Covid-19 virtual RT Issue Two - cover

Welcome to The Insurer's COVID-19 virtual roundtables

Every week, we bring together the thoughts and analysis on the industry’s response to the Covid-19 crisis with a different panel of industry leaders.

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Twelve Capital

Cat bond pricing to continue hardening as traditional supply tightens

2020-03-30T16:25:00+01:00

Primary cat bond issuance spreads are set to continue widening through 2020 as volatility endures in financial markets and traditional reinsurance and retro capital tightens, according to ILS fund manager Twelve Capital.

New York

New York latest state to introduce bill to force Covid-19 BI payment

2020-03-30T15:38:00+01:00

New York has joined the growing list of states introducing legislation that would require business interruption (BI) insurers to provide coverage for economic losses from the coronavirus regardless of any exclusions.

Corona virus

Healthcare capacity plentiful despite retrenchment on Covid-19 fears

2020-03-30T22:53:00+01:00

Insurance capacity for the healthcare market remains in plentiful supply even though the emergence of the coronavirus has meant some carriers are not quoting any new business, according to AmWINS.

The-Hartford

Texas wig store wants Hartford to pay Covid-19 losses

2020-03-30T18:29:00+01:00

In the first coronavirus business interruption lawsuit filed in Texas, a Houston area wig store has sued a subsidiary of The Hartford after its claim was denied.

US commercial Insurance

US buyers look at greater self insurance as Covid-19 hits cash flow

2020-03-30T18:26:00+01:00

US insurance buyers are reacting to the Covid-19 crisis by looking at taking higher retentions and increased coinsurance as well as seeking premium clawbacks in response to the crippling impact the nationwide shutdown is having on businesses and their budgets.

Signet Jewelers

Insurers to pay $207mn of Signet sexual harassment settlement

2020-03-30T17:46:00+01:00

The insurers for Signet Jewelers will pay the majority of a $240mn shareholder settlement of allegations the diamond jewellery giant concealed sexual harassment allegations against senior executives as well as losses in its customer financing credit portfolio.

Sompo International

Sompo GRS builds life sciences with Chubb’s Carroll

2020-03-30T17:17:00+01:00

Sompo International has appointed Michael Carroll as senior vice president and deputy head of life sciences within the Bermudian’s Global Risk Solutions (GRS) unit.

Gefion Insurance and DFSA

Danish regulator orders Gefion to stop writing business

2020-03-30T14:53:00+01:00

Denmark’s financial watchdog has ordered unrated Gefion Insurance to stop writing new business after ruling that its recovery plan was not sufficient to protect customers.

EasyJet – coronavirus

Airline premium pool to more than halve as Covid-19 grounds fleets

2020-03-30T14:14:00+01:00

Carriers are expecting to write down their aviation portfolios by 50 - 60 percent of their annual premium income this year as the spread of Covid-19 grounds airline fleets globally, The Insurer understands.

Huw Evans – ABI

ABI calls on government for pandemic insurance subsidy

2020-03-30T12:56:00+01:00

The Association of British Insurers (ABI) has called on the government to step in as the ‘insurer of last resort’ and work with the insurance sector to handle the potential wave of business interruption claims from businesses affected by the coronavirus outbreak.

European (re)insurance stocks trade lower on Monday i

US futures wobble while Euro stocks slip on crude slump

2020-03-30T11:46:00+01:00

US stock futures wobbled ahead of the opening bell on Monday as European (re)insurance equities recovered ground after markets slipped in early trading on recurrent coronavirus jitters and renewed pressure on oil prices dented investor confidence.

Pat Regan – QBE

QBE withdraws targets on ‘extraordinarily difficult’ Covid-19

2020-03-30T09:55:00+01:00

Australian insurer QBE has withdrawn its guidance on financial targets for 2020 due to the uncertainty caused by the coronavirus outbreak and has confirmed it will hold a virtual annual general meeting in May.

ICA – Australia hailstorm

Australia February storm losses climb to A$677mn: ICA

2020-03-30T09:36:00+01:00

Flooding and storm damage across Australia’s East Coast is now expected to cost insurers A$677mn ($417mn), according to the latest estimate from the Insurance Council of Australia (ICA).

Wimbledon Championships

Wimbledon pandemic cover to bite London market as cancellation decision looms: reports

2020-03-30T09:18:00+01:00

Losses incurred from the cancellation of the annual Wimbledon Championships tennis tournament are likely to be covered by pandemic insurance cover as organisers prepare to announce whether or not this year’s tournament will take place as planned.

Coronavirus and stocks

European (re)insurance equites fall as crude tumbles on renewed virus fears

2020-03-30T08:34:00+01:00

European (re)insurance equities slipped in early trading on Monday as recurrent coronavirus jitters and renewed pressure on oil prices dented investor confidence. 

