Global reinsurance highlights 2020

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      <subfield code="a">2020 will be remembered for many reasons. The global outbreak of the COVID-19 pandemic, greater investor focus on environmental, social, and governance issues, the U.S. election, and a record number of natural catastrophes will all make their way into the history books. For the global reinsurance sector, 2020 was another tough year. Because of significant pandemic-related losses, elevated natural catastrophe claims, and lower investment returns, the sector will again fail to meet its cost of capital. This follows three years in which the sector has struggled to meet its cost of capital due to large natural catastrophe losses, adverse loss trends in certain U.S. casualty lines, and fierce competition among reinsurers. Consequently, in May 2020, S&P Global Ratings revised its outlook on the global reinsurance sector to negative from stable, as we believe business conditions are difficult.</subfield>
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