Losses

Lloyd’s: Covid-19 will cost global P&C industry $203bn

In a curiously precise estimate, Lloyd’s predicts Covid-19 will cost the non-life industry $203bn in insured and investment losses, making it the largest loss event ever experienced by the global market by some distance.

Lloyd’s estimates Covid-19 loss at $3bn-$4.3bn

Lloyd’s has unveiled the industry’s largest Covid-19 loss estimate by some distance with an initial range of $3bn-$4.3bn and warned it could increase further if the “current lockdown continues into another quarter”.

Only $4bn of expected $30bn-$100bn Covid-19 insured losses booked: Willis Re

Just $4.2bn of an emerging, albeit wide-consensus range of $30bn to $100bn of (re)insurance industry losses relating to the Covid-19 outbreak have been booked, according to Willis Re.

Allianz reports largest Covid-19 loss of European P&C insurers

German insurance giant Allianz today revealed it had experienced Eur500mn ($542mn) of Covid-19 related losses in its P&C division in the first quarter, as well as Eur300mn in its life and health business, the largest estimate yet from any European P&C insurer.

Insured losses from US April severe weather north of $2.5bn: Aon

Severe weather systems that tore across the US last month caused more than $2.5bn in insured losses, according to Aon’s Impact Forecasting unit, as it warned that accelerating exposure growth in areas prone to thunderstorms means that high-loss events will only grow more frequent in the future.

Munich Re leap-frogs peers to lead Covid-19 industry loss table

Munich Re today revealed it had set aside Eur800mn for Covid-19 related losses, leap-frogging rival Swiss Re in disclosing the industry’s largest estimate yet for the pandemic.

Hannover Re latest to post Covid-19 loss estimate…

In a busy week for Q1 earnings reports, Hannover Re has become the latest to unveil its 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.

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.

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.

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.

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.

Willis: Covid-19 insured losses could hit $140bn in extreme scenario

Insured losses stemming from the Covid-19 pandemic could be as high as $140bn, according to modelled scenario analysis by Willis Towers Watson.

CCR hands 2019 income to state-backed trade credit backstop as CCR Re posts 98.1% CR

French state-backed carrier Caisse Centrale de Réassurance (CCR) is cancelling its proposed dividend in favour of allocating 2019 net income to the newly launched state-guaranteed Covid-19 reinsurance scheme.

Swiss Re CFO holds firm on retroactive BI measures; provides bullish outlook on rates

Swiss Re will fight any attempt which forces the carrier to provide retroactive cover for Covid-19 losses, CFO John Dacey has said.

Swiss Re leads Covid-19 industry loss table

In its first quarter trading statement today, Swiss Re disclosed the industry’s largest estimate yet for Covid-19-related losses while Bermuda-headquartered carrier Lancashire pegged its “provisional” net loss at a modest $35mn.

ICA engages consultants for future pandemic insurance solution

The Insurance Council of Australia (ICA) has revealed it is working with actuarial consultants Finity to design a form of pandemic insurance in Australia as the trade body reports its member insurers have faced claims totalling A$4.6bn ($3.01bn) since September last year.

Argo facing $26mn pre-tax Covid-19 hit in Q1

Argo’s first quarter 2020 results will include an estimated $29mn of pre-tax net catastrophe losses, some $26mn of which relates to the Covid-19 outbreak.

The Hartford pauses share buybacks and reveals $50mn Covid-19 UW impact

The Hartford did not report a Covid-19 loss estimate for claims in its P&C business and instead revealed a $50mn pre-tax impact from the pandemic that was largely focused on its group benefits business.

The Hanover books $13mn of Covid-19 reserves and outlines BI exposure

The management of The Hanover has detailed the insurer’s exposure to Covid-19 business interruption (BI) losses and revealed that it has stopped share buybacks.

Universal’s latest $50mn Irma loss creep takes it to limit of private reinsurance

Universal Insurance Holdings has added $50mn to its ultimate loss estimate from Hurricane Irma with the gross number of $1.45bn taking it to the limit of its private reinsurance cover such that any further deterioration will be absorbed by the Florida Hurricane Catastrophe Fund (FHCF) or taken net.

Region

Topics

Events & Conferences

Content Types