Best of Artemis, week ending 29th March 2020

Here are the ten most popular news articles, week ending 29th March 2020, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

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Ten most read articles on Artemis.bm, week ending 29th March 2020:

1. Property cat impact from Covid-19 said limited, but rumours abound
   Property catastrophe reinsurance is expected to show limited exposure to the ongoing Covid-19 coronavirus pandemic, given in general an outbreak should not be covered under these treaty’s and programs. But rumours abound that attempts to force claims into a range of covers are being seen.
2. Covid-19 impacts likely to enforce ongoing reinsurance firming: Schroders
   The ongoing Covid-19 coronavirus pandemic is expected to have an impact on future reinsurance renewals, with the volatility it has caused expected to enforce ongoing firming of rates and pricing, according to executives at Schroders.
3. Legal action to force coronavirus business interruption claims expands
   Legal actions and efforts to enable businesses and also insurers to force through claims related to business interruption appear to be expanding, with potentially significant ramifications for some in the reinsurance and insurance-linked securities (ILS) market should any succeed.
4. Coronavirus may trigger $196m World Bank cat bond & swap payout
   The payout from the World Bank issued pandemic catastrophe bonds, as well as the pandemic risk-linked swaps that were issued at the same time, may reach just under $196 million in total, if the ongoing Covid-19 coronavirus outbreak triggers the financial instruments.
5. U.S. Congress committee calls for Pandemic Risk Insurance Act (PRIA)
   The U.S. House Financial Services Committee, which oversees and makes recommendations on legislation relating to financial services including insurance, has called for the passing of a Pandemic Risk Insurance Act (PRIA).
6. Cat bond sell-off may slow new issuance until ILS fund inflows catch up
   With catastrophe bond trading in the secondary market having reached what may well be record levels on the back of the Covid-19 coronavirus pandemic related sell off, thoughts turn to how this significant increase in liquidity may impact the wider market over the coming months.
7. Global reinsurance, U.S. P&C outlooks negative on coronavirus: Fitch
   Underlining the magnitude of the challenge that the Covid-19 coronavirus poses to the re/insurance industry, Fitch Ratings has revised its outlooks for the global reinsurance market and U.S. Property & Casualty insurance to negative.
8. Automatic extensions of in-force contracts due to coronavirus not feasible for ILS market: Lohmann, Schroders
   Broker Willis Re has requested markets, both traditional and ILS providers of reinsurance and retrocession, consider offering automatic extensions of in-force contracts  by two months at the cedent’s discretion due to possible delays caused by the coronavirus to smooth the renewal process, but this is something that capital markets collateralised players would find particularly challenging.
9. Tremor launches weekly industry loss warranty (ILW) auctions
   Tremor Technologies Inc., the technology-based programmatic risk transfer marketplace provider, is launching weekly auctions of industry loss warranties (ILW’s), with which it hopes to add efficiency to the process of ILW trading.
10. Lloyd’s in 2019 underwriting loss, as Covid-19 shows in solvency measure
    The Lloyd’s of London insurance and reinsurance market fell to an underwriting loss for the third consecutive year, reporting a combined ratio of 102.1% for 2019, while paying gross claims during the year that were higher than in the prior year.

This is not every article published on Artemis during the last week, just the most popular, some of which were published over a week ago. There were 35 new articles published in the last week. To ensure you always stay up to date with Artemis and never miss a story subscribe to our weekly email newsletter which is delivered every Wednesday.

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