Reinsurance News
Fitch Ratings news
News featuring rating agency Fitch Ratings, including the latest reports, rating actions and analysis from the company, as well as news on Fitch’s analysis of the reinsurance sector.
Fitch downgrades SCOR ratings on weak profitability
7th December 2022
Fitch Ratings has downgraded its ratings on French reinsurer SCOR, citing continued weak financial performance, which has fallen short of the rating agency’s expectation for five year and has worsened this year. SCOR reported a net loss of €509 million for the first nine months of 2022, as natural catastrophe ... Read the full article
German non-life market outlook to deteriorate in 2023: Fitch
7th December 2022
Fitch Ratings suggests its sector outlook for the German non-life insurance market is deteriorating for 2023, as the firm expects inflationary pressure on property and liability claims to outweigh higher fixed-income investment yields. Further, Fitch anticipates underwriting profitability to deteriorate in 2022 and 2023, despite multi-decade high natural catastrophe losses for ... Read the full article
Hurricane Ian magnifies Florida homeowners’ re/insurance vulnerability: Fitch
6th December 2022
According to Fitch Ratings, the Florida homeowners’ insurance market’s already uncertain position is set to weaken further with the destruction caused by Hurricane Ian, which is potentially the second-largest hurricane in terms of insured losses. The rating agency suggests that losses will resonate through the primary and assumed reinsurance markets with ... Read the full article
Spanish insurance sector outlook to remain neutral: Fitch
5th December 2022
Fitch Ratings’ 2023 sector outlook for Spanish insurance is neutral, as the sector should maintain its strong credit fundamentals in both life and non-life insurance, according to the rating agency’s latest Outlook for the sector. Fitch expects technical margins of the non-life sector to deteriorate in 2023 due to high inflation, ... Read the full article
Rising rates slow issuance in 2022 for US & Canadian life insurers: Fitch
2nd December 2022
According to a new report by Fitch Ratings, both US and Canadian life insurers are heading into 2023 in solid shape, despite more volatile capital markets and higher inflation drying up issuance in recent months. In the report, Fitch notes that throughout 2020 and 2021, insurers in the US and Canada ... Read the full article
Fitch remains neutral on North American insurers for 2023
1st December 2022
Fitch Ratings says that it has a neutral sector outlook for North American insurers next year, saying that they will continue to benefit from rising interest rates and balance-sheet strength. This, said the firm, should partially mitigate volatile macroeconomic conditions and its economists’ expectation for a mild recession that is expected ... Read the full article
Italian non-life insurance outlook deteriorating, life neutral: Fitch
1st December 2022
According to Fitch Ratings, the outlook for Italian insurance in 2023 is deteriorating for the non-life sector, while life remains neutral. Fitch's non-life sector outlook is deteriorating due to the expectation of an inflation-related increase in claims cost to hitting non-life insurers’ profitability, notably in motor insurance. Alberto Messina, Director of EMEA ... Read the full article
UK non-life outlook deteriorating: Fitch
30th November 2022
Analysts at Fitch Rating have warned that their sector outlook for the UK non-life company market in 2023 is deteriorating, while the outlook for the London insurance market sector remains neutral. The rating agency says that its diverging sector outlooks reflect the different credit profiles of these two subsectors of the ... Read the full article
French Non-Life credit fundamentals to worsen in 2023: Fitch
29th November 2022
According to Fitch Ratings, credit fundamentals in the French non-life insurance sector will worsen in the next 12 months as insurers adapt to new market and macroeconomic regimes, while the life segment will remain broadly unchanged. Fitch expects lower earnings for the non-life segment, which is driven by lower technical profitability, ... Read the full article
Hard property cat reinsurance market to support 2023 margins: Fitch
28th November 2022
According to Fitch Ratings, reinsurance rates for property catastrophe business should increase by over 10% at the January renewals, supporting underwriting margins against rising claims from high inflation and climate change. Further, increasing prices and higher reinvestment yields will help offset the effects of rising claims inflation and lower asset values, ... Read the full article
QBE underwriting profits to dip on reinsurance costs & inflation: Fitch
25th November 2022
Analysts at Fitch Ratings have warned that the underwriting profitability of QBE Insurance Group is expected to moderate over the next six to 18 months due to inflationary pressure and higher reinsurance costs. Fitch affirmed its Long-Term Issuer Default Rating (IDR) of 'A-' and Insurer Financial Strength (IFS) Ratings of 'A+' ... Read the full article
Fitch assures P&C sector is “recession resilient” as headwinds mount
21st November 2022
Analysts at Fitch Ratings have assured that its analysts view the US property and casualty (P&C) sector as “recession-resilient,” if not totally “recession-proof,” as challenging economic conditions continue to mount. It is expected that the US economy is headed towards mild recession next spring, which Fitch suggests will yield “different outcomes” ... Read the full article
European reinsurers see earnings drop in first nine months of 2022: Fitch
18th November 2022
A new report from Fitch Ratings says that the earnings of Europe’s four main reinsurers fell over the first nine months of this year, compared to the same period in 2021. The firm said that this was because of higher natural catastrophe losses, weaker investment returns, and reserve strengthening. On average, ... Read the full article
Florida’s state insurer and reinsurer face no near-term risks from Ian: Fitch
17th November 2022
Fitch Ratings has said that Florida Citizens Property Insurance Corporation and the Florida Hurricane Catastrophe Fund do not face near-term risks to their capacity to service debt as a result of expected losses arising from Hurricane Ian. However, the firm said in a statement, increasing storm frequency and severity will erode ... Read the full article
US midsize mutual life ratings supported by high capital levels: Fitch
16th November 2022
According to Fitch Ratings, the ratings for its midsize mutual life peer group continue to be supported by higher levels of capital relative to the broader life industry, reflecting the unique characteristics of mutual ownership. The rating agency suggests that compared with stock companies, these mutual insurers generally have a longer-term ... Read the full article
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