OLDWICK - AUGUST 03, 2020 01:00 PM (EDT) The August issue of Best’s Review looks at some of the developing pandemic backstop initiatives in the United Kingdom, Europe and United States and examines emerging trends in the reinsurance market.
In “Pandemic Partnerships,” Best’s Review reports on some public-private partnership backstops and speaks with some of the key influencers behind them. Stephen Catlin, chief executive officer of Convex, discusses how Pandemic Re came together and the conditions he imposed on the steering group, which consists of a number of industry heavyweights. Best’s Review also examines other initiatives in Europe and the United States.
Reinsurance capacity was tightening even before the onset of COVID-19. Loss creep from recent catastrophes, falling interest rates, increased uncertainty around casualty reserving and ongoing disruption in the retrocession market led to a hardening of rates. But the global pandemic added another layer of challenges to the market. “A Hard Reality” explores how these events have impacted reinsurance writers and buyers.
“An Old and a New Problem” looks at an unusual problem that has gained attention due to a breach of contract lawsuit against Transamerica Life Insurance.
Also in Best’s Review:
“Making Waves” reveals how COVID-19 could cause a future upswell of liabilities for insurers.
“Setting the Right Tone,” looks at why insurers must clarify the role insurance can play in recovering from future pandemics.
The National Association of Insurance Commissioners is engaged in ongoing efforts to develop capital standards for U.S. insurance groups comparable to its European counterpart’s and other international capital requirements. Learn more in “Next Steps.”
Look for our “An Industry Transformed” discussions in the September issue of Best’s Review. Top industry leaders will share their thoughts about the pandemic and its impact on the insurance industry in these discussions, which air on AM BestTV beginning Aug. 17.
Full access to the complete content of Best’s Review is available at www.bestreview.com.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.