Reinsurance News

Senior insurance and reinsurance industry executives Evan Greenberg, Chairman and CEO of Chubb, and John Neal, CEO of Lloyd’s of London, both agree that the global pandemic caused by the coronavirus could result in the largest industry loss for the sector in history.

Analysts from investment bank UBS have added 50% to their estimate for the eventual insurance and reinsurance industry loss from the Covid-19 coronavirus pandemic, lifting the top-end of the range to $60 billion.

The United States has experienced a vigorous and deadly start to the convective storm and tornado season in 2020, with five billion-dollar economic loss events caused by the peril already this year, according to Aon’s Impact Forecasting unit.

Global insurance and reinsurance group Everest Re has warned the market that it is reserving for a potential $150 million hit to its business from losses due to the Covid-19 coronavirus pandemic.

Business interruption claims from the Covid-19 coronavirus pandemic pose an “existential threat” to the entire reinsurance industry, broker Willis Re said today.

The property and casualty (P&C) insurance industry loss from Covid-19 pandemic related claims is estimated in a range from $40 billion to as high as $80 billion by analysts at Dowling & Partners.

Chubb, the U.S. and global primary insurance carrier and reinsurance company, is classifying the Covid-19 pandemic as a catastrophe loss event and expects it to have a meaningful impact on earnings in the second-quarter.

French reinsurer SCOR has reported that it experienced a 6.6% increase in pricing across its book, while premiums underwritten rose by almost 6% as well, at the recent April 1st reinsurance renewals.

Beazley, the specialist Lloyd’s focused insurance and reinsurance underwriting business, has revealed an expected Covid-19 claims burden of $170 million net of reinsurance across its business. We would expect some of that loss to be shared with investors backing the companies third-party capital arrangements.

Germany headquartered reinsurance firm Hannover Re has withdrawn its profit guidance for 2020 due to the uncertainty over claims from the Covid-19 pandemic and the capital market environment.