Reinsurance News
Fitch
P&C insurers to increase cyber pricing in 2021: Fitch
11th June 2021
A new report by Fitch Ratings has shown that U.S. property and casualty (P&C) insurers that provide cyber insurance coverage are taking significant pricing and underwriting actions in 2021. This is in response to a spike in cyber claims with immediate improvement unlikely this year. The report showed that cyber insurance direct ... Read the full article
US P&C underwriting income down 53% in Q1: Fitch
7th June 2021
A new Fitch Ratings report has highlighted a 50% fall in first quarter net income within the US property/casualty space compared to the prior year quarter. Combined ratio, meanwhile, deteriorated from 95% to 96.4%, with catastrophe losses accounting for an estimated 6.9 points. This figure is up from 3.3 points seen in ... Read the full article
Fitch Ratings turns positive on AXA off improving XL performance
28th May 2021
Fitch Ratings has revised its outlook on AXA and its core insurance subsidiaries' Insurer Financial Strength (IFS) Ratings, changing AXA's Long-Term Issuer Default Rating (IDR) to Positive from Stable. Fitch’s revision is driven primarily by an expectation for the AXA group to secure a property and casualty combined ratio sustainably below ... Read the full article
Fitch stable on Bermuda market as pricing improves
11th March 2021
Fitch Ratings has issued a stable outlook for the Bermuda re/insurance market for 2021 on the basis that accelerating premium rate changes are expected to offset negative factors. Collectively, the nine Bermudian re/insurers assessed by Fitch posted a combined ratio of 103.1% in 2020. Of this, 7.4 percentage points were driven by ... Read the full article
U.S. P/C sector outlook improving but BI uncertainty remains: Fitch
10th March 2021
Despite the pandemic, U.S. property / casualty (P/C) insurers have broadly maintained capital strength, but although the performance of the sector in the year ahead is expected to improve, the business interruption (BI) issue lingers, says Fitch Ratings. On the back of substantial commercial lines premium rate increases and lower COVID-19-related ... Read the full article
Homeowners insurance to show modest underwriting loss: Fitch
19th February 2021
Global rating agency, Fitch Ratings has released a report which suggests that the U.S. P&C industry will to shift to a modest statutory underwriting loss in homeowners’ insurance for 2020 reported results. U.S personal lines underwriters have been faced with unique challenges in the homeowners’ line, with losses rising as a ... Read the full article
Ratings of Europe’s major reinsurers unaffected by UK BI judgement, says Fitch
28th January 2021
Despite the UK Supreme Court upholding the judgement on the Financial Conduct Authority’s (FCA) business interruption (BI) insurance test case, the amount that flows through to reinsurers is expected to be immaterial and have no impact on the ratings of Europe's big four, according to Fitch Ratings. The much-discussed UK BI ... Read the full article
Return on capital to improve for reinsurers but price improvements to fade: Fitch
14th January 2021
Although Fitch Ratings expects the return on capital of the reinsurance sector to improve notably in 2021, analysts warn that price improvements are likely to "gradually fade" over the next 12-18 months on the back of ample capital and an elevated risk appetite. As expected, the reinsurance market continued to firm ... Read the full article
Historic cats, large pandemic losses dent NA P/C insurers in 9M20: Fitch
2nd December 2020
The high frequency of catastrophe events experienced in the U.S. through the third-quarter of 2020, coupled with a substantial level of additional losses related to the ongoing COVID-19 pandemic, hindered the performance of North American (NA) property/casualty (P/C) re/insurers in 9M 2020, reports Fitch Ratings. Fitch's analysis looks at the 9M ... Read the full article
Credit risks accelerating for US insurers on COVID-19 fallout, warns Fitch
11th November 2020
Analysis by Fitch Ratings warns that insurance companies in the U.S. are facing accelerated credit risks as a result of the economic fallout from the ongoing COVID-19 pandemic. Fitch is expecting longer-term credit implications for U.S. insurers that stretch beyond its three to five-year ratings horizon. The lower for longer interest rate ... Read the full article
Fitch removes Lloyd’s from Rating Watch Negative as underwriting improves
18th September 2020
Fitch Ratings has removed Lloyd's of London's, Lloyd's Insurance Company (China) Ltd.'s, and Lloyd's Insurance Company S.A.'s Insurer Financial Strength (IFS) Ratings from Rating Watch Negative (RWN). At the same time, Fitch has affirmed Lloyd's and its two operating subsidiaries' IFS Ratings at 'AA-' (very strong), while the outlook is stable. At ... Read the full article
BI test case ruling unlikely to affect ratings of UK non-life insurers: Fitch
16th September 2020
The recent High Court ruling on the COVID-19 business interruption (BI) insurance test case, brought by the Financial Conduct Authority (FCA), is unlikely to have an adverse impact on the ratings of UK non-life insurers, says Fitch Ratings. The recent judgement went against insurers in a number of areas, and ... Read the full article
Fitch stays negative on global reinsurance for 2021 amid COVID-19 impacts
10th September 2020
Fitch has said that the outlook for the global reinsurance sector for 2021 remains negative, amid growing COVID-19 losses, the global economic contraction, and the lower for longer interest rate environment. The ratings agency's outlook for the global reinsurance industry turned negative back in March, and while reinsurance companies are ... Read the full article
Expect “low double-digit” price rises at Jan 1 reinsurance renewals, says Fitch
9th September 2020
On the back of consecutive years of rate increases at the mid-year across most lines of property and casualty (P&C) reinsurance business, Fitch Ratings expects to see low double-digit price rises at the important January 1st, 2021 renewals. Positive rate momentum in the reinsurance industry continued at the April and June/July ... Read the full article
Heightened reinsurance demand a long-term trend: Fitch
4th September 2020
The COVID-19 pandemic has contributed to a surge in demand for reinsurance and according to analysis by Fitch Ratings, this is no short-term trend. Speaking for the ratings agency in its Mid-Year 2020 Financial Results EMEA webinar was Brian Schneider, Fitch Ratings’ Senior Director and Global Head of Reinsurance. As primary insurers ... Read the full article
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