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: “Minimal impact to insurers from Sri Lanka riots”
31st May 2022
Fitch Ratings has said that insurers will see little impact from recent riots in Sri Lankan, with the burden falling on the state’s National Insurance Trust Fund Board’s (NITF) Strike, Riot, Civil Commotion and Terrorism (SRCCT) fund. The agency said in a note that it expected gross losses to exceed LKR ... Read the full article
P&C lines poised for favourable underwriting gains: Fitch
25th May 2022
Analysts at Fitch Ratings have reported that the underwriting performance of US property and casualty (P&C) insurance commercial sector lines is “poised for favourable underwriting gains in 2022,” barring outsized natural catastrophe losses. Commercial lines’ underwriting performance returned to profitability in 2021, with significant declines in both calendar-year loss and expense ... Read the full article
UK climate stress test is “toughest yet” for insurers: Fitch
24th May 2022
Analysts at Fitch Ratings have warned that the UK’s latest supervisory climate stress test for insurers is “the world’s toughest yet,” with many firms expected to fall below the minimum standards imposed. The BoE’s 2021 Climate Biennial Exploratory Scenario test explores the resilience of the UK financial system to the physical ... Read the full article
US cyber insurance payouts increase, amid rising claims: Fitch
19th May 2022
Analysts at Fitch Ratings have said, that cyber insurance has become the fastest growing segment for US property & casualty (P&C) insurers as evolving threats have “boosted” the demand for coverage, with insurers actively raising prices in response to rising claims. In the analysts latest report on the US cyber insurance ... Read the full article
Midsize US mutual insurers ratings supported by high capital levels: Fitch
11th May 2022
According to Fitch Ratings, the ratings of the midsize mutual peer group continue to be supported by higher levels of capital relative to the broader life insurance industry, reflecting the unique characteristics of mutual ownership. Compared with stock companies, these mutual insurers generally have a longer-term focus on sustainable returns, while ... Read the full article
Fitch turns negative on SCOR
11th May 2022
Fitch Ratings has changed its outlook on SCOR from stable to negative, due to concerns that the reinsurer may not deliver a financial performance in line with its ratings over the next year to two years. At the same time, the rating agency affirmed the insurer financial strength (IFS) and long-term ... Read the full article
P&C statutory loss reserves ‘adequate’ at the end of 2021 – Fitch Ratings
6th May 2022
Fitch Ratings has said in a new report that the property and casualty (P&C) industry’s statutory loss reserves remained adequate at YE21, with a 16-year track record of favourable prior-period development supporting balance sheet strength. The agency said that the positive pricing environment and potential for further redundancies from declining claims frequency ... Read the full article
UK Solvency II reforms won’t affect insurer ratings, says Fitch
5th May 2022
Analysts at Fitch Ratings have assured that recent proposals made by the UK Government concerning Solvency II rules are unlikely to affect the ratings of insurers. Set out in a consultation paper last month, the proposals on Solvency II include an intention to cut the risk margin for carriers, a ... Read the full article
Fitch warns of potential P&C reserve deficiencies
27th April 2022
Analysts at Fitch Ratings have warned that US property and casualty (P&C) insurers face the potential for large incurred losses and future reserve deficiencies. Deficiencies could result from a number of unpredictable areas that are difficult to incorporate in reserve adequacy estimates, the rating agency said. Fitch therefore urges conservatism in choosing ... Read the full article
Reinsurer capital adequacy strong at end of 2021, says Fitch
25th April 2022
Capital adequacy among global reinsurers remained strong at the end of last year, according to a new note from Fitch Ratings. The firm says that a significant improvement in earnings and strong risk-management capabilities helped to offset capital consumption from business volume growth over the course of the year. Authored by Robert ... Read the full article
US cyber direct written premiums increased by 74% in 2021: Fitch
21st April 2022
According to rating agency Fitch Ratings, US standalone and packaged cyber statutory direct written premiums increased by 74% in 2021, to nearly $5 billion compared with a 9% growth for the property & casualty (P&C) industry overall. This major growth was driven by heightened policyholder risk awareness and greater demand for ... Read the full article
Fitch lowers global reinsurance and London market sector outlooks
21st April 2022
Fitch Ratings has revised down its global reinsurance and London market sector outlooks to neutral from improving, a move the ratings agency says reflects increased risks from rising claims inflation, financial market volatility, and weakening price momentum. The rating agency last updated the outlooks in 2021, and at this time, expected ... Read the full article
UK Non-Life insurers maintain strong results in 2021: Fitch Ratings
20th April 2022
Fitch Ratings has released a report monitoring UK non-life insurers, which showed reduced pandemic-related losses on business interruption and travel policies in commercial lines in 2021. The group also experienced less severe weather-related claims within their retail home lines, which overall helped to offset a deterioration in performance on insurers’ motor ... Read the full article
Fitch predicts P&C profit improvement on pricing, auto results
13th April 2022
Continued favourable commercial lines pricing and stabilization in personal auto results are expected to lead to 2022 underwriting and profit improvement for US property casualty (P&C) insurers, according to analysts at Fitch Ratings. In contrast the rating agency believes that surplus growth is likely to diminish significantly relative to the past ... Read the full article
P&C underwriting profits to improve through 2022: Fitch
7th April 2022
Analysts at Fitch Ratings believe that the property and casualty (P&C) re/insurance industry is positioned for better underwriting profits in 2022, driven by continued favourable commercial lines pricing trends and likely stabilization in personal auto business. The 2021 GAAP full-year results for a peer group of 45 North American P&C firms ... Read the full article
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