coronavirus insurance impact News

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 …

COVID-19 Claims of $44B Are 3rd Largest Catastrophe Loss: Howden

Insured losses of $44 billion from COVID-19 so far represent the third largest cost to insurers of any catastrophe, behind Hurricane Katrina and the 9/11 attacks, insurance broker Howden said on Tuesday. However, initial projections of $100 billion-plus for COVID-19 …

As COVID Spread, European P/C Insurers Took Hits but Remained Resilient: AM Best

European property/casualty insurers faced a dip in total average gross written premium and after-tax profit in 2020, but their regulatory solvency ratios remained strong. Pandemic factors generally played a role in both elements, according to a new AM Best market …

Zurich Insurance Reports Strong Surge in Earnings as COVID-19 Impact Eases

Zurich Insurance Group’s on Thursday joined other big European insurers in reporting a strong rebound in earnings as the impact from COVID-19 on their businesses eased. Buoyant markets along with higher policy sales helped the insurers’ profits to roar back …

Update: Allianz Warns Earnings Could Be Hurt by U.S. Investigation into Funds

Allianz SE warned of a potentially material hit to its earnings after the U.S. Justice Department opened a probe into its Structured Alpha Funds, which are at the center of lawsuits in the wake of steep losses during the pandemic. …

Reinsurers Show Strong Profits During 2nd Half, Rebounding from 2020’s Challenges

The first half financial results, reported by a group of six reinsurers over the past week, generally show a strong return to profits after last year’s challenging market conditions. A wrap-up of these H1 results follows for Swiss Re, Everest …

UK’s Q2 Auto Insurance Premiums Drop to Lowest Level Since Early 2016: Survey

The cost of a comprehensive car insurance policy in Britain fell 12% in the second quarter to its lowest level since early 2016 due to COVID-19 lockdowns, although it might rebound to pre-pandemic levels as restrictions ease, a survey showed …

Global P/C Industry Sees Strongest Rate Hikes in 20 Years but Inflation Headwinds Loom

Robust global economic recovery, higher risk awareness and the strongest rate hardening for 20 years in non-life insurance commercial lines will combine to push premiums 10% above pre-COVID-19-crisis levels this year, creating a faster bounceback than from the global financial …

P/C Insurers Plan to Boost Their Use of Automation: Willis Towers Watson

Property/casualty insurers plan to accelerate their use of automation for actuarial work, a new Willis Towers Watson survey found. What’s more, COVID-19 has been a major factor in the trend. The sector’s overall aspirational score (toward wanting more automation) was …

Rising COVID Outbreaks on Ships Endanger Maritime Workers, Risk Trade Disruptions

Global vaccinations of seafarers are going too slowly to prevent outbreaks on ships from causing more trade disruptions, endangering maritime workers and potentially slowing economies trying to pull out of pandemic slowdowns. Infections on vessels could further harm already strained …