coronavirus insurance impact News

Fitch Places Lloyd’s of London’s on Rating Watch Negative on COVID-19 Crisis

Fitch Ratings has placed Lloyd’s of London’s ‘AA-‘ Insurer Financial Strength (IFS) ratings on rating watch negative, on the uncertainty and increased risk to Lloyd’s earnings and underwriting performance due to claims from the COVID-19 pandemic. The negative rating watch …

Florida Governor Issues Stay at Home Order; Insurance Deemed Essential Business

Florida Governor Ron DeSantis issued a statewide executive order Wednesday requiring all citizens in the state to stay at home except for those doing essential business or activities. The move comes as the state has more than 8,000 cases of …

How Social Inflation May Affect Coronavirus Business Interruption Losses

COVID-19 could produce a big increase in social inflation, according to A.M. Best. The reason: expectations that businesses will sue their insurers in an attempt to access their business interruption coverage for losses relating to the coronavirus pandemic. A.M. Best …

Life-or-Death Decisions by Hospitals, Doctors Come With Threat of Lawsuits

Doctors and hospitals overwhelmed in the pandemic will have to make their excruciating life-or-death decisions meticulously or they risk being second-guessed by a jury when the onslaught is over. Lawyers who defend health care providers are already giving advice on …

Aon Enhances Reinsurer E-Trading Portal to Support Remote Working During Pandemic

Aon plc, the global re/insurance broker, has enhanced its reinsurer trading portal, ABConnect Placements, to electronically bind treaty placements with Lloyd’s of London and International Underwriting Association (IUA) insurers. The new bind feature enables Lloyd’s and the London company markets …

COVID-19 Pandemic Threatens Gulf Insurers’ Earnings: S&P Report

The fallout from the coronavirus pandemic and tumbling oil prices threaten the earnings of insurers in the Gulf, S&P Global Ratings said on Wednesday, possibly leading to negative rating actions. “Most insurers we rate in the GCC [Gulf Cooperation Council] …

Germany to Provide Credit Insurance Guarantees to Keep Trade Flowing: Sources

The German government and the country’s credit insurance industry have agreed to help to maintain insurance cover for trade despite economic hardship related to the coronavirus outbreak, three people with knowledge of the plan said on Wednesday. Under the plan, …

Insurers Worry About D&O Claims Against Executives From Coronavirus

Insurers are increasingly worried about shareholders, employees or customers bringing coronavirus-related claims against company executives and are considering excluding the virus from policies which protect the bosses, industry sources say. Two cases have been filed in the United States in …

Reinsurers ‘Smoothly’ Navigated April Renewals, Despite Working from Home: Willis Re

Reinsurers were able to complete the April renewals smoothly, despite being forced to move to the new working-from-home model after the COVID-19 outbreak, according to Willis Re. “The global reinsurance market has shown immediate resilience to operating under the challenge …

Fitch Revises Rating Watch on Sirius to ‘Evolving’ on Uncertainties over Planned Sale

Fitch Ratings has revised the rating watch to evolving from negative on all ratings for Sirius International Group, Ltd. and its operating subsidiaries, including its ‘A-‘ (Strong) Insurer Financial Strength (IFS) rating, its ‘BBB’ Long-Term Issuer Default rating (IDR), and …