Analysts at Moody’s have highlighted better overall property and casualty (P&C) results among the largest four European reinsurers, which they say are mainly a function of significantly lower COVID-19 losses than in 2020.
For P&C business, new COVID-19 claims fell in 2021 as the companies introduced in their policies wording to explicitly exclude most pandemic-related claims.
And despite some court rulings over pandemic-related business interruption losses that went against the insurers and led to an upward revision of some claims estimates in 2021, these were generally minor, and in most cases did not trigger additional contributions to COVID-19 claims reserves.
