Coronavirus news

Coronavirus news, analysis and information of relevance to the insurance-linked securities (ILS), catastrophe bond and reinsurance capital markets.

The coronavirus Covid-19 outbreak of 2019/20 caused significant disruption and threatened losses across insurance and reinsurance markets, with some ramifications for ILS and cat bond investors and sponsors as well.

Share

Hong Kong’s ILS grant scheme to cover ~US $1.6m of issuance costs

Hong Kong's Government has revealed some of the details of its proposed insurance-linked securities (ILS) grant scheme, through which it will pay a share of issuance costs for any ILS structures issued out of the Special Administrative Region. The Hong Kong Special Administrative Region (HK SAR) of the People’s Republic of read the full article →

COVID-19 to drive stronger reinsurance growth & positive pricing: SCOR

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. In reporting its annual results this morning, read the full article →

2021 a transition year, with reducing COVID-19 P&C exposure: RBC

The insurance and reinsurance industry is likely to experience a "transition year" in 2021, as its recovery from the impacts of the COVID-19 pandemic continues, alongside reducing exposure to it from property and casualty (P&C) contracts, analysts at RBC have explained. The analysts highlight that the threat to insurance and reinsurance read the full article →

Swiss Re reports $3.9bn of COVID, $1.7bn of catastrophe losses in 2020

Global reinsurance giant Swiss Re reported its full-year 2020 results this morning, highlighting $3.9 billion of losses from the COVID-19 pandemic and $1.7 billion from what it called a higher frequency of natural catastrophe events. Swiss Re also provided a forecast for a further up to $500 million of pandemic related read the full article →

Catastrophe protection gap needs capital market support: Bernardino, EIOPA

Gabriel Bernardino, the soon to retire Chairman of the European Insurance and Occupational Pensions Authority (EIOPA), has highlighted the capital markets role in delivering catastrophe insurance that has fewer protection gaps. In an interview with Brink News, Bernardino explained the need for multi-peril catastrophe insurance and reinsurance coverage that protects against read the full article →

AIG’s insurance-linked securities income from AlphaCat rises again

American International Group’s (AIG) insurance-linked securities and collateralized reinsurance activities under its dedicated ILS investment manager entity, AlphaCat Managers, delivered higher income for the final quarter of 2020. While insurance-linked securities (ILS) assets under management remain slightly below their highs for AlphaCat Managers, at $4.2 billion as of December 2020, compared read the full article →

Tech & ILS can support fragile SME infrastructure: Palihapitiya, OTT Risk at ILS NYC 2021

The arrival of the global pandemic shone a light on the fragility of the infrastructure that supports small and medium sized enterprises (SMEs) across the world, but with the use of artificial intelligence (AI) and machine learning, there’s an opportunity waiting to be unlocked, according to OTT Risk's Chamath Palihapitiya. Soon read the full article →

EIOPA calls for capital markets capacity for pandemic NDBI insurance

There is a clear role for risk transfer to the capital markets in the provision of capacity to address pandemic related non-damage business interruption risks, according to Europe’s insurance and reinsurance sector watchdog, the European Insurance and Occupational Pensions Authority (EIOPA). The Authority has published a new staff working paper that read the full article →

The unexpected could drive Covid industry loss higher: Johansmeyer, ILS NYC 2021

Widespread uncertainty remains around much of the ultimate industry loss from the ongoing Covid-19 pandemic, but if the numbers reach as high as some of the early estimates, it's likely to be for unexpected reasons, says Tom Johansmeyer, Head of PCS. So far, publicly reported pandemic-related losses, IBNR reserves and estimates read the full article →

RenRe lifts third-party AuM to $6.4bn, as Upsilon surges to new high

RenaissanceRe, the Bermuda headquartered global reinsurance company, has lifted its third-party capital assets under management to a new high of $6.4 billion as of January 1st 2021. The increase in third-party capital under management in RenaissanceRe's range of insurance-linked securities (ILS) and joint-venture structures was largely due to additional capital being read the full article →