Market Reaction
BMS has contacted reinsurance underwriters around the world that specialize in the Regional/Mutual space to get their perspective on the impact of the COVID epidemic on their companies and the overall market. Here are key takeaways from our conversations:
- Renewal and new submissions are running on schedule and for the most part, it is a safely distanced business as usual
- Reinsurers were prepared to work remotely prior to pandemic so transition has been smooth
- Risk appetite and capacity currently remains intact, but could change as the situation evolves
- Underwriters are frequently communicating with their corporate offices regarding potential exclusions and risk appetite
- Several London markets are requiring a communicable disease exclusion and would like LMA 5394 to be used.