coronavirus claims News

Reinsurer SCOR Reports H1 Loss of €239M Blamed on Ukraine War, Natural Disasters

Reinsurer SCOR reported a first half loss attributed to the war in Ukraine, natural catastrophes and the severe drought in Brazil. The H1 loss of €239 million (US$242.6 million), compares with net income of €380 million (US$385.8 million) reported during …

Global Life Insurers Adapt Pandemic Risk Models After Unexpected Jump in Claims

A coronavirus pandemic which lasts five years, another pandemic in a decade, and ever more transmissible variants are among the scenarios life insurers are predicting after COVID-19 claims jumped more than expected in 2021. The global life insurance industry was …

U.S. P/C Insurers Report 2020 Underwriting Profits Despite Costs of COVID-19: Fitch

Despite considerable operating challenges in 2020 from the global COVID-19 pandemic, U.S. property/casualty (P/C) insurers saw a statutory underwriting profit for the third consecutive year, with an average 99% combined ratio, according to Fitch Ratings in a new report. In …

Insurers Don’t Have Capacity to Handle Systemic Pandemic Risk: Generali CEO

MILAN – Europe’s insurance industry doesn’t have the capacity to deal with the systemic risk of a pandemic and more protection needs to be put in place through private-public partnerships, the head of Italian insurer Generali said on Thursday. Speaking …

AXA Reports 18% Drop in Net Income During 2020 with COVID Claims of $1.8 Billion

AXA reported net income of €3.16 billion (US$3.8 billion) during 2020, an 18% drop from €3.86 billion (US$4.7 billion) in full-year 2019. The combined ratio for AXA’s P/C business increased 3.2 points to 99.5%, largely reflecting the impact from COVID-19 …

Irish Regulator Presses Insurers to Pay COVID-19 Claims Following Court Ruling

Ireland’s central bank governor told insurers to urgently honor and pay valid claims related to COVID-19 disruption, following a successful test case in court last week, or risk facing legal action by the regulator. Ireland’s High Court ruled on Feb. …

New Group Launched for Senior Claims Managers in London Insurance Market

A new group for senior claims managers in the London insurance market has been established by the International Underwriting Association (IUA). The Claims Strategy Committee will oversee and coordinate all claims-related issues discussed by companies. It has been set up …

Global COVID-19 Insurance Losses to Be Higher than Early Estimates: Lloyd’s Chairman

Global insurance losses from the COVID-19 pandemic will be higher this year than the $107 billion Lloyd’s of London had previously estimated, its Chairman Bruce Carnegie-Brown said on Wednesday. Carnegie-Brown told the Reuters Events Future of Insurance USA conference that …

Zurich Insurance Reports Sales Growth, Higher Rates, Modest COVID-19 Claims

Zurich Insurance Group saw increased commercial lines insurance sales and a modest impact from COVID-19 related claims for the first nine months of the year, according to its third quarter report. Growth was supported by higher premium rates, which continued …