Catherine Berjal

Scor delays AGM after activist complaint

2020-03-30T06:58:00+01:00

Scor appears to have responded to activist investor CIAM’s complaint last week that 17 April was too early to hold its annual general meeting (AGM) and has now announced it will take place on 30 June.

Stocks-on-the-rise

Australian stocks rally in choppy APAC trading

2020-03-30T06:55:00+01:00

US and European equity futures gained on Monday in a mixed day of trading for Asian-Pacific stocks which saw Australian stocks climb as investors took encouragement from strengthening policy stimulus.

Germany storm – June 2019

Perils pegs storm Dennis/ Victoria losses at Eur286mn

2020-03-30T06:33:00+01:00

Loss aggregator Perils has issued its initial loss estimate for extratropical cyclone Victoria, which is also known as storm Dennis, with insured property losses currently standing at Eur286mn ($317.3mn).

IAG

IAG acts to support insureds amid COVID-19 crisis

2020-03-30T05:58:00+01:00

Australian insurer IAG has hired 400 staff in the customer-facing parts of its business and taken a series of other measures it says are aimed at supporting customers dealing with the challenges of the COVID-19 outbreak.

IRB Brasil share price

IRB Brasil Re welcomes ex-Mapfre Brasil CEO as risk and compliance exec

2020-03-29T17:50:00+01:00

IRB Brasil Re has undergone further management upheaval after the reinsurer parted ways with risk and compliance executive Lucia Maria da Silva Valle and replaced her with former Mapfre Brasil CEO Wilson Toneto.

Thomas Keller

Chef Thomas Keller sues Hartford in latest coronavirus BI suit

2020-03-27T21:02:00+00:00

A group of restaurants owned by celebrity chef Thomas Keller has sued The Hartford seeking a ruling that it is covered for business interruption (BI) losses from Covid-19.

CAC Specialty

CAC Specialty adds loss control and claims talent to roster

2020-03-27T20:27:00+00:00

Expansive broker CAC Specialty has continued its buildout by adding loss control and claims expertise to its growing team.

BMS

90% of property writers concerned about invalidation of Covid-19 exclusions: BMS survey

2020-03-27T19:51:00+00:00

A BMS survey of senior property underwriters has revealed concern over the threat of paying coronavirus-related losses that are excluded in policy language, while also revealing that various versions of pandemic exclusions “are being batted around” the market.

1.4 renewals

Tensions at 1.4 as reinsurers seek to impose communicable disease exclusion

2020-03-27T17:58:00+00:00

Reinsurers have made a last minute push to add broad communicable disease exclusions on 1 April renewals, leading to disquiet among some buyers and their reinsurance brokers because of what they now see as a mismatch of cover for their property and BI exposures, The Insurer can reveal.

AM Best

Trade credit capacity may reduce as Covid-19 pushes up claims: AM Best

2020-03-27T16:41:00+00:00

The coronavirus outbreak will greatly increase trade credit insurers’ loss ratios – possibly reaching as high as the mid-80s last seen during the financial crisis – which AM Best says could reduce capacity and change reinsurance strategies.

Construction site closed

Mixed response from insurers as cities shut down construction projects

2020-03-27T16:28:00+00:00

Carriers have been scrambling to respond to the growing number of Covid-19 US construction project closures, with Tokio Marine HCC among those drafting endorsements to address the issue and provide continuity for insureds, The Insurer can reveal.

Craig Rappaport and Bill Jewett – Genstar

Genstar-backed fronting carrier Obsidian formally launches

2020-03-27T14:40:00+00:00

Obsidian CEO Bill Jewett has said the start-up sees a “tremendous opportunity” in a fronting carrier segment that currently writes only a small fraction of P&C industry premiums, but will markedly grow as a result of the increasing market share and influence of MGAs.

Sirius M&A

Sirius shares jump 20% after official sales process launched

2020-03-27T13:53:00+00:00

Sirius International Insurance Group has engaged Barclays Capital to launch a formal sale process with Sirius’ ultimate owner, China Minsheng Investment Group (CMIG), looking to exit its stake.

Moody's covid-19

Moody’s goes negative on trade credit insurers as Covid-19 hits outlooks

2020-03-27T12:10:00+00:00

Moody’s has downgraded the outlooks of three trade credit insurers – Atradius, Coface and Clal – who it believes would be negatively impacted by higher claims frequencies and the havoc wrought to equity markets by the spreading coronavirus.

Bruce Carnegie-Brown – Lloyd's

Carnegie-Brown provides Covid-19 leadership with “jeopardy” warning

2020-03-27T12:04:00+00:00

As political pressure grows on insurers across the globe to Coronavirus-related claims even if there are valid exclusions in place, the Lloyd’s chairman has warned the industry it could be “in jeopardy” if they succeed.