The fallout from the coronavirus pandemic and tumbling oil prices threaten the earnings of insurers in the Gulf, S&P Global Ratings said on Wednesday, possibly leading to negative rating actions. “Most insurers we rate in the GCC [Gulf Cooperation Council] …
The German government and the country’s credit insurance industry have agreed to help to maintain insurance cover for trade despite economic hardship related to the coronavirus outbreak, three people with knowledge of the plan said on Wednesday. Under the plan, …
Insurers are increasingly worried about shareholders, employees or customers bringing coronavirus-related claims against company executives and are considering excluding the virus from policies which protect the bosses, industry sources say. Two cases have been filed in the United States in …
Reinsurers were able to complete the April renewals smoothly, despite being forced to move to the new working-from-home model after the COVID-19 outbreak, according to Willis Re. “The global reinsurance market has shown immediate resilience to operating under the challenge …
Fitch Ratings has revised the rating watch to evolving from negative on all ratings for Sirius International Group, Ltd. and its operating subsidiaries, including its ‘A-‘ (Strong) Insurer Financial Strength (IFS) rating, its ‘BBB’ Long-Term Issuer Default rating (IDR), and …
Munich Re is withdrawing its profit guidance of €2.8 billion (3.1 billion) for 2020 as a result of the “great uncertainty” caused by the macroeconomic and financial impacts of COVID-19 in combination with the reinsurer’s expected man-made and natural-catastrophe losses …
European Union states are giving guarantees to credit insurers in a bid to keep coronavirus-hit companies afloat, as some firms cut cover for trade involving bloc members such as Italy and Spain, sources said. Without insurance, companies can be reluctant …
The property/casualty industry estimates that business interruption losses from the coronavirus just for small businesses in the U.S. could be between $220-$383 billion per month — or a quarter to half of the total industry surplus available to pay all …
North American property/casualty insurers reported improved 2019 operating performance, but near-term performance will likely be more challenging with the onset of coronavirus and the resulting economic impact, according to a report from Fitch Ratings. Fitch’s rating outlook for the U.S. …
Insurers the world over have been walloped by evaporating investment returns, but those in South Korea have been hit particularly hard. Just consider this: The nation’s second-largest life insurer became a penny stock this month. Hanwha Life Insurance Co. has …
