Swiss Re reported a Group net loss of $878 million for 2020. Excluding $3.9 billion of COVID-19-related claims and reserves (pre-tax) for the year, Swiss Re’s net income was $2.2 billion, a material increase from $727 million in 2019. Based on the Group’s very strong capital position and positive market outlook, the Board of Directors… Continue reading Swiss Re Reports Strong Underlying Performance in 2020, Despite Large COVID-Related Losses
Tag: COVID-19 losses
Swiss Re Lifts COVID Hit to $3B, Reports Q3 Profit & Strong P&C Growth
Global reinsurance firm Swiss Re has reported a solid third-quarter of net income that has helped to narrow its group net loss for the first nine months of the year, despite further additions to its reserves for the COVID-19 pandemic that have now reached US $3 billion. Swiss Re has delivered positive net income of… Continue reading Swiss Re Lifts COVID Hit to $3B, Reports Q3 Profit & Strong P&C Growth
Analysts Advise Beazley to Secure More Reinsurance
Analysts at investment banking group Jefferies have advised Beazley to proactively purchase additional reinsurance, after an upward revision in its COVID-19 losses caused share prices to plummet. Beazley doubled the estimated cost of its COVID-19 claims last week from $170 million to $340 million, mainly due to further event cancellation losses. Jefferies notes that there… Continue reading Analysts Advise Beazley to Secure More Reinsurance
Reinsurance Price Increases “Absolutely Essential” in 2021: Hannover Re
Against the backdrop of ongoing COVID-19 losses and a low interest rate environment, Hannover Re has argued that continued reinsurance rate increases are “absolutely essential” next year. In a new release that was planned for this year’s cancelled Monte Carlo meet-up, Hannover Re says it anticipates “significant price increases” spanning the various lines of property… Continue reading Reinsurance Price Increases “Absolutely Essential” in 2021: Hannover Re
Swiss Re’s P&C Combined Ratio Deteriorates to 115.8% on COVID-19 Losses
Global reinsurance giant Swiss Re has reported a net loss of $1.1 billion for the first half of 2020 and a Property & Casualty Reinsurance (P&C Re) net loss of $519 million, driven by claims and reserves related to the ongoing COVID-19 pandemic. The reinsurer warned previously of a $1.1 billion loss in the period… Continue reading Swiss Re’s P&C Combined Ratio Deteriorates to 115.8% on COVID-19 Losses
Chubb Reports 2Q Losses Due in Part to COVID-19
Chubb Limited reported a net loss for the quarter ended June 30, 2020 of $331 million, or $ 0.73 per share, compared with net income of $1,150 million, or $2.50 per share, for the same quarter last year. Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “It was a difficult quarter… Continue reading Chubb Reports 2Q Losses Due in Part to COVID-19
Chubb Estimates Q2 2020 COVID Pandemic Losses at $1.37B
Chubb Limited today announced global net catastrophe loss estimates for the second quarter of 2020 of $1,807 million pre-tax, or $1,510 million after tax. These estimates include COVID-19 global pandemic losses of $1,365 million pre-tax, or $1,157 million after tax, and other natural catastrophe losses of $312 million pre-tax, or $249 million after tax, primarily… Continue reading Chubb Estimates Q2 2020 COVID Pandemic Losses at $1.37B
Guy Carpenter: COVID-19 Losses for 2020 Could Hit $160 Billion
Despite the uncertainty and difficulty in predicting the final losses from Covid-19, the event will rank as one of the market’s most expensive events, says Guy Carpenter. In a new report, the reinsurance broker said that the pandemic also holds the “potential to bring unknown loss impacts. It is also likely to be one of… Continue reading Guy Carpenter: COVID-19 Losses for 2020 Could Hit $160 Billion
Insurers Struggling to Estimate Losses from COVID-19 Fallout
Insurers are normally great with numbers. But the coronavirus pandemic has them struggling to estimate how many billions of dollars in losses they face, and what the fallout will be for their massive investment portfolios. Executives, lawyers and analysts say the cost is sure to be multiples of prior catastrophes like Hurricane Katrina, the Tōhoku… Continue reading Insurers Struggling to Estimate Losses from COVID-19 Fallout
COVID-19 Losses Range from $32-$80B Across Key Classes in U.S. and U.K
Willis Towers Watson’s Insurance Consulting and Technology business has published a report that provides an initial estimate of the financial impact of COVID-19 to the property and casualty insurance industry. The focus of the report is on general insurance business written across key classes in the U.S. and U.K., including the London Market. The report… Continue reading COVID-19 Losses Range from $32-$80B Across Key Classes in U.S. and U.K