Global reinsurers post record earnings in H1 2021 but face headwinds from catastrophe losses and coronavirus litigation

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<title>Global reinsurers post record earnings in H1 2021 but face headwinds from catastrophe losses and coronavirus litigation</title>
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<namePart>Adesanya, Victor</namePart>
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<note type="statement of responsibility">Victor Adesanya</note>
<note>In the first half of 2021, major property and casualty (P&C) reinsurance providers were on track for a record year based on the strength of their underwriting profitability and overall net earnings. However, with a couple more months to go before the end of the Atlantic hurricane season, insured natural catastrophe losses may still apply pressure on full-year results. Estimated global insured catastrophe losses stood at $42 billion for the first half of 20211 (compared with an estimated $31 billion for H1 20202), and the occurrence of multiple catastrophic events such as Hurricane Ida (estimated at $30 billion3) could pressure reinsurers' bottom lines during H2 2021. There are also numerous legal actions related to the Coronavirus Disease (COVID-19) pandemic that are ongoing and emerging in different jurisdictions, which could affect reinsurers' results if court decisions are unfavourable. Despite these challenges, a review of half-year results for a selection of large reinsurers (see Exhibit 1) shows that the companies performed significantly better compared with the same period in the prior year. Investment income was also strong, partly reflecting the recovery of global equity markets from losses caused by pandemic-related volatility in 2020.</note>
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