Argo Group, the Bermuda headquartered specialty insurance underwriter, has pre-announced an expectation of reporting $47 million of catastrophe and pandemic losses from the first-quarter of 2021, largely from its legacy reinsurance business.
Your search for “covid”
News & Analysis Results
German global reinsurance giant Munich Re is anticipating reporting above average major losses from February’s US winter storms and freezing Texas weather, as well as from additional pandemic related impacts, but still expects a bumper profit for the first-quarter of 2021.
Losses and IBNR reserves related to the COVID-19 coronavirus pandemic reported by major insurance and reinsurance companies have risen significantly during the first-quarter of 2021, with the total pandemic loss reported now nearing $38 billion, having risen by 21% during reporting for the final-quarter results of 2020.
The Lloyd’s of London insurance and reinsurance market reported a £0.9bn loss for 2020 after significant impacts from the COVID-19 pandemic dented performance, despite significant reinsurance recoveries.
The fact cedents allowed insurance-linked securities (ILS) capital to be rolled over into reinsurance renewals rather than trapping it for potential losses from the pandemic, for the ILS market “amounts to kicking the can down the road for COVID-19-related losses,” according to AM Best.
At the recent January 1st 2021 reinsurance renewals, the expectations for significant impairment to some insurance-linked securities (ILS) strategies because of trapped collateral due to exposure to the COVID-19 pandemic proved overblown.
The global risk transfer industry is poised for change amid a wave of disruption from numerous sources, a trend accelerated by the impacts of the Covid-19 pandemic and the emergence of SPACs, according to Michael Millette, the Founder and Managing Partner of specialist investment manager Hudson Structured Capital Management.
German reinsurance giant Hannover Re benefited from its retrocessional protections throughout 2020, potentially ceding almost one-third of natural catastrophe losses and 24% of its losses from the COVID-19 pandemic.
As insurance-linked securities (ILS) such as catastrophe bonds demonstrated their relative lack of correlation to broader financial markets again in 2020, the year was another defining one for the market, Swiss Re believes.
France headquartered global reinsurance firm SCOR noted this morning that the COVID-19 coronavirus pandemic is creating the conditions for stronger reinsurance growth, alongside positive pricing dynamics, which it puts down to a general increase in risk aversion as a result of the pandemic crisis.