coronavirus reinsurance News

Reinsurers Remain Resilient Despite P/C Underwriting Losses in 2020

Despite the combined effects of around $25 billion of pandemic and natural catastrophe-related losses as well compromised investment returns, a group of reinsurers studied by Aon reported positive earnings for 2020 and an increased capital base, aided by access to …

Industry Underestimating COVID-19 Biz Interruption Losses: RenRe CEO

During an upbeat earnings call focused on how RenaissanceRe is using $1 billion of capital it raised last year in 2021, the CEO highlighted one negative development for the industry overall — inadequate estimates of COVID-19 losses. “Even as COVID …

January Renewals Saw Some of Sharpest Price Hikes in Recent Years: Howden

Lower investment yields, adverse catastrophe loss development, higher loss cost trends, concerns over climate change, and, of course, the pandemic coalesced to bring some of the sharpest price increases in recent memory during the Jan. 1 reinsurance renewals, according to …

Global Reinsurance Sector Receives ‘Stable’ Market Outlook as Rates Keep Hardening

The outlook of the global reinsurance sector is “stable,” which is mainly a reflection of hardening pricing conditions and tighter terms and conditions, according to AM Best and Fitch Ratings in two reports. AM Best said the market has seen …

How Insurance Industry Might Respond if a Pandemic Is an Act of Terror

Imagine a scenario where COVID-19 was manufactured in a lab and was released as an act of terror. Tracey Gibbons, senior vice present, Underwriting, at Third Point Re, considers this possibility during a presentation for Carrier Management’s new series of …

Reinsurance Sector ‘Stable’ Despite Major Headwinds: AM Best

The tailwinds propelling the global reinsurance sector are sufficient impetus for the ratings agency AM Best to retain its stable outlook for the reinsurance industry, despite multiple challenges. During a virtual press briefing on Sunday, the ratings agency described the …

Major UK Ruling on Business Insurance for COVID-19 Claims Expected Tuesday

Insurers battered by coronavirus are about to find out how much worse the damage could get. A London court is set to rule Tuesday in a case involving about 370,000 policyholders, companies including Zurich Insurance Group AG and Hiscox Ltd. …

ACORD’s Innovation Tools Experiencing Soaring Reinsurance Demand

ACORD, the standard setting body for the global insurance industry, is experiencing a massive jump in global reinsurance and other industry interest in its digital products and services, CEO Bill Pieroni said. The increase comes as reinsurers and carriers, already …

Pricing Is Only Bright Spot in ‘Anemic’ Earnings Picture for Reinsurers: Moody’s

Even though investment returns rebounded from first-quarter levels during the second quarter of 2020, claims from COVID-19 created an “anemic earnings” picture for global reinsurers, Moody’s Investor Services says. In a new report on half-year earnings for the sector published …

Diverging Views: Is COVID a One-Off Catastrophe or Not?

While reinsurers are “open for business” and insurers and reinsurers are reporting the impacts of COVID-19 as a one-off catastrophe impacting earnings rather than capital, equity markets are viewing the situation differently, a financial analyst reported earlier this month. Speaking …