an interview with AMBestTV, Finn said that the Terrorism Risk Insurance Act (TRIA) in the US could be expanded retroactively to ease the economic impact caused ... Read the full article
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