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COVID-19 “not a capital event”, 3% decline in global reinsurance capital in the first half of 2020: Willis Re
Total capital dedicated to the global reinsurance industry was USD 587 billion at 30 June 2020, combined ratio worsened from 94.9% in the first half of 2019 to 104.1%, due to COVID-19 losses which added 11.1 percentage points to combined ratios on average. However, on an underlying basis i.e. normalising COVID-19 and catastrophe losses and excluding prior year reserve development, the combined ratio improved from 100.5% to 98.6%.
James Kent, Global CEO, Willis Re, said: “This half-year analysis shows a reinsurance market understandably in a state of change. While reinsurers have so far resiliently shouldered the combined effects of COVID-19 losses and investment market volatility, underlying profitability remains challenging. Uncertainty therefore remains, particularly over the potential impact of COVID-19 on long-tail lines, which is driving reinsurers to deliver additional improvement in underwriting returns. We expect to see further reinsurance market discipline as well as continued differentiation between regions and clients based on past performance and underlying risk.”
Insurers face threat as Amazon to enter motor insurance market:GlobalData
Yasha Kuruvilla, Insurance Analyst at GlobalData, comments: “Since customers are reluctant to purchase insurance from tech companies, partnering with a third-party provider is the better strategy, at least until they become recognized names in insurance. Amazon’s partnership with insurtech Acko rather than an incumbent also highlights the retailer’s desire to work with digital and agile companies. This will put added pressure on incumbents, not only due to the emergence of a new large entrant in the market, but also the need to digitalize if they want to work with tech companies in any other future insurance ventures.”
AstraZeneca suspends leading COVID-19 vaccine trials after a participant’s illness
The vaccine, developed with the University of Oxford, has been described by the World Health Organization as probably the world’s leading candidate and the most advanced in terms of development. The suspension dims prospects for an early rollout amid reports that the United States was aiming for a fast-track approval before the November presidential election.
“SCOR well positioned to capture profitable growth opportunities”:Kessler
Kessler commented: “With the Covid-19 pandemic, SCOR has once again demonstrated its capacity to absorb major shocks combined with the resilience of its business model. Regarding the assessment of our exposure to the Covid-19 pandemic that we provided at the end of July 2020, on the P&C side, claims are developing as expected. On the life side, at this stage, claims experience is emerging better than expected. In addition, the pandemic has also exacerbated society’s growing aversion to risk, creating the conditions to drive stronger growth for the reinsurance industry.
First batch of Russia’s Covid-19 vaccine Sputnik V released into public
“The first batch of the ‘Gam-COVID-Vac’ (Sputnik V) vaccine for the prevention of the new coronavirus infection, developed by the Gamaleya National Research Center of Epidemiology and Microbiology of the Ministry of Health of Russia, has passed the necessary quality tests in the laboratories of Roszdravnadzor (medical device regulator) and has been released into civil circulation,” the ministry said in a statement.
Boeing finds new problem with 787 that will delay deliveries
Boeing has recorded its first orders of the year for the grounded 737 Max, but a new flaw has surfaced in another of its planes, compounding the company’s struggle to recover during a pandemic that has undercut demand for new jetliners.
UK PM plans law banning large gatherings as COVID-19 cases rise
“We need to act now to stop the virus spreading. So we are simplifying and strengthening the rules on social contact making them easier to understand and for the police to enforce,It is absolutely critical that people now abide by these rules and remember the basics washing your hands, covering your face, keeping space from others, and getting a test if you have symptoms,” UK Prime Minister Boris Johnson said.
Global Coronavirus deaths hit 9,00,000 as cases surge in India
An average of more than 5,600 people die each day from COVID-19, according to Reuters calculations based on data from the last two weeks. The rate of deaths is holding steady taking 18 days to climb from 800,000 to 900,000 deaths. It took 17 days to go from 700,000 to 800,000.
British entertainment, left in dark, seekss government insurance help
“You’re not going to get a sponsor, full-house ticket sales, finance, TV licensing or big stars unless they are guaranteed,” said James Davies, head of contingency and entertainment at insurance broker EC3.
Wildfires rage in California, stoked by extreme heat in U.S. West
The blaze, growing under “extreme weather conditions,” had devoured nearly 79,000 acres (32,000 hectares) of land, while a cause remained under investigation, the California Department of Forestry and Fire Protection (CalFire) said in a statement.