COVID-19

Respite for US insurance stocks as market rebounds

US-listed insurance stocks recovered some of the value lost the previous day as markets surged on news of a potential stimulus package.

Zurich downplays Covid-19 BI impact

Zurich has downplayed the impact of Covid-19 related business interruption (BI) losses on the sector because BI coverage is typically attached to property policies that require physical damage to payout, rather than broader all-risks policies.

AIG, Scor, Argo all members of the 50% club in Q1 equities bloodbath

The market caps of AIG, Argo and Scor had all fallen by more than 50 percent in the year-to-date before a rally today amidst the Covid-19 driven turmoil in global equities and fears of an impending deep recession.

Coronavirus class action lawsuits start to be filed

Two coronavirus-related securities class actions have already been filed – one against a cruise line and one against a pharmaceutical company – as expectations of a spate of D&O lawsuits resulting from the outbreak start to be realised.

Covid-19 to slow insurance M&A, warns Stonybrook

The impact of the novel coronavirus Covid-19 will lead to a slowdown in the amount of merger and acquisition activity within the insurance industry, according to Stonybrook Capital.

Corona coverage questions asked as UK pub chain confirms no BI protection

Britain’s largest pub chain is the latest corporation to warn that its insurance programme will not protect it against the costs associated with any loss of business as a result of the Covid-19 outbreak.

Hancock delays Lloyd’s exit while Corporation vows to stay open during pandemic

Lloyd’s outgoing performance management director Jon Hancock is to extend his notice period by two months as the Corporation responds to the escalating coronavirus crisis.

European insurance stocks slip after early rebound on G7 coronavirus pledge

London-listed and European insurance stocks opened broadly in the green on Tuesday but strong gains at open quickly fizzled and morphed into losses following yesterday’s steep sell-off, despite a pledge from G7 leaders to do “whatever is necessary” to fight the coronavirus pandemic.

Asia-Pacific stocks climb after biggest Wall Street sell-off since 1987

Asia-Pacific stocks rose on Tuesday following the biggest sell-off on Wall Street in more than 30 years with both European and London futures indicating modest gains at open on international economic support measures to fight the impact of the coronavirus.

US insurance stocks crater as market suffers worst day yet of coronavirus outbreak

US stocks had their worst day of the coronavirus outbreak to date, with The Hartford, Travelers and Markel among the hardest hit in the (re)insurance sector.

Talanx’s Leue affirms 2020 outlook amid “manageable” coronavirus conditions

Chairman of the board at Talanx, Torsten Leue, has affirmed the group’s forecast for an improved net income of between Eur900-950mn ($1-1.06bn) in 2020, despite fears of coronavirus sparking a global recession and the battering global financial markets have already taken as the disease continues to spread.

Investors send US P/C stocks plummeting in early trading

After another trading pause was triggered when markets opened, US-listed (re)insurance stocks fell dramatically once again.

RIMS 2020 cancelled

The RIMS 2020 Annual Conference & Exhibition has been cancelled, with organisers stating that “it became abundantly clear” that doing so was in the best interest of its members, conference participants and employees.

The biggest losers from a wild week for US (re)insurance stocks

The share prices of AIG, Argo and Greenlight Re all fell more than 20 percent in a historically bad week for US stocks, while the negative impact on Aon’s share price from the broking giant’s proposed takeover of Willis was exacerbated amid the chaos.

Lloyd’s calls on market to quantify Covid-19 exposures

Lloyd’s has ordered each managing agent to outline its understanding of the potential losses and exposures it faces today as well as an estimate of total potential losses, in response to the escalating coronavirus situation.

London insurance stocks tumble despite Fed’s coronavirus action

London-listed insurance stocks fell sharply at the opening bell on Monday despite efforts by the US Federal Reserve which slashed interest rates last night in an emergency move to help combat the economic impact of the coronavirus pandemic.

Remember Heath at times of crisis

Goodwill and trust goes a long way in (re)insurance…

UK carriers pull travel cover as rumours swirl industry will impose “act of God” rule

UK insurers have put an end to selling would-be holidaymakers travel protection while reports over the weekend suggested some firms are seeking to have the coronavirus deemed an “act of God” in order to avoid payouts.

Asia-Pacific stocks plunge as US Fed cuts rates to zero

Stocks in Asia-Pacific plunged yet again in trading on Monday as the US Federal Reserve cut its benchmark interest rate to zero and joined forces with other central banks to launch a massive quantitative easing program in an emergency move on Sunday.