COVID-19

US futures point higher while Euro (re)insurers gain as virus lockdowns ease

US stock futures pointed higher on Tuesday as investors bet the US economy could start to reopen again while European and Asia-Pacific markets made widespread gains on renewed hope that economies will start to rebound as countries lift coronavirus restrictions.

Q1 reporters add to Covid-19 loss tracker

In a busy week for Q1 earnings reports, a flurry of US listed carriers have unveiled loss estimates relating to the Covid-19 pandemic although the ultimate industry loss remains profoundly uncertain, especially in relation to BI losses from property programs. The Insurer tracks the latest changes from the past 24 hours.

Swiss carrier Helvetia an early mover with Covid-19 settlement

St. Gallen-headquartered Helvetia Group has unveiled this morning a novel, without prejudice pandemic settlement offer to its restaurants and catering policyholders.

Berkshire Hathaway would write pandemic coverage “at the right price”

Berkshire Hathaway CEO Warren Buffett said the investment and insurance giant would be willing to write pandemic coverage in the aftermath of Covid-19 “at the right price”.

Covid-19 economic impact worries casualty reinsurers more than coverage mandates

The wider possible economic impact of the Covid-19 outbreak is of more concern to casualty reinsurers than any potential government mandates of coverage when pandemic-related losses are excluded, according to a new survey from BMS.

AIG takes $272mn Covid-19 charge as GI combined ratio tops 100%

AIG has reported $419mn of first quarter pre-tax cat losses in its general insurance (GI) operations, including a $272mn charge related to losses from Covid-19, and withdrawn previously issued earnings guidance.

Covid-19 losses push Axis Q1 combined ratio to 119.8%

Axis Capital has reported a 22.9 point deterioration of its combined ratio in the first quarter as a result of pre-announced catastrophe and weather-related losses, while gross written premiums (GWP) fell 14.0 percent in the reinsurance segment but rose 10.5 percent in the insurance segment.

CNA’s US and international property policies exclude virus: Robusto

Shares in CNA were up 3 percent this morning after CEO Dino Robusto told analysts that the insurer’s property policies exclude virus, its aging services book has minimal exposure to workers comp for frontline health care providers, and its healthcare professional liability portfolio has been de-risked.

NAIC issues Covid-19 related BI data call for all states

The National Association of Insurance Commissioners (NAIC) has announced a data call of admitted and non-admitted domestic insurers’ business interruption (BI) exposures that will involve insurance regulators in all 50 US states, the District of Columbia and US territories.

Fitch goes negative on Axis Capital on Covid-19 exposure

Axis Capital has been handed a negative outlook by ratings agency Fitch on the assumption that the Bermudian carriers’ performance will be further pressured in 2020 by coronavirus-related exposures.

CNA shares trade down as Q1 results miss

Shares in CNA were trading 1.1 percent lower shortly after the open on Monday after the Dino Robusto-led carrier delivered an operating EPS of $0.40, missing the Street’s $0.80 consensus.

DC local government to consider mandating Covid-19 BI coverage

The legislative branch of Washington DC will this week discuss draft legislation that would mandate insurers cover Covid-19 business interruption (BI) losses for small businesses in the district.

Hiscox pressure groups form alliance over BI legal disputes

The Hiscox Action Group and the Night Time Industries Association (NTIA), which together claim to represent nearly 500 U.K. businesses with insurance policies with Hiscox, have formed an alliance to pursue potential legal action against the FTSE 250 insurer over its denial of liability relating to BI coverage.

IAG warns on dividend as Covid-19 market rout dents investment returns

Insurance Australia Group (IAG) has maintained its fiscal 2020 guidance but warned it is unlikely to pay a final dividend in September after losing A$280mn ($178.8mn) in investment income amid uncertainty over the impact of the coronavirus.

Best Western Hotels mulls legal action over declined £100mn BI claims

Best Western Hotels is considering legal action against its insurers over their refusal to pay out circa £100mn ($125mn) of lockdown-related business interruption claims.

UW profits at Berkshire Hathaway dwarfed by $55bn investment losses

Relatively stable first quarter net underwriting earnings of $363mn (Q1 2019: $389mn) at Berkshire Hathaway’s (re)insurance operations that included a $230mn Covid-19 charge were overshadowed by huge group-level unrealized investment losses of $54.5bn that led to a $49.7bn net loss.

Folly of the Covid-19 numbers game

Like the global economy, the (re)insurance industry is in uncharted territory, and the Q1 earnings season to date has confirmed that it will be some time before the real loss impact on the sector from the pandemic can be quantified.

E&S submissions “recovered significantly” in past two weeks: Kinsale

Excess and surplus lines specialist Kinsale has revealed that submissions have bounced back recently after a Covid-19 driven slowdown, while discussing Q1 results that included a 46.6 percent increase in gross written premiums.

James River anticipates “raft” of general liability Covid-19 claims

James River chairman and CEO J Adam Abram has highlighted general liability as a source of Covid-19 claims, which he believes will not progress far, while revealing the Bermudian (re)insurer has received 200 total claims related to the pandemic.

QIC Action Group secures Shepherd and Wedderburn to advise on rejected BI claims

The newly formed QIC Action Group has appointed Shepherd and Wedderburn LLP to advise on its legal action against QIC Europe (QEL) and London-based managing general underwriter Eaton Gate, The Insurer understands.

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